Price to Sales (P/S)
since 2005
Calculation
Mosaic Co., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2022 | 1.35 | = | 45.20 | ÷ | 33.55 | 33.55 | = | 12,357,400 | ÷ | 368,309,275 | |
| Feb 22, 2021 | 1.30 | = | 29.70 | ÷ | 22.90 | 22.90 | = | 8,681,700 | ÷ | 379,093,342 | |
| Feb 20, 2020 | 0.79 | = | 18.47 | ÷ | 23.51 | 23.51 | = | 8,906,300 | ÷ | 378,764,442 | |
| Mar 13, 2019 | 1.16 | = | 28.75 | ÷ | 24.87 | 24.87 | = | 9,587,300 | ÷ | 385,470,499 | |
| Feb 21, 2018 | 1.43 | = | 27.46 | ÷ | 19.23 | 19.23 | = | 7,409,400 | ÷ | 385,226,223 | |
| Feb 15, 2017 | 1.65 | = | 33.78 | ÷ | 20.45 | 20.45 | = | 7,162,800 | ÷ | 350,238,549 | |
| Feb 19, 2016 | 0.97 | = | 24.40 | ÷ | 25.23 | 25.23 | = | 8,895,300 | ÷ | 352,516,131 | |
| Feb 17, 2015 | 2.10 | = | 52.01 | ÷ | 24.75 | 24.75 | = | 9,055,800 | ÷ | 365,844,029 | |
| Jul 17, 2013 | 2.32 | = | 54.27 | ÷ | 23.42 | 23.42 | = | 9,974,100 | ÷ | 425,821,044 | |
| Jul 17, 2012 | 2.23 | = | 58.21 | ÷ | 26.11 | 26.11 | = | 11,107,800 | ÷ | 425,480,205 | |
| Jul 19, 2011 | 3.08 | = | 68.49 | ÷ | 22.25 | 22.25 | = | 9,937,800 | ÷ | 446,584,930 | |
| Jul 23, 2010 | 3.08 | = | 46.80 | ÷ | 15.17 | 15.17 | = | 6,759,100 | ÷ | 445,486,732 | |
| Jul 24, 2009 | 2.31 | = | 53.45 | ÷ | 23.17 | 23.17 | = | 10,298,000 | ÷ | 444,543,109 | |
| Jul 29, 2008 | 5.54 | = | 122.36 | ÷ | 22.10 | 22.10 | = | 9,812,600 | ÷ | 443,982,336 | |
| Aug 9, 2007 | 2.87 | = | 37.51 | ÷ | 13.08 | 13.08 | = | 5,773,700 | ÷ | 441,322,712 | |
| Aug 11, 2006 | 1.27 | = | 15.36 | ÷ | 12.13 | 12.13 | = | 5,305,800 | ÷ | 437,310,048 | |
| Aug 5, 2005 | 1.52 | = | 17.30 | ÷ | 11.38 | 11.38 | = | 4,396,700 | ÷ | 386,252,742 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Mosaic Co. Annual Report.
The Price-to-Sales (P/S) ratio from 2005 to 2022 exhibits significant volatility, characterized by an extreme valuation peak in 2008 followed by a sustained long-term compression of the multiple. While sales per share showed a general upward trajectory over the seventeen-year period, the market valuation of those sales shifted from premium levels to a more conservative range.
- Peak Valuation Period (2007–2008)
- The P/S ratio experienced a rapid escalation, peaking at 5.54 in July 2008. This surge was driven primarily by a sharp increase in the share price, which reached a period high of 122.36 US$, far outpacing the growth in sales per share, which stood at 22.10 US$ at that time.
- Intermediate Stabilization (2009–2015)
- Following the 2008 peak, the P/S ratio corrected sharply to 2.31 in 2009 and remained relatively stable between 2.10 and 3.08 through 2013. During this phase, the ratio reflected a more consistent relationship between market price and revenue generation, despite fluctuations in both metrics.
- Multiple Compression (2016–2022)
- A clear downward trend in the P/S ratio is observed starting in 2016, with the ratio falling below 1.00 for the first time in 2016 (0.97) and reaching a historical low of 0.79 in 2020. This indicates a period of valuation contraction where the market assigned lower value to each dollar of sales.
- Divergence of Sales and Share Price
- A notable divergence is observed between sales per share and the P/S ratio toward the end of the series. By February 2022, sales per share reached a peak of 33.55 US$, the highest in the provided dataset. However, the P/S ratio remained low at 1.35, suggesting that the increase in top-line productivity did not translate into a proportional recovery of the share price relative to the high-valuation era of 2008.
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Comparison to Competitors
Mosaic Co., P/S, long-term trends, comparison to competitors
| Mosaic Co. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Feb 23, 2022 | 1.35 | 4.84 | 3.49 |
| Feb 22, 2021 | 1.30 | 4.83 | 3.50 |
| Feb 20, 2020 | 0.79 | 3.74 | 2.95 |
| Mar 13, 2019 | 1.16 | 5.71 | 2.33 |
| Feb 21, 2018 | 1.43 | 3.76 | 2.50 |
| Feb 15, 2017 | 1.65 | 3.26 | 2.46 |
| Feb 19, 2016 | 0.97 | 2.69 | 2.11 |
| Feb 17, 2015 | 2.10 | 3.03 | 2.45 |
| Jul 17, 2013 | 2.32 | 3.14 | 1.96 |
| Jul 17, 2012 | 2.23 | 2.96 | 1.75 |
| Jul 19, 2011 | 3.08 | 2.89 | 1.20 |
| Jul 23, 2010 | 3.08 | 2.91 | 1.14 |
| Jul 24, 2009 | 2.31 | 2.60 | 0.99 |
| Jul 29, 2008 | 5.54 | 1.69 | 0.68 |
| Aug 9, 2007 | 2.87 | 2.81 | 0.82 |
| Aug 11, 2006 | 1.27 | 2.37 | 1.15 |
| Aug 5, 2005 | 1.52 | 2.31 | 0.82 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Chemicals)
Mosaic Co., P/S, long-term trends, comparison to sector (chemicals)
| Mosaic Co. | Chemicals | |
|---|---|---|
| Feb 23, 2022 | 1.35 | 4.31 |
| Feb 22, 2021 | 1.30 | 4.29 |
| Feb 20, 2020 | 0.79 | 3.44 |
| Mar 13, 2019 | 1.16 | 3.88 |
| Feb 21, 2018 | 1.43 | 3.04 |
| Feb 15, 2017 | 1.65 | 2.83 |
| Feb 19, 2016 | 0.97 | 2.40 |
| Feb 17, 2015 | 2.10 | 2.75 |
| Jul 17, 2013 | 2.32 | 2.59 |
| Jul 17, 2012 | 2.23 | 2.41 |
| Jul 19, 2011 | 3.08 | 2.15 |
| Jul 23, 2010 | 3.08 | 2.14 |
| Jul 24, 2009 | 2.31 | 1.89 |
| Jul 29, 2008 | 5.54 | 1.26 |
| Aug 9, 2007 | 2.87 | 1.89 |
| Aug 11, 2006 | 1.27 | 1.78 |
| Aug 5, 2005 | 1.52 | 1.59 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Materials)
Mosaic Co., P/S, long-term trends, comparison to industry (materials)
| Mosaic Co. | Materials | |
|---|---|---|
| Feb 23, 2022 | 1.35 | 3.83 |
| Feb 22, 2021 | 1.30 | 4.08 |
| Feb 20, 2020 | 0.79 | 2.91 |
| Mar 13, 2019 | 1.16 | 2.81 |
| Feb 21, 2018 | 1.43 | 2.50 |
| Feb 15, 2017 | 1.65 | 2.22 |
| Feb 19, 2016 | 0.97 | 1.64 |
| Feb 17, 2015 | 2.10 | 1.94 |
| Jul 17, 2013 | 2.32 | 2.14 |
| Jul 17, 2012 | 2.23 | 2.08 |
| Jul 19, 2011 | 3.08 | 2.06 |
| Jul 23, 2010 | 3.08 | 2.38 |
| Jul 24, 2009 | 2.31 | 2.02 |
| Jul 29, 2008 | 5.54 | 0.98 |
| Aug 9, 2007 | 2.87 | 2.08 |
| Aug 11, 2006 | 1.27 | 1.83 |
| Aug 5, 2005 | 1.52 | 1.77 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).