Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
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Historical Valuation Ratios (Summary)
Mosaic Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analysis of the quarterly financial ratios reveals varying trends in valuation metrics over the observed periods. These ratios provide insight into market perceptions of the company's earnings, operating profit, sales, and book value over time.
- Price to Earnings (P/E) Ratio
-
This ratio exhibited a notable degree of fluctuation. Starting with a value of 23.58 in the first quarter of 2019, it decreased sharply to 16.06 in the following quarter and peaked again at 33 in the third quarter of 2019. After a gap in data, from the first quarter of 2021 onwards, a consistent downward trend is observed, moving from 16.9 to the lowest point of 5.54 in the third quarter of 2022. This downward trend may reflect improving earnings or potentially a reassessment of market expectations.
- Price to Operating Profit (P/OP) Ratio
-
The P/OP ratio started at relatively high values in early 2018, ranging mostly from 11.94 to 22.92 through 2018 and 2019, with some volatility. Following missing values in 2020, the ratio peaked at 27.27 in the first quarter of 2021 but then declined consistently to a low of 3.92 in the third quarter of 2022. The decrease in the P/OP ratio over the latest periods suggests increasing operating profitability relative to the market price, or possibly a reassessment of risk and returns by investors.
- Price to Sales (P/S) Ratio
-
The P/S ratio demonstrated a general decline from early periods in 2018 through 2020, dropping from 1.28 to a low of 0.51 in the first quarter of 2020. Post this trough, the ratio increased significantly reaching 1.76 in the second quarter of 2022 before slightly decreasing to 1.09 in the most recent quarter. This movement indicates fluctuating market valuation relative to sales, with potential recovery or growth in sales valuation post-2020 low.
- Price to Book Value (P/BV) Ratio
-
The P/BV ratio reveals moderate volatility with values generally between 0.76 and 1.35 from 2018 through 2021. A notable increase can be seen from early 2022, reaching a peak of 2.11 in the second quarter, then declining to 1.53 by the third quarter of 2022. This rise may reflect increased market confidence or asset revaluation, followed by a slight correction.
Overall, the financial ratios indicate a trend of decreasing market valuation multiples relative to earnings and operating profit during recent quarters, suggesting improved profitability or changing investor sentiment. Conversely, relative to sales and book value, there has been an uptick during the last observed periods, potentially signaling improved sales performance or asset valuation changes. The data reflects dynamic market responses to the company’s financial performance and underlying value across the periods analyzed.
Price to Earnings (P/E)
Mosaic Co., historical P/E calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to Mosaic (in thousands) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
EPS
= (Net earnings (loss) attributable to MosaicQ2 2022
+ Net earnings (loss) attributable to MosaicQ1 2022
+ Net earnings (loss) attributable to MosaicQ4 2021
+ Net earnings (loss) attributable to MosaicQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mosaic Co. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant fluctuations over the observed period. Initially, there was an upward trend from $25.8 at the end of March 2018 to a peak of $35.64 in September 2018. This was followed by a decline reaching a low point of $11.78 in March 2020, coinciding with the onset of economic disruptions globally. Subsequently, the share price experienced a robust recovery, rising steadily to reach a high of $67.83 by March 2022. The later part of the period shows some volatility with a decline to $52.22 by June 2022.
- Earnings Per Share (EPS) Trend
- EPS displayed considerable variability and volatility through the quarters. Initially, EPS was negative in 2018, with values such as -$0.17 to -$0.19, then turned positive by the end of that year at $1.22. In 2019 and early 2020, EPS again declined, reaching notable negative values, hitting a low of -$3.7 in March 2020. This negative trend aligns with the drop in share price during the same period. A marked improvement was observed starting in late 2020, with EPS turning positive and increasing steadily to reach $9.43 by June 2022, indicating improving profitability.
- Price-to-Earnings (P/E) Ratio Analysis
- P/E ratio data is partially available and aligns with the fluctuations in share price and EPS. It started with higher values such as 23.58 in early 2019, indicating higher market expectations or valuation relative to earnings. There was a notable absence of ratio values during periods of negative or low EPS, suggesting the ratio was not meaningful or available then. From late 2020 onward, the P/E ratio decreased overall, moving from 16.9 down to 5.54 by June 2022, reflecting increased earnings relative to share price. The declining P/E towards the end reflects improved earnings strength, possibly indicating undervaluation or market adjustment to stronger fundamentals.
- Insights and Overall Performance
- The overall financial trend indicates a period of volatility marked by earnings challenges and share price declines during 2019 and early 2020, likely influenced by broader market or sector-specific factors. Beginning in late 2020, there is a clear recovery phase, with rising share prices and strengthening earnings per share, culminating in strong profitability by mid-2022. The ratio trends corroborate this, showing decreasing valuation multiples consistent with improved earnings generating greater investor confidence in the company’s financial health. The data suggests a turnaround in business performance leading to solid growth in market valuation and profitability.
Price to Operating Profit (P/OP)
Mosaic Co., historical P/OP calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating earnings (loss) (in thousands) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Operating profit per share
= (Operating earnings (loss)Q2 2022
+ Operating earnings (loss)Q1 2022
+ Operating earnings (loss)Q4 2021
+ Operating earnings (loss)Q3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mosaic Co. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility over the analyzed periods. Initially, it presented a rising trend from $25.80 to a peak of $35.64 by the third quarter of 2018, followed by a downward movement reaching a low of $11.78 in the first quarter of 2020. Subsequently, the price rebounded strongly, culminating in a high of $67.83 in the first quarter of 2022. However, there was a slight decline afterwards, with the price decreasing to $52.22 in the second quarter of 2022.
- Operating Profit Per Share (OPPS) Patterns
- Operating profit per share showed considerable fluctuations that largely mirrored share price movements. The OPPS increased from $1.34 in the first quarter of 2018 to $2.72 in the first quarter of 2019, followed by a decline through 2019 and into early 2020, reaching negative values, with a trough of -$3.6 in the first quarter of 2020. After this low point, there was a robust recovery, with OPPS climbing steadily and significantly to $13.33 by the second quarter of 2022, indicating a substantial improvement in operating profitability.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio displayed a mixed trend, starting at 19.26 in the first quarter of 2018, decreasing to a low of 8.54 in the first quarter of 2019, then increasing sharply to 22.92 by the third quarter of 2019. Thereafter, data for several quarters is missing. In the latter periods available, the ratio generally declined from 27.27 in the first quarter of 2021 to 3.92 in the second quarter of 2022. This reduction suggests that share price growth outpaced the increase in operating profits per share during this period, possibly reflecting higher investor confidence or valuation adjustments.
- Overall Insights
- The data reveals a cyclical pattern with a notable downturn around early 2020, marked by declining share prices and negative operating profits per share. Post-2020, strong financial recovery is evident, characterized by rising operational profitability and increased share prices. The declining P/OP ratios toward the end of the period imply that the market valuation accommodated the improving profitability, possibly indicating a more balanced or efficient market pricing of earnings relative to share price. The recovery and growth in operating profit per share appear to have been the primary drivers of the sustained upward trend in share price through 2021 and early 2022.
Price to Sales (P/S)
Mosaic Co., historical P/S calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Sales per share
= (Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mosaic Co. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the presented periods reveals several noteworthy trends in share price, sales per share, and the price-to-sales (P/S) ratio.
- Share Price
- The share price demonstrated a fluctuating yet broadly cyclical pattern over the observed timeframe. Initially, from March 2018 to December 2018, the share price showed an increase reaching a peak at 35.64 US$, followed by a notable decline through 2019, hitting a low of 18.47 US$ by December 2019. A further decline is seen in early 2020, coinciding possibly with broader market conditions, with the price bottoming around 11.78 US$ in March 2020. Subsequently, the share price rebounded significantly, exhibiting a strong upward trend from mid-2020 into the first half of 2022, reaching a high of 67.83 US$ in March 2022 before a slight pullback to 52.22 US$ by June 2022.
- Sales per Share
- Sales per share displayed a gradual and consistent upward trajectory throughout the entire period. Starting at 20.15 US$ in March 2018, sales per share incrementally increased over time, reaching nearly 48 US$ by June 2022. This steady appreciation suggests improving revenue generation capability per share, with no significant dips, indicating robustness in underlying sales performance notwithstanding market fluctuations.
- Price-to-Sales (P/S) Ratio
- The P/S ratio moved in a more volatile manner relative to the steady growth in sales per share. From an initial value above 1.25 in early 2018, the ratio peaked around 1.5 in mid-2018 but then declined steadily through 2019, bottoming near 0.51 in early 2020. This contraction reflected the share price decline outpacing sales per share, possibly indicating undervaluation or market stress. From mid-2020 onward, the P/S ratio recovered sharply, reaching a peak of 1.76 in the first quarter of 2022 before moderating to approximately 1.09 by mid-2022. This recovery indicates improving market valuation metrics, aligning more closely with earnings growth dynamics, though the later dip may suggest some market correction or valuation reassessment.
In summary, while sales per share showed consistent and positive momentum, indicating strengthening revenue fundamentals, the share price and P/S ratio were more susceptible to market volatility, with a marked downturn in 2019-2020 followed by a pronounced recovery into 2022. The sharp increase in share price and P/S ratio in early 2022 reflects heightened investor confidence or improved market conditions, with a subsequent tempering suggesting normalization of valuation levels.
Price to Book Value (P/BV)
Mosaic Co., historical P/BV calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Mosaic stockholders’ equity (in thousands) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
BVPS = Total Mosaic stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Mosaic Co. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the observed quarters. Initially, it increased from $25.8 to a peak of $35.64 by the third quarter of 2018, followed by a decline to $18.47 by the end of 2019. A significant drop was observed in early 2020, reaching a low of $11.78, likely reflecting market-wide impacts during that period. After this trough, the share price experienced a recovery and consistent upward trajectory, culminating in a peak of $67.83 by the first quarter of 2022, before a slight decline to $52.22 in the subsequent quarter.
- Book Value Per Share (BVPS) Movements
- BVPS showed relative stability with a gradual upward trend across the timeframe. Starting at $27.13 in early 2018, it witnessed minor fluctuations but maintained an overall increase, ending at $34.04 by mid-2022. This gradual increase in book value suggests steady growth in the company’s net asset value per share over the evaluated period.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio reflected significant variability aligned with share price fluctuations relative to book value. It began below parity at 0.95, peaked at 1.32 in the third quarter of 2018, then declined steadily to a low of 0.53 in the first quarter of 2020, consistent with the share price decline and relative stability in book value. Subsequently, it rebounded sharply to 2.11 by the first quarter of 2022, indicating the market price substantially exceeded book value at this peak, before settling at 1.53 in the following quarter. This elevation suggests increased investor confidence or anticipated future growth during this period.
- Overall Observations
- The data reveals that while the book value per share improved steadily, the share price was subject to broader market dynamics, including a marked downturn in early 2020 with a rapid recovery thereafter. The P/BV ratio fluctuations corroborate this narrative, illustrating changing market sentiment relative to the company’s net asset value. The considerable increase in share price and P/BV ratio in 2021 and early 2022 points to a period of favorable market conditions or improved company prospects.