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).
Historical Valuation Ratios (Summary)
National Oilwell Varco Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
- Price to Earnings (P/E) Ratio
-
The Price to Earnings ratio exhibited a general downward trend from early 2012 through mid-2015. Initially, the ratio hovered around 13.46 to 14.82 between March 2012 and September 2013, indicating relatively stable valuations. Subsequently, the ratio declined to a low point near 8.19 by June 2015, reflecting reduced market expectations on earnings growth or declining earnings. After this low, there was a slight recovery to approximately 10.48 at the end of 2015. However, data for 2016 are missing, preventing further trend analysis in that year.
- Price to Operating Profit (P/OP) Ratio
-
This valuation metric followed a similar pattern to the P/E ratio over the observed period. Starting at around 9.21 in early 2012, it peaked near 10.28 in late 2013, reflecting relatively higher market valuation proportional to operating profit at that time. Then the ratio experienced a significant decline through 2014 and into 2015, reaching approximately 5.33 by mid-2015. By the end of 2015, a modest recovery to about 6.56 was observed. Data is incomplete beyond 2015, limiting further commentary on subsequent movements.
- Price to Sales (P/S) Ratio
-
The Price to Sales ratio displayed some fluctuations but overall revealed a gradual decline over the period. From early 2012 levels near 1.87–1.89, the ratio decreased to around 1.01 by mid-2015, indicating diminishing market valuation relative to sales revenue. Following that trough, there was a slight recovery toward 1.04–1.24 in 2016, suggesting improving investor sentiment or sales performance relative to price. The ratio remained above 0.75 throughout, denoting that stock prices were consistently valued at or above a multiple of sales.
- Price to Book Value (P/BV) Ratio
-
The Price to Book Value ratio gradually declined over the analyzed timeframe. Initially, the ratio fluctuated between approximately 1.44 and 1.71 from 2012 through early 2014, indicating moderate market valuation relative to book equity. Subsequently, a steady decline ensued, with the ratio dropping below 1.0 in mid-2015 and reaching lows around 0.67 by mid-2016. This downward trajectory reflects decreasing investor confidence or deterioration in market valuation relative to net asset values.
Price to Earnings (P/E)
National Oilwell Varco Inc., historical P/E calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 377,631,319 | 377,060,946 | 375,800,956 | 375,747,606 | 383,808,711 | 387,867,938 | 409,935,076 | 430,573,759 | 430,238,649 | 429,047,822 | 428,526,178 | 428,100,188 | 427,518,321 | 427,281,236 | 426,639,780 | 426,905,434 | 426,422,229 | 426,213,862 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to Company (in millions) | (217) | (119) | (1,523) | 155) | 289) | 310) | 595) | 699) | 619) | 589) | 658) | 636) | 531) | 502) | 668) | 612) | 605) | 606) | ||||||
| Earnings per share (EPS)2 | -4.51 | -3.18 | -2.05 | 3.59 | 4.93 | 5.73 | 6.10 | 5.96 | 5.82 | 5.63 | 5.43 | 5.46 | 5.41 | 5.59 | 5.84 | 5.61 | 5.43 | 5.15 | ||||||
| Share price1, 3 | 32.66 | 33.29 | 29.30 | 37.64 | 40.38 | 55.40 | 55.13 | 70.72 | 82.87 | 79.88 | 76.42 | 80.91 | 71.92 | 68.55 | 68.10 | 71.65 | 75.54 | 69.24 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | — | — | — | 10.48 | 8.19 | 9.67 | 9.03 | 11.87 | 14.25 | 14.20 | 14.07 | 14.82 | 13.29 | 12.27 | 11.66 | 12.76 | 13.90 | 13.46 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
EPS
= (Net income (loss) attributable to CompanyQ2 2016
+ Net income (loss) attributable to CompanyQ1 2016
+ Net income (loss) attributable to CompanyQ4 2015
+ Net income (loss) attributable to CompanyQ3 2015)
÷ No. shares of common stock outstanding
= (-217,000,000 + -119,000,000 + -1,523,000,000 + 155,000,000)
÷ 377,631,319 = -4.51
3 Closing price as at the filing date of National Oilwell Varco Inc. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/E ratio = Share price ÷ EPS
= 32.66 ÷ -4.51 = —
5 Click competitor name to see calculations.
- Share Price Trend
- Over the examined period, the share price showed initial volatility with a peak near 80.91 US$ in September 2013, followed by a decline, particularly sharp in the latter half of 2014 and through 2015, reaching a low around 29.3 US$ in December 2015. Some stabilization appeared by mid-2016 with minor recovery to approximately 33.29 US$.
- Earnings Per Share (EPS) Trend
- EPS started at 5.15 US$ in the first quarter of 2012, demonstrating a steady upward trend that peaked at 6.10 US$ in the fourth quarter of 2014. However, after this peak, EPS declined significantly, turning negative by the end of 2015 and further deteriorating to -4.51 US$ by mid-2016, indicating increasing losses during this latter period.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was relatively stable and moderate in early periods, fluctuating mostly between 11.66 and 14.82 from 2012 through 2013. Notably, the ratio decreased significantly to around 9.03 in the last quarter of 2014, further falling to levels near 8.19 in mid-2015, before some rebound near 10.48 in late 2015. Data for the P/E ratio is not available beyond early 2016, likely due to the negative EPS reported.
- Overall Financial Insights
- The data reveals a company that experienced solid earnings growth and relatively stable valuation ratios until late 2014. Subsequently, there was a marked decline in both share price and earnings, culminating in losses from late 2015 onward. This deterioration suggests increasing financial challenges or external pressures affecting profitability and market confidence. The share price decline corresponds closely with the drop in EPS, while valuation multiples compress ahead of negative earnings, reflecting investor caution. The absence of P/E data during the negative earnings period underscores the financial distress encountered.
Price to Operating Profit (P/OP)
National Oilwell Varco Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 377,631,319 | 377,060,946 | 375,800,956 | 375,747,606 | 383,808,711 | 387,867,938 | 409,935,076 | 430,573,759 | 430,238,649 | 429,047,822 | 428,526,178 | 428,100,188 | 427,518,321 | 427,281,236 | 426,639,780 | 426,905,434 | 426,422,229 | 426,213,862 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating profit (loss) (in millions) | (270) | (189) | (1,632) | 234) | 438) | 570) | 913) | 988) | 913) | 799) | 957) | 946) | 769) | 751) | 903) | 898) | 879) | 877) | ||||||
| Operating profit per share2 | -4.92 | -3.05 | -1.04 | 5.74 | 7.58 | 8.72 | 8.81 | 8.49 | 8.40 | 8.09 | 7.99 | 7.87 | 7.77 | 8.03 | 8.34 | 8.20 | 7.92 | 7.52 | ||||||
| Share price1, 3 | 32.66 | 33.29 | 29.30 | 37.64 | 40.38 | 55.40 | 55.13 | 70.72 | 82.87 | 79.88 | 76.42 | 80.91 | 71.92 | 68.55 | 68.10 | 71.65 | 75.54 | 69.24 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | — | — | — | 6.56 | 5.33 | 6.35 | 6.26 | 8.33 | 9.86 | 9.87 | 9.57 | 10.28 | 9.26 | 8.54 | 8.17 | 8.73 | 9.54 | 9.21 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Operating profit per share
= (Operating profit (loss)Q2 2016
+ Operating profit (loss)Q1 2016
+ Operating profit (loss)Q4 2015
+ Operating profit (loss)Q3 2015)
÷ No. shares of common stock outstanding
= (-270,000,000 + -189,000,000 + -1,632,000,000 + 234,000,000)
÷ 377,631,319 = -4.92
3 Closing price as at the filing date of National Oilwell Varco Inc. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 32.66 ÷ -4.92 = —
5 Click competitor name to see calculations.
The analysis of quarterly financial indicators reveals a fluctuating trajectory in the share price, operating profit per share, and the price-to-operating profit ratio over the observed periods.
- Share Price
- The share price exhibited an overall downward trend from the beginning to the end of the period under review. It started at approximately $69.24, rising to peak values around $82.87 in mid-2014, before undergoing a gradual decline to approximately $32.66 by mid-2016. This trend indicates a significant depreciation in market value over the four-year span, with the steepest declines occurring after late 2014.
- Operating Profit per Share
- The operating profit per share initially showed modest increases, moving from $7.52 to a peak of around $8.81 in late 2014. Following this peak, a marked decrease is observed, turning negative in early 2016, descending to approximately -$4.92 by mid-2016. This reversal suggests increased operational challenges and reduced profitability leading into 2016.
- Price to Operating Profit Ratio (P/OP)
- This valuation metric fluctuated within a range of about 5.33 to 10.28 in the earlier periods, with a notable decline from 9.87 in early 2014 to a low of 5.33 in mid-2015. Data for this ratio is unavailable for early 2016, coinciding with the transition of operating profit per share into negative territory, which complicates meaningful calculation of this ratio.
Overall, the financial indicators depict an environment where market valuation initially increased alongside operational profitability but deteriorated significantly after late 2014. The declining share price coupled with shrinking and eventually negative operating profit per share suggests increasing operational difficulties, impacting investor confidence and financial performance by mid-2016.
Price to Sales (P/S)
National Oilwell Varco Inc., historical P/S calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 377,631,319 | 377,060,946 | 375,800,956 | 375,747,606 | 383,808,711 | 387,867,938 | 409,935,076 | 430,573,759 | 430,238,649 | 429,047,822 | 428,526,178 | 428,100,188 | 427,518,321 | 427,281,236 | 426,639,780 | 426,905,434 | 426,422,229 | 426,213,862 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in millions) | 1,724) | 2,189) | 2,722) | 3,306) | 3,909) | 4,820) | 5,709) | 5,587) | 5,255) | 4,889) | 6,172) | 5,789) | 5,601) | 5,307) | 5,685) | 5,319) | 4,734) | 4,303) | ||||||
| Sales per share2 | 26.32 | 32.16 | 39.27 | 47.22 | 52.17 | 55.10 | 52.30 | 50.87 | 51.38 | 52.33 | 53.37 | 52.28 | 51.25 | 49.25 | 46.97 | 43.60 | 39.95 | 37.11 | ||||||
| Share price1, 3 | 32.66 | 33.29 | 29.30 | 37.64 | 40.38 | 55.40 | 55.13 | 70.72 | 82.87 | 79.88 | 76.42 | 80.91 | 71.92 | 68.55 | 68.10 | 71.65 | 75.54 | 69.24 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 1.24 | 1.04 | 0.75 | 0.80 | 0.77 | 1.01 | 1.05 | 1.39 | 1.61 | 1.53 | 1.43 | 1.55 | 1.40 | 1.39 | 1.45 | 1.64 | 1.89 | 1.87 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Sales per share
= (RevenueQ2 2016
+ RevenueQ1 2016
+ RevenueQ4 2015
+ RevenueQ3 2015)
÷ No. shares of common stock outstanding
= (1,724,000,000 + 2,189,000,000 + 2,722,000,000 + 3,306,000,000)
÷ 377,631,319 = 26.32
3 Closing price as at the filing date of National Oilwell Varco Inc. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/S ratio = Share price ÷ Sales per share
= 32.66 ÷ 26.32 = 1.24
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated notable volatility over the observed periods. Initially, it ranged between approximately $68 and $80 from early 2012 to early 2014, indicating relatively stable investor confidence during this timeframe. From mid-2014 onwards, a declining trend emerged, with the price falling sharply from around $70 to below $30 by late 2015. Although some recovery attempts occurred in early 2016, with prices hovering around the low 30s, the overall trajectory during this later period reflected diminished market valuation relative to prior years.
- Sales Per Share Development
- Sales per share increased steadily from $37.11 in early 2012 to a peak of $55.10 by the first quarter of 2015. This upward movement suggests improving operational performance and growing revenue generation on a per-share basis. However, from mid-2015, sales per share experienced a marked decline, dropping to $26.32 by mid-2016. This downturn likely reflects challenges affecting sales volumes or pricing, impacting revenue per share negatively.
- Price-to-Sales Ratio (P/S) Analysis
- The P/S ratio exhibited a general decreasing trend over the entire period. Initially, the ratio was near 1.9 in early 2012 but declined steadily to around 1.0 by early 2015. This decrease indicates that the market valuation relative to sales was becoming less optimistic or that sales growth outpaced share price appreciation during this interval. The ratio bottomed out around 0.75 in late 2015, signifying relatively low market valuation compared to sales. In early 2016, the P/S ratio displayed a modest rebound towards 1.24, suggesting a slight improvement in market sentiment or relative valuation despite the previously declining share price and sales per share.
- Overall Insights
- The data reveals a pattern of initial operational growth supported by increasing sales per share and a generally stable share price. However, after early 2015, a period of financial stress is evident, characterized by both reduced sales per share and declining share prices. The P/S ratio's decline and subsequent partial recovery suggest fluctuating investor confidence and shifting market perceptions regarding the company's valuation relative to its sales performance during the latter period.
Price to Book Value (P/BV)
National Oilwell Varco Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 377,631,319 | 377,060,946 | 375,800,956 | 375,747,606 | 383,808,711 | 387,867,938 | 409,935,076 | 430,573,759 | 430,238,649 | 429,047,822 | 428,526,178 | 428,100,188 | 427,518,321 | 427,281,236 | 426,639,780 | 426,905,434 | 426,422,229 | 426,213,862 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Company stockholders’ equity (in millions) | 16,118) | 16,355) | 16,383) | 18,126) | 18,927) | 19,037) | 20,692) | 21,523) | 21,332) | 22,697) | 22,230) | 21,627) | 20,859) | 20,549) | 20,239) | 19,574) | 18,820) | 18,416) | ||||||
| Book value per share (BVPS)2 | 42.68 | 43.37 | 43.59 | 48.24 | 49.31 | 49.08 | 50.48 | 49.99 | 49.58 | 52.90 | 51.88 | 50.52 | 48.79 | 48.09 | 47.44 | 45.85 | 44.13 | 43.21 | ||||||
| Share price1, 3 | 32.66 | 33.29 | 29.30 | 37.64 | 40.38 | 55.40 | 55.13 | 70.72 | 82.87 | 79.88 | 76.42 | 80.91 | 71.92 | 68.55 | 68.10 | 71.65 | 75.54 | 69.24 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 0.77 | 0.77 | 0.67 | 0.78 | 0.82 | 1.13 | 1.09 | 1.41 | 1.67 | 1.51 | 1.47 | 1.60 | 1.47 | 1.43 | 1.44 | 1.56 | 1.71 | 1.60 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
BVPS = Total Company stockholders’ equity ÷ No. shares of common stock outstanding
= 16,118,000,000 ÷ 377,631,319 = 42.68
3 Closing price as at the filing date of National Oilwell Varco Inc. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/BV ratio = Share price ÷ BVPS
= 32.66 ÷ 42.68 = 0.77
5 Click competitor name to see calculations.
The analyzed financial data reveals distinct trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the examined periods.
- Share Price
- The share price exhibited fluctuations with initial growth from approximately $69.24 to a peak near $82.87 between March 2012 and June 2014. Following this peak, there was a noticeable decline, dropping significantly to around $29.30 by December 2015. The price stabilized somewhat but remained relatively low, ending near $32.66 by mid-2016.
- Book Value per Share (BVPS)
- BVPS showed a generally gradual increasing trend from $43.21 in March 2012 to just over $52.90 by March 2014, indicating steady growth in the company's net equity per share during this period. Subsequently, BVPS experienced a slight decline and stabilization, decreasing to approximately $42.68 by June 2016, reflecting moderate erosion in book value in the latter periods.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio began at about 1.6 in early 2012 and showed volatility, with peaks near 1.71 and valleys around 1.09, reflecting changing market perceptions of the stock relative to its book value. Notably, after mid-2014, the P/BV ratio declined sharply, reaching lows around 0.67 by the end of 2015, suggesting the market valued the stock below its book value, indicative of reduced investor confidence or market challenges. By mid-2016, the ratio slightly recovered to approximately 0.77 but remained below unity.
Overall, the data illustrates an initial growth phase followed by significant value depreciation both in market price and relative valuation metrics. The downturn in share price and P/BV ratio after mid-2014 suggests external pressures or internal challenges that affected investor confidence despite relatively stable book value metrics in preceding years.