Common Stock Valuation Ratios (Price Multiples)
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).
Current Valuation Ratios
Oracle Corp., current price multiples
| Oracle Corp. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | Software & Services | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||
| Current share price (P) | $127.56 | ||||||||||||||||||||
| No. shares of common stock outstanding | 2,880,471,000 | ||||||||||||||||||||
| Growth rate (g) | 168.62% | ||||||||||||||||||||
| Earnings per share (EPS) | $5.90 | ||||||||||||||||||||
| Next year expected EPS | $15.84 | ||||||||||||||||||||
| Operating profit per share | $7.15 | ||||||||||||||||||||
| Sales per share | $23.38 | ||||||||||||||||||||
| Book value per share (BVPS) | $14.76 | ||||||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||||||
| Price to earnings (P/E) | 21.63 | 13.02 | 13.82 | 40.70 | 82.66 | — | 887.28 | 19.72 | 22.31 | 25.04 | 180.36 | 234.09 | 19.85 | 65.11 | 53.51 | 56.35 | 35.19 | 51.06 | |||
| Price to next year expected earnings | 8.05 | 11.18 | 10.07 | 27.68 | 65.61 | — | 874.19 | 22.09 | 19.81 | 19.90 | 178.40 | 204.38 | 18.71 | 57.27 | 46.11 | 54.30 | 29.00 | 40.53 | |||
| Price-earnings-growth (PEG) | 0.13 | 0.79 | 0.37 | 0.86 | 3.18 | — | 592.50 | — | 1.77 | 0.97 | 163.82 | 16.10 | 3.27 | 4.76 | 3.33 | 14.89 | 1.65 | 1.97 | |||
| Price to operating profit (P/OP) | 17.83 | 9.78 | 11.32 | 32.68 | 61.43 | — | — | 17.67 | 17.53 | 21.58 | 207.28 | 213.56 | 17.77 | 62.40 | 77.92 | 54.17 | 28.21 | 42.64 | |||
| Price to sales (P/S) | 5.46 | 1.43 | 4.15 | 24.76 | 17.30 | 39.19 | 27.89 | 3.09 | 4.58 | 10.09 | 65.49 | 28.78 | 3.56 | 8.57 | 10.11 | 4.09 | 9.16 | 13.15 | |||
| Price to book value (P/BV) | 8.64 | 3.20 | 8.48 | 63.56 | 16.74 | 42.59 | 25.61 | 6.40 | 4.38 | 7.57 | 39.68 | 33.92 | 2.50 | 8.78 | 2.52 | 5.00 | 9.41 | 17.73 | |||
Based on: 10-K (reporting date: 2026-05-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Oracle Corp., historical price multiples
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
Valuation multiples across the analyzed period demonstrate a general trend of expansion from 2021 through 2025, followed by a notable contraction in 2026. This pattern indicates a period of increasing market premiums relative to fundamental performance, peaking in the 2025 fiscal year.
- Price-to-Earnings (P/E) and Price-to-Operating Profit (P/OP)
- Both ratios exhibit a strong positive correlation, with P/E increasing from 15.84 in 2021 to a peak of 47.60 in 2025, and P/OP rising from 14.31 to 33.50 over the same period. A sharp correction occurred in 2026, where P/E fell to 29.69 and P/OP dropped to 24.47, suggesting a realignment of stock price with earnings and operating results.
- Price-to-Sales (P/S)
- After an initial decline to 4.25 in 2022, the P/S ratio entered a period of sustained growth, reaching a high of 10.32 in 2025. The subsequent decrease to 7.49 in 2026 mirrors the trend seen in earnings multiples, indicating a broad reduction in the revenue premium.
- Price-to-Book Value (P/BV)
- The P/BV ratio shows extreme volatility, characterized by an anomalous spike to 308.71 in 2023. Following this peak, a consistent downward trajectory is observed, with the ratio declining to 45.25 in 2024, 28.96 in 2025, and reaching a period low of 11.86 by 2026, reflecting a significant shift in the relationship between market price and equity book value.
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Price to Earnings (P/E)
Oracle Corp., historical P/E calculation, comparison to benchmarks
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,880,471,000 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | |
| Selected Financial Data (US$) | |||||||
| Net income available to common shareholders (in millions) | 16,984) | 12,443) | 10,467) | 8,503) | 6,717) | 13,746) | |
| Earnings per share (EPS)2 | 5.90 | 4.43 | 3.80 | 3.13 | 2.52 | 4.92 | |
| Share price1, 3 | 175.07 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | |
| Valuation Ratio | |||||||
| P/E ratio4 | 29.69 | 47.60 | 37.63 | 38.96 | 26.85 | 15.84 | |
| Benchmarks | |||||||
| P/E Ratio, Competitors5 | |||||||
| Accenture PLC | — | 19.47 | 31.07 | 27.81 | 22.93 | 36.58 | |
| Adobe Inc. | — | 17.51 | 31.98 | 49.64 | 33.15 | 48.90 | |
| AppLovin Corp. | — | 41.68 | 68.97 | 56.56 | — | 472.35 | |
| Cadence Design Systems Inc. | — | 72.92 | 67.09 | 78.64 | 59.70 | 53.88 | |
| CrowdStrike Holdings Inc. | — | — | 892.67 | — | — | — | |
| Datadog Inc. | — | 398.52 | 235.49 | 884.97 | — | — | |
| International Business Machines Corp. | — | 20.31 | 39.68 | 22.50 | 71.56 | 19.40 | |
| Intuit Inc. | — | 48.19 | 58.94 | 64.61 | 57.31 | 75.17 | |
| Microsoft Corp. | 21.68 | 37.46 | 35.67 | 33.96 | 28.34 | 35.14 | |
| Palantir Technologies Inc. | — | 195.77 | 632.38 | 246.77 | — | — | |
| Palo Alto Networks Inc. | — | 112.39 | 42.42 | 170.35 | — | — | |
| Salesforce Inc. | 23.88 | 45.28 | 71.24 | 879.57 | 135.68 | 48.20 | |
| ServiceNow Inc. | — | 69.85 | 146.40 | 90.80 | 284.29 | 487.70 | |
| Synopsys Inc. | — | 69.11 | 33.69 | 70.08 | 51.76 | 73.37 | |
| Workday Inc. | 56.01 | 122.85 | 50.53 | — | 1,957.29 | — | |
| P/E Ratio, Sector | |||||||
| Software & Services | — | 40.01 | 42.11 | 40.33 | 34.78 | 38.09 | |
| P/E Ratio, Industry | |||||||
| Information Technology | — | 40.65 | 45.35 | 36.11 | 26.94 | 29.71 | |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
EPS = Net income available to common shareholders ÷ No. shares of common stock outstanding
= 16,984,000,000 ÷ 2,880,471,000 = 5.90
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2026 Calculation
P/E ratio = Share price ÷ EPS
= 175.07 ÷ 5.90 = 29.69
5 Click competitor name to see calculations.
The valuation metrics exhibit a period of significant multiple expansion followed by a sharp contraction, coinciding with a volatile share price and a recovery in earnings per share (EPS).
- Share Price Trends
- The share price experienced an initial decline in 2022 before entering a sustained growth phase. A substantial peak was reached on May 31, 2025, at 210.87 US$, representing a significant increase from the 2021 baseline of 77.99 US$. A subsequent correction occurred by May 31, 2026, with the price retreating to 175.07 US$.
- Earnings Per Share (EPS) Performance
- Earnings displayed a sharp contraction in 2022, falling to 2.52 US$ from 4.92 US$ in 2021. Following this trough, a consistent upward trajectory is observed, with EPS growing annually through 2026 to reach its period high of 5.90 US$. This indicates a steady improvement in profitability over the latter four years of the period.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio expanded aggressively from 15.84 in 2021 to a peak of 47.60 in 2025. This expansion suggests that investors were willing to pay a higher premium for each dollar of earnings, likely driven by expectations of future growth. However, by May 31, 2026, the P/E ratio contracted significantly to 29.69. This compression resulted from the dual impact of a declining share price and a simultaneous increase in earnings per share.
Overall, the data indicates a decoupling of share price and earnings between 2022 and 2025, where valuation multiples grew faster than actual earnings. The 2026 figures suggest a return toward a more moderate valuation as earnings growth began to catch up with the market price.
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Price to Operating Profit (P/OP)
Oracle Corp., historical P/OP calculation, comparison to benchmarks
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,880,471,000 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | |
| Selected Financial Data (US$) | |||||||
| Operating income (in millions) | 20,606) | 17,678) | 15,353) | 13,093) | 10,926) | 15,213) | |
| Operating profit per share2 | 7.15 | 6.29 | 5.57 | 4.82 | 4.10 | 5.45 | |
| Share price1, 3 | 175.07 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | |
| Valuation Ratio | |||||||
| P/OP ratio4 | 24.47 | 33.50 | 25.65 | 25.30 | 16.51 | 14.31 | |
| Benchmarks | |||||||
| P/OP Ratio, Competitors5 | |||||||
| Accenture PLC | — | 14.62 | 23.52 | 21.69 | 16.83 | 28.35 | |
| Adobe Inc. | — | 14.34 | 26.38 | 40.52 | 25.85 | 40.64 | |
| AppLovin Corp. | — | 33.47 | 58.16 | 31.12 | — | 111.61 | |
| Cadence Design Systems Inc. | — | 54.20 | 52.42 | 65.43 | 47.21 | 48.13 | |
| CrowdStrike Holdings Inc. | — | — | — | — | — | — | |
| Datadog Inc. | — | — | 797.11 | — | — | — | |
| International Business Machines Corp. | — | 18.20 | 25.48 | 17.99 | 14.35 | 16.23 | |
| Intuit Inc. | — | 37.87 | 48.11 | 49.04 | 46.05 | 62.00 | |
| Microsoft Corp. | 18.68 | 29.68 | 28.73 | 27.76 | 24.72 | 30.79 | |
| Palantir Technologies Inc. | — | 224.99 | 941.61 | 431.61 | — | — | |
| Palo Alto Networks Inc. | — | 102.53 | 159.88 | 193.40 | — | — | |
| Salesforce Inc. | 21.38 | 38.94 | 58.80 | 177.62 | 357.52 | 431.39 | |
| ServiceNow Inc. | — | 66.94 | 152.95 | 206.26 | 260.27 | 436.46 | |
| Synopsys Inc. | — | 100.63 | 56.25 | 67.90 | 43.85 | 75.64 | |
| Workday Inc. | 53.84 | 155.71 | 381.31 | — | — | — | |
| P/OP Ratio, Sector | |||||||
| Software & Services | — | 32.08 | 34.32 | 32.29 | 27.53 | 34.16 | |
| P/OP Ratio, Industry | |||||||
| Information Technology | — | 33.94 | 35.16 | 30.06 | 22.85 | 26.22 | |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 20,606,000,000 ÷ 2,880,471,000 = 7.15
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 175.07 ÷ 7.15 = 24.47
5 Click competitor name to see calculations.
An analysis of the valuation metrics from May 2021 to May 2026 reveals a period of significant expansion in the price-to-operating profit (P/OP) multiple, driven primarily by rapid share price appreciation that outpaced the growth of operating profits per share.
- Share Price Dynamics
- The share price exhibited considerable volatility, beginning at 77.99 US$ in 2021 and experiencing a brief decline to 67.68 US$ in 2022. This was followed by a sustained upward trajectory, peaking at 210.87 US$ in May 2025 before correcting to 175.07 US$ in May 2026.
- Operating Profit Performance
- Operating profit per share showed a more stable growth pattern. After a decrease to 4.10 US$ in 2022, the metric entered a consistent growth phase, rising annually to reach 7.15 US$ by May 2026. This indicates a steady improvement in fundamental operational efficiency over the latter half of the period.
- P/OP Ratio Trends
- The P/OP ratio expanded from 14.31 in 2021 to a peak of 33.50 in 2025. This expansion suggests that the market attributed a significantly higher premium to each dollar of operating profit during this window. The ratio remained elevated through 2023 and 2024, averaging approximately 25.48, before contracting to 24.47 in 2026.
- Valuation Correlation
- The divergence between the share price and operating profit is most evident between 2022 and 2025, where the valuation multiple more than doubled. The correction in 2026 is notable because the P/OP ratio decreased to 24.47 despite the operating profit per share reaching its highest point in the sequence, indicating a market-driven realignment of the stock's valuation relative to its actual earnings power.
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Price to Sales (P/S)
Oracle Corp., historical P/S calculation, comparison to benchmarks
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,880,471,000 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | |
| Selected Financial Data (US$) | |||||||
| Revenues (in millions) | 67,357) | 57,399) | 52,961) | 49,954) | 42,440) | 40,479) | |
| Sales per share2 | 23.38 | 20.44 | 19.22 | 18.40 | 15.93 | 14.50 | |
| Share price1, 3 | 175.07 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | |
| Valuation Ratio | |||||||
| P/S ratio4 | 7.49 | 10.32 | 7.44 | 6.63 | 4.25 | 5.38 | |
| Benchmarks | |||||||
| P/S Ratio, Competitors5 | |||||||
| Accenture PLC | — | 2.15 | 3.48 | 2.98 | 2.56 | 4.28 | |
| Adobe Inc. | — | 5.25 | 8.27 | 13.88 | 8.95 | 14.94 | |
| AppLovin Corp. | — | 25.35 | 23.14 | 6.14 | 1.80 | 5.99 | |
| Cadence Design Systems Inc. | — | 15.27 | 15.26 | 20.02 | 14.23 | 12.55 | |
| CrowdStrike Holdings Inc. | 22.46 | 19.37 | 26.10 | 12.81 | 30.15 | 48.70 | |
| Datadog Inc. | — | 12.53 | 16.12 | 20.19 | 14.64 | 49.25 | |
| International Business Machines Corp. | — | 3.19 | 3.81 | 2.73 | 1.94 | 1.94 | |
| Intuit Inc. | — | 9.90 | 10.72 | 10.72 | 9.30 | 16.09 | |
| Microsoft Corp. | 8.74 | 13.54 | 12.82 | 11.60 | 10.40 | 12.81 | |
| Palantir Technologies Inc. | — | 71.09 | 102.00 | 23.27 | 9.34 | 15.58 | |
| Palo Alto Networks Inc. | — | 13.82 | 13.62 | 10.87 | 9.62 | 10.72 | |
| Salesforce Inc. | 4.29 | 7.40 | 8.45 | 5.84 | 7.40 | 9.24 | |
| ServiceNow Inc. | — | 9.20 | 18.99 | 17.52 | 12.75 | 19.02 | |
| Synopsys Inc. | — | 13.05 | 12.45 | 14.75 | 10.03 | 13.22 | |
| Workday Inc. | 4.06 | 7.65 | 9.61 | 7.71 | 11.19 | 13.95 | |
| P/S Ratio, Sector | |||||||
| Software & Services | — | 10.41 | 10.40 | 8.78 | 7.45 | 9.54 | |
| P/S Ratio, Industry | |||||||
| Information Technology | — | 10.47 | 9.33 | 7.33 | 6.01 | 6.99 | |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 67,357,000,000 ÷ 2,880,471,000 = 23.38
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 175.07 ÷ 23.38 = 7.49
5 Click competitor name to see calculations.
The analysis of valuation metrics from May 2021 to May 2026 reveals a period of significant volatility in equity pricing contrasted with a consistent upward trajectory in revenue generation per share.
- Sales per Share Performance
- A steady and uninterrupted increase in sales per share is observed throughout the period. Starting at 14.50 USD in 2021, the figure grew annually to reach 23.38 USD by May 2026. This linear growth indicates a stable expansion in top-line efficiency on a per-share basis.
- Share Price Dynamics
- Equity pricing exhibited higher volatility than operational revenue. After a decline from 77.99 USD in 2021 to 67.68 USD in 2022, the share price entered a period of rapid appreciation, peaking at 210.87 USD in May 2025. A subsequent correction occurred in 2026, with the price settling at 175.07 USD.
- Price to Sales (P/S) Ratio Interpretation
- The P/S ratio fluctuated in alignment with share price movements rather than revenue growth. The ratio reached a minimum of 4.25 in 2022 before expanding significantly to a peak of 10.32 in 2025. This peak indicates a period of aggressive valuation expansion where the market price grew at a rate disproportionate to the increase in sales. By May 2026, the P/S ratio contracted to 7.49, suggesting a valuation correction toward historical means despite the continued increase in sales per share.
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Price to Book Value (P/BV)
Oracle Corp., historical P/BV calculation, comparison to benchmarks
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,880,471,000 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | |
| Selected Financial Data (US$) | |||||||
| Total Oracle Corporation stockholders’ equity (deficit) (in millions) | 42,508) | 20,451) | 8,704) | 1,073) | (6,220) | 5,238) | |
| Book value per share (BVPS)2 | 14.76 | 7.28 | 3.16 | 0.40 | -2.33 | 1.88 | |
| Share price1, 3 | 175.07 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | |
| Valuation Ratio | |||||||
| P/BV ratio4 | 11.86 | 28.96 | 45.25 | 308.71 | — | 41.57 | |
| Benchmarks | |||||||
| P/BV Ratio, Competitors5 | |||||||
| Accenture PLC | — | 4.79 | 7.98 | 7.44 | 7.13 | 11.06 | |
| Adobe Inc. | — | 10.74 | 12.61 | 16.31 | 11.22 | 15.94 | |
| AppLovin Corp. | — | 65.10 | 99.97 | 16.06 | 2.67 | 7.83 | |
| Cadence Design Systems Inc. | — | 14.77 | 15.15 | 24.05 | 18.46 | 13.68 | |
| CrowdStrike Holdings Inc. | 24.41 | 23.35 | 34.61 | 19.61 | 42.67 | 48.91 | |
| Datadog Inc. | — | 11.50 | 15.94 | 21.22 | 17.39 | 48.66 | |
| International Business Machines Corp. | — | 6.59 | 8.75 | 7.49 | 5.34 | 5.90 | |
| Intuit Inc. | — | 9.46 | 9.47 | 8.92 | 7.20 | 15.71 | |
| Microsoft Corp. | 6.56 | 11.11 | 11.71 | 11.92 | 12.38 | 15.16 | |
| Palantir Technologies Inc. | — | 43.07 | 58.42 | 14.90 | 6.94 | 10.48 | |
| Palo Alto Networks Inc. | — | 16.29 | 21.15 | 42.84 | 252.00 | 71.88 | |
| Salesforce Inc. | 3.01 | 4.59 | 4.94 | 3.13 | 3.37 | 4.73 | |
| ServiceNow Inc. | — | 9.42 | 21.71 | 20.60 | 18.36 | 30.36 | |
| Synopsys Inc. | — | 3.25 | 8.48 | 14.02 | 9.24 | 10.50 | |
| Workday Inc. | 4.97 | 7.15 | 8.63 | 8.58 | 12.68 | 18.38 | |
| P/BV Ratio, Sector | |||||||
| Software & Services | — | 10.70 | 12.08 | 11.43 | 10.64 | 13.62 | |
| P/BV Ratio, Industry | |||||||
| Information Technology | — | 14.12 | 13.28 | 11.48 | 10.44 | 12.51 | |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
BVPS = Total Oracle Corporation stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= 42,508,000,000 ÷ 2,880,471,000 = 14.76
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 175.07 ÷ 14.76 = 11.86
5 Click competitor name to see calculations.
The analysis of the price-to-book value (P/BV) relationship reveals significant volatility in equity valuation over the observed six-year period. While the share price generally trended upward until 2025, the underlying book value per share experienced extreme fluctuations, leading to inconsistent valuation multiples and a period of negative equity.
- Share Price Dynamics
- The market price per share exhibited an overall growth trajectory for the majority of the period, rising from 77.99 in 2021 to a peak of 210.87 in 2025. A moderate correction followed in 2026, with the price adjusting to 175.07.
- Book Value per Share (BVPS) Volatility
- The BVPS demonstrated substantial instability, dropping from 1.88 in 2021 to a negative value of -2.33 in 2022. Following this trough, a consistent and accelerating recovery phase occurred, with the value climbing to 0.40 in 2023 and reaching 14.76 by 2026, indicating a significant strengthening of the company's net asset position.
- Price to Book Value (P/BV) Correlation
- The P/BV ratio was heavily influenced by the volatility of the BVPS. The ratio was unavailable in 2022 due to the negative book value. An extreme peak of 308.71 was recorded in 2023, resulting from a very low positive BVPS coupled with a surging share price. Between 2024 and 2026, a sharp decompression of the ratio is observed, falling from 45.25 to 11.86 as the growth in book value outpaced the movements in share price.
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