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. | Cadence Design Systems Inc. | CrowdStrike Holdings 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) | $205.17 | ||||||||||||||||||
| No. shares of common stock outstanding | 2,808,833,000 | ||||||||||||||||||
| Growth rate (g) | 181.25% | ||||||||||||||||||
| Earnings per share (EPS) | $4.43 | ||||||||||||||||||
| Next year expected EPS | $12.46 | ||||||||||||||||||
| Operating profit per share | $6.29 | ||||||||||||||||||
| Sales per share | $20.44 | ||||||||||||||||||
| Book value per share (BVPS) | $7.28 | ||||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||||
| Price to earnings (P/E) | 46.31 | 24.48 | 28.89 | 76.42 | — | 43.36 | 71.66 | 40.26 | 701.04 | 51.54 | 40.21 | 141.11 | 32.26 | 120.91 | 46.18 | 52.75 | |||
| Price to next year expected earnings | 16.47 | 20.78 | 21.84 | 60.31 | — | 43.05 | 63.89 | 31.63 | 845.16 | 60.26 | 38.35 | 125.96 | 28.02 | 120.88 | 38.09 | 42.11 | |||
| Price-earnings-growth (PEG) | 0.26 | 1.37 | 0.90 | 2.86 | — | 62.03 | 5.89 | 1.47 | — | — | 8.31 | 11.73 | 2.13 | 4,871.11 | 2.17 | 2.09 | |||
| Price to operating profit (P/OP) | 32.60 | 18.53 | 23.83 | 59.71 | — | 27.84 | 58.49 | 32.42 | 1,043.86 | 194.26 | 34.58 | 147.42 | 53.85 | 153.25 | 37.59 | 41.08 | |||
| Price to sales (P/S) | 10.04 | 2.74 | 7.47 | 17.38 | 30.03 | 4.16 | 13.04 | 14.48 | 113.07 | 16.55 | 6.58 | 18.31 | 11.91 | 7.53 | 11.42 | 10.93 | |||
| Price to book value (P/BV) | 28.18 | 6.29 | 11.39 | 17.26 | 36.20 | 9.56 | 11.52 | 13.22 | 64.76 | 25.70 | 4.07 | 20.93 | 8.12 | 7.04 | 13.18 | 15.50 | |||
Based on: 10-K (reporting date: 2025-05-31).
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: 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), 10-K (reporting date: 2020-05-31).
- Price to earnings (P/E) ratio
- The P/E ratio shows a general upward trend over the observed periods. Starting at 16.69 in May 2020, it decreased slightly in May 2021 to 15.84, then increased significantly to 26.85 in May 2022. This rising trend continued sharply with values of 38.96 in May 2023 and 37.63 in May 2024, peaking at 47.6 in May 2025. This indicates market expectations for higher future earnings or potentially overvaluation relative to earnings in the latest periods.
- Price to operating profit (P/OP) ratio
- The P/OP ratio exhibits a steady increase throughout the examined timeframe. It started at 12.17 in May 2020 and rose incrementally each period, reaching 14.31 in May 2021, 16.51 in May 2022, 25.3 in May 2023, 25.65 in May 2024, and finally 33.5 in May 2025. This reflects increasing market valuation relative to the company’s operating profit, which may suggest higher investor expectations for operating performance or a shift in profit margins.
- Price to sales (P/S) ratio
- The P/S ratio fluctuated but generally increased over time. Initially at 4.33 in May 2020, it rose to 5.38 in May 2021, then dipped to 4.25 in May 2022. After this decline, a notable upward trajectory is observed with values of 6.63 in May 2023, 7.44 in May 2024, and reaching 10.32 in May 2025. This upward trend suggests growing market value relative to sales, possibly reflecting stronger revenue growth or improved investor sentiment regarding sales potential.
- Price to book value (P/BV) ratio
- The P/BV ratio shows irregular and volatile behavior. From 14.01 in May 2020, it surged dramatically to 41.57 in May 2021, while data for May 31, 2022, is missing. It then spiked to an exceptionally high level of 308.71 in May 2023, followed by a sharp decrease to 45.25 in May 2024 and a further decline to 28.96 in May 2025. These fluctuations indicate significant changes in the relationship between market valuation and book value, which may be due to changes in asset base, accounting practices, or market perception of the underlying book value.
Price to Earnings (P/E)
Oracle Corp., historical P/E calculation, comparison to benchmarks
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | 3,068,682,000 | |
| Selected Financial Data (US$) | |||||||
| Net income (in millions) | 12,443) | 10,467) | 8,503) | 6,717) | 13,746) | 10,135) | |
| Earnings per share (EPS)2 | 4.43 | 3.80 | 3.13 | 2.52 | 4.92 | 3.30 | |
| Share price1, 3 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | 55.12 | |
| Valuation Ratio | |||||||
| P/E ratio4 | 47.60 | 37.63 | 38.96 | 26.85 | 15.84 | 16.69 | |
| Benchmarks | |||||||
| P/E Ratio, Competitors5 | |||||||
| Accenture PLC | — | 31.07 | 27.81 | 22.93 | 36.58 | 28.32 | |
| Adobe Inc. | — | 31.98 | 49.64 | 33.15 | 48.90 | 41.69 | |
| Cadence Design Systems Inc. | — | 67.09 | 78.64 | 59.70 | 53.88 | 62.89 | |
| CrowdStrike Holdings Inc. | — | 892.67 | — | — | — | — | |
| International Business Machines Corp. | — | 39.68 | 22.50 | 71.56 | 19.40 | 19.30 | |
| Intuit Inc. | — | 58.94 | 64.61 | 57.31 | 75.17 | 49.52 | |
| Microsoft Corp. | — | 35.67 | 33.96 | 28.34 | 35.14 | 35.04 | |
| Palantir Technologies Inc. | — | 632.38 | 246.77 | — | — | — | |
| Palo Alto Networks Inc. | — | 42.42 | 170.35 | — | — | — | |
| Salesforce Inc. | 45.28 | 71.24 | 879.57 | 135.68 | 48.20 | 1,204.70 | |
| ServiceNow Inc. | — | 146.40 | 90.80 | 284.28 | 487.70 | 978.47 | |
| Synopsys Inc. | — | 33.69 | 70.08 | 51.76 | 73.37 | 55.92 | |
| Workday Inc. | 122.85 | 50.53 | — | 1,957.29 | — | — | |
| P/E Ratio, Sector | |||||||
| Software & Services | — | 41.52 | 39.90 | 34.39 | 37.41 | 38.26 | |
| P/E Ratio, Industry | |||||||
| Information Technology | — | 44.83 | 35.97 | 26.85 | 29.54 | 31.13 | |
Based on: 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), 10-K (reporting date: 2020-05-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 12,443,000,000 ÷ 2,808,833,000 = 4.43
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 210.87 ÷ 4.43 = 47.60
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a generally positive trend over the observed periods, rising from $55.12 in May 2020 to $210.87 in May 2025. Notably, there was a decline between May 2021 and May 2022, where the price decreased from $77.99 to $67.68. However, this was followed by a strong recovery and significant growth, particularly between May 2022 and May 2025.
- Earnings Per Share (EPS)
- The EPS showed fluctuation across the periods, starting at $3.30 in May 2020 and experiencing an increase to $4.92 in May 2021. However, it dropped sharply to $2.52 in May 2022 before gradually recovering to $4.43 by May 2025. This volatility in EPS indicates inconsistent earnings performance during certain periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio increased substantially from 16.69 in May 2020 to 47.6 in May 2025. There was a notable rise from 15.84 in May 2021 to 38.96 in May 2023, indicating that the market valuation became more optimistic relative to earnings over time. The elevated P/E ratios in the latter years may reflect higher investor expectations or perceived growth potential despite fluctuations in actual earnings.
Price to Operating Profit (P/OP)
Oracle Corp., historical P/OP calculation, comparison to benchmarks
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | 3,068,682,000 | |
| Selected Financial Data (US$) | |||||||
| Operating income (in millions) | 17,678) | 15,353) | 13,093) | 10,926) | 15,213) | 13,896) | |
| Operating profit per share2 | 6.29 | 5.57 | 4.82 | 4.10 | 5.45 | 4.53 | |
| Share price1, 3 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | 55.12 | |
| Valuation Ratio | |||||||
| P/OP ratio4 | 33.50 | 25.65 | 25.30 | 16.51 | 14.31 | 12.17 | |
| Benchmarks | |||||||
| P/OP Ratio, Competitors5 | |||||||
| Accenture PLC | — | 23.52 | 21.69 | 16.83 | 28.35 | 22.21 | |
| Adobe Inc. | — | 26.38 | 40.52 | 25.85 | 40.64 | 51.75 | |
| Cadence Design Systems Inc. | — | 52.42 | 65.43 | 47.21 | 48.13 | 57.54 | |
| CrowdStrike Holdings Inc. | — | — | — | — | — | — | |
| International Business Machines Corp. | — | 25.48 | 17.99 | 14.35 | 16.23 | 15.90 | |
| Intuit Inc. | — | 48.11 | 49.04 | 46.05 | 62.00 | 41.56 | |
| Microsoft Corp. | — | 28.73 | 27.76 | 24.72 | 30.79 | 29.30 | |
| Palantir Technologies Inc. | — | 941.61 | 431.61 | — | — | — | |
| Palo Alto Networks Inc. | — | 159.88 | 193.40 | — | — | — | |
| Salesforce Inc. | 38.94 | 58.80 | 177.62 | 357.52 | 431.39 | 511.08 | |
| ServiceNow Inc. | — | 152.95 | 206.26 | 260.26 | 436.46 | 583.07 | |
| Synopsys Inc. | — | 56.25 | 67.90 | 43.85 | 75.64 | 59.90 | |
| Workday Inc. | 155.71 | 381.31 | — | — | — | — | |
| P/OP Ratio, Sector | |||||||
| Software & Services | — | 33.80 | 31.96 | 27.26 | 33.58 | 31.75 | |
| P/OP Ratio, Industry | |||||||
| Information Technology | — | 34.92 | 29.96 | 22.79 | 26.09 | 26.95 | |
Based on: 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), 10-K (reporting date: 2020-05-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 17,678,000,000 ÷ 2,808,833,000 = 6.29
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 210.87 ÷ 6.29 = 33.50
5 Click competitor name to see calculations.
- Share price trend
- The share price demonstrates a consistent upward trajectory over the period analyzed. Beginning at $55.12 in May 2020, the price rises steadily with some fluctuations, reaching $77.99 in May 2021 but slightly declining to $67.68 in May 2022. Subsequently, the share price undergoes significant growth to $122.04 in May 2023, continuing to increase to $142.91 by May 2024 and accelerating further to $210.87 by May 2025. This indicates strong market confidence and growing valuation over time.
- Operating profit per share (OPPS) trend
- The operating profit per share fluctuates through the observed years but generally follows a positive trend. Starting at $4.53 in May 2020, it increases to $5.45 in May 2021, then declines to $4.10 in May 2022. Following this dip, OPPS recovers and rises steadily to $4.82 in May 2023, further increasing to $5.57 in May 2024 and reaching $6.29 by May 2025. The overall pattern suggests a recovery post-2022 with improving profitability on a per share basis.
- Price to operating profit (P/OP) ratio analysis
- The P/OP ratio shows a marked upward trend, reflecting valuation metrics relative to operating profitability. From 12.17 in May 2020, the ratio increases to 14.31 in May 2021, and further to 16.51 in May 2022. Following a notable rise to 25.30 in May 2023, the ratio remains elevated at 25.65 in May 2024 before reaching a high of 33.50 in May 2025. This sharp increase suggests that the market price is growing at a faster rate than operating profit per share, indicating heightened investor expectations or possibly a premium valuation environment.
- Summary of financial metric interrelations
- The data portrays a scenario in which the company's share price growth outpaces the growth in operating profit per share, as evidenced by the increasing P/OP ratio throughout the period. Despite some volatility in operating profit per share, the general increase suggests improving profitability. The expanding P/OP ratio can imply rising investor optimism or suggest that share prices may be becoming increasingly disconnected from the underlying operational profitability, warranting attention to valuation risks.
Price to Sales (P/S)
Oracle Corp., historical P/S calculation, comparison to benchmarks
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | 3,068,682,000 | |
| Selected Financial Data (US$) | |||||||
| Revenues (in millions) | 57,399) | 52,961) | 49,954) | 42,440) | 40,479) | 39,068) | |
| Sales per share2 | 20.44 | 19.22 | 18.40 | 15.93 | 14.50 | 12.73 | |
| Share price1, 3 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | 55.12 | |
| Valuation Ratio | |||||||
| P/S ratio4 | 10.32 | 7.44 | 6.63 | 4.25 | 5.38 | 4.33 | |
| Benchmarks | |||||||
| P/S Ratio, Competitors5 | |||||||
| Accenture PLC | — | 3.48 | 2.98 | 2.56 | 4.28 | 3.26 | |
| Adobe Inc. | — | 8.27 | 13.88 | 8.95 | 14.94 | 17.04 | |
| Cadence Design Systems Inc. | — | 15.26 | 20.02 | 14.23 | 12.55 | 13.85 | |
| CrowdStrike Holdings Inc. | 19.36 | 26.10 | 12.81 | 30.15 | 48.70 | 22.79 | |
| International Business Machines Corp. | — | 3.81 | 2.73 | 1.94 | 1.94 | 1.47 | |
| Intuit Inc. | — | 10.72 | 10.72 | 9.30 | 16.09 | 11.78 | |
| Microsoft Corp. | — | 12.82 | 11.60 | 10.40 | 12.81 | 10.85 | |
| Palantir Technologies Inc. | — | 102.00 | 23.27 | 9.34 | 15.58 | 39.86 | |
| Palo Alto Networks Inc. | — | 13.62 | 10.87 | 9.62 | 10.72 | 6.66 | |
| Salesforce Inc. | 7.40 | 8.45 | 5.84 | 7.40 | 9.24 | 8.88 | |
| ServiceNow Inc. | — | 18.99 | 17.52 | 12.75 | 19.02 | 25.66 | |
| Synopsys Inc. | — | 12.45 | 14.75 | 10.03 | 13.22 | 10.08 | |
| Workday Inc. | 7.65 | 9.61 | 7.71 | 11.19 | 13.95 | 10.65 | |
| P/S Ratio, Sector | |||||||
| Software & Services | — | 10.26 | 8.75 | 7.46 | 9.46 | 7.67 | |
| P/S Ratio, Industry | |||||||
| Information Technology | — | 9.29 | 7.33 | 6.02 | 6.97 | 6.11 | |
Based on: 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), 10-K (reporting date: 2020-05-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 57,399,000,000 ÷ 2,808,833,000 = 20.44
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 210.87 ÷ 20.44 = 10.32
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a generally upward trend over the analyzed period. Starting from $55.12 in May 2020, it increased to $77.99 in May 2021, followed by a decline to $67.68 in May 2022. After this dip, the price rose markedly to $122.04 in May 2023 and continued its ascent to $142.91 in May 2024, reaching a peak of $210.87 by May 2025. This trajectory indicates renewed investor confidence and possibly positive market sentiment or improved company performance in recent years.
- Sales Per Share
- Sales per share consistently grown throughout the period under review. Beginning at $12.73 in May 2020, figures rose steadily year over year to reach $20.44 by May 2025. The increase was smooth and incremental, suggesting stable revenue growth relative to the number of shares outstanding. This pattern reflects an underlying expansion in the company's sales generated per share.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio experienced some fluctuations but showed an overall upward movement. Initially at 4.33 in May 2020, the ratio climbed to 5.38 in May 2021, then declined to 4.25 in May 2022, similar to the share price behavior. Thereafter, the P/S ratio rose significantly to 6.63 in May 2023, increasing to 7.44 in May 2024, and reaching a high of 10.32 by May 2025. The sharp rise in P/S ratio in the later years indicates that market valuations increased at a faster rate than sales, suggesting heightened expectations for future growth or profitability.
- Overall Insights
- The analysis reveals a recovery and strengthening in market valuation after a brief downturn in 2022. Both share price and sales per share show positive growth trends, with sales per share demonstrating steady, consistent increases. The P/S ratio's escalation in the latter years points to increased investor optimism and possibly a premium placed on the company’s growth prospects. The divergence between sales growth and P/S ratio escalation may indicate that market expectations are outpacing current sales performance.
Price to Book Value (P/BV)
Oracle Corp., historical P/BV calculation, comparison to benchmarks
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,808,833,000 | 2,755,860,000 | 2,714,259,000 | 2,664,926,000 | 2,792,000,000 | 3,068,682,000 | |
| Selected Financial Data (US$) | |||||||
| Total Oracle Corporation stockholders’ equity (deficit) (in millions) | 20,451) | 8,704) | 1,073) | (6,220) | 5,238) | 12,074) | |
| Book value per share (BVPS)2 | 7.28 | 3.16 | 0.40 | -2.33 | 1.88 | 3.93 | |
| Share price1, 3 | 210.87 | 142.91 | 122.04 | 67.68 | 77.99 | 55.12 | |
| Valuation Ratio | |||||||
| P/BV ratio4 | 28.96 | 45.25 | 308.71 | — | 41.57 | 14.01 | |
| Benchmarks | |||||||
| P/BV Ratio, Competitors5 | |||||||
| Accenture PLC | — | 7.98 | 7.44 | 7.13 | 11.06 | 8.51 | |
| Adobe Inc. | — | 12.61 | 16.31 | 11.22 | 15.94 | 16.53 | |
| Cadence Design Systems Inc. | — | 15.15 | 24.05 | 18.46 | 13.68 | 14.90 | |
| CrowdStrike Holdings Inc. | 23.34 | 34.61 | 19.61 | 42.67 | 48.91 | 14.78 | |
| International Business Machines Corp. | — | 8.75 | 7.49 | 5.34 | 5.90 | 5.24 | |
| Intuit Inc. | — | 9.47 | 8.92 | 7.20 | 15.71 | 17.71 | |
| Microsoft Corp. | — | 11.71 | 11.92 | 12.38 | 15.16 | 13.11 | |
| Palantir Technologies Inc. | — | 58.42 | 14.90 | 6.94 | 10.48 | 28.60 | |
| Palo Alto Networks Inc. | — | 21.15 | 42.84 | 252.00 | 71.88 | 20.61 | |
| Salesforce Inc. | 4.59 | 4.94 | 3.13 | 3.37 | 4.73 | 4.48 | |
| ServiceNow Inc. | — | 21.71 | 20.60 | 18.36 | 30.36 | 40.91 | |
| Synopsys Inc. | — | 8.48 | 14.02 | 9.24 | 10.50 | 7.57 | |
| Workday Inc. | 7.15 | 8.63 | 8.58 | 12.68 | 18.38 | 15.54 | |
| P/BV Ratio, Sector | |||||||
| Software & Services | — | 11.85 | 11.36 | 10.66 | 13.54 | 11.60 | |
| P/BV Ratio, Industry | |||||||
| Information Technology | — | 13.17 | 11.47 | 10.47 | 12.50 | 11.10 | |
Based on: 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), 10-K (reporting date: 2020-05-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total Oracle Corporation stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= 20,451,000,000 ÷ 2,808,833,000 = 7.28
3 Closing price as at the filing date of Oracle Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 210.87 ÷ 7.28 = 28.96
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrates a generally upward trend over the analyzed period. Beginning at $55.12 in May 2020, the price increased significantly, peaking at $210.87 by May 2025. Notably, there was a dip observed in May 2022, where the price decreased to $67.68 from the previous year's $77.99. After this decline, the share price recovered strongly, exhibiting substantial growth in subsequent years, especially between May 2023 and May 2025.
- Book Value per Share (BVPS)
- The book value per share fluctuated across the reporting periods, starting at $3.93 in May 2020 and decreasing sharply to $1.88 in May 2021. In May 2022, it turned negative, reaching -$2.33, indicating a potential deterioration in the company's net asset value during that year. Following this low point, BVPS gradually improved, becoming positive again by May 2023 at $0.40 and continuing to rise steadily to $7.28 by May 2025. This recovery suggests an improvement in the company's underlying equity position.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio showed high volatility throughout the period. It started at 14.01 in May 2020 and surged sharply to 41.57 in May 2021. Data for May 2022 is missing, likely due to the negative BVPS in that year which makes the ratio undefined. In May 2023, the ratio spiked dramatically to 308.71, reflecting a very high market valuation relative to book value, likely influenced by the low positive BVPS at that time. Afterward, the ratio declined to 45.25 in May 2024 and further to 28.96 in May 2025, indicating a normalization trend as book value improved and share price continued to rise.