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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Historical Valuation Ratios (Summary)
Parker-Hannifin Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).
- Price to Earnings (P/E) Ratio
- The P/E ratio displayed a fluctuating trend over the observed period. Initially, the ratio declined from 23.26 in late September 2017 to a low of 13.42 in mid-2019, indicating a period where earnings growth outpaced price increases or market valuations became more conservative. Subsequently, the ratio increased steadily, reaching a peak of 35.53 at the end of 2022. This rise suggests heightened investor optimism or expectations of future earnings growth, despite some interim volatility.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio generally followed a downward trajectory in the early years, moving from 16.39 to a low near 9.79 by mid-2019. This trend reflects improving operating profits relative to market pricing or a reduction in price levels. However, from 2020 onwards, a marked increase occurred, with the ratio climbing to 19.36 by early 2021, before experiencing volatility and settling at 16.27 at the end of 2022. This pattern implies fluctuating market sentiment towards the company's operating profitability and potentially rising valuation multiples during certain periods.
- Price to Sales (P/S) Ratio
- The P/S ratio steadily declined from 1.95 in late 2017 to around 1.42 in mid-2019, indicating either sales growth outpacing price appreciation or a contraction in market valuation relative to sales. Post-2019, the metric demonstrated a consistent upward trend, peaking at 3.01 in early 2021 before slightly moderating to 2.61 by the end of 2022. This escalation suggests growing investor confidence in revenue generation capabilities or improved pricing power.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio generally declined from 4.46 in late 2017 to a trough of 3.4 in mid-2019, reflecting either increases in book value or decreasing market prices. Afterwards, the ratio experienced a pronounced rebound, reaching 5.52 in early 2021, the highest point observed, before decreasing somewhat to 4.8 by the close of 2022. This indicates periods of increased valuation premiums above book value, possibly driven by market optimism or improvements in asset quality.
- Summary of Trends
- Across the examined ratios, a common inflection point emerges around mid-2019. Prior to this period, valuation multiples tended to decline, suggesting improving fundamental performance or conservative market pricing. Post-2019, there is a noticeable upward shift in valuation metrics, reflecting increased market optimism or anticipation of stronger future performance. While some volatility is present, the overall trajectory for most ratios from 2020 onward is upward, indicative of strengthening investor sentiment and rising company valuations relative to earnings, operating profits, sales, and book value.
Price to Earnings (P/E)
Parker-Hannifin Corp., historical P/E calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | 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 | Dec 31, 2017 | Sep 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income attributable to common shareholders (in thousands) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net income attributable to common shareholdersQ2 2023
+ Net income attributable to common shareholdersQ1 2023
+ Net income attributable to common shareholdersQ4 2022
+ Net income attributable to common shareholdersQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Parker-Hannifin Corp. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated notable fluctuations over the periods analyzed. Initially, it exhibited a downward trend from approximately $185 at the end of September 2017 to around $158 by mid-2019. However, a significant recovery followed, with the price increasing sharply to reach a peak near $279 towards the end of 2020 and continuing to rise to over $325 by the third quarter of 2021. Subsequently, the price experienced some volatility, declining to about $271 by the first quarter of 2022 and then rebounding strongly to nearly $350 by the end of 2022.
- Earnings Per Share (EPS) Trend
- EPS showed a generally positive trajectory over the evaluated interval. Starting at $7.95 in late 2017, it increased consistently, peaking around $14.6 in the first quarter of 2022. Despite some minor declines in intermediate quarters, the EPS notably rose after mid-2020, reaching its highest levels during 2021. Toward the latter portion of the period, EPS showed a declining pattern, falling to below $10 by the end of 2022.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio experienced considerable variability. It began at a moderate level near 23 in late 2017, dropped to a low around 13-15 in 2018 and early 2019, then rose steadily again, peaking in the mid-20s at various points in 2020 and 2021. The ratio reached its highest values toward the end of 2022, topping 35, which suggests an increasing market valuation relative to earnings during that period. This rise in P/E occurred despite EPS declining in the latter quarters, potentially indicating heightened market optimism or expectations of future earnings growth.
- Combined Insights
- The share price and EPS generally demonstrated growth over the full period, with notable acceleration post-2020. However, while EPS started to decline slightly in late 2021 and 2022, the share price continued to trend upward, resulting in an elevated P/E ratio at the end of 2022. This divergence may reflect market factors beyond current earnings performance, such as investor sentiment or expectations regarding company prospects.
Price to Operating Profit (P/OP)
Parker-Hannifin Corp., historical P/OP calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Parker-Hannifin Corp. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the analyzed period. Initially, there was a decline from the end of 2017 into early 2018, followed by a recovery and growth trend reaching a peak around the first quarter of 2021. After this peak, the share price experienced some volatility but generally remained elevated compared to the initial periods, culminating in a significant rise by the end of 2022.
Operating profit per share demonstrated a predominantly upward trajectory. Starting from a lower baseline in late 2017, there was consistent growth observed throughout the years, with only minor setbacks around early 2020. The trend indicates an overall improvement in operational profitability per share, reaching its highest levels in the latter part of the dataset.
The Price to Operating Profit (P/OP) ratio reveals varying investor valuation applied to the company’s operating profit across time. Early in the timeline, the ratio was relatively high, suggesting higher market valuation relative to operating profit. Over the next few years, the ratio declined, indicating that the share price was increasing at a slower pace than operating profit or that operating profits were becoming more robust. However, there were periods of increased P/OP ratio, particularly around 2020 to mid-2021, suggesting investor optimism or the share price rising faster than operating profit growth during those times. Towards the end of the period, the P/OP ratio rebounded somewhat, reflecting renewed market valuation adjustments.
- Share Price Trend
- Initial decline followed by sustained growth, peaking in early 2021, with subsequent volatility but generally higher prices by the end of 2022.
- Operating Profit Per Share Trend
- Consistent growth over the period, with minor declines only briefly around early 2020, indicating increasing operational efficiency or profitability.
- P/OP Ratio Trend
- Fluctuating ratio that decreased through mid-period suggesting better profit fundamentals relative to price, then increased again indicating changing market valuation dynamics.
Price to Sales (P/S)
Parker-Hannifin Corp., historical P/S calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | 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 | Dec 31, 2017 | Sep 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Parker-Hannifin Corp. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial metrics over the reported quarters reveals several notable trends in the company's valuation and operational performance.
- Share Price
- The share price exhibited moderate fluctuations from late 2017 through 2019, with values ranging approximately between $158 and $210. A significant dip occurred in early 2020, reaching around $153 in March, likely reflecting adverse market conditions. Subsequently, the share price demonstrated a robust recovery and a clear upward trajectory from mid-2020 onward, culminating at $349 by the end of 2022. The overall trend indicates growing investor confidence and increased market valuation during this latter period.
- Sales Per Share
- Sales per share showed a gradual and consistent increase throughout the entire time frame. Starting from approximately $95 in September 2017, the metric moved steadily upwards with only minor deviations, reaching about $134 by the end of 2022. This consistent growth suggests improving operational efficiency or expanding revenue base on a per-share basis, reflecting positively on the company’s sales performance.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio displayed a varying pattern that generally correlates with changes in share price relative to sales per share. It started near 1.95 towards the end of 2017 and declined to lows around 1.42 in mid-2019, indicating a more conservative valuation relative to sales at that time. Following this period, the ratio increased significantly, reaching a peak of approximately 3.01 in early 2021. Although a slight decrease followed, the ratio remained elevated above 2.2 through the end of 2022. This trend suggests that market valuation grew at a faster pace than sales, possibly due to increased investor optimism, premium valuation expectations, or anticipated future growth.
Overall, the data reflects a period marked by initial volatility followed by strong recovery and growth. The steady increase in sales per share combined with a rising price-to-sales ratio and share price indicates strengthened financial performance and enhanced market valuation. The elevated P/S ratios towards the later quarters suggest a higher premium being placed on sales, which may reflect favorable outlooks or shifts in market sentiment.
Price to Book Value (P/BV)
Parker-Hannifin Corp., historical P/BV calculation (quarterly data)
| Dec 31, 2022 | Sep 30, 2022 | 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 | Dec 31, 2017 | Sep 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Parker-Hannifin Corp. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends in the company's market valuation and fundamental metrics over the given period.
- Share Price
- The share price exhibited a fluctuating pattern with noticeable volatility across quarters. From late 2017 through 2018, prices were generally modest, ranging mostly between approximately $160 and $180. A significant upward trend began in late 2019, interrupted briefly in early 2020 with a sharp drop to about $153, likely reflecting external market disturbances during that period. Subsequently, a strong recovery and growth trend emerged, with prices rising steadily and reaching a peak of $349 by the end of 2022. This represents a substantial appreciation relative to the starting point, indicating increased investor confidence or improved market conditions for the company in recent years.
- Book Value per Share (BVPS)
- The book value per share showed a generally increasing and stable progression throughout the timeframe. Starting near $41.5 in late 2017, the BVPS rose gradually, with some minor fluctuations, to about $72.7 by the end of 2022. This steady growth in book value signifies strengthening equity and asset backing per share, reflecting cumulative retained earnings or asset appreciation and a solid financial foundation.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio displayed considerable variability, reflecting changes in market valuation relative to the underlying book value. Initially, the ratio was between approximately 4.2 and 4.5, declining through 2018 and early 2019 to a low around 3.1, coinciding with the share price dip in early 2020. Thereafter, the ratio surged to exceed 5 at its peak around early to mid-2021 before settling in the range of about 3.9 to 4.8 in 2022. These fluctuations suggest shifts in investor sentiment, perceived growth prospects, or risk assessments relative to the net asset value. Elevated ratios during 2020 and 2021 can imply heightened market optimism or expectations of future earnings growth beyond what book value alone might indicate.
Overall, the data point to a company experiencing substantial appreciation in market valuation and book value over the observed period, with price multiples reflecting changing market perceptions and external factors. The increasing book value per share indicates improved financial strength, while the share price movements and P/BV ratio highlight dynamic investor behavior.