Stock Analysis on Net
Stock Analysis on Net

Procter & Gamble Co. (NYSE:PG)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

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)

Procter & Gamble Co., historical price multiples (quarterly data)

Microsoft Excel
Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 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
Price to earnings (P/E) 21.63 22.52 24.60 25.43 28.75 27.11 25.14 25.01 23.65 25.47 26.20 24.00 21.49 23.91 27.43 27.29 24.55 24.46 24.20 23.92 26.27
Price to operating profit (P/OP) 17.37 17.27 18.72 19.43 21.72 21.33 19.83 19.47 18.65 20.19 20.94 19.37 17.32 19.41 22.11 22.17 19.20 19.08 18.81 18.46 21.16
Price to sales (P/S) 4.20 4.19 4.46 4.58 4.81 4.71 4.44 4.32 4.25 4.46 4.54 4.19 3.82 4.31 4.93 4.96 4.41 4.51 4.50 4.39 4.88
Price to book value (P/BV) 6.69 6.79 7.16 7.55 7.78 7.87 7.46 7.47 7.41 7.83 8.15 7.56 6.97 7.42 8.63 8.70 7.38 7.40 7.24 6.74 7.33

Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 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).

Price to Earnings (P/E) Ratio
Over the analyzed period, the P/E ratio exhibited a fluctuating trend. Starting at 26.27, it decreased toward the end of 2020, reaching a low near 21.49 in September 2022. Subsequently, the ratio experienced a recovery phase, rising again to a peak of approximately 28.75 by September 2024 before declining steadily towards 21.63 by September 2025. This pattern suggests alternating phases of valuation contraction and expansion, potentially reflecting changing investor sentiment or earnings growth dynamics.
Price to Operating Profit (P/OP) Ratio
The P/OP ratio followed a similar cyclic pattern, beginning at 21.16 in late 2020 and dropping to a trough near 17.32 by September 2022. It then rebounded to a peak value of around 21.72 by September 2024 but subsequently decreased again to approximately 17.37 by September 2025. The variations in this ratio indicate shifts in market valuation relative to operating profit, which may be driven by profitability trends or changes in operational efficiency.
Price to Sales (P/S) Ratio
The P/S ratio reflected less volatility in comparison to P/E and P/OP ratios. It declined gradually from 4.88 at the end of the third quarter in 2020 to near 3.82 in September 2022. After this decrease, the ratio modestly increased to about 4.81 by September 2024 before a slow decline resumed, reaching around 4.2 by September 2025. This relative stability suggests that the market valuation linked to sales experienced smaller fluctuations compared to earnings or operating profit.
Price to Book Value (P/BV) Ratio
The P/BV ratio demonstrated a generally declining trend over the period, starting at 7.33 and reaching a low of approximately 6.69 by September 2025. While there were intermittent increases, such as a peak of around 8.7 in December 2021, the overall trajectory points to a gradual reduction in market valuation relative to book value. This could be interpreted as a market reassessment of the company’s net asset value or changes in book equity valuation.
Overall Insights
The financial ratios depict a pattern of initial contraction in valuation multiples around late 2021 to 2022, followed by recovery and subsequent declines towards 2025. The Price to Earnings and Price to Operating Profit ratios showed more pronounced cyclical behavior than Price to Sales and Price to Book Value, indicating that investors may have been more reactive to profitability measures than to sales or book equity. The general decline in Price to Book Value ratio points to a more conservative market perspective on book value over time. These trends may be reflective of broader market conditions, company performance fluctuations, or shifts in sector valuation norms.

Price to Earnings (P/E)

Procter & Gamble Co., historical P/E calculation (quarterly data)

Microsoft Excel
Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 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
No. shares of common stock outstanding1 2,336,733,549 2,342,371,488 2,344,542,034 2,344,851,814 2,355,041,729 2,354,050,987 2,360,135,282 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893
Selected Financial Data (US$)
Net earnings attributable to P&G available to common shareholders (in millions) 4,677 3,539 3,698 4,558 3,887 3,062 3,685 3,398 4,450 3,312 3,328 3,863 3,868 2,979 3,287 4,153 4,042 2,832 3,204 3,788 4,211
Earnings per share (EPS)2 7.05 6.69 6.49 6.48 5.96 6.20 6.29 6.16 6.34 6.10 5.96 5.93 6.03 6.05 5.97 5.94 5.73 5.78 5.69 5.52 5.42
Share price1, 3 152.49 150.76 159.53 164.74 171.28 168.06 158.14 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48
Valuation Ratio
P/E ratio4 21.63 22.52 24.60 25.43 28.75 27.11 25.14 25.01 23.65 25.47 26.20 24.00 21.49 23.91 27.43 27.29 24.55 24.46 24.20 23.92 26.27

Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 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).

1 Data adjusted for splits and stock dividends.

2 Q1 2026 Calculation
EPS = (Net earnings attributable to P&G available to common shareholdersQ1 2026 + Net earnings attributable to P&G available to common shareholdersQ4 2025 + Net earnings attributable to P&G available to common shareholdersQ3 2025 + Net earnings attributable to P&G available to common shareholdersQ2 2025) ÷ No. shares of common stock outstanding
= (4,677,000,000 + 3,539,000,000 + 3,698,000,000 + 4,558,000,000) ÷ 2,336,733,549 = 7.05

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 152.49 ÷ 7.05 = 21.63

Share Price Trends
The share price exhibited a fluctuating pattern over the observed periods. Starting at $142.48, it decreased to a low of $129.56 by September 2022, followed by a recovery peaking at $171.28 in September 2024. After this peak, the price experienced a decline to $150.76 in June 2025, with a slight uptick to $152.49 by the final recorded quarter. Overall, the share price trend shows cyclical fluctuations with a notable peak in the latter part of the data timeline.
Earnings Per Share (EPS) Movements
EPS demonstrated a general upward trajectory throughout the periods. Beginning at $5.42, EPS rose gradually, with some minor short-term fluctuations. Noteworthy increases occurred around June 2023 ($6.10) and September 2023 ($6.34). A dip to $5.96 occurred in December 2024, but the value reached its highest point at $7.05 by September 2025. This steady increase suggests consistent growth in profitability on a per-share basis.
Price-to-Earnings (P/E) Ratio Analysis
The P/E ratio showed variability but within a narrower range compared to share price and EPS. Starting near 26.27, the ratio decreased to 21.49 by September 2022 reflecting relatively more favorable earnings compared to the share price at that time. A peak in the P/E ratio occurred around December 2024 at 28.75, indicating higher share prices relative to earnings. Subsequently, the ratio moderated to 21.63 by June 2025. This indicates changing market sentiment and valuation multiples over time, sometimes making the stock appear more or less expensive relative to earnings.
Interrelations and Insights
The data reveals that the EPS growth trend is generally supportive of an increasing intrinsic value, notwithstanding periodic market fluctuations reflected in share prices. The P/E ratio movements suggest periods of both investor optimism and caution, potentially influenced by broader market or sector-specific conditions. The observed peak in share price in late 2024 accompanies a high P/E, implying a premium valuation that may warrant attention. Conversely, periods of lower P/E and share price can highlight buying opportunities or market corrections.

Price to Operating Profit (P/OP)

Procter & Gamble Co., historical P/OP calculation (quarterly data)

Microsoft Excel
Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 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
No. shares of common stock outstanding1 2,336,733,549 2,342,371,488 2,344,542,034 2,344,851,814 2,355,041,729 2,354,050,987 2,360,135,282 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893
Selected Financial Data (US$)
Operating income (in millions) 5,856 4,355 4,558 5,741 5,797 3,885 4,460 4,433 5,767 4,162 4,248 4,785 4,939 3,598 4,024 5,168 5,023 3,540 3,785 5,380 5,281
Operating profit per share2 8.78 8.73 8.52 8.48 7.89 7.88 7.97 7.91 8.05 7.69 7.45 7.35 7.48 7.45 7.40 7.31 7.33 7.41 7.32 7.15 6.73
Share price1, 3 152.49 150.76 159.53 164.74 171.28 168.06 158.14 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48
Valuation Ratio
P/OP ratio4 17.37 17.27 18.72 19.43 21.72 21.33 19.83 19.47 18.65 20.19 20.94 19.37 17.32 19.41 22.11 22.17 19.20 19.08 18.81 18.46 21.16

Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 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).

1 Data adjusted for splits and stock dividends.

2 Q1 2026 Calculation
Operating profit per share = (Operating incomeQ1 2026 + Operating incomeQ4 2025 + Operating incomeQ3 2025 + Operating incomeQ2 2025) ÷ No. shares of common stock outstanding
= (5,856,000,000 + 4,355,000,000 + 4,558,000,000 + 5,741,000,000) ÷ 2,336,733,549 = 8.78

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 152.49 ÷ 8.78 = 17.37

Share Price Trend
The share price exhibited moderate volatility over the analyzed periods. Beginning at $142.48, it declined to a low of $129.56 approximately two years later, indicating a period of downward pressure. Subsequently, the price rebounded, reaching a peak of $171.28 before experiencing a slight decline. Overall, the share price demonstrated a general upward trend in the later quarters, suggesting improved market sentiment or company performance.
Operating Profit per Share
Operating profit per share showed consistent growth throughout the periods. Starting at $6.73, it increased gradually, reaching $8.78 by the end of the series. This upward movement indicates steady operational profitability improvement, reflecting effective cost management, revenue growth, or both. The quarterly increments were mostly stable, with no sharp declines, underscoring a resilient profit generation capacity.
Price to Operating Profit (P/OP) Ratio
The P/OP ratio displayed fluctuating patterns with notable oscillations. Initially, the ratio moved between approximately 17.3 and 22.2, without a sustained trend in one direction. The ratio increased during periods when share price outpaced operating profit growth and decreased when operating profit growth was stronger or the share price declined. A declining P/OP ratio towards the later periods suggests the stock became relatively cheaper compared to the underlying operating profit, potentially indicating improved valuation attractiveness or market adjustments.
Overall Insights
The financial indicators reflect a company experiencing steady operational profit improvement, accompanied by a share price that reacted dynamically to market conditions. The modest decline in relative valuation metrics in the final phases could imply a market perception of increased operating efficiency or possibly caution about future growth. The combination of rising profitability and a somewhat tempered price multiple suggests a balance between performance improvements and investor expectations.

Price to Sales (P/S)

Procter & Gamble Co., historical P/S calculation (quarterly data)

Microsoft Excel
Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 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
No. shares of common stock outstanding1 2,336,733,549 2,342,371,488 2,344,542,034 2,344,851,814 2,355,041,729 2,354,050,987 2,360,135,282 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893
Selected Financial Data (US$)
Net sales (in millions) 22,386 20,889 19,776 21,882 21,737 20,532 20,195 21,441 21,871 20,553 20,068 20,773 20,612 19,515 19,381 20,953 20,338 18,946 18,109 19,745 19,318
Sales per share2 36.35 35.98 35.80 35.97 35.63 35.70 35.62 35.67 35.33 34.79 34.35 34.03 33.95 33.56 33.18 32.68 31.88 31.36 30.58 30.04 29.23
Share price1, 3 152.49 150.76 159.53 164.74 171.28 168.06 158.14 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48
Valuation Ratio
P/S ratio4 4.20 4.19 4.46 4.58 4.81 4.71 4.44 4.32 4.25 4.46 4.54 4.19 3.82 4.31 4.93 4.96 4.41 4.51 4.50 4.39 4.88

Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 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).

1 Data adjusted for splits and stock dividends.

2 Q1 2026 Calculation
Sales per share = (Net salesQ1 2026 + Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025) ÷ No. shares of common stock outstanding
= (22,386,000,000 + 20,889,000,000 + 19,776,000,000 + 21,882,000,000) ÷ 2,336,733,549 = 36.35

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 152.49 ÷ 36.35 = 4.20

Over the analyzed periods, the share price exhibited moderate volatility with fluctuations influenced by market conditions. Initially declining from the high point of approximately $142.48 to a low around $129.56, the price later recovered, reaching a peak near $171.28 before experiencing another downward adjustment towards the later dates, stabilizing around the $150 level. This pattern suggests alternating phases of investor optimism and cautiousness throughout the quarters.

Sales per share demonstrated a steady upward trend across all periods, gradually increasing from $29.23 to $36.35. This steady rise reflects consistent growth in revenue on a per-share basis, indicating improving operational performance and potentially effective business strategies robustly supporting sales growth.

The price-to-sales (P/S) ratio showed more variability compared to sales per share. Starting at approximately 4.88, the ratio decreased moderately below 4.0 during mid-periods, coinciding with declines in share price, and then rebounded above 4.5 in later periods. The fluctuations in the P/S ratio suggest that changes in share price had a more pronounced effect on market valuation relative to sales, reflecting shifting investor sentiment or reassessments of future growth prospects.

Share Price Trend
Fluctuated between roughly $129 and $171, showing periods of both decline and recovery, with a general stabilization in the later periods.
Sales Per Share Trend
Consistent upward movement from $29.23 to $36.35, indicating steady sales growth.
Price-to-Sales Ratio (P/S)
Experienced variability, generally ranging from about 3.8 to 4.9, influenced primarily by share price movements rather than changes in sales per share.
Overall Insights
The company shows solid sales performance with increasing sales per share, while the share price and valuation multiples suggest fluctuating investor confidence. The steady sales growth combined with share price volatility emphasizes the need for monitoring market dynamics and investor sentiment as a factor in valuation changes.

Price to Book Value (P/BV)

Procter & Gamble Co., historical P/BV calculation (quarterly data)

Microsoft Excel
Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 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
No. shares of common stock outstanding1 2,336,733,549 2,342,371,488 2,344,542,034 2,344,851,814 2,355,041,729 2,354,050,987 2,360,135,282 2,353,021,054 2,356,886,211 2,357,306,187 2,356,969,322 2,359,144,096 2,369,696,862 2,389,553,883 2,399,296,841 2,397,065,706 2,419,947,819 2,427,424,874 2,448,232,786 2,462,476,044 2,479,605,893
Selected Financial Data (US$)
Shareholders’ equity attributable to Procter & Gamble (in millions) 53,270 52,012 52,272 51,168 51,840 50,287 50,058 48,535 47,693 46,777 45,140 44,455 44,075 46,589 45,478 44,618 46,111 46,378 46,596 48,181 48,182
Book value per share (BVPS)2 22.80 22.20 22.30 21.82 22.01 21.36 21.21 20.63 20.24 19.84 19.15 18.84 18.60 19.50 18.95 18.61 19.05 19.11 19.03 19.57 19.43
Share price1, 3 152.49 150.76 159.53 164.74 171.28 168.06 158.14 153.98 150.03 155.28 156.07 142.42 129.56 144.72 163.65 162.00 140.66 141.41 137.75 131.93 142.48
Valuation Ratio
P/BV ratio4 6.69 6.79 7.16 7.55 7.78 7.87 7.46 7.47 7.41 7.83 8.15 7.56 6.97 7.42 8.63 8.70 7.38 7.40 7.24 6.74 7.33

Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 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).

1 Data adjusted for splits and stock dividends.

2 Q1 2026 Calculation
BVPS = Shareholders’ equity attributable to Procter & Gamble ÷ No. shares of common stock outstanding
= 53,270,000,000 ÷ 2,336,733,549 = 22.80

3 Closing price as at the filing date of Procter & Gamble Co. Quarterly or Annual Report.

4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 152.49 ÷ 22.80 = 6.69

Share Price Trend
The share price exhibited notable fluctuations over the analyzed period. Initially, the price declined from approximately $142.48 to $131.93 but subsequently rose to a peak of $163.65 by March 2022. Post this peak, the share price generally declined through late 2022, reaching around $129.56 in September 2022. Following that dip, a recovery phase occurred throughout 2023 and into early 2024, with prices climbing steadily to reach a high of $171.28 in June 2024. Thereafter, a downward trend materialized, leading to prices around $150.76 by June 2025. This demonstrates cyclical price volatility with periods of recovery following declines.
Book Value Per Share (BVPS) Evolution
BVPS displayed a relatively stable and consistent upward trajectory over the timeframe. Starting near $19.43, BVPS experienced minor fluctuations but generally increased, reaching approximately $22.8 by the last period in September 2025. This indicates gradual accretion in shareholders’ equity per share, reflecting underlying asset growth or retained earnings accumulation.
Price-to-Book Value (P/BV) Ratio Pattern
The P/BV ratio exhibited significant variation corresponding to share price movements while BVPS changes remained moderate. Early in the period, the P/BV ratio ranged approximately between 6.74 and 7.4, rising to a peak near 8.7 by December 2021. Subsequently, the ratio declined to under 7.0 in the latter half of 2022, reflecting the dip in share prices relative to book value. From 2023 to early 2024, the P/BV ratio surged again, reaching values around 8.15 before tapering off steadily toward approximately 6.69 by mid-2025. This trend suggests fluctuating market sentiment and varying valuation premiums applied to the company’s book value across different quarters.
Overall Insights
The data reveals a pattern of cyclical valuation changes, with the share price being the primary driver of short-term valuation volatility, while BVPS showed steady improvement. The P/BV ratio reflects these dynamics, highlighting periods of both optimistic market valuation and more conservative pricing. The overall stable increase in BVPS combined with share price fluctuations suggests the company’s fundamental asset base has strengthened consistently, even as market perception of its market value has varied.