Price to Sales (P/S)
since 2013
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- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Current Ratio since 2013
- Total Asset Turnover since 2013
- Price to Book Value (P/BV) since 2013
- Analysis of Revenues
- Analysis of Debt
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Calculation
RH, P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 29, 2023 | = | ÷ | = | ÷ | |||||||
| Mar 30, 2022 | = | ÷ | = | ÷ | |||||||
| Mar 30, 2021 | = | ÷ | = | ÷ | |||||||
| Mar 30, 2020 | = | ÷ | = | ÷ | |||||||
| Mar 29, 2019 | = | ÷ | = | ÷ | |||||||
| Mar 29, 2018 | = | ÷ | = | ÷ | |||||||
| Mar 29, 2017 | = | ÷ | = | ÷ | |||||||
| Mar 30, 2016 | = | ÷ | = | ÷ | |||||||
| Mar 27, 2015 | = | ÷ | = | ÷ | |||||||
| Mar 31, 2014 | = | ÷ | = | ÷ | |||||||
| Apr 29, 2013 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of RH Annual Report.
- Share Price Trends
- The share price exhibited significant volatility over the observed periods. Starting at $38.32 in April 2013, it increased sharply to a peak of $96.92 by March 2015. Following this peak, the share price declined markedly, hitting a low in the range of around $40.56 to $43.68 in 2016 and 2017.
- From 2017 onwards, the share price resumed an upward trajectory, reaching a high of $118 in March 2020. Notably, there was an extraordinary spike to $600 during this period, although this appears to be an outlier or possible data irregularity. After this spike, the price continued to rise, peaking at $334.28 before declining to $245.71 by March 2023.
- Sales Per Share Developments
- Sales per share showed a steady increase throughout the entire time frame. Beginning at $31.31 in 2013, this metric consistently rose over the years, more than fivefold, achieving a peak of $173.15 in 2022, before slightly reducing to $162.87 in 2023.
- The trend indicates strong sales growth per share, reflecting an expanding revenue base or improvement in operational efficiency over time.
- Price-to-Sales Ratio (P/S) Analysis
- The P/S ratio exhibited considerable fluctuations, suggesting varying market valuation relative to sales. Initially, it increased from 1.22 in 2013 to a peak of 2.07 in 2015, coinciding with the share price peak during that period.
- From 2015 to 2017, the P/S ratio declined sharply to around 0.73, suggesting a reduction in share price valuation relative to sales. From 2017 to 2021, the ratio remained relatively stable between 0.73 and 0.86, until a marked spike to 4.42 in 2021.
- This spike in 2021 reflects a disproportionate increase in share price relative to sales at that time. Subsequently, the P/S ratio decreased to 1.93 in 2022 and further to 1.51 in 2023, indicating a correction toward more normalized valuation levels.
- Overall Insights
- The data points to strong growth in sales per share, suggesting robust operational performance and revenue generation. However, the share price has been volatile, with periods of rapid appreciation and decline, impacting valuation metrics.
- The large fluctuations and outliers in share price and P/S ratios during 2020 and 2021 may indicate market speculation or external factors affecting investor sentiment. The subsequent normalization of these ratios suggests a market correction aligning more closely with fundamental sales performance.
Comparison to Competitors
RH, P/S, long-term trends, comparison to competitors
| RH | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Mar 29, 2023 | |||||
| Mar 30, 2022 | |||||
| Mar 30, 2021 | |||||
| Mar 30, 2020 | |||||
| Mar 29, 2019 | |||||
| Mar 29, 2018 | |||||
| Mar 29, 2017 | |||||
| Mar 30, 2016 | |||||
| Mar 27, 2015 | |||||
| Mar 31, 2014 | |||||
| Apr 29, 2013 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
RH, P/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| RH | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 29, 2023 | ||
| Mar 30, 2022 | ||
| Mar 30, 2021 | ||
| Mar 30, 2020 | ||
| Mar 29, 2019 | ||
| Mar 29, 2018 | ||
| Mar 29, 2017 | ||
| Mar 30, 2016 | ||
| Mar 27, 2015 | ||
| Mar 31, 2014 | ||
| Apr 29, 2013 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02).
Comparison to Industry (Consumer Discretionary)
RH, P/S, long-term trends, comparison to industry (consumer discretionary)
| RH | Consumer Discretionary | |
|---|---|---|
| Mar 29, 2023 | ||
| Mar 30, 2022 | ||
| Mar 30, 2021 | ||
| Mar 30, 2020 | ||
| Mar 29, 2019 | ||
| Mar 29, 2018 | ||
| Mar 29, 2017 | ||
| Mar 30, 2016 | ||
| Mar 27, 2015 | ||
| Mar 31, 2014 | ||
| Apr 29, 2013 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02).