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
Salesforce Inc., current price multiples
| Salesforce Inc. | Accenture PLC | Adobe Inc. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | Software & Services | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||
| Current share price (P) | $270.74 | ||||||||||||||||||
| No. shares of common stock outstanding | 956,000,000 | ||||||||||||||||||
| Growth rate (g) | 4.84% | ||||||||||||||||||
| Earnings per share (EPS) | $6.48 | ||||||||||||||||||
| Next year expected EPS | $6.80 | ||||||||||||||||||
| Operating profit per share | $7.54 | ||||||||||||||||||
| Sales per share | $39.64 | ||||||||||||||||||
| Book value per share (BVPS) | $63.99 | ||||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||||
| Price to earnings (P/E) | 41.77 | 25.40 | 29.37 | 78.56 | — | 45.05 | 72.76 | 41.95 | 48.04 | 736.53 | 52.34 | 146.92 | 33.98 | 120.41 | 48.00 | 55.21 | |||
| Price to next year expected earnings | 39.84 | 21.56 | 22.20 | 62.00 | — | 44.73 | 64.87 | 32.95 | 17.08 | 887.94 | 61.20 | 131.15 | 29.52 | 120.38 | 39.58 | 44.08 | |||
| Price-earnings-growth (PEG) | 8.64 | 1.43 | 0.91 | 2.94 | — | 64.45 | 5.98 | 1.54 | 0.27 | — | — | 12.21 | 2.25 | 4,851.07 | 2.26 | 2.19 | |||
| Price to operating profit (P/OP) | 35.92 | 19.23 | 24.22 | 61.39 | — | 28.93 | 59.39 | 33.79 | 33.81 | 1,096.69 | 197.28 | 153.50 | 56.73 | 152.61 | 39.07 | 43.00 | |||
| Price to sales (P/S) | 6.83 | 2.84 | 7.59 | 17.87 | 31.85 | 4.32 | 13.24 | 15.08 | 10.41 | 118.80 | 16.81 | 19.06 | 12.55 | 7.50 | 11.86 | 11.44 | |||
| Price to book value (P/BV) | 4.23 | 6.52 | 11.58 | 17.74 | 38.40 | 9.94 | 11.69 | 13.77 | 29.23 | 68.04 | 26.10 | 21.79 | 8.55 | 7.01 | 13.70 | 16.22 | |||
Based on: 10-K (reporting date: 2025-01-31).
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)
Salesforce Inc., historical price multiples
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Price to earnings (P/E) ratio
- The P/E ratio shows significant volatility over the observed periods. It started at an extremely high level of 1204.7 in early 2020, then dropped sharply to 48.2 in 2021. Following this decline, the ratio rose again to 135.68 in 2022, before surging to 879.57 in 2023. Thereafter, it rapidly decreased to 71.24 in 2024 and continued declining to 45.28 in 2025. This pattern indicates substantial fluctuations in market valuation relative to earnings, likely reflecting changing investor expectations or earnings variability during these years.
- Price to operating profit (P/OP) ratio
- The P/OP ratio exhibits a clear downward trend over the six years. Beginning at a high 511.08 in 2020, it gradually decreased each year to reach 38.94 by 2025. This consistent decline suggests improving market valuation relative to operating profit or possibly increasing operating profits, resulting in the equity price becoming more aligned or favorable compared to operating profit figures over time.
- Price to sales (P/S) ratio
- The P/S ratio fluctuates moderately during the period. It initially rose slightly from 8.88 in 2020 to 9.24 in 2021, then declined to 7.4 in 2022 and further to 5.84 in 2023. A rebound to 8.45 was observed in 2024, followed by a moderate decline back to 7.4 in 2025. These variations indicate some instability in how market valuation corresponds to sales but with no clear long-term directional trend.
- Price to book value (P/BV) ratio
- The P/BV ratio maintained relative stability with some fluctuations. Starting at 4.48 in 2020, the ratio increased slightly to 4.73 in 2021, then declined to lower values of 3.37 and 3.13 in 2022 and 2023, respectively. It then rose again to 4.94 in 2024 before a minor reduction to 4.59 in 2025. This pattern may reflect changing perceptions of the company's net asset value, with periods of optimism and more conservative evaluations alternating over time.
Price to Earnings (P/E)
Salesforce Inc., historical P/E calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 961,000,000 | 970,000,000 | 1,000,000,000 | 990,000,000 | 921,000,000 | 895,000,000 | |
| Selected Financial Data (US$) | |||||||
| Net income (in millions) | 6,197) | 4,136) | 208) | 1,444) | 4,072) | 126) | |
| Earnings per share (EPS)2 | 6.45 | 4.26 | 0.21 | 1.46 | 4.42 | 0.14 | |
| Share price1, 3 | 291.97 | 303.77 | 182.95 | 197.90 | 213.12 | 169.60 | |
| Valuation Ratio | |||||||
| P/E ratio4 | 45.28 | 71.24 | 879.57 | 135.68 | 48.20 | 1,204.70 | |
| 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 | |
| Oracle Corp. | 47.60 | 37.63 | 38.96 | 26.85 | 15.84 | 16.69 | |
| Palantir Technologies Inc. | — | 632.38 | 246.77 | — | — | — | |
| Palo Alto Networks Inc. | — | 42.42 | 170.35 | — | — | — | |
| 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: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 6,197,000,000 ÷ 961,000,000 = 6.45
3 Closing price as at the filing date of Salesforce Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 291.97 ÷ 6.45 = 45.28
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend from 2020 to 2025, starting at $169.60 in January 2020 and reaching a peak of $303.77 in January 2024. Although there was a slight decline to $291.97 in January 2025, the overall trajectory indicates significant growth over the period analyzed. Notably, there was a decline from 2021 to 2023, reflecting some volatility before the marked increase in 2024.
- Earnings per Share (EPS)
- The EPS showed considerable fluctuations throughout the observed years. It began at a low of $0.14 in 2020, surged to $4.42 in 2021, then dropped sharply to $1.46 in 2022 and further decreased to $0.21 in 2023. This was followed by a strong recovery to $4.26 in 2024 and an increase to $6.45 in 2025, indicating improved profitability in the final two years of the period.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was highly volatile over the years. It started at an extremely high value of 1204.7 in 2020, which suggests earnings were very low relative to the share price at that time. The ratio dropped significantly to 48.2 in 2021 but rose sharply again to 135.68 in 2022 and reached an even higher value of 879.57 in 2023, reflecting the EPS decline in those years. Subsequently, the P/E ratio decreased substantially to 71.24 in 2024 and further to 45.28 in 2025, aligning with the EPS improvements seen during these years and indicating a normalization of market valuation relative to earnings.
- Overall Insights
- The data reveals that the company's market valuation and profitability were subject to considerable variability across the period. The share price growth, particularly in 2024 and 2025, coincided with significant improvements in earnings, resulting in more reasonable P/E ratios after earlier extreme volatility. This pattern suggests a recovery phase following a period of fluctuating earnings and market uncertainty, culminating in stronger financial performance and increased investor confidence toward the end of the timeframe.
Price to Operating Profit (P/OP)
Salesforce Inc., historical P/OP calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 961,000,000 | 970,000,000 | 1,000,000,000 | 990,000,000 | 921,000,000 | 895,000,000 | |
| Selected Financial Data (US$) | |||||||
| Income from operations (in millions) | 7,205) | 5,011) | 1,030) | 548) | 455) | 297) | |
| Operating profit per share2 | 7.50 | 5.17 | 1.03 | 0.55 | 0.49 | 0.33 | |
| Share price1, 3 | 291.97 | 303.77 | 182.95 | 197.90 | 213.12 | 169.60 | |
| Valuation Ratio | |||||||
| P/OP ratio4 | 38.94 | 58.80 | 177.62 | 357.52 | 431.39 | 511.08 | |
| 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 | |
| Oracle Corp. | 33.50 | 25.65 | 25.30 | 16.51 | 14.31 | 12.17 | |
| Palantir Technologies Inc. | — | 941.61 | 431.61 | — | — | — | |
| Palo Alto Networks Inc. | — | 159.88 | 193.40 | — | — | — | |
| 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: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 7,205,000,000 ÷ 961,000,000 = 7.50
3 Closing price as at the filing date of Salesforce Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 291.97 ÷ 7.50 = 38.94
5 Click competitor name to see calculations.
The data exhibits several notable trends in the financial metrics over the six-year period.
- Share Price
- The share price shows a fluctuating pattern. Initially, it increases from 169.6 USD in January 2020 to 213.12 USD in January 2021. However, it then declines steadily over the next two years to 182.95 USD in January 2023. From that point, there is a sharp increase reaching a peak of 303.77 USD in January 2024, followed by a slight decrease to 291.97 USD by January 2025.
- Operating Profit Per Share (OPPS)
- Operating profit per share demonstrates a consistent upward trajectory, beginning at 0.33 USD in January 2020 and growing steadily each year to reach 7.5 USD by January 2025. The growth accelerates markedly after January 2022, with a significant jump from 1.03 USD in January 2023 to 5.17 USD in January 2024, and further to 7.5 USD in January 2025.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio declines consistently over the period, from an initial 511.08 in January 2020 down to 38.94 in January 2025. This decline signifies that the share price is becoming lower in relation to the improving operating profit per share. Notably, the ratio plunges sharply after January 2022, decreasing from 357.52 to 58.8 in January 2024, and further down to 38.94 by January 2025.
Overall, the trends indicate significant improvement in operating profitability on a per-share basis, which is reflected in a declining valuation multiple (P/OP), despite some volatility in the share price. This suggests enhanced earnings quality and potentially increased investor confidence in the company's operating performance over the timeframe considered.
Price to Sales (P/S)
Salesforce Inc., historical P/S calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 961,000,000 | 970,000,000 | 1,000,000,000 | 990,000,000 | 921,000,000 | 895,000,000 | |
| Selected Financial Data (US$) | |||||||
| Revenues (in millions) | 37,895) | 34,857) | 31,352) | 26,492) | 21,252) | 17,098) | |
| Sales per share2 | 39.43 | 35.94 | 31.35 | 26.76 | 23.07 | 19.10 | |
| Share price1, 3 | 291.97 | 303.77 | 182.95 | 197.90 | 213.12 | 169.60 | |
| Valuation Ratio | |||||||
| P/S ratio4 | 7.40 | 8.45 | 5.84 | 7.40 | 9.24 | 8.88 | |
| 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 | |
| Oracle Corp. | 10.32 | 7.44 | 6.63 | 4.25 | 5.38 | 4.33 | |
| 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 | |
| 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: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 37,895,000,000 ÷ 961,000,000 = 39.43
3 Closing price as at the filing date of Salesforce Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 291.97 ÷ 39.43 = 7.40
5 Click competitor name to see calculations.
- Share Price
- The share price experienced a general upward trend from 2020 to 2024, starting at $169.60 in January 2020 and increasing to a peak of $303.77 by January 2024. However, it declined slightly to $291.97 by January 2025, indicating some volatility following the peak year.
- Sales per Share
- Sales per share showed consistent growth throughout the entire period. Beginning at $19.10 in January 2020, it steadily increased each year, reaching $39.43 by January 2025. This suggests a strong and continuous improvement in the company’s sales performance on a per-share basis.
- Price-to-Sales Ratio (P/S)
- The P/S ratio exhibited variability over the years. It started at 8.88 in 2020, peaked slightly to 9.24 in 2021, then declined to a low of 5.84 in 2023. Following this trough, it rebounded to 8.45 in 2024 before settling at 7.40 in 2025. The fluctuations in the P/S ratio suggest changing market perceptions regarding valuation relative to sales during these periods.
- Summary of Trends
- Overall, the company demonstrated strong sales growth per share, which underpinned the rising share price until early 2024. Despite sales continuously increasing, the P/S ratio's variability reflects shifting investor sentiment and valuation multiples. The decrease in share price and P/S ratio after 2024, despite rising sales, may point to a reassessment of growth expectations or market conditions affecting valuation.
Price to Book Value (P/BV)
Salesforce Inc., historical P/BV calculation, comparison to benchmarks
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 961,000,000 | 970,000,000 | 1,000,000,000 | 990,000,000 | 921,000,000 | 895,000,000 | |
| Selected Financial Data (US$) | |||||||
| Stockholders’ equity (in millions) | 61,173) | 59,646) | 58,359) | 58,131) | 41,493) | 33,885) | |
| Book value per share (BVPS)2 | 63.66 | 61.49 | 58.36 | 58.72 | 45.05 | 37.86 | |
| Share price1, 3 | 291.97 | 303.77 | 182.95 | 197.90 | 213.12 | 169.60 | |
| Valuation Ratio | |||||||
| P/BV ratio4 | 4.59 | 4.94 | 3.13 | 3.37 | 4.73 | 4.48 | |
| 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 | |
| Oracle Corp. | 28.96 | 45.25 | 308.71 | — | 41.57 | 14.01 | |
| 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 | |
| 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: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 61,173,000,000 ÷ 961,000,000 = 63.66
3 Closing price as at the filing date of Salesforce Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 291.97 ÷ 63.66 = 4.59
5 Click competitor name to see calculations.
The data reveals various trends in key financial metrics over the period from January 31, 2020, to January 31, 2025.
- Share Price
- The share price exhibited an overall upward trajectory, beginning at $169.60 in early 2020. It rose significantly to a peak of $303.77 by early 2024, before experiencing a slight decline to $291.97 in early 2025. The most notable increase occurred between 2023 and 2024, indicating a period of strengthened market confidence or positive developments affecting company valuation.
- Book Value per Share (BVPS)
- The book value per share demonstrated steady growth throughout the analyzed period. Starting from $37.86 in 2020, it increased each year, reaching $63.66 by 2025. The growth reflected consistent accumulation of equity value, though the rate of increase slowed slightly between 2022 and 2023, suggesting a possible deceleration in retained earnings or asset growth during that interval.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio illustrated fluctuations related to changes in both share price and book value per share. It was relatively high at 4.48 in 2020 and peaked marginally higher at 4.94 in 2024. The ratio dipped notably in 2022 and 2023, reaching its lowest point at 3.13, before rising again. This variation indicates shifts in market valuation relative to the underlying book value, with the lowest P/BV coinciding with a period when the share price declined while BVPS continued to rise.