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
ServiceNow Inc., current price multiples
| ServiceNow Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | Synopsys Inc. | Workday Inc. | Software & Services | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||
| Current share price (P) | $102.63 | ||||||||||||||||||||
| No. shares of common stock outstanding | 1,046,000,000 | ||||||||||||||||||||
| Growth rate (g) | 13.69% | ||||||||||||||||||||
| Earnings per share (EPS) | $1.67 | ||||||||||||||||||||
| Next year expected EPS | $1.90 | ||||||||||||||||||||
| Operating profit per share | $1.74 | ||||||||||||||||||||
| Sales per share | $12.69 | ||||||||||||||||||||
| Book value per share (BVPS) | $12.39 | ||||||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||||||
| Price to earnings (P/E) | 61.41 | 18.73 | 15.51 | 80.27 | 69.67 | — | 203.69 | 44.99 | 31.29 | 28.71 | 31.51 | 670.44 | 95.14 | 28.72 | 58.94 | 79.38 | 37.75 | 59.27 | |||
| Price to next year expected earnings | 54.02 | 16.08 | 11.30 | 65.66 | 54.98 | — | 203.67 | 44.68 | 27.80 | 22.54 | 11.21 | 808.26 | 83.06 | 27.40 | 50.78 | 79.36 | 31.04 | 47.21 | |||
| Price-earnings-growth (PEG) | 4.49 | 1.14 | 0.42 | 3.61 | 2.61 | — | 21,616.21 | 64.37 | 2.49 | 1.05 | 0.17 | — | 6.55 | 5.94 | 3.67 | 3,198.08 | 1.74 | 2.32 | |||
| Price to operating profit (P/OP) | 58.85 | 14.06 | 12.70 | 67.69 | 54.44 | — | 689.47 | 28.89 | 24.59 | 22.74 | 22.18 | 998.28 | 86.79 | 24.71 | 85.83 | 100.61 | 30.77 | 46.00 | |||
| Price to sales (P/S) | 8.08 | 2.06 | 4.65 | 26.93 | 15.84 | 24.05 | 13.94 | 4.32 | 6.43 | 10.38 | 6.83 | 108.14 | 11.70 | 4.70 | 11.13 | 4.94 | 9.33 | 12.23 | |||
| Price to book value (P/BV) | 8.28 | 4.61 | 9.51 | 116.36 | 15.73 | 28.99 | 13.79 | 9.92 | 6.14 | 8.51 | 19.17 | 61.93 | 13.79 | 2.91 | 2.77 | 4.62 | 10.83 | 17.40 | |||
Based on: 10-K (reporting date: 2025-12-31).
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)
ServiceNow Inc., historical price multiples
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The valuation ratios demonstrate significant fluctuations over the five-year period. A consistent pattern of decreasing multiples is evident from 2021 through 2025, suggesting a changing perception of the company’s value relative to its financial performance.
- Price to Earnings (P/E)
- The Price to Earnings ratio experienced a dramatic decline, moving from 487.70 in 2021 to 69.85 in 2025. This represents a substantial contraction in the market’s willingness to pay for each dollar of earnings. The most significant decrease occurred between 2021 and 2022, followed by a more moderate decline through 2023, a slight increase in 2024, and then a further decrease in 2025.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio also exhibited a decreasing trend, although less pronounced. It decreased from 436.46 in 2021 to 66.94 in 2025. The pattern of decline mirrors that of the P/E ratio, with the largest reduction occurring in the initial period and a continued, though slower, decrease in subsequent years.
- Price to Sales (P/S)
- The Price to Sales ratio showed volatility. It decreased from 19.02 in 2021 to 12.75 in 2022, then increased to 17.52 in 2023 and 18.99 in 2024 before falling sharply to 9.20 in 2025. This suggests fluctuations in revenue multiple valuation, potentially influenced by growth expectations or broader market conditions. The 2025 value represents a significant reduction from the earlier years.
- Price to Book Value (P/BV)
- The Price to Book Value ratio also decreased over the period, moving from 30.36 in 2021 to 9.42 in 2025. This indicates a diminishing premium investors are willing to pay for the company’s net asset value. The decline was relatively steady, suggesting a consistent reassessment of the company’s asset valuation.
Collectively, these ratios suggest a substantial shift in market valuation. The consistent downward trend across all observed multiples indicates a potential change in investor sentiment, growth expectations, or a re-evaluation of the company’s fundamental value. The magnitude of the changes warrants further investigation into the underlying drivers of these trends.
Price to Earnings (P/E)
ServiceNow Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,046,000,000 | 1,030,000,000 | 1,025,000,000 | 1,015,000,000 | 1,000,000,000 | |
| Selected Financial Data (US$) | ||||||
| Net income (in millions) | 1,748) | 1,425) | 1,731) | 325) | 230) | |
| Earnings per share (EPS)2 | 1.67 | 1.38 | 1.69 | 0.32 | 0.23 | |
| Share price1, 3 | 116.73 | 202.55 | 153.34 | 91.03 | 112.17 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 69.85 | 146.40 | 90.80 | 284.29 | 487.70 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Accenture PLC | 19.47 | 31.07 | 27.81 | 22.93 | 36.58 | |
| Adobe Inc. | 17.51 | 31.98 | 49.64 | 33.15 | 48.90 | |
| AppLovin Corp. | — | 68.97 | 56.56 | — | 472.35 | |
| Cadence Design Systems Inc. | — | 67.09 | 78.64 | 59.70 | 53.88 | |
| CrowdStrike Holdings Inc. | — | 892.67 | — | — | — | |
| Datadog Inc. | — | 235.49 | 884.97 | — | — | |
| International Business Machines Corp. | — | 39.68 | 22.50 | 71.56 | 19.40 | |
| Intuit Inc. | 48.19 | 58.94 | 64.61 | 57.31 | 75.17 | |
| Microsoft Corp. | 37.46 | 35.67 | 33.96 | 28.34 | 35.14 | |
| Oracle Corp. | 47.60 | 37.63 | 38.96 | 26.85 | 15.84 | |
| Palantir Technologies Inc. | — | 632.38 | 246.77 | — | — | |
| Palo Alto Networks Inc. | 112.39 | 42.42 | 170.35 | — | — | |
| Salesforce Inc. | 45.28 | 71.24 | 879.57 | 135.68 | 48.20 | |
| Synopsys Inc. | 69.11 | 33.69 | 70.08 | 51.76 | 73.37 | |
| Workday Inc. | 122.85 | 50.53 | — | 1,957.29 | — | |
| P/E Ratio, Sector | ||||||
| Software & Services | — | 42.11 | 40.33 | 34.78 | 38.09 | |
| P/E Ratio, Industry | ||||||
| Information Technology | — | 45.25 | 36.08 | 26.93 | 29.73 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 1,748,000,000 ÷ 1,046,000,000 = 1.67
3 Closing price as at the filing date of ServiceNow Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 116.73 ÷ 1.67 = 69.85
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited significant fluctuation over the five-year period. Initially high, the ratio decreased substantially before increasing again, followed by a final decline. This movement correlates with changes in both share price and earnings per share.
- P/E Ratio Trend
- The P/E ratio began at 487.70 in 2021, representing a very high valuation relative to earnings. A considerable decrease was observed in 2022, with the ratio falling to 284.29. This decline continued into 2023, reaching a low of 90.80. The ratio then increased to 146.40 in 2024 before decreasing again to 69.85 in 2025.
- Share Price Influence
- The share price experienced a decrease from US$112.17 in 2021 to US$91.03 in 2022, contributing to the initial decline in the P/E ratio. A substantial increase to US$153.34 in 2023 and further to US$202.55 in 2024 drove the P/E ratio upwards. However, a significant drop in share price to US$116.73 in 2025 resulted in a subsequent decrease in the P/E ratio.
- Earnings Per Share Influence
- Earnings per share (EPS) increased from US$0.23 in 2021 to US$0.32 in 2022, partially offsetting the impact of the share price decline on the P/E ratio. A substantial increase in EPS to US$1.69 in 2023 was a primary driver of the P/E ratio’s decline. While EPS decreased to US$1.38 in 2024, the higher share price limited the impact on the P/E ratio. Finally, an increase in EPS to US$1.67 in 2025 was not sufficient to prevent the P/E ratio from falling, due to the larger decrease in share price.
The interplay between share price and EPS demonstrates a complex relationship influencing the P/E ratio. The substantial fluctuations suggest changing investor sentiment or expectations regarding future earnings growth.
Price to Operating Profit (P/OP)
ServiceNow Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,046,000,000 | 1,030,000,000 | 1,025,000,000 | 1,015,000,000 | 1,000,000,000 | |
| Selected Financial Data (US$) | ||||||
| Income from operations (in millions) | 1,824) | 1,364) | 762) | 355) | 257) | |
| Operating profit per share2 | 1.74 | 1.32 | 0.74 | 0.35 | 0.26 | |
| Share price1, 3 | 116.73 | 202.55 | 153.34 | 91.03 | 112.17 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 66.94 | 152.95 | 206.26 | 260.27 | 436.46 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Accenture PLC | 14.62 | 23.52 | 21.69 | 16.83 | 28.35 | |
| Adobe Inc. | 14.34 | 26.38 | 40.52 | 25.85 | 40.64 | |
| AppLovin Corp. | — | 58.16 | 31.12 | — | 111.61 | |
| Cadence Design Systems Inc. | — | 52.42 | 65.43 | 47.21 | 48.13 | |
| CrowdStrike Holdings Inc. | — | — | — | — | — | |
| Datadog Inc. | — | 797.11 | — | — | — | |
| International Business Machines Corp. | — | 25.48 | 17.99 | 14.35 | 16.23 | |
| Intuit Inc. | 37.87 | 48.11 | 49.04 | 46.05 | 62.00 | |
| Microsoft Corp. | 29.68 | 28.73 | 27.76 | 24.72 | 30.79 | |
| Oracle Corp. | 33.50 | 25.65 | 25.30 | 16.51 | 14.31 | |
| Palantir Technologies Inc. | — | 941.61 | 431.61 | — | — | |
| Palo Alto Networks Inc. | 102.53 | 159.88 | 193.40 | — | — | |
| Salesforce Inc. | 38.94 | 58.80 | 177.62 | 357.52 | 431.39 | |
| Synopsys Inc. | 100.63 | 56.25 | 67.90 | 43.85 | 75.64 | |
| Workday Inc. | 155.71 | 381.31 | — | — | — | |
| P/OP Ratio, Sector | ||||||
| Software & Services | — | 34.32 | 32.29 | 27.53 | 34.16 | |
| P/OP Ratio, Industry | ||||||
| Information Technology | — | 35.11 | 30.04 | 22.85 | 26.25 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 1,824,000,000 ÷ 1,046,000,000 = 1.74
3 Closing price as at the filing date of ServiceNow Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 116.73 ÷ 1.74 = 66.94
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited a significant declining trend over the observed period. Initially high, the ratio decreased substantially from 2021 to 2025, coinciding with changes in both share price and operating profit per share.
- P/OP Ratio Trend
- In 2021, the P/OP ratio stood at 436.46. A considerable decrease was recorded in 2022, falling to 260.27. This downward movement continued into 2023, with the ratio reaching 206.26. Further declines were observed in 2024 (152.95) and 2025 (66.94), indicating a progressively lower valuation relative to operating profit.
- Share Price Influence
- The share price experienced volatility during the period. It decreased from US$112.17 in 2021 to US$91.03 in 2022, then increased significantly to US$153.34 in 2023 and US$202.55 in 2024 before decreasing sharply to US$116.73 in 2025. This fluctuation in share price contributed to the overall trend in the P/OP ratio.
- Operating Profit per Share Influence
- Operating profit per share demonstrated a consistent upward trend, increasing from US$0.26 in 2021 to US$0.35 in 2022, US$0.74 in 2023, US$1.32 in 2024, and US$1.74 in 2025. Despite this positive progression in profitability, the P/OP ratio still decreased, suggesting that the market’s valuation of each dollar of operating profit diminished over time.
The combined effect of the share price fluctuations and the increasing operating profit per share resulted in a substantial reduction in the P/OP ratio. The most pronounced decrease occurred between 2024 and 2025, coinciding with a significant drop in share price despite continued growth in operating profit per share.
Price to Sales (P/S)
ServiceNow Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,046,000,000 | 1,030,000,000 | 1,025,000,000 | 1,015,000,000 | 1,000,000,000 | |
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | 13,278) | 10,984) | 8,971) | 7,245) | 5,896) | |
| Sales per share2 | 12.69 | 10.66 | 8.75 | 7.14 | 5.90 | |
| Share price1, 3 | 116.73 | 202.55 | 153.34 | 91.03 | 112.17 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 9.20 | 18.99 | 17.52 | 12.75 | 19.02 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Accenture PLC | 2.15 | 3.48 | 2.98 | 2.56 | 4.28 | |
| Adobe Inc. | 5.25 | 8.27 | 13.88 | 8.95 | 14.94 | |
| AppLovin Corp. | — | 23.14 | 6.14 | 1.80 | 5.99 | |
| Cadence Design Systems Inc. | — | 15.26 | 20.02 | 14.23 | 12.55 | |
| CrowdStrike Holdings Inc. | 19.36 | 26.10 | 12.81 | 30.15 | 48.70 | |
| Datadog Inc. | — | 16.12 | 20.19 | 14.64 | 49.25 | |
| International Business Machines Corp. | — | 3.81 | 2.73 | 1.94 | 1.94 | |
| Intuit Inc. | 9.90 | 10.72 | 10.72 | 9.30 | 16.09 | |
| Microsoft Corp. | 13.54 | 12.82 | 11.60 | 10.40 | 12.81 | |
| Oracle Corp. | 10.32 | 7.44 | 6.63 | 4.25 | 5.38 | |
| Palantir Technologies Inc. | — | 102.00 | 23.27 | 9.34 | 15.58 | |
| Palo Alto Networks Inc. | 13.82 | 13.62 | 10.87 | 9.62 | 10.72 | |
| Salesforce Inc. | 7.40 | 8.45 | 5.84 | 7.40 | 9.24 | |
| Synopsys Inc. | 13.05 | 12.45 | 14.75 | 10.03 | 13.22 | |
| Workday Inc. | 7.65 | 9.61 | 7.71 | 11.19 | 13.95 | |
| P/S Ratio, Sector | ||||||
| Software & Services | — | 10.40 | 8.78 | 7.45 | 9.54 | |
| P/S Ratio, Industry | ||||||
| Information Technology | — | 9.34 | 7.33 | 6.01 | 6.99 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 13,278,000,000 ÷ 1,046,000,000 = 12.69
3 Closing price as at the filing date of ServiceNow Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 116.73 ÷ 12.69 = 9.20
5 Click competitor name to see calculations.
The price to sales ratio exhibited considerable fluctuation over the five-year period. Initial values decreased, followed by increases, and then a substantial decline in the most recent year observed.
- Price to Sales Ratio (P/S)
- The P/S ratio began at 19.02 in 2021, representing a relatively high valuation based on sales. A decrease was observed in 2022, with the ratio falling to 12.75. The ratio then increased in subsequent years, reaching 17.52 in 2023 and 18.99 in 2024. However, a significant decline occurred in 2025, with the P/S ratio dropping to 9.20.
The share price demonstrated a similar pattern of volatility. It decreased from 2021 to 2022, increased substantially through 2024, and then experienced a marked reduction in 2025.
- Share Price Trend
- The share price started at US$112.17 in 2021. It decreased to US$91.03 in 2022. A substantial increase followed, with the share price reaching US$153.34 in 2023 and US$202.55 in 2024. The share price then decreased significantly to US$116.73 in 2025.
Sales per share consistently increased throughout the observed period. This upward trend in sales per share contrasts with the fluctuating P/S ratio and share price, suggesting that market valuation did not consistently align with revenue growth.
- Sales per Share Trend
- Sales per share increased steadily from US$5.90 in 2021 to US$7.14 in 2022, US$8.75 in 2023, US$10.66 in 2024, and finally to US$12.69 in 2025. This represents a consistent growth in sales relative to the number of outstanding shares.
The decline in the P/S ratio in 2025, despite continued growth in sales per share, indicates that the market may have reassessed its valuation of each dollar of sales generated by the company during that year.
Price to Book Value (P/BV)
ServiceNow Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,046,000,000 | 1,030,000,000 | 1,025,000,000 | 1,015,000,000 | 1,000,000,000 | |
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in millions) | 12,964) | 9,609) | 7,628) | 5,032) | 3,695) | |
| Book value per share (BVPS)2 | 12.39 | 9.33 | 7.44 | 4.96 | 3.70 | |
| Share price1, 3 | 116.73 | 202.55 | 153.34 | 91.03 | 112.17 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 9.42 | 21.71 | 20.60 | 18.36 | 30.36 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Accenture PLC | 4.79 | 7.98 | 7.44 | 7.13 | 11.06 | |
| Adobe Inc. | 10.74 | 12.61 | 16.31 | 11.22 | 15.94 | |
| AppLovin Corp. | — | 99.97 | 16.06 | 2.67 | 7.83 | |
| Cadence Design Systems Inc. | — | 15.15 | 24.05 | 18.46 | 13.68 | |
| CrowdStrike Holdings Inc. | 23.34 | 34.61 | 19.61 | 42.67 | 48.91 | |
| Datadog Inc. | — | 15.94 | 21.22 | 17.39 | 48.66 | |
| International Business Machines Corp. | — | 8.75 | 7.49 | 5.34 | 5.90 | |
| Intuit Inc. | 9.46 | 9.47 | 8.92 | 7.20 | 15.71 | |
| Microsoft Corp. | 11.11 | 11.71 | 11.92 | 12.38 | 15.16 | |
| Oracle Corp. | 28.96 | 45.25 | 308.71 | — | 41.57 | |
| Palantir Technologies Inc. | — | 58.42 | 14.90 | 6.94 | 10.48 | |
| Palo Alto Networks Inc. | 16.29 | 21.15 | 42.84 | 252.00 | 71.88 | |
| Salesforce Inc. | 4.59 | 4.94 | 3.13 | 3.37 | 4.73 | |
| Synopsys Inc. | 3.25 | 8.48 | 14.02 | 9.24 | 10.50 | |
| Workday Inc. | 7.15 | 8.63 | 8.58 | 12.68 | 18.38 | |
| P/BV Ratio, Sector | ||||||
| Software & Services | — | 12.08 | 11.43 | 10.64 | 13.62 | |
| P/BV Ratio, Industry | ||||||
| Information Technology | — | 13.29 | 11.49 | 10.46 | 12.54 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 12,964,000,000 ÷ 1,046,000,000 = 12.39
3 Closing price as at the filing date of ServiceNow Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 116.73 ÷ 12.39 = 9.42
5 Click competitor name to see calculations.
The price to book value ratio exhibited considerable fluctuation over the five-year period. Initially high, the ratio decreased significantly before stabilizing and then declining sharply in the final year examined.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 30.36 in 2021. A substantial decrease was observed in 2022, falling to 18.36. The ratio experienced a modest increase in 2023, reaching 20.60, and continued to rise slightly to 21.71 in 2024. However, a significant decline occurred in 2025, with the P/BV ratio dropping to 9.42.
The share price demonstrated volatility, mirroring some of the fluctuations seen in the P/BV ratio. The share price decreased from US$112.17 in 2021 to US$91.03 in 2022, then increased substantially to US$153.34 in 2023 and further to US$202.55 in 2024. A marked decrease was then recorded in 2025, with the share price falling to US$116.73.
- Book Value per Share (BVPS) Trend
- Book value per share consistently increased throughout the period. Starting at US$3.70 in 2021, BVPS rose to US$4.96 in 2022, US$7.44 in 2023, US$9.33 in 2024, and reached US$12.39 in 2025. This represents a steady growth in the net asset value attributable to each share.
The decreasing P/BV ratio in 2025, despite continued growth in book value per share, suggests that the market valuation of the company’s net assets diminished relative to their reported value. The initial high P/BV ratio in 2021 indicated a premium placed on the company’s book value, which subsequently contracted over the observed period.