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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2006
- Return on Equity (ROE) since 2006
- Return on Assets (ROA) since 2006
- Price to Sales (P/S) since 2006
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Time Warner Cable Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a downward trend in the first year, starting at 14.72 and declining to a low of 11.92 by the end of 2012. Subsequently, it rises steadily through 2013 and into 2014, crossing 20.00 in the latter part of 2013. This upward momentum continues more sharply in 2015, reaching a peak above 28 by the end of the year and further increasing to 31.92 in the first quarter of 2016. This pattern indicates increasing market confidence or higher valuation multiples over time during the observed period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio remained relatively stable in early 2012, fluctuating around 6.00 to 6.44. A significant increase begins in mid-2013, with the ratio rising from about 6.01 to nearly 8.78 by the end of 2013. This figure continues to rise, peaking dramatically above 12.00 during 2015 and reaching 13.96 in early 2016. The trend suggests that the company’s operating profits were being valued at increasingly higher multiples, possibly reflecting market expectations of improved profitability or reduced perceived risk.
- Price to Sales (P/S) Ratio
- The P/S ratio was relatively flat in early 2012, ranging around 1.20 to 1.33, before starting a steady increase from 2013 onwards. By the end of 2013, the ratio rises to approximately 1.82 and continues its upward trajectory, peaking at 2.49 in the first quarter of 2016. This pattern indicates that investors were willing to pay more for each unit of sales, which could reflect enhanced sales growth, improved margins, or greater market optimism about revenue quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts at 3.37 in early 2012 and increases gradually through the first two years, reaching around 5.79 by the end of 2013. There is a noticeable jump from 2014 onwards, with the ratio fluctuating between 5.07 and 6.41. The peak value is seen in early 2016 at 6.41, indicating a rising market valuation relative to book equity. This upward trend suggests strengthening investor sentiment toward the company’s net asset base or anticipated future growth potential.
Price to Earnings (P/E)
Time Warner Cable Inc., historical P/E calculation (quarterly data)
| Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income attributable to TWC shareholders (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
EPS
= (Net income attributable to TWC shareholdersQ1 2016
+ Net income attributable to TWC shareholdersQ4 2015
+ Net income attributable to TWC shareholdersQ3 2015
+ Net income attributable to TWC shareholdersQ2 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis reveals distinct trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed quarterly periods.
- Share Price
- Over the timeframe, the share price exhibited an overall upward trajectory. Starting at $81.14, the price rose steadily with occasional fluctuations, reaching $210.79 by the end of the period. Notably, significant increases were observed during mid to late 2013 and again in 2015-2016, indicating strong market performance and investor confidence.
- Earnings Per Share (EPS)
- The EPS displayed moderate variability without a clear linear progression. It peaked early in the dataset around $7.31 to $7.71 between late 2012 and mid-2013, then experienced a gradual decline in later periods to approximately $6.60 by early 2016. This downward trend in EPS during the later quarters suggests some challenges in earnings growth or increased costs impacting profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed a pronounced increase throughout the quarters. Starting from approximately 14.72, it escalated steadily to reach around 31.92 by the last quarter analyzed. This rise implies that the market valuation relative to reported earnings heightened substantially, possibly reflecting higher investor expectations for future growth or a premium valuation environment despite slightly declining EPS.
In summary, while earnings per share experienced a modest decline, the share price increased significantly, leading to a notable expansion in the P/E ratio. This divergence suggests that investor optimism and market valuation grew robustly, possibly outpacing the company’s actual earnings performance during the periods under review.
Price to Operating Profit (P/OP)
Time Warner Cable Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
Operating profit per share
= (Operating incomeQ1 2016
+ Operating incomeQ4 2015
+ Operating incomeQ3 2015
+ Operating incomeQ2 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share price trend
- The share price demonstrated a consistent upward trajectory over the analysed period, increasing from $81.14 at the beginning of 2012 to $210.79 by the first quarter of 2016. This represents a significant appreciation in market value, with notable acceleration in growth periods, particularly between 2014 and 2016, where the price rose sharply from approximately $140 to over $210.
- Operating profit per share trend
- Operating profit per share showed a gradual increase from $13.24 in the first quarter of 2012 to a peak of $16.55 by the first quarter of 2014. Following this peak, it experienced a mild decline and fluctuation, stabilizing around the $15 to $16 range through to the first quarter of 2016. The data suggests some operational profit margins pressure in later periods despite overall growth.
- Price to Operating Profit (P/OP) ratio trend
- The P/OP ratio experienced a marked increase, beginning at around 6.13 in March 2012 and climbing steadily to 13.96 by March 2016. This indicates that the share price growth outpaced the rise in operating profit per share, reflecting growing market optimism or higher valuation multiples assigned to the company. Peaks were observed particularly after mid-2013 with more pronounced increases from 2014 onwards.
- Overall financial interpretation
- The data reveals that while operating profits per share have grown moderately and stabilized, the market price of the company's shares has surged substantially, resulting in a doubling of the P/OP ratio. This suggests that investors have become increasingly willing to pay a premium for the company's earnings, potentially due to expectations of future growth, improved market positioning, or favorable industry conditions. However, the divergence between operating profit growth and share price expansion warrants attention regarding valuation sustainability.
Price to Sales (P/S)
Time Warner Cable Inc., historical P/S calculation (quarterly data)
| Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
Sales per share
= (RevenueQ1 2016
+ RevenueQ4 2015
+ RevenueQ3 2015
+ RevenueQ2 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a consistent upward trajectory in key market and operational metrics over the examined periods. The share price demonstrates notable growth, increasing from 81.14 US$ at the end of the first quarter of 2012 to 210.79 US$ by the first quarter of 2016. This growth, however, is neither linear nor uniform, showing periods of more accelerated appreciation, particularly from mid-2013 onward, and reaching a peak in early 2016.
Sales per share also exhibit a steady increase across the same timeframe, rising from 63.94 US$ in March 2012 to 84.69 US$ in March 2016. The growth in sales per share is relatively gradual and consistent, reflecting stable underlying revenue performance contributing to shareholder value.
The price-to-sales (P/S) ratio illustrates the relationship between market valuation and sales generation per share. Starting at 1.27 in March 2012, the P/S ratio experiences fluctuations but generally trends upward to reach 2.49 by March 2016. This indicates that the market valuation has been increasing at a faster pace than sales per share, potentially reflecting investor optimism or expectations of future growth improvements beyond current sales figures.
- Share Price Trends
- The share price grew significantly, with periods of accelerated growth notably after mid-2013, possibly influenced by market conditions or company-specific developments.
- Sales Per Share Trends
- Sales per share increased steadily, indicating consistent revenue enhancement on a per-share basis across the analyzed quarters.
- Price-to-Sales Ratio Trends
- The P/S ratio increased from just above 1.2 to nearly 2.5, denoting a rising market premium relative to sales, which could suggest a shift in investor sentiment or improved profitability prospects.
In summary, the company shows robust growth in market valuation alongside steady improvements in sales metrics. The expanding P/S ratio reflects increased market confidence or expectations, which are outpacing the sales growth rates, underscoring a trend toward enhanced shareholder value over the four-year period.
Price to Book Value (P/BV)
Time Warner Cable Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total TWC shareholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
BVPS = Total TWC shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general upward trajectory over the analyzed period. Starting at $81.14 in the first quarter of 2012, the price increased steadily with periodic fluctuations, reaching $210.79 by the first quarter of 2016. Notable increments occurred in the second half of 2013 and remained relatively high with some volatility until the end of 2015 and early 2016.
- Book Value Per Share (BVPS) Trends
- The book value per share showed a gradual and consistent increase throughout the period. Beginning at $24.06 in the first quarter of 2012, it rose steadily to $32.87 by the first quarter of 2016. This indicates a positive accumulation of net assets per share over time, with no significant declines.
- Price-to-Book Value Ratio (P/BV) Trends
- The P/BV ratio demonstrated an increasing trend, with some fluctuations. Starting at 3.37 in the first quarter of 2012, the ratio climbed notably in mid-2013, peaking around 6.41 by the first quarter of 2016. This indicates that the market price of the stock increased at a higher rate than the book value per share, suggesting growing investor confidence or market expectations exceeding the accumulation of net asset value.
- Overall Insights
- The financial data reflect a company experiencing growth in intrinsic book value and market valuation. The steady rise in BVPS suggests effective asset growth or retention of earnings, while the sharper increase in share price and P/BV ratio suggests strong market optimism. The increasing P/BV ratio, particularly above 5 from mid-2013 onwards, may imply the stock is valued at a premium relative to its book value, potentially due to anticipated future performance or other qualitative factors recognized by investors.