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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Selected Financial Data since 2006
- Operating Profit Margin since 2006
- Return on Equity (ROE) since 2006
- Return on Assets (ROA) since 2006
- Price to Operating Profit (P/OP) since 2006
- Analysis of Debt
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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), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio began appearing in data from March 2011 and showed a general upward trend over the examined period. Starting around mid-2011 in the 14-15 range, it dipped slightly towards the end of 2011, declining to roughly 11.92 by March 2013. Following this, there was a consistent increase, reaching a peak of 31.92 by March 2016. This suggests improving investor expectations regarding earnings growth or increased market pricing relative to earnings over time.
- Price to Operating Profit (P/OP) Ratio
- This ratio displayed a gradual increase throughout the timeframe. From a low near 5.99 in early 2011, it held relatively steady before rising noticeably post-2012. The ratio climbed from approximately 7.4 in late 2013 to almost 14 by March 2016. Such an increase points to growing market valuation relative to operating profit, indicating stronger investor confidence in the company’s operating profitability or an expansion in market valuation multiples.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio followed a similar upward trajectory. Early values around 1.24 increased steadily and notably after 2012, reaching a high of 2.49 by March 2016. The ratio’s increase signifies enhanced valuation relative to sales revenue, which could reflect expectations of higher sales growth, improvements in sales quality, or general market optimism.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio started near 2.97 and exhibited considerable fluctuations with an overall upward drift. It rose sharply from early 2013, peaking above 6 by late 2014, with some minor declines towards early 2015, but rebounding again to exceed 6 by March 2016. This pattern suggests increasing market valuation relative to the company’s net asset base, potentially indicating positive investor sentiment about the company’s asset utilization or growth prospects.
- Overall Financial Valuation Trends
- Across all four valuation metrics—P/E, P/OP, P/S, and P/BV—the company’s market valuations have generally increased from 2011 through early 2016. The steepest rises occurred after 2012, highlighting a strengthening market perception of the company’s value in terms of earnings, operating profit, sales, and book equity. These trends may be attributable to improvements in financial performance, positive market sentiment, or broader industry factors influencing valuation multiples.
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 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
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.
- Share Price Trend
- The share price exhibits an overall upward trend from March 2011 to March 2016. Initially, the price fluctuated between approximately $65 and $92 throughout 2011 and 2012. Starting in early 2013, the share price showed a more pronounced increase, reaching a peak around $149 by the end of 2014. This upward momentum continued into 2015 and early 2016, with the share price hitting a high of approximately $210 by March 2016. Despite minor short-term declines, the general trajectory was positive over the observed periods.
- Earnings Per Share (EPS) Trend
- EPS data is available starting from March 2012. Between March 2012 and December 2013, earnings showed a rising pattern, escalating from approximately $5.3 to a peak near $7.7. However, from early 2014 onwards, EPS displayed a gradual decline, tapering down from $7.3 to around $6.6 by March 2016. This indicates that while the company’s profitability per share strengthened initially, it faced some downward pressure in the latter years.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio follows a generally increasing trend across the time span. Starting around 14.65 in March 2012, the ratio fluctuated but generally rose, reaching over 20 by the end of 2013. The upward trend intensified from 2014 to early 2016, with the P/E ratio climbing to nearly 32 by March 2016. This increase suggests that the market was willing to pay a higher price per dollar of earnings, possibly reflecting heightened investor expectations or valuation expansion despite the slight decline in EPS.
- Summary of Relationships and Insights
- While earnings per share peaked in late 2013 and subsequently declined, the share price continued to rise, resulting in progressively higher P/E ratios. This divergence may indicate increased market optimism or speculative valuation factors outweighing the slower EPS growth. The elevated P/E ratios toward the end of the period imply that investors were willing to pay a premium for the stock despite the moderation in earnings growth. Additionally, the consistent growth in share price over five years suggests strong investor confidence in the company’s long-term prospects.
Price to Operating Profit (P/OP)
Time Warner Cable Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
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.
The data reveals several noteworthy trends in the share price, operating profit per share (OPPS), and price-to-operating profit ratio (P/OP) over the analyzed period.
- Share Price
- The share price exhibited a generally upward trajectory from March 2011 through March 2016. Starting at $76.26 in March 2011, the price initially experienced a decline, reaching a low of $65.17 by September 2011. Following this, the share price recovered and showed strong growth, peaking intermittently with values exceeding $190 in mid to late 2015. By March 31, 2016, the share price reached $210.79, indicating a significant appreciation over the five-year span.
- Operating Profit Per Share (OPPS)
- The operating profit per share data is available from March 2012 onwards. OPPS showed a steady increase from 12.96 in March 2012 to a peak of 16.55 in June 2014. After this peak, the OPPS stabilized around the 16.3 to 16.5 range until March 2015. Starting mid-2015, a gradual decline is observable, with OPPS decreasing to 14.96 by December 2015 before a slight rise to 15.10 by March 2016. This suggests a period of growth followed by marginal contraction in operating profitability per share.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio increased markedly over the period from its initial recorded value of 5.99 in March 2012. It held relatively stable until mid-2013, after which a rising trend is evident, increasing from 7.46 in September 2013 to reach a high of 13.96 by March 2016. This indicates that the share price growth outpaced corresponding gains in operating profit per share, leading to a higher valuation multiple. The rising P/OP ratio may reflect elevated market expectations or investor optimism not entirely matched by operating profit growth.
In summary, the company experienced robust share price growth between 2011 and 2016, with operating profitability per share improving steadily until mid-2014 before showing slight weakening. The increasing price-to-operating profit ratio aligns with the disproportionate increase in share price relative to operating profits, suggesting a valuation expansion during this period.
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 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
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 share price demonstrated a generally upward trend over the observed periods from March 31, 2011, to March 31, 2016. Starting at $76.26, it experienced some fluctuations, including a dip to $65.17 in September 2011, followed by steady gains with notable accelerations in 2013 and especially in 2015. By the end of the timeline, the share price reached $210.79, marking a significant appreciation over the five-year span.
Sales per share data, available from March 31, 2012, onward, showed consistent growth each quarter. Beginning at $62.64, sales per share increased gradually every quarter, reaching $84.69 by March 31, 2016. The growth in sales per share was steady and incremental, reflecting gradually improving revenue performance on a per-share basis.
The Price-to-Sales (P/S) ratio also exhibited a general upward trajectory through the periods reported. Starting at 1.24 in March 2012, the ratio experienced slight fluctuations but primarily moved higher, reaching a peak of 2.49 by March 31, 2016. This rising P/S ratio, in conjunction with increasing share prices and steady sales per share growth, suggests increasing market valuation relative to the company's sales, indicating enhanced investor confidence or higher valuation multiples applied over time.
- Share Price
- Fluctuated initially but showed a strong upward trend, increasing from $76.26 to $210.79 over five years.
- Sales Per Share
- Consistent, gradual growth from $62.64 to $84.69, reflecting improving revenue per unit equity.
- Price-to-Sales Ratio (P/S)
- Increased from 1.24 to 2.49, indicating a rising valuation multiple and stronger market perception relative to sales.
Overall, the data reflects an improving financial position accompanied by growing investor appetite, as evidenced by rising share prices and expanding valuation multiples, supported by steady incremental sales growth per share.
Price to Book Value (P/BV)
Time Warner Cable Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
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.
The financial data reveals notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the period from March 2011 to March 2016.
- Share Price
- The share price experienced fluctuations with a general upward trend throughout the observed period. Initially, it declined from $76.26 in March 2011 to a low of $65.17 in September 2011, followed by a recovery and steady increase thereafter. By December 2011, it rebounded to $77.66 and continued rising to reach $92.19 in March 2013. The subsequent years saw considerable growth, with the share price peaking at $191.82 in September 2015 before a slight decrease and then another increase, ending at $210.79 in March 2016.
- Book Value Per Share (BVPS)
- The BVPS showed relative stability with a gradual upward trend over the analysis period. Starting at $25.66 in March 2011, it experienced minor fluctuations around the mid-20s until the end of 2012. Beginning in 2013, the BVPS demonstrated a more consistent increase, moving from $23.84 in March 2013 to $32.87 by March 2016, indicating an overall strengthening of the company's equity base on a per-share basis.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio exhibited significant volatility and an overall rising trend, reflecting changes in market perception relative to the company's book value. Starting around 3.0 in early 2011, the ratio declined slightly in late 2011 but showed a marked increase thereafter. In particular, from 2013 onwards, the P/BV ratio accelerated sharply, peaking at 6.41 in March 2016. This suggests heightened investor confidence or heightened market valuation relative to the underlying book value during this timeframe.
Overall, the data indicates a strengthening market valuation characterized by rising share prices and increasing price-to-book ratios, alongside a moderate but steady growth in book value per share. The elevated P/BV ratios in the latter periods suggest that the market valued the company's shares at a premium relative to its accounting book value, possibly reflecting expectations of growth or other favorable business prospects.