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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2013
- Total Asset Turnover since 2013
- Price to Earnings (P/E) since 2013
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Twitter Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited significant volatility over the observed periods. It started at an exceptionally high level in early 2018, with a sharp decline through the remainder of 2018 into early 2019. Values fluctuated between the mid-teens and low twenties through 2019 and early 2020, with a notable data gap in subsequent quarters. In the first quarter of 2021, the ratio surged dramatically, reaching levels above 140, before demonstrating some fluctuations but remaining elevated compared to earlier years. This suggests periods of fluctuating investor confidence or changes in earnings patterns, with sharp increases potentially indicating temporarily depressed earnings or heightened market expectations.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio demonstrated a downward trend from early 2018 through 2019, beginning at a very high value and progressively decreasing, although there were oscillations within that timeframe. Data for parts of 2020 are absent, but the ratio spiked extraordinarily high in the first quarter of 2021, reaching values above 2100, followed by a decrease to more moderate yet still elevated levels. The early 2022 periods show missing data. The initial decline indicates improving operating profitability relative to market price, while the extreme spike could reflect operating profit compression or market revaluation events.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable with moderate fluctuations from early 2018 through 2019, mostly ranging between approximately 6 and 10. In 2020, there was an upward trend reaching a peak of over 15 at the end of that year, followed by a peak of above 12 in mid-2021. Subsequently, the ratio declined towards mid-2022, reaching values around 5 to 7. This pattern suggests growth in market valuation relative to sales during 2020 and early 2021, potentially driven by increased investor optimism, followed by a contraction signaling reevaluation or slower sales growth relative to price.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed a declining trend through 2018 and 2019, falling from over 4 to about 2.5, indicating a diminishing market premium over book value. Starting in late 2020, the ratio increased significantly, peaking at more than 7 in early and mid-2021, reflecting heightened market valuation relative to the company's net asset base. By mid-2022, the ratio decreased moderately to approximately 5, still above earlier period levels. These movements suggest changing investor perceptions of the company's asset value and growth prospects, with notable increases coinciding with other valuation multiple spikes.
Price to Earnings (P/E)
Twitter Inc., historical P/E calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) (in thousands) | ||||||||||||||||||||||||
| 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
EPS
= (Net income (loss)Q2 2022
+ Net income (loss)Q1 2022
+ Net income (loss)Q4 2021
+ Net income (loss)Q3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Twitter Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reflects several notable trends in the company's quarterly performance from March 2018 through June 2022. The analysis focuses on share price movements, earnings per share (EPS), and the price-to-earnings (P/E) ratio where available.
- Share Price
- The share price exhibited considerable volatility throughout the period. Initial values in early 2018 hovered around the low 30s (USD), with a general upward trend through early 2019, peaking near 42 USD in mid-2019. However, the price decreased towards the end of 2019 and into the first quarter of 2020, falling below 30 USD. Subsequently, a strong recovery occurred in late 2020, with the share price surging sharply to nearly 72 USD by December 2020. This peak was followed by a decline through 2021 and into mid-2022, with the price generally trending downward to about 39 USD by June 2022. Overall, the share price reflects periods of both rapid appreciation and notable declines, indicating market sensitivity to company performance and possibly external factors.
- Earnings Per Share (EPS)
- EPS exhibited significant fluctuations over the analyzed quarters. Starting at a minimal positive value in early 2018, EPS increased markedly through 2018 and early 2019, reaching a high above 3 USD in mid-2019. This was followed by a decline ending near 1.87 USD by the end of 2019. A sharp deterioration occurred in 2020, with EPS turning negative and remaining so for most of that year, reaching roughly -1.56 USD in two consecutive quarters. Early 2021 showed some improvement, with EPS approaching zero and briefly achieving a positive value in mid-2021. However, the latter part of the period saw continued volatility and generally low or negative EPS, indicating inconsistent profitability and challenges in maintaining earnings growth.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was extremely high in early 2018, suggesting that the market price was elevated relative to earnings at that time. It then decreased substantially through 2018 and into mid-2019, stabilizing in the mid-teens to twenties range. Data for P/E ratios are missing for much of 2020 and early 2021, likely due to negative earnings which render the ratio undefined or not meaningful. The resurgence of P/E values in 2021 to very high levels (above 140 and 160) indicates a return to market optimism or share price increases despite low or negative earnings, reflecting potentially high expectations for future performance or other market dynamics.
- Overall Trends and Insights
- The company experienced a period of earnings growth and corresponding share price appreciation from 2018 through mid-2019. This was followed by a deterioration in earnings leading into and during 2020, with EPS entering negative territory and a notable correction in the share price. Despite this, there was a strong recovery in the share price by late 2020, possibly reflecting investor confidence or external market factors independent of immediate earnings results. Volatility persisted through 2021 and early 2022, with fluctuating EPS values and share prices, suggesting ongoing uncertainty in financial performance. The heightened P/E ratios during periods of low or negative earnings imply that investors maintained relatively high expectations for future profitability or strategic developments. This volatility underscores both operational challenges and market sentiment shifts throughout the analyzed timeframe.
Price to Operating Profit (P/OP)
Twitter Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | ||||||||||||||||||||||||
| 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2022
+ Income (loss) from operationsQ1 2022
+ Income (loss) from operationsQ4 2021
+ Income (loss) from operationsQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Twitter Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reveals several notable trends and fluctuations across the presented periods.
- Share Price
- The share price exhibits a generally volatile pattern. Initially, there is a gradual increase from $30.67 at the end of Q1 2018 to a peak of $42.31 in Q2 2019, followed by a decline and some oscillations. A significant upward surge occurs in Q4 2020, reaching $71.79, which is the highest point in the series. Subsequently, the price declines notably, falling to $36.24 by Q4 2021 and then fluctuating around the $40 to $50 range in 2022, ending at $39.34 in Q2 2022.
- Operating Profit Per Share (OPPS)
- The operating profit per share shows an initial upward trend, increasing steadily from $0.20 in Q1 2018 to $0.61 during mid-2019. However, starting from Q1 2020, there is a marked decline with some quarters even reporting negative operating profits per share. The lowest figures occur in 2022, reaching -$1.37 by Q2 2022, indicating a worsening operational profitability over the most recent periods.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio follows the inverse trend seen in operating profits per share, with relatively moderate ratios during 2018 and 2019, ranging from approximately 50 to 150. Data gaps appear for several quarters in 2020, likely reflecting periods with negative operating profits where this ratio is less meaningful or undefined. In Q1 2021, an extreme spike occurs with a P/OP of 2149.42, signaling a significant disconnect between share price and operating profit, likely due to very low or near-zero operating profits. Thereafter, the ratio declines but remains elevated, suggesting continued valuation challenges relative to operating profitability.
Overall, the financial data indicates that despite periods of strong share price performance, operational profitability has deteriorated substantially since early 2020, leading to high and volatile valuation multiples. This divergence suggests increasing market expectations relative to earnings or potential uncertainties affecting the company's operational results during recent years.
Price to Sales (P/S)
Twitter Inc., historical P/S calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in thousands) | ||||||||||||||||||||||||
| 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Sales per share
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Twitter Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable volatility over the observed periods, beginning at approximately $30.67 and reaching a peak of $71.79 at the end of 2020. This peak was followed by a substantial decline throughout 2021 and into mid-2022, with prices descending to around $39.34 by June 2022. There are alternating periods of increase and decrease, reflecting fluctuating market sentiment or external factors impacting valuation.
- Sales Per Share Trend
- Sales per share demonstrated a consistent upward trajectory throughout the periods. Starting at $3.40, sales per share increased steadily, reaching $6.86 by March 2022. This steady growth suggests expanding revenue generation relative to the number of shares outstanding, indicating potential business growth or improved sales performance.
- Price-to-Sales (P/S) Ratio Trend
- The price-to-sales ratio showed significant fluctuations outperforming a steady trend, mirroring the share price changes more than the sales per share. The ratio started at 9.02, peaked at 15.42 at the end of 2020, coinciding with the peak share price, and then declined sharply to 5.76 by June 2022. These variations indicate changing investor expectations regarding the company's future sales growth or profitability, and possibly adjustments in market valuation multiples.
- Overall Insights
- The data reflects a company experiencing steady operational growth as seen in sales per share, but with share price and valuation metrics that are more volatile. The divergence between the continuous increase in sales and the volatility in share price and P/S ratio suggests external market factors or investor sentiment have had substantial influence. The high P/S ratio peaks, particularly in late 2020, may indicate periods of investor optimism, while subsequent declines suggest reassessment of growth prospects or broader market corrections.
Price to Book Value (P/BV)
Twitter Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||
| 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Twitter Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reflects the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio trends over a series of quarters from the first quarter of 2018 to the second quarter of 2022.
- Share Price
- The share price exhibited fluctuations throughout the examined period. It started at approximately $30.67 in Q1 2018 and generally experienced upward and downward movements without a consistent trend initially. Notable increases occurred in late 2020, reaching a peak of around $71.79 in Q4 2020, marking a significant surge relative to prior quarters. Subsequent quarters saw a decline, with share prices decreasing to approximately $36.24 by Q4 2021, followed by minor variability leading into mid-2022 where prices hovered near $39.34.
- Book Value per Share (BVPS)
- BVPS showed a generally moderate increase from $6.92 in Q1 2018 to a peak near $11.21 in Q1 2020. After this peak, a declining trend is observed, reaching values close to $7.73-$7.75 by mid-2022. The gradual rise in BVPS up to early 2020 suggests strengthening equity value per share, followed by a diminishing trend over the recent quarters, implying a reduction in net asset value per share.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio moved in a wide range reflecting the inverse and independent behavior between share price and BVPS changes. Starting at a ratio of approximately 4.43 in early 2018, it declined to around 2.50 by Q1 2020, indicating that the share price was relatively closer to the book value at that time. However, the ratio surged notably afterwards, peaking at 7.19 in Q4 2020 alongside the share price peak. This elevated P/BV ratio suggests a premium valuation compared to the book value at that time. The ratio then fluctuated, decreasing to roughly 3.97 in Q4 2021 and increasing again to approximately 6.36 by mid-2022, signaling ongoing volatility in market valuation metrics relative to book values.
Overall, the data indicates substantial volatility in the market valuation of the company’s shares, especially between late 2020 and 2022. The peak in share price and P/BV ratio in late 2020 reflects heightened market optimism or speculative inflation of market value relative to equity. The subsequent decline in BVPS implies some reduction in net asset value, which, coupled with fluctuating share prices, resulted in variable valuation multiples. Market participants appear to have reassessed the value dynamically through the period, as indicated by oscillations in these key financial ratios.