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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Historical Valuation Ratios (Summary)
Valero Energy Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
The financial ratios of the company exhibit varying trends across the analyzed periods from March 2019 to September 2024. The patterns reflect shifts in market valuation and profitability measures over time.
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins in March 2020, initially showing a significant spike to 62.84 in June 2020, following 12.12 in March 2020. This sharp increase indicates a steep rise in stock price relative to earnings or a sharp decline in earnings during that period. After that, the ratio declines considerably, reaching a low of 3.03 in March 2023. Subsequently, the ratio starts to increase moderately, finishing at 11.04 by September 2024. This trend suggests recovering earnings or adjustment in market valuation after an exceptional period in 2020.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows intermittent data with some outliers, such as extremely high values of 944.75 and 487.32 in mid-2021, which could indicate data anomalies or significant deviations in operating profit or price. Outside these spikes, the ratio declined from 7.65 in March 2020 to a low of 2.26 in March 2023, mirroring the P/E ratio's trend toward lower valuation in relation to profitability. The subsequent increase towards 8.22 in September 2024 indicates a recent rise in valuation relative to operating profit.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable throughout the period, oscillating between roughly 0.19 and 0.48. A notable increase to 0.48 occurs in March and June 2021, after which the ratio gradually declines again toward 0.30 in September 2024. The overall moderate fluctuations suggest relatively steady market pricing in relation to sales, without extreme valuation shifts.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibits more moderate fluctuations, starting from 1.65 in March 2019, experiencing slight decreases and increases over time. The highest recorded value is 2.51 in March 2022, after which the ratio trends downward to around 1.61 by September 2024. This indicates a dynamic but generally stable valuation relative to the company's book value, with some periods of heightened valuation, followed by normalization.
In summary, valuation ratios related to earnings and operating profit showed significant volatility around 2020, likely reflecting extraordinary market conditions impacting profitability or investor expectations. Price to sales and price to book value ratios remained more stable, indicating steadier market valuation relative to sales and book equity. Post-2022, there is a general trend of valuation normalization across ratios, although recent quarters indicate some uptick in market valuation relative to earnings and operating profit.
Price to Earnings (P/E)
Valero Energy Corp., historical P/E calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Valero Energy Corporation stockholders (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net income (loss) attributable to Valero Energy Corporation stockholdersQ3 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ2 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ1 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the analyzed periods. Initial values in early 2019 were relatively high, fluctuating between approximately $70 and $100. A significant decline occurred during 2020, with the lowest point around $36.19 in September 2020, likely reflecting market disruptions. Following this trough, there was a recovery and an upward trend from late 2020 through 2021 and 2022, reaching a peak near $132.43 in December 2022. The price showed continued strength into early 2024, reaching as high as $167.13 in March 2024, before experiencing a decrease to about $128.73 by September 2024.
- Earnings Per Share (EPS) Patterns
- EPS data became available starting from March 2020. Early 2020 values were low or negative, with a sharp negative EPS in several quarters indicative of loss periods (-3.48 in March 2020 and similar values subsequently). However, from 2021 onward, EPS showed a consistent and strong upward trend, rising from modest positive numbers (e.g., 2.27 in March 2021) to a peak of 37.87 by December 2022. Although fluctuations occurred in 2023 and 2024, with EPS decreasing gradually to 11.66 by September 2024, the overall trajectory from the initial negative results was positive, signaling improving profitability over the medium term.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio data were recorded intermittently and showed considerable variability. High P/E ratios in mid-2020 (e.g., 62.84 in June 2020) corresponded with low or negative earnings, implying a disparity between share price and earnings. Subsequently, as EPS improved, P/E ratios declined substantially, reaching levels as low as 3.03 in December 2022, suggesting increased earnings relative to price. During 2023 and early 2024, P/E ratios slightly increased again, moving into single-digit and low double-digit figures (up to 11.04 by September 2024), reflecting a balance between share price levels and earnings performance.
- Overall Insights
- The financial data demonstrate substantial recovery and growth after a challenging phase around 2020, likely influenced by external economic factors. Share prices, after a significant dip, rebounded strongly. EPS followed a trajectory from negative to robust positive earnings over the subsequent years. The P/E ratio trends support this narrative, showing high valuation during earnings weakness and normalization as profitability improved. The decline in share price and EPS towards late 2024 could suggest emerging pressures or market adjustments, warranting continued monitoring.
Price to Operating Profit (P/OP)
Valero Energy Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024
+ Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the provided quarterly financial data reveals several notable trends and patterns across the periods examined.
- Share Price
- The share price exhibits significant volatility throughout the timeline. Starting at $84.36 in March 2019, the price fluctuated with noticeable declines during mid-2020, reaching a low of $36.19 in September 2020, likely reflecting adverse market conditions during that period. Subsequently, there was a strong recovery with the price rising steadily to a peak of $167.13 in March 2024, before declining somewhat to $128.73 by September 2024. Overall, the trend from 2019 to 2024 shows substantial growth, with intermittent periods of decline and recovery.
- Operating Profit per Share (OP per share)
- Operating profit per share data is absent for the early 2019 quarters but becomes available starting March 2020. Initial values at the beginning of this series (March to December 2020) are generally low and occasionally negative, indicating operational challenges during this timeframe. A marked improvement is observed from 2021 onward, with operating profit per share increasing consistently, peaking at $50.76 in June 2023. Following this peak, there is a gradual decline during the latter part of 2023 and into 2024, although levels remain positive and significantly higher compared to early 2020.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio shows considerable variability, with extremely high or missing values in some quarters, reflecting periods when operating profit per share was negative or near zero, complicating valuation. Where reliable data exists, there is a general downward trend in the P/OP ratio from early 2021 through mid-2023, indicating an improvement in share price valuation relative to operating profit. The ratio decreases from 16.5 in March 2021 to a low of 2.26 in June 2023, suggesting that the market price became more aligned or possibly undervalued relative to operating profits during that period. After mid-2023, the ratio increases again, reaching 8.22 by September 2024, implying either a rise in share price outpacing profit growth or a decrease in operating profit per share, consistent with earlier observations.
In summary, the data indicates a recovery and growth phase for the company starting mid-2020, with operating profits gradually strengthening and share prices generally appreciating over time. However, the volatility in share price and the fluctuations in the P/OP ratio suggest external market influences and internal profitability shifts impacting valuation multiples. The declining operating profit per share in late 2023 and 2024, alongside a rising P/OP ratio, may warrant further investigation to assess sustainability and potential risks.
Price to Sales (P/S)
Valero Energy Corp., historical P/S calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility over the observed period. Initially, it declined from $84.36 on March 31, 2019, to a low of $36.19 on September 30, 2020, reflecting a downward trend during this interval. A recovery phase followed, with the share price increasing to a peak of $139.78 by December 31, 2023. However, towards the latest recorded date of September 30, 2024, the price declined again to $128.73, indicating some recent softness. This pattern suggests considerable market fluctuations possibly influenced by external factors.
- Sales per Share Dynamics
- Sales per share data is available from March 31, 2020, revealing a declining trend in the early stages, from $264.63 down to $158.88 by March 31, 2021. Subsequently, sales per share reversed the downtrend and began a robust upward trajectory, reaching a high of $482.08 by March 31, 2023. A slight decline followed thereafter, with the most recent figure at $424.97 on September 30, 2024. Overall, sales per share show a recovery and growth after an initial drop, indicating improved revenue generation capacity over time.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio started low at 0.27 on March 31, 2020, briefly decreased to a trough of 0.19 by December 31, 2020, and then increased to a peak of 0.48 in March and June 2021. Afterward, the ratio settled into a range mostly between 0.24 and 0.36. Notably, it exhibited a moderate rise towards the end of 2023 and early 2024, reaching 0.39 by March 31, 2024, before declining again to 0.30 by September 30, 2024. The fluctuations in the P/S ratio imply varying market valuations relative to sales, with periods of premium pricing and reversion.
- Overall Observations
- The data indicates that while the share price and P/S ratio experienced volatility, the sales per share demonstrated a recovery and growth after an initial decline. The share price recovery post-2020 corresponds with increasing sales per share, suggesting that improving operational performance is reflected in market valuation, albeit with variable investor sentiment as seen from the P/S ratio fluctuations. Recent declines in share price and P/S ratio could imply cautious investor outlook despite relatively strong sales figures.
Price to Book Value (P/BV)
Valero Energy Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total Valero Energy Corporation stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Total Valero Energy Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed periods. Initially, it declined from $84.36 at the end of Q1 2019 to a low point of $36.19 in Q3 2020, reflecting a substantial decrease likely linked to broader market or company-specific challenges. Following this trough, the share price recovered and showed an upward trajectory, reaching a peak of $167.13 in Q1 2024. However, this was followed by a gradual decline to $128.73 by Q3 2024, indicating some recent market correction or profit-taking.
- Book Value per Share (BVPS) Pattern
- BVPS demonstrated a relatively stable and steady increase over the period, beginning at $51.07 in Q1 2019 and advancing to $79.77 by Q3 2024. Despite minor fluctuations, this upward trend suggests consistent growth in the company's net asset value on a per-share basis. The gradual increase in BVPS indicates improving balance sheet strength and potentially retained earnings growth over the timeline.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio showed marked fluctuations corresponding closely with changes in the share price relative to BVPS. It started at a moderate ratio of 1.65 in Q1 2019, declined to a low of 0.77 in Q3 2020—reflecting the share price dropping below the book value level—then surged to 2.51 in Q1 2022. Subsequently, the ratio oscillated between approximately 1.6 and 2.1, indicating changing market sentiments and valuation multiples over time. The elevated ratios in the 2022-2024 period point to heightened investor confidence or market optimism relative to book value.
- Overall Insights
- The data reveals a cycle of initial decline followed by recovery in market valuation. The consistent growth in book value per share provides a stable financial foundation underpinning the share price movements. The fluctuations in the P/BV ratio suggest periods of undervaluation and overvaluation relative to the company's book value, which may reflect external market conditions, commodity price impacts, or company performance variations. Recent high share prices coupled with elevated P/B ratios indicate strong market expectations, although the recent slight downturn may imply emerging caution among investors.