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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
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Historical Valuation Ratios (Summary)
Waste Management Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Price to earnings (P/E) ratio
- The P/E ratio data begins from March 31, 2018, demonstrating an initial decline from 18.7 to 15.75 by December 31, 2017. Following this period, there is a marked upward trend, peaking at 38.68 on June 30, 2021. Subsequently, it decreases slightly, ending at 32.57 by December 31, 2021. This pattern suggests increasing market valuation relative to earnings over time, with some volatility during mid-2021.
- Price to operating profit (P/OP) ratio
- Starting from March 31, 2018, this ratio consistently rises from 13.82 to a peak of 22.97 on September 30, 2021. It then slightly declines to 19.95 by the end of 2021. The growth indicates an increasing investor willingness to pay more for operating profits, although a slight correction is observed towards the end of the period.
- Price to sales (P/S) ratio
- This ratio shows a gradual increase from 2.52 at the beginning of the available period in March 2018 to a peak of 3.85 on September 30, 2021. A decline follows, reaching 3.3 by December 31, 2021. The trend reflects strengthening sales valuations over time, with a modest pullback in the final quarter of 2021.
- Price to book value (P/BV) ratio
- With data available throughout the full period from March 31, 2017 to December 31, 2021, the P/BV exhibits fluctuations but generally trends upwards. Starting at 5.79 in early 2017, it rises steadily, reaching a high of 9.29 on September 30, 2021. It slightly recedes to 8.3 by the end of 2021. This indicates growing investor valuation relative to the company's book value, punctuated by some intermediate volatility.
Price to Earnings (P/E)
Waste Management Inc., historical P/E calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
EPS
= (Net income attributable to Waste Management, Inc.Q4 2021
+ Net income attributable to Waste Management, Inc.Q3 2021
+ Net income attributable to Waste Management, Inc.Q2 2021
+ Net income attributable to Waste Management, Inc.Q1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Waste Management Inc. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
- Share Price Trend
- The share price exhibited an overall upward trajectory from March 31, 2017, through December 31, 2021. Initial values in early 2017 were in the low 70s range, with a steady increase noted throughout the subsequent quarters. The share price peaked notably in the fourth quarter of 2021 at 159.28 US$, with intermittent fluctuations along the way. A noticeable dip occurred in the first quarter of 2020 coinciding with market uncertainties, followed by a recovery and new highs reached in 2021.
- Earnings Per Share (EPS) Pattern
- EPS figures, available from March 31, 2018, onward, demonstrate moderate fluctuations across the periods. The EPS rose from 4.49 US$ in the first quarter of 2018 to a peak of 5.39 US$ in the fourth quarter of the same year. This was followed by a general decline through 2019 and 2020, reaching a low of 3.54 US$ in the first quarter of 2021. Subsequently, there was a gradual recovery with EPS climbing back to 4.38 US$ by the final quarter of 2021. This pattern suggests cyclical pressures during the mid-period with recovery signs toward the end.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio displayed an upward trend overall, particularly after 2018. From a relatively lower range around 15.75-18.7 in 2017-2018, the ratio climbed significantly to reach levels above 30 in several quarters between 2020 and 2021. The highest P/E ratio was recorded in the third quarter of 2021 at 38.68. The rise in P/E ratio, amid somewhat declining or recovering EPS, suggests that the market valuation of earnings increased, potentially reflecting greater investor optimism or expectations of future growth despite EPS volatility.
- Summary of Observations
- There is a clear positive movement in market valuation as expressed by the share price and P/E ratio throughout the analyzed period. Earnings per share, while showing volatility and a dip around 2019 to early 2021, recovered toward the end. The increase in P/E ratio indicates investors remained confident in the company’s prospects despite the observed earnings fluctuations. The COVID-19 period around early 2020 saw some impact reflected in EPS and share price dips, followed by recovery and growth in both metrics.
Price to Operating Profit (P/OP)
Waste Management Inc., historical P/OP calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
Operating profit per share
= (Income from operationsQ4 2021
+ Income from operationsQ3 2021
+ Income from operationsQ2 2021
+ Income from operationsQ1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Waste Management Inc. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The share price exhibited an overall upward trend from March 2017 through December 2021, with some fluctuations. Starting at $72.30 in March 2017, the share price increased steadily, reaching a peak of $159.28 in September 2021 before declining somewhat to $142.68 by December 2021. The trajectory indicates general market confidence with periods of acceleration, including notable gains from late 2017 through mid-2019 and again from early 2021.
The operating profit per share (OPPS) data is available beginning in March 2018 and shows a gradual pattern of slight increases and decreases over time. OPPS began at $6.08 and experienced moderate growth, peaking at $7.15 in December 2021. There was a dip during 2020, with values declining from $6.37 in March 2020 to $5.75 by December 2020, possibly reflecting external pressures affecting profitability. The subsequent recovery in 2021 demonstrates improved operational performance.
The price to operating profit ratio (P/OP) reveals how the market values the company relative to its operating earnings. From March 2018, the ratio started at 13.82 and showed volatility over the examined periods. There was a noticeable increase in P/OP from 2019 through 2021, peaking at 22.97 in September 2021 before decreasing to 19.95 in December 2021. The rising ratio during 2019 to 2021 suggests growing investor expectations or premium valuation over operating profits, with a moderation toward the end of 2021.
- Summary of Trends
- The share price demonstrated strong growth over the analyzed quarters, reflecting positive market sentiment.
- Operating profit per share showed resilience with a temporary decline in 2020, followed by recovery and improvement in 2021.
- The price to operating profit ratio increased notably over time, pointing to elevated market valuation multiples, although some correction was noted at the end of 2021.
Price to Sales (P/S)
Waste Management Inc., historical P/S calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
Sales per share
= (Operating revenuesQ4 2021
+ Operating revenuesQ3 2021
+ Operating revenuesQ2 2021
+ Operating revenuesQ1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Waste Management Inc. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The share price exhibited an overall upward trend over the analyzed periods, beginning at $72.30 on March 31, 2017, with fluctuations throughout the quarters. Notably, the price peaked at $159.28 on September 30, 2021, before experiencing a slight decline to $142.68 by December 31, 2021. This indicates a general growth in market value over the nearly five-year span, despite some intermittent volatility.
Sales per share data is available from March 31, 2018 onwards. The figures show a steady incremental increase from $33.40, gradually rising to $43.25 by December 31, 2021. This upward progression suggests consistent improvements in sales performance attributable to each share, reflecting positive operational outcomes or enhanced revenue generation capacity per unit share.
The Price to Sales (P/S) ratio fluctuated during the period, starting at 2.52 in March 2018, with some variability in subsequent quarters. The ratio peaked at 3.85 on September 30, 2021, before experiencing a decrease to 3.30 by the end of the observed timeline. The rising P/S ratio alongside increasing share price and sales per share might imply growing investor confidence and valuation premiums attached to sales performance; however, the dip at the end signifies a possible market reassessment of valuation relative to sales.
In summary, the data reveals an overall positive trajectory in share price and sales per share, with the P/S ratio reflecting market valuation dynamics that responded to changes in sales and market sentiment. The share price and sales growth illustrate strengthening company fundamentals, while the P/S ratio fluctuations suggest varying investor expectations or market conditions influencing valuation multiples through the period.
Price to Book Value (P/BV)
Waste Management Inc., historical P/BV calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
BVPS = Total Waste Management, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Waste Management Inc. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price
- The share price displayed an overall upward trend from March 2017 through December 2021, starting at $72.3 and reaching a peak of $159.28 in September 2021. Periods of steady growth were observed particularly between March 2018 and December 2019, followed by some volatility in 2020 with prices fluctuating around the $96.8 to $110.67 range. A strong recovery and further rise occurred in 2021, culminating in the highest recorded share price during this timeframe before a slight decline at the end of 2021.
- Book Value per Share (BVPS)
- The book value per share showed a consistent incremental increase throughout the period analyzed. Beginning at $12.48 in March 2017, BVPS gradually rose to $17.18 by December 2021. This steady increase indicates ongoing growth in the company's net asset value per share over time, reflecting improvements in underlying equity values despite market fluctuations.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited variability but an overall rising trend. Starting at 5.79 in March 2017, the ratio fluctuated in the following years, reaching a high of 9.29 in September 2021, before slightly dropping to 8.3 by the end of 2021. This upward movement signals that the market increasingly valued the company’s shares at a premium relative to its book value, possibly reflecting investor optimism or growth expectations. The ratio’s fluctuations align with changes in the share price and book value per share, though the variations in the share price were generally more pronounced than changes in BVPS.