Price to Operating Profit (P/OP)
since 2005
Calculation
Williams-Sonoma Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 20, 2024 | 15.20 | = | 295.05 | ÷ | 19.41 | 19.41 | = | 1,244,193 | ÷ | 64,112,265 | |
| Mar 24, 2023 | 5.20 | = | 117.70 | ÷ | 22.63 | 22.63 | = | 1,498,422 | ÷ | 66,228,239 | |
| Mar 28, 2022 | 7.32 | = | 148.55 | ÷ | 20.31 | 20.31 | = | 1,453,116 | ÷ | 71,558,874 | |
| Mar 30, 2021 | 15.39 | = | 184.00 | ÷ | 11.95 | 11.95 | = | 910,697 | ÷ | 76,192,973 | |
| Mar 27, 2020 | 6.97 | = | 42.05 | ÷ | 6.03 | 6.03 | = | 465,874 | ÷ | 77,197,681 | |
| Apr 4, 2019 | 10.70 | = | 59.36 | ÷ | 5.55 | 5.55 | = | 435,953 | ÷ | 78,563,968 | |
| Mar 29, 2018 | 9.69 | = | 52.76 | ÷ | 5.45 | 5.45 | = | 453,811 | ÷ | 83,310,319 | |
| Mar 30, 2017 | 9.63 | = | 52.43 | ÷ | 5.44 | 5.44 | = | 472,599 | ÷ | 86,840,278 | |
| Mar 31, 2016 | 9.99 | = | 54.74 | ÷ | 5.48 | 5.48 | = | 488,634 | ÷ | 89,158,790 | |
| Apr 2, 2015 | 14.53 | = | 79.61 | ÷ | 5.48 | 5.48 | = | 502,265 | ÷ | 91,642,370 | |
| Apr 3, 2014 | 13.82 | = | 66.36 | ÷ | 4.80 | 4.80 | = | 452,098 | ÷ | 94,125,832 | |
| Apr 4, 2013 | 12.10 | = | 50.69 | ÷ | 4.19 | 4.19 | = | 409,163 | ÷ | 97,696,301 | |
| Mar 29, 2012 | 9.85 | = | 37.75 | ÷ | 3.83 | 3.83 | = | 381,732 | ÷ | 99,584,007 | |
| Mar 31, 2011 | 13.15 | = | 40.50 | ÷ | 3.08 | 3.08 | = | 323,414 | ÷ | 104,980,876 | |
| Apr 1, 2010 | 23.93 | = | 27.04 | ÷ | 1.13 | 1.13 | = | 121,442 | ÷ | 107,452,150 | |
| Apr 2, 2009 | — | = | 11.00 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 105,684,660 | |
| Apr 3, 2008 | — | = | 26.38 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 105,351,910 | |
| Mar 29, 2007 | — | = | 34.63 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 109,881,292 | |
| Apr 7, 2006 | — | = | 42.74 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 114,893,520 | |
| Apr 15, 2005 | — | = | 33.66 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 115,426,679 |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Williams-Sonoma Inc. Annual Report.
The financial trajectory from 2005 to 2024 is characterized by a significant long-term increase in both equity value and operational efficiency, although the correlation between share price and operating profit has experienced periods of substantial volatility.
- Share Price Evolution
- A recovery phase is evident following a low of 11.00 USD in 2009, with prices climbing steadily through 2019. A period of intense valuation growth occurred between 2020 and 2024, during which the share price ascended from 42.05 USD to a peak of 295.05 USD, representing a marked increase in market capitalization.
- Operating Profitability Trends
- Operating profit per share demonstrated consistent growth from 1.13 USD in 2010 to 5.55 USD in 2019. A sharp acceleration in operational efficiency is observed beginning in 2021, with profits rising to 11.95 USD and reaching a peak of 22.63 USD in 2023, followed by a moderate correction to 19.41 USD in 2024.
- Price to Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio reflects shifting market sentiment relative to operational performance. Following a peak of 23.93 in 2010, the ratio remained relatively stable, generally oscillating between 9 and 15 until 2019. A significant contraction in the multiple is observed between 2020 and 2023, where the ratio fell to a historical low of 5.20, indicating that operating profit growth substantially outpaced share price appreciation during this window. This trend reversed sharply in 2024, with the ratio expanding to 15.20, signaling a renewed market premium on the company's operating earnings.
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Comparison to Competitors
Williams-Sonoma Inc., P/OP, long-term trends, comparison to competitors
| Williams-Sonoma Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | |
|---|---|---|---|---|
| Mar 20, 2024 | 15.20 | 35.40 | 17.32 | 12.58 |
| Mar 24, 2023 | 5.20 | 48.43 | 12.16 | 11.18 |
| Mar 28, 2022 | 7.32 | 86.50 | 14.22 | 12.45 |
| Mar 30, 2021 | 15.39 | 64.48 | 17.25 | 13.52 |
| Mar 27, 2020 | 6.97 | 72.85 | 12.33 | 8.11 |
| Apr 4, 2019 | 10.70 | 68.77 | 13.51 | 21.77 |
| Mar 29, 2018 | 9.69 | 64.31 | 13.82 | 10.61 |
| Mar 30, 2017 | 9.63 | 168.60 | 13.26 | 11.97 |
| Mar 31, 2016 | 9.99 | 94.32 | 13.88 | 13.66 |
| Apr 2, 2015 | 14.53 | 123.77 | 14.03 | 14.77 |
| Apr 3, 2014 | 13.82 | 925.12 | 11.86 | — |
| Apr 4, 2013 | 12.10 | 221.06 | 13.35 | — |
| Mar 29, 2012 | 9.85 | 183.43 | 11.36 | — |
| Mar 31, 2011 | 13.15 | 94.71 | 10.38 | — |
| Apr 1, 2010 | 23.93 | 54.92 | 11.50 | — |
| Apr 2, 2009 | — | 49.38 | 9.64 | — |
| Apr 3, 2008 | — | 29.93 | 6.82 | — |
| Mar 29, 2007 | — | 47.85 | 7.50 | — |
| Apr 7, 2006 | — | 43.07 | 9.71 | — |
| Apr 15, 2005 | — | 37.83 | 10.28 | — |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).