Price to Sales (P/S)
since 2005
Calculation
Williams-Sonoma Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 20, 2024 | 2.44 | = | 295.05 | ÷ | 120.89 | 120.89 | = | 7,750,652 | ÷ | 64,112,265 | |
| Mar 24, 2023 | 0.90 | = | 117.70 | ÷ | 130.98 | 130.98 | = | 8,674,417 | ÷ | 66,228,239 | |
| Mar 28, 2022 | 1.29 | = | 148.55 | ÷ | 115.23 | 115.23 | = | 8,245,936 | ÷ | 71,558,874 | |
| Mar 30, 2021 | 2.07 | = | 184.00 | ÷ | 89.03 | 89.03 | = | 6,783,189 | ÷ | 76,192,973 | |
| Mar 27, 2020 | 0.55 | = | 42.05 | ÷ | 76.40 | 76.40 | = | 5,898,008 | ÷ | 77,197,681 | |
| Apr 4, 2019 | 0.82 | = | 59.36 | ÷ | 72.19 | 72.19 | = | 5,671,593 | ÷ | 78,563,968 | |
| Mar 29, 2018 | 0.83 | = | 52.76 | ÷ | 63.53 | 63.53 | = | 5,292,359 | ÷ | 83,310,319 | |
| Mar 30, 2017 | 0.90 | = | 52.43 | ÷ | 58.54 | 58.54 | = | 5,083,812 | ÷ | 86,840,278 | |
| Mar 31, 2016 | 0.98 | = | 54.74 | ÷ | 55.81 | 55.81 | = | 4,976,090 | ÷ | 89,158,790 | |
| Apr 2, 2015 | 1.55 | = | 79.61 | ÷ | 51.27 | 51.27 | = | 4,698,719 | ÷ | 91,642,370 | |
| Apr 3, 2014 | 1.42 | = | 66.36 | ÷ | 46.62 | 46.62 | = | 4,387,889 | ÷ | 94,125,832 | |
| Apr 4, 2013 | 1.22 | = | 50.69 | ÷ | 41.38 | 41.38 | = | 4,042,870 | ÷ | 97,696,301 | |
| Mar 29, 2012 | 1.01 | = | 37.75 | ÷ | 37.36 | 37.36 | = | 3,720,895 | ÷ | 99,584,007 | |
| Mar 31, 2011 | 1.21 | = | 40.50 | ÷ | 33.38 | 33.38 | = | 3,504,158 | ÷ | 104,980,876 | |
| Apr 1, 2010 | 0.94 | = | 27.04 | ÷ | 28.88 | 28.88 | = | 3,102,704 | ÷ | 107,452,150 | |
| Apr 2, 2009 | 0.35 | = | 11.00 | ÷ | 31.81 | 31.81 | = | 3,361,472 | ÷ | 105,684,660 | |
| Apr 3, 2008 | 0.70 | = | 26.38 | ÷ | 37.45 | 37.45 | = | 3,944,934 | ÷ | 105,351,910 | |
| Mar 29, 2007 | 1.02 | = | 34.63 | ÷ | 33.92 | 33.92 | = | 3,727,513 | ÷ | 109,881,292 | |
| Apr 7, 2006 | 1.39 | = | 42.74 | ÷ | 30.80 | 30.80 | = | 3,538,947 | ÷ | 114,893,520 | |
| Apr 15, 2005 | 1.24 | = | 33.66 | ÷ | 27.18 | 27.18 | = | 3,136,931 | ÷ | 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 long-term financial trajectory is characterized by a consistent increase in sales per share coupled with significant volatility in the Price-to-Sales (P/S) ratio, indicating that market valuation has fluctuated independently of steady revenue growth.
- Sales per Share Trend
- A sustained upward trajectory in sales per share is observed, increasing from 27.18 US$ in 2005 to 120.89 US$ in 2024. Aside from a brief contraction in 2009, the revenue generated per share has grown consistently over the two-decade period, reflecting an expansion of the underlying business scale.
- Price-to-Sales Ratio Volatility
- The P/S ratio exhibits marked cyclicality. A significant valuation contraction occurred between 2007 and 2009, with the ratio falling from 1.02 to a historical low of 0.35. After a recovery peak of 1.55 in 2015, the ratio trended downward again to 0.55 by 2020. This was followed by two aggressive spikes, first in 2021 to 2.07 and most recently in 2024 to 2.44, the highest multiple in the observed period.
- Valuation Divergence
- There is a notable divergence between the linear growth of sales per share and the non-linear movement of the share price. While sales per share grew by approximately 345% from 2005 to 2024, the P/S ratio's expansion in recent years suggests that the market is attributing a higher premium to each dollar of sales than was the case for the majority of the preceding two decades.
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Comparison to Competitors
Williams-Sonoma Inc., P/S, long-term trends, comparison to competitors
| Williams-Sonoma Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Mar 20, 2024 | 2.44 | 3.81 | 2.46 | 1.68 | 2.03 |
| Mar 24, 2023 | 0.90 | 3.10 | 1.86 | 1.17 | 1.77 |
| Mar 28, 2022 | 1.29 | 2.06 | 2.17 | 1.56 | 1.50 |
| Mar 30, 2021 | 2.07 | 3.41 | 2.39 | 1.46 | 2.48 |
| Mar 27, 2020 | 0.55 | 4.32 | 1.77 | 0.71 | 1.34 |
| Apr 4, 2019 | 0.82 | 3.56 | 1.94 | 1.23 | 1.66 |
| Mar 29, 2018 | 0.83 | 3.43 | 2.01 | 1.02 | 1.47 |
| Mar 30, 2017 | 0.90 | 3.89 | 1.88 | 1.08 | 1.53 |
| Mar 31, 2016 | 0.98 | 2.90 | 1.85 | 1.15 | 1.68 |
| Apr 2, 2015 | 1.55 | 2.58 | 1.77 | 1.26 | 1.65 |
| Apr 3, 2014 | 1.42 | 1.85 | 1.38 | 0.93 | 1.57 |
| Apr 4, 2013 | 1.22 | 2.21 | 1.39 | 0.82 | 1.33 |
| Mar 29, 2012 | 1.01 | 2.03 | 1.08 | 0.75 | 1.27 |
| Mar 31, 2011 | 1.21 | 1.70 | 0.89 | 0.73 | 0.89 |
| Apr 1, 2010 | 0.94 | 2.26 | 0.83 | 0.74 | 0.87 |
| Apr 2, 2009 | 0.35 | 2.27 | 0.59 | 0.56 | 0.56 |
| Apr 3, 2008 | 0.70 | 1.31 | 0.64 | 0.74 | 0.77 |
| Mar 29, 2007 | 1.02 | 2.11 | 0.80 | 1.02 | 0.69 |
| Apr 7, 2006 | 1.39 | 1.56 | 1.11 | 1.17 | 0.73 |
| Apr 15, 2005 | 1.24 | 1.93 | 1.11 | 1.14 | 0.79 |
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).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Williams-Sonoma Inc., P/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Williams-Sonoma Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 20, 2024 | 2.44 | 3.29 |
| Mar 24, 2023 | 0.90 | 2.59 |
| Mar 28, 2022 | 1.29 | 1.99 |
| Mar 30, 2021 | 2.07 | 2.94 |
| Mar 27, 2020 | 0.55 | 3.23 |
| Apr 4, 2019 | 0.82 | 2.73 |
| Mar 29, 2018 | 0.83 | 2.56 |
| Mar 30, 2017 | 0.90 | 2.67 |
| Mar 31, 2016 | 0.98 | 2.16 |
| Apr 2, 2015 | 1.55 | 1.97 |
| Apr 3, 2014 | 1.42 | 1.47 |
| Apr 4, 2013 | 1.22 | 1.52 |
| Mar 29, 2012 | 1.01 | 1.30 |
| Mar 31, 2011 | 1.21 | 1.06 |
| Apr 1, 2010 | 0.94 | 1.10 |
| Apr 2, 2009 | 0.35 | 0.83 |
| Apr 3, 2008 | 0.70 | 0.76 |
| Mar 29, 2007 | 1.02 | 0.96 |
| Apr 7, 2006 | 1.39 | 1.12 |
| Apr 15, 2005 | 1.24 | 1.14 |
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).
Comparison to Industry (Consumer Discretionary)
Williams-Sonoma Inc., P/S, long-term trends, comparison to industry (consumer discretionary)
| Williams-Sonoma Inc. | Consumer Discretionary | |
|---|---|---|
| Mar 20, 2024 | 2.44 | 3.45 |
| Mar 24, 2023 | 0.90 | 2.63 |
| Mar 28, 2022 | 1.29 | 2.27 |
| Mar 30, 2021 | 2.07 | 3.58 |
| Mar 27, 2020 | 0.55 | 3.81 |
| Apr 4, 2019 | 0.82 | 2.33 |
| Mar 29, 2018 | 0.83 | 2.05 |
| Mar 30, 2017 | 0.90 | 2.06 |
| Mar 31, 2016 | 0.98 | 1.68 |
| Apr 2, 2015 | 1.55 | 1.57 |
| Apr 3, 2014 | 1.42 | 1.32 |
| Apr 4, 2013 | 1.22 | 1.33 |
| Mar 29, 2012 | 1.01 | 1.06 |
| Mar 31, 2011 | 1.21 | 0.97 |
| Apr 1, 2010 | 0.94 | 0.96 |
| Apr 2, 2009 | 0.35 | 0.92 |
| Apr 3, 2008 | 0.70 | 0.66 |
| Mar 29, 2007 | 1.02 | 0.79 |
| Apr 7, 2006 | 1.39 | 0.86 |
| Apr 15, 2005 | 1.24 | 0.79 |
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).