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)
Zoetis Inc., historical price multiples (quarterly data)
Based on: 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio showed notable fluctuations starting from the first available data in March 2020. Initially, the ratio decreased from 45.89 in March 2020 to 37.05 in June 2020. It then rose significantly, peaking at 51.98 by December 2021. After this peak, there was a clear downward trend, dropping to 29.57 in September 2022. Subsequently, the ratio experienced moderate increases and decreases, settling around 31.91 by March 2024. Overall, the P/E ratio indicates volatility with phases of both expansion and contraction in market valuation relative to earnings over this period.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio similarly experienced variability over the timeframe. From a high of 35 in March 2020, the ratio declined to 28.78 by June 2020, then rebounded to 38.47 in December 2021. Following that, there was a consistent downward movement, reaching as low as 21.67 in September 2022. Following this trough, the ratio showed minor recoveries but generally remained at lower levels compared to previous peaks, finishing at 24.57 in March 2024. The trend suggests fluctuating market expectations of operating profit performance with a recent inclination towards more conservative valuations.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio revealed dynamic changes throughout the observed quarters. Starting at 11 in March 2020, the ratio decreased to 9.42 in June 2020. It then peaked to 13.53 by December 2021, indicating increased valuation relative to sales during that period. Afterward, there was a marked decline, bottoming at 7.63 in September 2022. A moderate recovery ensued, with values oscillating around 8.74 to 10.6 from late 2022 to early 2024. This pattern reflects periods of optimistic sales valuation followed by normalization at lower multiples.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio showed a downward trend over the longer term. Starting from 21.31 in March 2019, the ratio oscillated with some increases but mostly declined, reaching a low of 13.11 in September 2022. Some recovery followed, with values rising to a range of 15.09 to 18.84 up to mid-2023, and ending near 15.09 in March 2024. The overall trend indicates a gradual reduction in market valuation relative to book value, with intermittent moderate recoveries.
- Summary of Trends
- Across all four valuation metrics, a pattern emerges where ratios tend to peak around late 2021, followed by declines throughout 2022, particularly evident in P/E, P/OP, P/S, and P/BV ratios. This may suggest that market valuations were highest at that time relative to earnings, operating profits, sales, and book value. The declines in 2022 indicate a reassessment or more cautious market sentiment. Recent quarters show mild stabilization or partial recovery in valuations, yet not reaching prior peak levels. The data suggests a period of heightened expectations through 2021, followed by normalization and conservative market positioning in subsequent periods.
Price to Earnings (P/E)
Zoetis Inc., historical P/E calculation (quarterly data)
| 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 attributable to Zoetis Inc. (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2024 Calculation
EPS
= (Net income attributable to Zoetis Inc.Q1 2024
+ Net income attributable to Zoetis Inc.Q4 2023
+ Net income attributable to Zoetis Inc.Q3 2023
+ Net income attributable to Zoetis Inc.Q2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price Trends
- The share price exhibited a generally upward trajectory from early 2019 through mid-2021, increasing from approximately $103.15 to a peak near $217.77 in September 2021. After this high point, there was notable volatility characterized by a decline into early 2023 with values moving down to approximately $131.14 in September 2022. Subsequently, the price showed a degree of recovery, fluctuating around the $167–$189 range toward the end of 2023 and early 2024.
- Earnings Per Share (EPS) Trends
- EPS data is available from March 2020 onward, displaying a consistent upward trend across all quarters. Starting from $3.16 in March 2020, EPS steadily increased every quarter, reaching $5.24 by March 2024. This indicates strong and continual growth in profitability over the observed period.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio exhibits a more fluctuating pattern compared to EPS and share price. Initially high in March 2020 at 45.89, it generally declined over time with intermittent increases. A notable drop occurred between late 2021 and early 2023, with the ratio decreasing from about 51.98 in December 2021 to as low as 29.57 in December 2022. In early 2024, the P/E ratio stabilized in the low-to-mid 30s, reflecting a possible recalibration of market valuation relative to earnings growth.
In summary, while the share price has experienced volatility—ultimately reflecting varying market sentiments—the company’s earnings have shown persistent growth. The declining P/E ratio in recent periods suggests that the market may be valuing the company’s earnings more conservatively despite continued EPS increases. This combination could signal evolving investor perspectives on risk, growth prospects, or broader market conditions affecting valuation multiples.
Price to Operating Profit (P/OP)
Zoetis Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2024 Calculation
Operating profit per share
= (Operating incomeQ1 2024
+ Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trajectory with some fluctuations from March 2019 to the first quarter of 2024. Initially, the price increased steadily, reaching a peak around the second and third quarters of 2021. Subsequently, it showed volatility with periods of decline and recovery. Notable declines occurred in the latter half of 2022 and early 2024, while rebounds were observed around the start of 2023 and mid-2023.
- Operating Profit Per Share
- Operating profit per share data begins from the first quarter of 2020, showing consistent growth over the examined period. The metric increased from 4.14 US$ to 6.81 US$ by the first quarter of 2024, indicating a gradual and steady improvement in operational efficiency or profitability on a per-share basis. This rise suggests stronger operational performance throughout the quarters.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio, representing the valuation of the company relative to its operating profit per share, demonstrated significant variability over the same period. Initially, it reflected a declining trend from 35 down to around 28 by mid-2020, followed by fluctuations between the mid-20s and high 30s. The ratio showed a marked reduction towards the end of 2022, dropping to approximately 21.67, reflecting either an increase in operating profit per share outpacing share price growth or a decline in market valuation. After this low, the ratio rose again moderately and remained within the mid-20s to high 20s range up to the first quarter of 2024.
- Overall Financial Insight
- The data indicates a company experiencing steady operational profitability enhancement, as evidenced by the rising operating profit per share. The share price, however, has shown more volatility, suggesting market sensitivity to external or internal factors that influence valuation beyond pure operational metrics. The P/OP ratios illustrate changing market perceptions of value relative to operating profits, with periods of both market premium expansions and contractions. The combination of rising profitability with fluctuating market valuations suggests a dynamic environment where shareholder returns might be influenced by broader economic or sector-specific variables.
Price to Sales (P/S)
Zoetis Inc., historical P/S calculation (quarterly data)
| 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$) | ||||||||||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2024 Calculation
Sales per share
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several key trends in the share price, sales per share, and price-to-sales (P/S) ratio over multiple quarters.
- Share Price
- The share price shows considerable volatility with an overall upward trajectory from March 2019 through mid-2021, peaking around the third quarter of 2021. Following this peak, the price experiences pronounced fluctuations with notable declines in late 2022 and mid-2023, partially recovering toward the end of 2023 and early 2024. The highest recorded prices occur in the mid-2021 period, after which renewed volatility and decreases are evident.
- Sales per Share
- Sales per share data begins in March 2020 and demonstrates a steady, consistent increase each quarter without interruption. This progression indicates sustained growth in revenue on a per-share basis over nearly four years, rising from 13.18 US$ to 19.14 US$ by March 2024, reflecting positive operational performance and likely expanding market demand or efficiency improvements.
- Price-to-Sales (P/S) Ratio
- The P/S ratio shows significant fluctuation over time, with values spanning from a high above 13 in early 2021 to lows around 7.63 in late 2022. This oscillation suggests changing market sentiment or valuation dynamics relative to sales growth. The ratio tends to decline after peaking, indicating the market adjusting the share price relative to sales either through price corrections or accelerated sales. Despite volatility, the P/S ratio remains mostly above 8 in recent quarters, indicating the company retains a valuation premium compared to sales.
Overall, the data suggests the company has experienced solid sales growth per share, which is partially reflected in the share price movements. However, market valuations as expressed by the P/S ratio exhibit periods of re-rating and correction, pointing to fluctuating investor confidence or macroeconomic factors impacting valuation multiples. The combination of steady sales increases with variable share price and valuation multiples highlights the complexity of market perceptions and the importance of ongoing operational performance for sustaining shareholder value.
Price to Book Value (P/BV)
Zoetis Inc., historical P/BV calculation (quarterly data)
| 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 Zoetis Inc. equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2024 Calculation
BVPS = Total Zoetis Inc. equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Zoetis Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates notable fluctuations over the observed periods, with a general upward trend from early 2019 through mid-2021, reaching a peak in the third quarter of 2021. Subsequently, the share price exhibits a decline through late 2022 but recovers again in early 2023 before experiencing more variability towards the latest quarter. The lowest values were recorded around the first quarter of 2019, while the highest was observed in September 2021.
The book value per share (BVPS) shows a consistent increase throughout the entire timeline. Starting from approximately 4.84 US dollars in March 2019, it steadily rises to a level slightly above 11 US dollars by the first quarter of 2024. This gradual growth reflects continuous enhancement in the underlying net asset value attributed to each share.
The price-to-book value (P/BV) ratio displays a more complex pattern. Initially, the ratio increases significantly from 21.31 to over 25 by the end of 2019 and mid-2020, indicating that the market price was valuing the shares at a premium relative to their book value. Afterward, the ratio generally declines, with a notable drop in late 2022 to around 13.11, the lowest point in this period. This reduction in the valuation multiple suggests either a market reassessment of the company’s growth prospects or changes in investor sentiment. Despite the decrease, the ratio remains above 13, indicating that the share price is consistently valued at multiple times the book value.
- Share Price Trend
- Shows an overall upward trajectory with peaks and troughs, peaking around Q3 2021, followed by a decline and partial recovery.
- Book Value Per Share (BVPS)
- Exhibits steady growth, more than doubling from the initial to the final period.
- Price-to-Book Value (P/BV) Ratio
- Fluctuates significantly, initially increasing to over 25 and later declining to around 13, indicating changing valuation multiples over time.