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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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2008
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
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Historical Valuation Ratios (Summary)
Activision Blizzard Inc., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins to be available from March 31, 2018, showing a generally increasing trend from 17.75 to a peak of 39.95 observed on September 30, 2022. This increase indicates a rising market valuation relative to the company's earnings over this period. Following the peak, the ratio decreases somewhat to 31.56 by March 31, 2023, suggesting a slight correction or stabilization in market expectations. Shorter-term fluctuations are present, but the longer-term trend is one of considerable growth in P/E valuation.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio begins at 16.19 on March 31, 2018, climbing steadily to reach 36.19 by September 30, 2022. This demonstrates an increasing premium placed by the market on operating profit over the observed timeframe. The ratio declines somewhat afterward, registering 29.45 on March 31, 2023, indicating a partial retracement. This pattern mirrors the P/E ratio's behavior, reinforcing a trend of increasing valuation multiples followed by some downward adjustment.
- Price to Sales (P/S) Ratio
- The P/S ratio starts at 4.29 in March 31, 2018, and shows a generally upward movement, peaking at 9.55 in September 30, 2020. Post this peak, the ratio demonstrates more variability but remains elevated relative to the early years, hovering mostly between 6.5 and 9.3. This suggests that the market has assigned a higher value relative to revenue over time even though some correction and volatility are evident in the latter periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows more fluctuation than the other multiples, with initial values declining from 5.18 in March 31, 2018, down to a low of 2.83 by December 31, 2018. Subsequently, the ratio moves within a range between approximately 2.9 and 5.0, without a clear upward or downward long-term trend. This mix of moderate increases and decreases suggests relatively stable valuation in relation to book value, with no sustained trend toward premium or discount over the covered period.
Price to Earnings (P/E)
Activision Blizzard Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates notable fluctuations over the observed periods. Initially, there is a decline from $66.82 in March 2018 to a low of $42.14 by December 2018, followed by a recovery trend that peaks around $96.42 in December 2020. Subsequently, the share price experiences volatility, with values generally ranging between approximately $70 and $92 from 2021 through mid-2023, indicating some stability but with periodic fluctuations.
Earnings per share (EPS) data, available starting in March 2019, show a gradual increase from $2.37 in March 2019 to a peak of $3.46 in December 2021. After this peak, EPS declines to $1.93 by March 2023 before recovering somewhat to $2.75 by June 2023. This pattern suggests an overall growth in profitability through 2021, followed by a period of diminished earnings which partially improve by mid-2023.
The price-to-earnings (P/E) ratio has generally trended upward from 17.75 in March 2019 to a high of 39.95 in March 2023, with some fluctuations in between. Elevated P/E ratios, especially those above 30 in the period of 2020 to 2023, typically reflect increased investor expectations or relatively higher share prices relative to earnings. The spike in P/E in early 2023 coincides with a lower EPS value, indicating that the earnings contraction contributed to the inflated valuation metric.
- Share Price Trends
- Initial decline in 2018, strong recovery and peak by late 2020, followed by continued volatility and moderate stability through mid-2023.
- Earnings per Share (EPS)
- Progressive growth through 2019 to late 2021, then notable decrease in early 2022 and early 2023, with signs of partial recovery by mid-2023.
- Price-to-Earnings (P/E) Ratio
- Generally increasing over time, reaching near 40 in early 2023, reflecting stronger market valuation despite temporary EPS declines.
Overall, the data suggest a company that experienced challenges in earnings growth in recent periods but maintained a relatively strong market valuation supported by share price performance. The elevated P/E ratios during periods of lower earnings point to investor optimism or other factors driving share price beyond earnings fundamentals.
Price to Operating Profit (P/OP)
Activision Blizzard Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct patterns in the share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio over the observed periods.
- Share Price
- The share price experienced fluctuations throughout the period. It started relatively high in early 2018, peaked notably around mid-2020 reaching above 96 US$, then showed some volatility but maintained a generally elevated level. The price dipped towards the end of 2019 and early 2020, followed by a significant rebound through late 2020 and early 2021. Afterward, the price displayed some moderate oscillations, with a dip in late 2022 before rising again in mid-2023 to around 93 US$.
- Operating Profit per Share
- Operating profit per share data becomes available starting from the first quarter of 2019. It initially showed a gradual decline from 2.6 US$ through late 2019 but then increased steadily from early 2020 through early 2022, peaking around 4.18 US$. Subsequently, it experienced a noticeable downward trend from mid-2022 to mid-2023, falling from 3.76 US$ to approximately 2.84 US$.
- Price-to-Operating-Profit (P/OP) Ratio
- The P/OP ratio exhibited significant variation over the quarters. Initially, from 2019 through 2020, the ratio rose sharply, reaching a peak exceeding 36 in early 2023. This increase indicates that the share price grew at a faster pace relative to operating profit per share during this time. Periods of elevated P/OP coincide with the decline in operating profit per share, reflecting potentially higher market valuation multiples. Conversely, when operating profit per share peaked (early 2022), the P/OP ratio tended to moderate but remained elevated compared to earlier years.
In summary, the financial data points to a company that experienced substantial share price appreciation, especially notable during the second half of 2020, accompanied by rising operating profitability through early 2022. However, since mid-2022, operating profit per share has decreased, while the share price remained relatively resilient, resulting in higher P/OP ratios and suggesting increased market valuation relative to earnings. This pattern may imply heightened market expectations or other factors influencing valuation beyond operating profits during the later periods.
Price to Sales (P/S)
Activision Blizzard Inc., historical P/S calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable volatility over the observed periods. Starting at $66.82 in March 2018, the price increased to a peak of $74.06 in June 2018 before declining sharply to $42.14 by December 2018. Following this decline, a recovery phase ensued, with the share price reaching $96.42 at the end of 2020. Throughout 2021, the price fluctuated moderately, ranging between approximately $77.67 and $88.69. In 2022, the share price saw some decline to a low of $71.10 in September, yet rebounded by June 2023 to $92.76, indicating a strong upward movement in the most recent quarter.
- Sales Per Share Analysis
- Sales per share data begins from March 2019 and reveals a generally positive growth trajectory. Starting at $9.82, sales per share experienced minor fluctuations but mostly trended upward, reaching $11.62 in December 2021, which marks the highest point in the record. After this peak, a gradual decline followed, bottoming near $9.40 in December 2022. However, a recovery trend reemerged by June 2023, with sales per share rising again to $11.07. This pattern suggests cyclicality with an overall growth tendency in sales revenue generated per share over the analyzed timeframe.
- Price-to-Sales (P/S) Ratio Insights
- The P/S ratio data, available from March 2019 onward, demonstrates notable increases over multiple quarters, reflecting valuation dynamics relative to sales. Initially standing at 4.29, the ratio rose steadily, peaking at 9.55 in September 2020, indicating elevated market valuation relative to sales at that time. Subsequently, it decreased to 6.68 by December 2021, followed by fluctuations around the 7 to 8 levels through 2022 and mid-2023. The ratio’s movements suggest periods of varying investor sentiment and expectations regarding future revenues, with heightened valuation during late 2020 followed by a partial normalization and then renewed strength in valuation towards mid-2023.
- Summary of Financial Patterns
- Overall, the financial data reveals a company experiencing significant market price volatility alongside consistent growth in sales per share. The share price and P/S ratio both indicate phases of elevated investor enthusiasm, notably around late 2020 and mid-2023, contrasted with periods of correction and more moderate valuation. The sales per share metric, showing growth with some cyclicality, underpins the revenue strength supporting these valuation changes. The interplay of these metrics reflects responsiveness to market conditions while maintaining an underlying improvement in sales performance.
Price to Book Value (P/BV)
Activision Blizzard Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Shareholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly data reveals notable fluctuations and trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price Trends
- The share price exhibits considerable volatility across the quarters. Initially, it decreases significantly from $66.82 in March 2018 to a low of $42.14 by December 2018. Subsequently, a recovery phase occurs, with prices rising to a peak of $96.42 in December 2020. However, this is followed by a period of decline and stabilization, where the share price fluctuates between approximately $70 and $92 up to June 2023. Notably, the highest points align with the latter part of 2020 and mid-2023, suggesting periods of increased market confidence or positive company developments.
- Book Value per Share (BVPS)
- The BVPS displays a steady upward trajectory throughout the entire timeframe, increasing from $12.90 in March 2018 to $26.43 by June 2023. This consistent growth in book value per share indicates continual accumulation of equity or retention of earnings, reflecting an overall strengthening in the company's net asset position on a per-share basis.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio experiences notable variations, starting at 5.18 in March 2018 and dipping to its lowest point of 2.83 in December 2018, coinciding with the trough in share price during the same period. Following this, the ratio recovers and fluctuates between approximately 3.1 and 5.0 from 2019 through 2021, reflecting changing market valuations relative to the book value. In the most recent periods, namely 2022 and 2023, the ratio tends to moderate, mostly ranging between 2.9 and 3.5. This stabilization suggests a more conservative market assessment of the company’s valuation relative to its book value.
Overall, the data indicate that while the book value per share steadily increases, the share price and P/BV ratio undergo more pronounced cyclical movements, reflecting variable market sentiment and valuation assessments over time. The combination of rising equity and fluctuating market valuation highlights the importance of examining both intrinsic value growth and market perceptions when analyzing financial performance across quarters.