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).
Historical Valuation Ratios (Summary)
Alphabet Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
The analysis of the financial valuation multiples over the examined quarterly periods reveals several noteworthy trends and patterns.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrated a general declining trajectory from early 2021 through mid-2022, decreasing from 31.05 in March 2021 to a low of 18.32 in September 2022. This suggests a compression in market valuation relative to earnings, possibly reflecting growth concerns or changes in profitability expectations. Following this trough, the P/E ratio experienced fluctuations, increasing to 26.82 by June 2023, then generally stabilizing around the low to mid-20s for several quarters. However, towards late 2024 and early 2025, the ratio declined sharply again to 17.91 by March 2025, indicating renewed valuation compression before a rebound to 27.38 in September 2025. This pattern may reflect market reactions to earnings volatility or broader economic factors affecting investor sentiment.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio showed a downward trend from 32.1 in March 2021 to 15.62 in September 2022, indicating a reduced price premium relative to operating profits. This decline aligns with the trend observed in the P/E ratio, suggesting consistent market reassessment of operating profit-based valuations during this period. Subsequent quarters saw a moderate recovery and stabilization in the ratio, with values fluctuating between approximately 18 and 23 until late 2024. The ratio declined again to 16.92 in March 2025 before sharply rising to 27.42 by September 2025. This volatility suggests shifting perceptions about operational efficiency or profit quality impacting investor valuations.
- Price to Sales (P/S) Ratio
- The P/S ratio displayed a consistent decline from 8.11 in March 2021 to a low of 4.35 in September 2022, indicating a significant contraction in valuation relative to sales. This reduction was likely influenced by slower revenue growth or reevaluation of sales quality. From that point forward, the ratio generally recovered, rising to 6.75 by March 2024, showing improving market confidence in revenue-based valuation. Subsequently, the P/S ratio declined slightly but remained elevated compared to the low in 2022, and ended at 8.82 in September 2025, the highest level in the observed period, indicating a strong increase in market valuation relative to sales towards the end of the timeframe.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed a similar pattern of decline from 6.93 in March 2021 to 4.84 in September 2022, reflecting a decrease in market valuation relative to book equity. This decline may indicate concerns regarding asset quality or future growth prospects tied to the balance sheet. Subsequently, the ratio experienced a rebound, gradually increasing to a peak of 7.33 in March 2024. The ratio fluctuated moderately thereafter, with a decrease to 5.76 in March 2025 followed by a rise to 8.79 in September 2025, the highest point recorded, suggesting renewed confidence in the balance sheet value or improving asset utilization considerations from the market’s perspective.
Overall, the valuation multiples exhibit a pattern of decline through mid to late 2022, likely reflecting market concerns amid an uncertain economic environment or evolving performance expectations. From 2023 onward, there is a partial recovery and stabilization across most ratios, with significant volatility towards the final quarters analyzed. The sharp increases in valuation multiples in late 2025 may correspond to optimistic reassessments of earnings prospects, operational efficiency, revenue growth, and balance sheet strength.
Price to Earnings (P/E)
Alphabet Inc., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | 13,219,426,420 | 13,275,279,880 | 13,335,098,080 | 13,403,275,860 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in millions) | 34,979) | 28,196) | 34,540) | 26,536) | 26,301) | 23,619) | 23,662) | 20,687) | 19,689) | 18,368) | 15,051) | 13,624) | 13,910) | 16,002) | 16,436) | 20,642) | 18,936) | 18,525) | 17,930) | ||||||
| Earnings per share (EPS)2 | 10.30 | 9.56 | 9.15 | 8.21 | 7.70 | 7.12 | 6.67 | 5.94 | 5.33 | 4.83 | 4.61 | 4.68 | 5.18 | 5.52 | 5.66 | 5.75 | 5.32 | 4.72 | 3.83 | ||||||
| Share price1, 3 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | 148.04 | 146.43 | 136.38 | 119.00 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 27.38 | 20.22 | 17.91 | 23.54 | 22.87 | 24.49 | 26.05 | 23.89 | 23.76 | 26.82 | 22.64 | 22.47 | 18.32 | 20.58 | 20.32 | 25.74 | 27.53 | 28.90 | 31.05 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Comcast Corp. | 4.40 | 5.36 | 7.89 | 7.86 | 11.39 | 9.88 | 9.64 | 12.01 | 10.40 | 28.75 | 29.69 | 31.38 | 25.58 | 12.39 | 13.00 | 16.01 | 16.37 | 21.39 | 22.12 | ||||||
| Meta Platforms Inc. | 28.70 | 27.17 | 21.59 | 27.91 | 25.80 | 24.48 | 24.47 | 30.97 | 24.92 | 35.58 | 28.51 | 21.10 | 9.01 | 12.84 | 14.91 | 16.44 | 21.80 | 25.93 | 27.69 | ||||||
| Netflix Inc. | 45.35 | 50.14 | 44.68 | 47.72 | 41.97 | 38.31 | 37.14 | 45.65 | 38.78 | 44.61 | 34.72 | 36.17 | 23.66 | 19.54 | 19.36 | 33.56 | 57.28 | 51.57 | 60.01 | ||||||
| Trade Desk Inc. | — | 103.52 | 71.43 | 90.94 | 212.26 | 171.26 | 212.06 | 206.87 | 246.46 | 306.77 | 410.83 | 609.53 | — | 788.40 | 211.66 | 284.75 | 151.46 | 147.73 | 96.69 | ||||||
| Walt Disney Co. | 17.93 | 20.60 | 35.59 | 39.74 | 32.64 | 113.35 | 60.90 | 73.44 | 71.09 | 44.85 | 61.51 | 54.90 | 65.23 | 72.29 | 86.97 | 137.89 | 289.34 | — | — | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= (34,979,000,000 + 28,196,000,000 + 34,540,000,000 + 26,536,000,000)
÷ 12,067,000,000 = 10.30
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 281.90 ÷ 10.30 = 27.38
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the analyzed periods. Initially, there was a gradual increase from $119 at the end of March 2021 to a peak of $148.04 by December 2021. Subsequently, a decline was observed through 2022, with the share price reaching a low near $94.82 in September 2022. Recovery began in late 2022, strengthening throughout 2023 and into 2024, culminating in a significant rise reaching $193.3 by December 2024. The upward trend accelerated markedly in early 2025, with the price surging to $281.9 by September 2025, indicating strong market confidence or positive underlying performance factors during this latter period.
- Earnings Per Share (EPS) Analysis
- EPS showed a generally consistent upward trajectory over the entire timeframe. From $3.83 in March 2021, EPS steadily increased each quarter, reflecting ongoing profitability growth. Slight fluctuations appeared during 2022, where EPS dipped moderately between June and December 2022, from 5.52 to 4.68. However, this was temporary, as EPS resumed its ascent in 2023, ultimately reaching $10.3 by September 2025. This continuous EPS improvement underscores sustained earnings growth and increasing profitability on a per-share basis.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio experienced considerable variation that correlates interestingly with share price and EPS movements. Initially, P/E decreased from 31.05 in March 2021 to a low of 18.32 by September 2022, coinciding with rising EPS and a falling share price. This implies the stock became relatively more attractively valued during this period due to earnings growth outpacing price movements. From late 2022 through 2024, P/E ratios fluctuated between roughly 22 and 26, suggesting market valuation stabilized in response to balanced EPS and share price dynamics. In early 2025, despite significant share price appreciation, the P/E ratio declined to 17.91 by March 2025 before rising again to 27.38 by September 2025. This divergence indicates periods where either earnings growth momentarily outpaced price gains or market expectations adjusted sharply upward towards the end of the period.
- Summary Insights
- Overall, the data reflects a company demonstrating strong earnings growth sustained over several years, with EPS more than doubling from early 2021 to late 2025. Share price movements were more volatile but trended upward overall, especially with considerable strength observed in 2024 and 2025. The variable P/E ratio suggests changing market sentiment and valuation adjustments reflective of earnings performance and share price volatility. The pronounced increase in share price in 2025, coupled with rising EPS, points to heightened investor optimism and potentially favorable operational or market conditions driving value creation during the latest periods.
Price to Operating Profit (P/OP)
Alphabet Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | 13,219,426,420 | 13,275,279,880 | 13,335,098,080 | 13,403,275,860 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in millions) | 31,228) | 31,271) | 30,606) | 30,972) | 28,521) | 27,425) | 25,472) | 23,697) | 21,343) | 21,838) | 17,415) | 18,160) | 17,135) | 19,453) | 20,094) | 21,885) | 21,031) | 19,361) | 16,437) | ||||||
| Operating profit per share2 | 10.28 | 10.04 | 9.68 | 9.22 | 8.59 | 7.96 | 7.47 | 6.78 | 6.29 | 5.91 | 5.68 | 5.84 | 6.07 | 6.32 | 6.25 | 5.95 | 5.46 | 4.70 | 3.71 | ||||||
| Share price1, 3 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | 148.04 | 146.43 | 136.38 | 119.00 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 27.42 | 19.25 | 16.92 | 20.97 | 20.51 | 21.92 | 23.24 | 20.92 | 20.13 | 21.93 | 18.38 | 18.01 | 15.62 | 17.97 | 18.39 | 24.86 | 26.82 | 29.02 | 32.10 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Comcast Corp. | 4.49 | 5.45 | 5.35 | 5.46 | 7.33 | 6.37 | 6.33 | 7.93 | 6.75 | 12.94 | 11.89 | 12.00 | 9.64 | 7.83 | 8.75 | 10.89 | 11.91 | 14.39 | 14.66 | ||||||
| Meta Platforms Inc. | 20.51 | 24.69 | 19.68 | 25.09 | 22.96 | 21.42 | 20.99 | 25.90 | 20.16 | 27.97 | 22.11 | 16.91 | 7.39 | 10.83 | 12.68 | 13.84 | 18.71 | 22.67 | 24.49 | ||||||
| Netflix Inc. | 37.42 | 41.76 | 37.21 | 39.91 | 33.87 | 31.43 | 30.36 | 35.50 | 29.21 | 33.68 | 27.12 | 28.85 | 20.88 | 16.77 | 15.62 | 27.71 | 44.39 | 37.28 | 40.38 | ||||||
| Trade Desk Inc. | — | 90.92 | 64.99 | 83.69 | 173.83 | 142.04 | 169.07 | 184.64 | 241.10 | 269.27 | 295.72 | 286.30 | — | 669.01 | 212.81 | 314.28 | 166.23 | 177.79 | 164.94 | ||||||
| Walt Disney Co. | 17.26 | 15.44 | 21.45 | 23.75 | 19.06 | 39.89 | 29.75 | 33.90 | 34.95 | 26.48 | 32.61 | 26.43 | 31.54 | 35.31 | 53.03 | 91.54 | 197.21 | — | — | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024)
÷ No. shares of common stock outstanding
= (31,228,000,000 + 31,271,000,000 + 30,606,000,000 + 30,972,000,000)
÷ 12,067,000,000 = 10.28
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 281.90 ÷ 10.28 = 27.42
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits notable volatility over the observed periods. Initially, there is a steady increase from $119 to $148.04 between the first quarter of 2021 and the end of that year. Following this peak, prices decline to a low of $94.82 by the third quarter of 2022. Subsequently, the share price recovers substantially, reaching a new high of $193.30 at the end of 2024 and further continuing an upward trajectory to $281.90 by the third quarter of 2025. This indicates strong overall growth in market valuation despite interim fluctuations.
- Operating Profit Per Share (OPPS) Dynamics
- The operating profit per share shows a consistent upward trend throughout the time frame. Starting at $3.71 in the first quarter of 2021, there is a continuous quarter-over-quarter increase, culminating in a value of $10.28 by the third quarter of 2025. The growth in OPPS reflects improvements in the company's operational efficiency or profitability on a per-share basis, signaling solid financial performance gains over time.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio demonstrates a declining trend early on, from 32.1 down to a trough around 15.62 by the third quarter of 2022, suggesting that share prices were becoming more attractive relative to operating profit per share during that period. After this point, the ratio experiences fluctuations, rising again to higher levels near 23.24 and then decreasing to values between approximately 16.92 and 27.42 across subsequent periods. The ratio's variability may imply changing investor sentiment, market conditions, or expectations about future profitability, despite the steady rise in operating profits.
- Summary of Relationship Between Metrics
- Despite steady growth in operating profits per share, the share price does not follow a purely linear trend, reflecting market volatility and shifts in valuation multiples. The P/OP ratio’s movements indicate that the market alternately values the company's earnings more or less favorably over time. The sharp rise in share price from early 2024 onwards, coupled with a rising but variable P/OP ratio, may suggest increased investor confidence or expectations of accelerated growth beyond operational earnings at that time.
Price to Sales (P/S)
Alphabet Inc., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | 13,219,426,420 | 13,275,279,880 | 13,335,098,080 | 13,403,275,860 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | 102,346) | 96,428) | 90,234) | 96,469) | 88,268) | 84,742) | 80,539) | 86,310) | 76,693) | 74,604) | 69,787) | 76,048) | 69,092) | 69,685) | 68,011) | 75,325) | 65,118) | 61,880) | 55,314) | ||||||
| Sales per share2 | 31.94 | 30.71 | 29.64 | 28.71 | 27.76 | 26.67 | 25.74 | 24.72 | 23.74 | 22.96 | 22.42 | 22.08 | 21.80 | 21.32 | 20.53 | 19.49 | 18.02 | 16.52 | 14.67 | ||||||
| Share price1, 3 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | 148.04 | 146.43 | 136.38 | 119.00 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 8.82 | 6.29 | 5.53 | 6.73 | 6.34 | 6.54 | 6.75 | 5.74 | 5.34 | 5.65 | 4.66 | 4.76 | 4.35 | 5.33 | 5.60 | 7.60 | 8.13 | 8.26 | 8.11 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Comcast Corp. | 0.81 | 0.99 | 1.00 | 1.03 | 1.36 | 1.23 | 1.22 | 1.52 | 1.30 | 1.55 | 1.40 | 1.39 | 1.14 | 1.43 | 1.55 | 1.95 | 2.08 | 2.45 | 2.49 | ||||||
| Meta Platforms Inc. | 8.87 | 10.87 | 8.45 | 10.58 | 9.17 | 8.41 | 7.84 | 8.98 | 5.84 | 6.65 | 5.21 | 4.20 | 2.20 | 3.62 | 4.65 | 5.49 | 7.82 | 9.64 | 9.90 | ||||||
| Netflix Inc. | 10.90 | 12.32 | 10.31 | 10.66 | 8.69 | 7.49 | 6.84 | 7.32 | 5.36 | 5.90 | 4.57 | 5.14 | 3.79 | 3.21 | 3.19 | 5.78 | 10.10 | 8.21 | 8.55 | ||||||
| Trade Desk Inc. | — | 16.12 | 11.46 | 14.62 | 28.32 | 19.95 | 20.77 | 19.02 | 20.57 | 22.90 | 19.30 | 20.62 | 13.17 | 19.16 | 16.47 | 32.79 | 38.06 | 37.58 | 26.02 | ||||||
| Walt Disney Co. | 2.19 | 1.95 | 2.16 | 2.16 | 1.73 | 2.15 | 2.04 | 1.94 | 1.82 | 2.12 | 2.42 | 2.09 | 2.53 | 2.50 | 3.67 | 4.08 | 5.12 | 5.55 | 5.70 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= (102,346,000,000 + 96,428,000,000 + 90,234,000,000 + 96,469,000,000)
÷ 12,067,000,000 = 31.94
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 281.90 ÷ 31.94 = 8.82
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable volatility throughout the analyzed periods. It started at $119 in the first quarter of 2021, rising steadily to a peak near $148 by the end of 2021. Subsequently, the price declined sharply in 2022, reaching a low around $94.82 in the third quarter before a moderate recovery occurred toward the end of 2022. From 2023 onwards, the share price resumed an upward trajectory, with particularly strong growth in the latter quarters of 2023 and into 2024, reaching a high of $193.3 by the end of 2024. After a brief dip in early 2025, the share price surged dramatically, exceeding $280 by the third quarter of 2025.
- Sales per Share Development
- Sales per share showed a consistent, steady increase across all reported quarters. Starting at $14.67 in the first quarter of 2021, this metric rose gradually each quarter without interruption, surpassing $31 by the third quarter of 2025. This upward trend indicates sustained growth in underlying sales performance over the observed periods.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio displayed considerable fluctuation over the time span. Initially, it remained elevated, exceeding 8 in early 2021 but began to decline midway through 2021 and into 2022. The lowest observed P/S ratio was approximately 4.35 in the third quarter of 2022, coinciding with the nadir of the share price. Following this trough, the ratio experienced a moderate recovery, fluctuating between about 5.3 to 6.7 through 2023 and much of 2024. By 2025, the P/S ratio showed a significant expansion, reaching nearly 8.82 in the third quarter, reflecting improved market valuation relative to sales.
- Overall Insights
- The data reveals a strong underlying sales growth, demonstrated by the steady increase in sales per share over the entire period. The share price movements suggest external market influences or investor sentiment had significant impacts, causing periods of price volatility, particularly in 2022. The P/S ratio's variation reflects market valuation adjustments relative to sales; its recovery and expansion in recent quarters imply growing investor confidence and potentially favorable future expectations. The divergence between steady sales growth and fluctuating share prices highlights the importance of market conditions beyond fundamental sales performance in influencing stock valuation during this period.
Price to Book Value (P/BV)
Alphabet Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | 13,219,426,420 | 13,275,279,880 | 13,335,098,080 | 13,403,275,860 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | 251,635) | 244,567) | 237,565) | 230,013) | ||||||
| Book value per share (BVPS)2 | 32.06 | 30.01 | 28.45 | 26.67 | 25.66 | 24.43 | 23.70 | 22.79 | 21.83 | 21.19 | 20.55 | 20.00 | 19.60 | 19.58 | 19.29 | 19.04 | 18.42 | 17.82 | 17.16 | ||||||
| Share price1, 3 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | 148.04 | 146.43 | 136.38 | 119.00 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 8.79 | 6.44 | 5.76 | 7.25 | 6.86 | 7.14 | 7.33 | 6.22 | 5.80 | 6.12 | 5.08 | 5.26 | 4.84 | 5.80 | 5.96 | 7.78 | 7.95 | 7.66 | 6.93 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Comcast Corp. | 1.03 | 1.27 | 1.43 | 1.49 | 1.95 | 1.79 | 1.80 | 2.24 | 1.91 | 2.22 | 2.04 | 2.08 | 1.72 | 1.90 | 1.97 | 2.36 | 2.48 | 2.81 | 2.80 | ||||||
| Meta Platforms Inc. | 8.66 | 9.96 | 7.78 | 9.53 | 8.71 | 8.03 | 7.49 | 7.91 | 5.19 | 5.98 | 4.90 | 3.89 | 2.09 | 3.43 | 4.52 | 5.18 | 6.59 | 7.31 | 6.99 | ||||||
| Netflix Inc. | 18.23 | 20.59 | 17.24 | 16.80 | 14.37 | 12.29 | 11.19 | 11.99 | 7.94 | 8.30 | 6.68 | 7.82 | 5.81 | 5.22 | 5.53 | 10.83 | 18.89 | 16.34 | 17.51 | ||||||
| Trade Desk Inc. | — | 16.02 | 10.84 | 12.12 | 24.91 | 18.04 | 19.70 | 17.10 | 17.47 | 19.15 | 16.36 | 15.38 | 10.20 | 14.95 | 12.90 | 25.68 | 32.74 | 32.37 | 21.48 | ||||||
| Walt Disney Co. | 1.90 | 1.76 | 1.96 | 1.96 | 1.55 | 1.94 | 1.81 | 1.74 | 1.64 | 1.89 | 2.12 | 1.82 | 2.22 | 2.11 | 2.98 | 3.11 | 3.76 | 3.79 | 4.12 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 386,867,000,000 ÷ 12,067,000,000 = 32.06
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 281.90 ÷ 32.06 = 8.79
5 Click competitor name to see calculations.
The share price exhibits notable fluctuations over the observed periods, beginning at $119 and progressing through various peaks and troughs. Initial growth is seen from March 2021 through December 2021, rising from $119 to $148.04, followed by a decline to a low near $94.82 in September 2022. Subsequently, the share price demonstrates a recovery trend with some volatility, reaching a peak of $281.9 by September 2025, indicating substantial appreciation in value over the long term.
The book value per share (BVPS) shows a consistent and steady upward trajectory throughout the periods analyzed. Starting at $17.16 in March 2021, it gradually increased each quarter, reaching $32.06 by September 2025. This steady growth in book value per share suggests continuous strengthening of the company's net asset base on a per-share basis.
The price-to-book value (P/BV) ratio, which represents the market valuation relative to the company's book value, fluctuates significantly across the time frame. Initially high at 6.93 in March 2021, it peaks around 7.95 in September 2021 before declining to a low near 4.84 in September 2022. Thereafter, it rebounds and oscillates between approximately 5.08 and 8.79, with the highest recorded value appearing in September 2025. The variability in this ratio reflects changes in market sentiment and valuation multiples, influenced by both share price fluctuations and the steadily increasing book value.
- Share Price Trends
- Exhibits initial growth followed by a pronounced decline, then a strong recovery culminating in a substantial increase by the end of the period.
- Book Value per Share (BVPS)
- Displays consistent growth each quarter, indicating strengthening net asset value on a per-share basis.
- Price-to-Book Value (P/BV) Ratio
- Fluctuates notably, reflecting changing market valuations relative to the steady increase in book value, with a tendency to peak when share prices rise sharply.
Overall, the data points to a company whose intrinsic book value has shown steady improvement, while market valuation, as represented by the share price and P/BV ratio, has experienced volatility but ended with strong investor confidence and higher valuation multiples by the end of the analyzed period.