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).
Paying user area
Try for free
Axon Enterprise Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Axon Enterprise Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Axon Enterprise Inc., historical price multiples (quarterly data)
Based on: 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).
The analysis of the quarterly financial ratios reveals distinct trends over the observed periods, indicating changes in market valuation metrics for the entity.
- Price to Earnings (P/E) Ratio
- The P/E ratio displays significant volatility when available from early 2019 through early 2023. Initial values in 2019 show an increasing trend, rising from 111.78 to a peak of 5221.88 by March 2020, suggesting an extreme surge which could imply either unusually high market expectations or suppressed earnings. Post this spike, data gaps occur, but from March 2022 onwards, the P/E ratio stabilizes within a narrower range between approximately 56.33 and 148.53, indicating a return to more normalized valuation multiples by early 2023.
- Price to Operating Profit (P/OP) Ratio
- This ratio is available only intermittently, with notable values in early 2019 and late 2022 to early 2023. Early 2019 figures indicate a sharp increase, peaking near 469.28 before a decrease to approximately 156.51 by September 2022. This pattern suggests volatility in operating profitability relative to market price, with a partial correction or improved profitability relative to price in later periods.
- Price to Sales (P/S) Ratio
- The P/S ratio presents a steady upward trend from early 2019 through late 2021, progressing from about 7.69 to a peak around 15.69. This rising ratio reflects increasing market valuation relative to sales, indicative of growing investor confidence or improved growth prospects. However, after this peak, the ratio declines through 2022, reaching values near 6.87 before rebounding to about 13.13 by March 2023. This decline and subsequent recovery may reflect fluctuations in sales performance or market sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts relatively high at 14.83 in March 2018, then generally decreases to a low near 5.65 by March 2022, indicating a diminishing market valuation relative to the company's book value. This downward trend suggests a reduction in market confidence or an increase in book value not matched by price appreciation. From March 2022, the ratio increases again, reaching about 11.95 by March 2023, signifying renewed investor optimism or changes in book value and price alignment.
Overall, the financial ratios demonstrate periods of significant volatility, with notable peaks and troughs in valuation multiples. The P/E and P/OP ratios show extreme spikes earlier in the analyzed timeframe, followed by stabilization. The P/S ratio's rising trend until late 2021 suggests improving market valuation against revenue, while the P/BV ratio's initial decreasing trend followed by recovery points to fluctuations in asset valuation and investor sentiment. These patterns indicate that market perception and financial performance have experienced cycles of optimism and correction during the quarters under review.
Price to Earnings (P/E)
Axon Enterprise Inc., historical P/E calculation (quarterly data)
| 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 (loss) (in thousands) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
EPS
= (Net income (loss)Q1 2023
+ Net income (loss)Q4 2022
+ Net income (loss)Q3 2022
+ Net income (loss)Q2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited an overall upward trend from March 2018 through March 2023, increasing from approximately $55.44 to $226.88. Notably, the share price experienced fluctuations within this period, with some periods of decline or stagnation. For example, there was a mild decrease in the middle of 2019 and a peak in December 2020 at $165.49, followed by a drop in December 2021 to $134.14. Subsequently, the share price rebounded significantly from March 2022 onwards, reaching its highest value of $226.88 in March 2023.
Regarding earnings per share (EPS), data were only available starting from March 2019. Initially, EPS showed a declining trend from 0.50 in March 2019 to negative values during 2020 and 2021, reaching a low point at -1.07 in September 2021. This indicates a period of unprofitability or losses. However, after this trough, EPS showed a recovery beginning in June 2022, reaching positive values and peaking at 2.02 in December 2022, followed by a slight decline to 1.86 in March 2023. This rebound suggests a return to profitability in the latter part of the period analyzed.
The price-to-earnings (P/E) ratio data, also available from March 2019, displayed extreme volatility. Initially, P/E values rose sharply from 111.78 in March 2019 to a very high peak of 5221.88 in December 2019, which could be attributed to the near-zero or negative EPS during this time, distorting the ratio. This was followed by several periods without reported P/E values, and later from June 2022 onwards, P/E ratios stabilized to more moderate levels ranging between approximately 56.33 and 148.53, with some fluctuations but markedly lower than the earlier peak. This stabilization aligns with the recovering EPS and growing share price, indicating improving investor confidence and earnings performance.
- Key observations
- The share price increased significantly over the five-year span despite considerable volatility.
- EPS trends indicated a phase of losses or weak profitability from 2019 through early 2022, followed by a clear recovery and return to positive earnings.
- P/E ratios were highly elevated and unstable when EPS was negative or near zero, but later balanced to levels more typical for a growing company.
- The recovery in earnings towards the end of the analysis period correlates with a share price increase and more reasonable valuation multiples.
Price to Operating Profit (P/OP)
Axon Enterprise Inc., historical P/OP calculation (quarterly data)
| 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$) | ||||||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2023
+ Income (loss) from operationsQ4 2022
+ Income (loss) from operationsQ3 2022
+ Income (loss) from operationsQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company demonstrated a general upward trend over the analyzed period, beginning at $55.44 at the end of the first quarter of 2018 and rising significantly to reach $226.88 by the first quarter of 2023. This reflects strong market appreciation despite some fluctuations throughout the timeframe. Notable peaks are observed in the fourth quarter of 2020 at $165.49 and the second quarter of 2021 at $192.59, followed by a dip in the subsequent quarters before renewed growth into 2023.
Operating profit per share showed more volatility and less consistent positive progression. Data for the earlier quarters in 2018 is missing; however, starting from the first quarter of 2019, the operating profit per share exhibited a declining trend, moving from 0.42 US$ in Q1 2019 to negative values reaching a low of -2.37 US$ in Q4 2021. This indicates periods of operational challenges and reduced profitability. Post the lowest point, a recovery appears evident from early 2022 onwards, with operating profit per share turning positive again by Q1 2023 at 1.25 US$, reflecting improved operational performance in recent quarters.
The price to operating profit (P/OP) ratio aligns with the fluctuations in operating profit per share but shows pronounced volatility. Early in the dataset, P/OP ratios increased sharply, peaking at unusual highs such as 469.28 in Q3 2019 and maintaining elevated levels throughout much of 2019. Missing data segments make continuous analysis difficult, but the ratio spikes again in Q1 2023, reaching 180.9. These high P/OP ratios during periods of low or negative operating profit per share suggest that market valuations were relatively high compared to operational earnings, reflecting either investor optimism or expectations of future earnings growth.
Overall, despite operational earnings challenges and periods of negative profitability, the share price appreciated significantly, indicating that market sentiment and valuation might have been influenced by factors beyond immediate operational results. The recent recovery in operating profit per share coupled with high but decreasing P/OP ratios suggests improving business fundamentals alongside moderated valuation expectations.
Price to Sales (P/S)
Axon Enterprise Inc., historical P/S calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a general upward trend from March 2018 through March 2023, with notable fluctuations throughout the period. Starting at $55.44 in March 2018, the share price increased steadily to reach a peak in December 2020 at $165.49. After this peak, there was a period of volatility with a decline to $89.46 by March 2022, followed by a recovery and subsequent rise to $226.88 by March 2023. This pattern demonstrates periods of significant growth interrupted by interim corrections before resuming an overall positive trend.
Sales per share data, available from March 2019 onwards, shows a consistent and steady increase over the time series. Beginning at $7.14 in March 2019, sales per share rose systematically each quarter, reaching $17.28 by March 2023. This upward trajectory suggests sustained growth in revenue generation capacity on a per-share basis over the analyzed period.
The Price-to-Sales (P/S) ratio exhibits more variability compared to sales per share and price individually. From March 2019, the ratio started at 7.77 and experienced fluctuations between roughly 6.87 and 15.69 throughout the quarters. Peaks in the P/S ratio, such as 15.5 in December 2020 and 15.69 in September 2021, indicate periods where the share price increased at a faster pace relative to sales per share, reflecting elevated market valuation multiples. Conversely, lower P/S values, including 6.87 in March 2022, correspond with market corrections or slower appreciation in share price relative to sales.
Overall, the financial indicators depict a company with growing sales performance as evidenced by consistent increases in sales per share. The share price has generally appreciated significantly, albeit with intermittent corrections, leading to variations in valuation multiples represented by the P/S ratio. The oscillations in the P/S ratio indicate fluctuating investor sentiment and valuation adjustments in response to market conditions and company performance over the five-year period.
Price to Book Value (P/BV)
Axon Enterprise Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals notable movements in the share price, book value per share (BVPS), and price-to-book value ratio (P/BV) over the observed period from March 31, 2018, to March 31, 2023.
- Share Price
- Initially, the share price experiences moderate fluctuations, starting at $55.44 and rising to $77.37 by December 31, 2019. Following this, a significant increase occurs through 2020 and early 2021, peaking at $192.59 in June 30, 2021. Subsequently, the price declines substantially to $134.14 by December 31, 2021, before recovering again. From March 31, 2022, onward, the share price demonstrates a generally upward trend, reaching a high of $226.88 by March 31, 2023, indicating strong investor confidence and market valuation.
- Book Value Per Share (BVPS)
- BVPS shows a consistent upward trajectory throughout the entire period. Starting at $3.74 in March 31, 2018, it steadily increases to $9.35 by March 31, 2020, followed by a sharper rise reaching $16.71 in June 30, 2021. Although there is a slight decline to $14.77 by December 31, 2021, the value rebounds and continues growing, ending at $18.99 by March 31, 2023. This consistent increase suggests ongoing growth in company net assets or retained earnings supporting shareholder value.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio reflects valuation multiples based on book value, showing notable volatility. It starts very high at 14.83 in March 31, 2018, strongly decreasing to around 6.45 by September 30, 2018, implying either a price correction or rapid increase in book value. The ratio then oscillates around values ranging from approximately 7 to 11.5, with a peak at 11.52 in June 30, 2021, coinciding with the peak share price. A pronounced dip to 5.65 occurs in March 31, 2022, reflecting a valuation contraction despite rising book value, followed by a rebound to 11.95 by the end of the analyzed period. This pattern indicates market sentiment fluctuations and varying investor perceptions of company valuation relative to its net assets.
Overall, the data depicts a company growing its intrinsic book value over time, combined with substantial share price volatility reflecting changing market expectations. The P/BV ratio's oscillations emphasize shifts in market valuation relative to fundamental book value, correlating with broader market conditions and investor sentiment across the analyzed quarters.