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)
Expedia Group Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The financial ratios for the company exhibit notable fluctuations across the reviewed periods, reflecting variations in market valuation relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- From the data starting in 2017, the P/E ratio shows an upward trend until the end of 2018, with a notable peak at 75.88 in September 2018. Subsequently, it declines to a lower range around 28–33 through 2019. During 2020, data is missing, likely due to external factors affecting reporting. In 2022, a sharp increase is observed, peaking at 109.83, indicating rising investor expectations or potentially diminished earnings.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a similar pattern to the P/E ratio with peaks observed around late 2018 (38.05 in September 2018) and a gradual decline thereafter, reaching a low point of 16.97 in December 2019. Values are absent for the 2020–2021 period. A dramatic spike to 160.88 is seen in March 2022, followed by a decrease to 56.22 in June 2022, suggesting increased market valuation relative to operating profit or a temporary decline in operating earnings.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a general upward trend beginning in 2017, peaking at 1.93 in September 2018. A decline occurs through the end of 2019, reaching as low as 1.2 in December 2019. The ratio experiences a sharp drop to 0.93 in March 2020, consistent with the early 2020 economic disruptions. This is followed by a recovery and significant increase through 2021, reaching a maximum of 6.02 in June 2021, indicative of increasing market valuation relative to sales. After this peak, the ratio moderates to approximately 2.46 by March 2022.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio reveals volatility with values oscillating between approximately 3.4 and 5.72 during 2017 and 2018. A substantial upward trend begins in 2020, culminating in a peak of 14.55 in March 2022. This increase suggests that the market value has outpaced the company’s book value substantially during this period, possibly driven by investor optimism or improvements in intangible asset valuations. A small decline to 11.36 in June 2022 indicates a slight market correction or reevaluation.
In summary, the examined ratios collectively illustrate a period of heightened valuation ratios through late 2018, a market contraction and volatility around 2020, followed by significant valuation expansions into 2021 and early 2022. The spikes in P/E, P/OP, and P/BV ratios suggest that the market has been pricing in favorable future expectations or reflecting transient earnings pressures during this time. The P/S ratio’s sharp recovery and subsequent moderation parallels sales performance and market sentiment changes. These trends underscore a dynamic market perception of the company’s financial health and growth prospects over the analyzed period.
Price to Earnings (P/E)
Expedia Group Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 157,097,831 | 155,754,357 | 151,527,638 | 150,819,802 | 146,970,608 | 143,864,551 | 141,461,430 | 141,226,707 | 140,982,842 | 139,989,125 | 144,886,272 | 149,632,711 | 148,807,688 | 147,190,304 | 148,974,432 | 149,451,104 | 150,314,136 | 151,833,402 | 152,495,002 | 151,636,587 | 150,945,679 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Expedia Group, Inc. common stockholders (in millions) | (122) | 276) | 362) | (301) | (606) | (412) | (221) | (753) | (1,301) | 76) | 409) | 183) | (103) | 17) | 525) | 1) | (137) | 55) | 352) | 57) | (86) | |||||||
| Earnings per share (EPS)2 | 1.37 | -1.73 | -6.32 | -10.21 | -13.55 | -18.68 | -15.54 | -11.11 | -4.49 | 4.04 | 3.49 | 4.16 | 2.96 | 2.76 | 2.98 | 1.82 | 2.18 | 2.49 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 150.31 | 192.12 | 182.17 | 148.89 | 173.46 | 146.51 | 103.10 | 81.01 | 77.01 | 122.80 | 98.29 | 138.21 | 127.10 | 130.80 | 120.50 | 137.79 | 115.07 | 104.00 | 123.79 | 159.50 | 133.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 109.83 | — | — | — | — | — | — | — | — | 30.43 | 28.14 | 33.25 | 42.99 | 47.42 | 40.42 | 75.88 | 52.88 | 41.78 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | 59.05 | 48.08 | 65.12 | 57.25 | 65.00 | 78.20 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Home Depot Inc. | 22.81 | 24.51 | 23.56 | 26.04 | 24.24 | 17.38 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | 20.09 | 22.36 | 21.14 | 22.50 | 21.16 | 11.96 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| TJX Cos. Inc. | 53.90 | 881.78 | 103.90 | 92.86 | 38.61 | 17.13 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
EPS
= (Net income (loss) attributable to Expedia Group, Inc. common stockholdersQ1 2022
+ Net income (loss) attributable to Expedia Group, Inc. common stockholdersQ4 2021
+ Net income (loss) attributable to Expedia Group, Inc. common stockholdersQ3 2021
+ Net income (loss) attributable to Expedia Group, Inc. common stockholdersQ2 2021)
÷ No. shares of common stock outstanding
= (-122,000,000 + 276,000,000 + 362,000,000 + -301,000,000)
÷ 157,097,831 = 1.37
3 Closing price as at the filing date of Expedia Group Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/E ratio = Share price ÷ EPS
= 150.31 ÷ 1.37 = 109.83
5 Click competitor name to see calculations.
The share price of the company exhibited notable fluctuations over the examined period. Starting at $133.72 at the end of the first quarter of 2017, the price generally trended downward through the end of 2017, reaching a low of $104. This decline was followed by a moderate recovery during 2018, with prices stabilizing around the $120 to $137 range. In 2019, the share price showed volatility, including a dip to $98.29 in the third quarter followed by a rebound to $122.8 by year-end. In 2020, significant disruptions occurred, with prices falling sharply to a bottom of $77.01 in the first quarter, likely reflecting external adverse factors, then recovering towards year-end to $146.51 by the first quarter of 2021. Throughout 2021, the share price remained relatively strong, peaking at $192.12 at the end of the year before falling to $150.31 in the first quarter of 2022.
Earnings per share (EPS) data began to be reported in March 2018, starting at $2.49. There was a decline in EPS through 2018, reaching a low of $1.82 in the third quarter, but the company experienced improvement later in 2018 and into 2019, achieving the highest EPS of $4.16 in the third quarter of 2019. The EPS then fluctuated slightly but remained positive until the first quarter of 2020, after which it turned negative, reflecting significant losses. The EPS reached its lowest point at -$18.68 in December 2020, indicating substantial financial challenges. A gradual improvement followed, reducing losses through 2021 and eventually returning to a positive EPS of $1.37 by the first quarter of 2022.
The price-to-earnings (P/E) ratio, available only intermittently, was quite elevated during periods of positive earnings, with values around 40 to 75 between early 2018 and late 2019, suggesting high market expectations or relatively high share prices in relation to earnings. No P/E data was reported during the time of negative EPS in 2020 and early 2021, as the ratio is not meaningful with losses. However, a marked increase to a P/E ratio of 109.83 in the first quarter of 2022 indicates that the share price outpaced earnings growth during that period or that future earnings expectations were strong.
Overall, the financial indicators suggest that the company experienced considerable variability in profitability and market valuation from 2017 to early 2022. The substantial losses incurred in 2020 reflect a challenging period, possibly due to external economic conditions. The recovery in both EPS and share price into early 2022 points to improving operational results and investor confidence, though volatility remains evident through the analyzed timeframe.
Price to Operating Profit (P/OP)
Expedia Group Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 157,097,831 | 155,754,357 | 151,527,638 | 150,819,802 | 146,970,608 | 143,864,551 | 141,461,430 | 141,226,707 | 140,982,842 | 139,989,125 | 144,886,272 | 149,632,711 | 148,807,688 | 147,190,304 | 148,974,432 | 149,451,104 | 150,314,136 | 151,833,402 | 152,495,002 | 151,636,587 | 150,945,679 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | (135) | 163) | 524) | (132) | (369) | (463) | (113) | (849) | (1,294) | 160) | 609) | 265) | (131) | 96) | 672) | 111) | (165) | 113) | 482) | 103) | (73) | |||||||
| Operating profit per share2 | 2.67 | 1.19 | -2.90 | -7.14 | -12.21 | -18.90 | -14.82 | -9.73 | -1.84 | 6.45 | 5.79 | 6.03 | 5.03 | 4.85 | 4.91 | 3.62 | 3.55 | 4.12 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 150.31 | 192.12 | 182.17 | 148.89 | 173.46 | 146.51 | 103.10 | 81.01 | 77.01 | 122.80 | 98.29 | 138.21 | 127.10 | 130.80 | 120.50 | 137.79 | 115.07 | 104.00 | 123.79 | 159.50 | 133.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 56.22 | 160.88 | — | — | — | — | — | — | — | 19.04 | 16.97 | 22.93 | 25.29 | 26.96 | 24.54 | 38.05 | 32.45 | 25.26 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | 64.24 | 64.48 | 60.45 | 56.87 | 62.96 | 72.85 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Home Depot Inc. | 16.20 | 17.25 | 16.72 | 18.45 | 17.14 | 12.33 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | 12.57 | 13.52 | 12.50 | 15.21 | 14.04 | 8.11 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| TJX Cos. Inc. | 30.54 | 137.02 | 74.61 | 60.02 | 30.12 | 12.69 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
Operating profit per share
= (Operating income (loss)Q1 2022
+ Operating income (loss)Q4 2021
+ Operating income (loss)Q3 2021
+ Operating income (loss)Q2 2021)
÷ No. shares of common stock outstanding
= (-135,000,000 + 163,000,000 + 524,000,000 + -132,000,000)
÷ 157,097,831 = 2.67
3 Closing price as at the filing date of Expedia Group Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 150.31 ÷ 2.67 = 56.22
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable fluctuations between 2017 and 2022. It started at $133.72 in the first quarter of 2017, reached a peak of $159.5 in the second quarter of 2017, then trended downward to a low of $98.29 by the third quarter of 2019. After this period, the price experienced some recovery, peaking again at $192.12 in the fourth quarter of 2021. By the first quarter of 2022, the share price had declined to $150.31. This suggests periods of volatility, including a significant drop around 2019 followed by a robust recovery into 2021, and a slight pullback thereafter.
- Operating Profit per Share (OPPS)
- The operating profit per share data is available from the first quarter of 2018 onwards. It began at $4.12 and showed moderate variation around the low-to-mid single digit range until the first quarter of 2020. Starting from that time, there was a sharp decline, turning negative in the first quarter of 2020 (-$1.84) and reaching a trough of -$18.9 in the last quarter of 2020. From 2021 onwards, the OPPS showed recovery, gradually improving from -$12.21 in the first quarter to positive territory by the fourth quarter of 2021 ($1.19), and further improvement into the first quarter of 2022 ($2.67). This pattern indicates significant operational difficulties during 2020, likely linked to external adverse conditions, followed by a recovery phase in 2021 and early 2022.
- Price to Operating Profit Ratio (P/OP)
- This ratio, representing the share price relative to operating profit per share, was available intermittently from the first quarter of 2018. Initial values ranged between approximately 16.97 and 38.05, showing fluctuating investor valuation of operating profits with a general downward trend up to the final quarter of 2019 (16.97). Thereafter, data for 2020 are missing, aligning with the period of negative operating profits. By the first and fourth quarters of 2021, the P/OP sharply increased to 160.88 and 56.22 respectively, which corresponds with the low or negative operating profits and relatively higher share prices during the recovery phase. The elevated P/OP ratios in 2021 indicate that market valuations were high compared to actual operating profitability, signaling expectations of future profit improvements or reflecting earnings volatility.
- Overall Observations
- The data reveal a business cycle marked by growth and volatility. After a period of moderate performance from 2017 through 2019, a substantial operational and financial downturn occurred in 2020, as reflected by the negative operating profits and depressed valuations. Following this, there was a rebound in financial health and investor confidence through 2021 into early 2022, though share prices and profitability remained somewhat volatile. The P/OP ratios suggest that market expectations adjusted alongside changing profitability, with heightened valuation multiples during periods of earnings weakness likely reflecting optimism about future recovery.
Price to Sales (P/S)
Expedia Group Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 157,097,831 | 155,754,357 | 151,527,638 | 150,819,802 | 146,970,608 | 143,864,551 | 141,461,430 | 141,226,707 | 140,982,842 | 139,989,125 | 144,886,272 | 149,632,711 | 148,807,688 | 147,190,304 | 148,974,432 | 149,451,104 | 150,314,136 | 151,833,402 | 152,495,002 | 151,636,587 | 150,945,679 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenue (in millions) | 2,249) | 2,279) | 2,962) | 2,111) | 1,246) | 920) | 1,504) | 566) | 2,209) | 2,747) | 3,558) | 3,153) | 2,609) | 2,559) | 3,276) | 2,880) | 2,508) | 2,319) | 2,966) | 2,586) | 2,189) | |||||||
| Sales per share2 | 61.11 | 55.20 | 47.77 | 38.33 | 28.82 | 36.14 | 49.67 | 64.29 | 82.75 | 86.20 | 81.99 | 77.50 | 76.10 | 76.25 | 73.73 | 71.42 | 69.05 | 66.26 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 150.31 | 192.12 | 182.17 | 148.89 | 173.46 | 146.51 | 103.10 | 81.01 | 77.01 | 122.80 | 98.29 | 138.21 | 127.10 | 130.80 | 120.50 | 137.79 | 115.07 | 104.00 | 123.79 | 159.50 | 133.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 2.46 | 3.48 | 3.81 | 3.88 | 6.02 | 4.05 | 2.08 | 1.26 | 0.93 | 1.42 | 1.20 | 1.78 | 1.67 | 1.72 | 1.63 | 1.93 | 1.67 | 1.57 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | 2.65 | 3.41 | 3.73 | 3.80 | 4.17 | 4.32 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Home Depot Inc. | 2.38 | 2.39 | 2.34 | 2.58 | 2.37 | 1.77 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | 1.45 | 1.46 | 1.33 | 1.60 | 1.31 | 0.71 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| TJX Cos. Inc. | 2.15 | 2.48 | 2.33 | 1.96 | 1.77 | 1.34 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
Sales per share
= (RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021
+ RevenueQ2 2021)
÷ No. shares of common stock outstanding
= (2,249,000,000 + 2,279,000,000 + 2,962,000,000 + 2,111,000,000)
÷ 157,097,831 = 61.11
3 Closing price as at the filing date of Expedia Group Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= 150.31 ÷ 61.11 = 2.46
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in share price, sales per share, and the price-to-sales (P/S) ratio over the observed period.
- Share Price
- The share price exhibits notable volatility over time. Initially, it reached a peak of $159.50 in mid-2017 before declining to around $104 by the end of that year. In 2018 and early 2019, the price fluctuated between approximately $115 and $138, followed by declines towards late 2019 and early 2020, reaching a low near $77.01 in the first quarter of 2020. After this trough, the share price showed a strong recovery trend, peaking at $192.12 in late 2021 before decreasing again to about $150.31 by the first quarter of 2022.
- Sales Per Share
- Sales per share data begins in the first quarter of 2018 at $66.26 and trends steadily upward until reaching a peak of $86.20 at the end of 2019. However, a sharp decline follows through 2020, with sales per share dropping to $28.82 by the end of that year. Recovery signs emerge from early 2021 onwards, with sales per share rising to $61.11 by the first quarter of 2022, though still below pre-2020 peak levels.
- Price-to-Sales (P/S) Ratio
- The P/S ratio demonstrates significant fluctuations, closely reflecting movements in share price relative to sales. Starting from 1.57 in early 2018, the ratio increased somewhat inconsistently, reaching a low of 0.93 in the middle of 2020, coinciding with the lowest sales and share price period. From this low point, the ratio escalated remarkably to a high of 6.02 in mid-2021, indicating share price rebounded at a much faster pace compared to sales. It subsequently decreased to 2.46 by the first quarter of 2022, suggesting a moderation in market valuation relative to sales.
Overall, the data highlights a period of strong growth up to late 2019, followed by a pronounced downturn in 2020, likely impacted by broader market or economic conditions. Despite sales per share recovering more slowly, the share price and P/S ratio exhibited more volatile patterns, with the P/S ratio suggesting episodes of investor optimism disproportionate to sales performance during mid to late 2021. By early 2022, both sales and valuation metrics indicate a trend towards stabilization at levels below their historic peaks.
Price to Book Value (P/BV)
Expedia Group Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 157,097,831 | 155,754,357 | 151,527,638 | 150,819,802 | 146,970,608 | 143,864,551 | 141,461,430 | 141,226,707 | 140,982,842 | 139,989,125 | 144,886,272 | 149,632,711 | 148,807,688 | 147,190,304 | 148,974,432 | 149,451,104 | 150,314,136 | 151,833,402 | 152,495,002 | 151,636,587 | 150,945,679 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Expedia Group, Inc. stockholders’ equity (in millions) | 2,078) | 2,057) | 2,114) | 1,607) | 2,231) | 2,532) | 2,654) | 2,756) | 2,270) | 3,967) | 4,184) | 4,342) | 4,083) | 4,104) | 4,386) | 3,967) | 4,195) | 4,522) | 4,603) | 4,226) | 4,089) | |||||||
| Book value per share (BVPS)2 | 13.23 | 13.21 | 13.95 | 10.66 | 15.18 | 17.60 | 18.76 | 19.51 | 16.10 | 28.34 | 28.88 | 29.02 | 27.44 | 27.88 | 29.44 | 26.54 | 27.91 | 29.78 | 30.19 | 27.87 | 27.09 | |||||||
| Share price1, 3 | 150.31 | 192.12 | 182.17 | 148.89 | 173.46 | 146.51 | 103.10 | 81.01 | 77.01 | 122.80 | 98.29 | 138.21 | 127.10 | 130.80 | 120.50 | 137.79 | 115.07 | 104.00 | 123.79 | 159.50 | 133.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 11.36 | 14.55 | 13.06 | 13.97 | 11.43 | 8.32 | 5.50 | 4.15 | 4.78 | 4.33 | 3.40 | 4.76 | 4.63 | 4.69 | 4.09 | 5.19 | 4.12 | 3.49 | 4.10 | 5.72 | 4.94 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amazon.com Inc. | 9.44 | 11.60 | 14.19 | 14.68 | 16.93 | 17.86 | 18.40 | 21.50 | 17.47 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Home Depot Inc. | 192.67 | 95.58 | 191.69 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | 307.81 | 90.79 | 27.86 | 29.56 | 56.37 | 25.96 | 36.00 | 32.50 | 22.70 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| TJX Cos. Inc. | 13.27 | 13.68 | 13.99 | 14.17 | 13.72 | 9.42 | 12.92 | 12.53 | 11.88 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
BVPS = Total Expedia Group, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= 2,078,000,000 ÷ 157,097,831 = 13.23
3 Closing price as at the filing date of Expedia Group Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= 150.31 ÷ 13.23 = 11.36
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited considerable volatility over the analyzed periods. Initially, values fluctuated between approximately $104 and $160 during 2017, with a peak in mid-2017. The price generally stabilized around the $120 to $140 range throughout 2018 and early 2019, before experiencing a sharp decline in early 2020, dropping to a low near $77, likely reflecting broader market disruptions. Subsequently, a strong recovery was observed through 2020 and 2021, reaching a peak of approximately $192 by the end of 2021. In early 2022, the price decreased moderately to about $150, indicating some correction or stabilization following the prior increase.
- Book Value per Share (BVPS)
- The book value per share showed a relatively stable pattern from 2017 to 2019, fluctuating between roughly $26 and $30. However, starting in 2020, a notable decline became evident, dropping sharply to about $16 in the first quarter of 2020 and further falling to as low as approximately $10.66 in mid-2021. Following this trough, the BVPS showed minor signs of recovery, reaching around $13.23 by the first quarter of 2022. This decline suggests a significant reduction in net asset value during the pandemic period, with only partial recovery thereafter.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio demonstrated substantial upward movement over the analyzed period. From generally moderate levels between approximately 3.4 and 5.7 during 2017-2019, the ratio began rising markedly from 2020 onwards. Despite the drop in share price in early 2020, the steep decline in BVPS caused the P/BV ratio to escalate, reaching levels above 8 in late 2020 and exceeding 14 by early 2022. This rising trend suggests that the market valuation of the company has been increasing relative to its book value, implying heightened investor expectations or potential overvaluation, especially during and following the pandemic years.