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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2015
- Price to Book Value (P/BV) since 2015
- Price to Sales (P/S) since 2015
- Analysis of Debt
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Historical Valuation Ratios (Summary)
PayPal Holdings 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited significant volatility over the examined period. Initially, it decreased from 58.52 in the first quarter of 2019 to a low near 48.57 in the third quarter of 2019, followed by an increase reaching a peak of 91.55 by the first quarter of 2020. After this peak, the ratio generally trended downward with notable fluctuations, falling to 34.73 by the end of 2021 and further declining to 27.19 by the first quarter of 2023. This downward trend suggests a market reassessment of earnings expectations, potentially reflecting a combination of stock price adjustments and changes in earnings performance.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed a pattern similar to the P/E ratio but with more pronounced peaks and troughs. Starting from 59.46 in early 2019, it rose sharply to a high of 95.94 in the final quarter of 2020. Subsequently, the ratio substantially decreased, dropping to 33.98 by the end of 2021 and continued falling to 17.83 by the first quarter of 2023. The steep decline over the latter periods may indicate improved operating profit figures or a reduction in market price relative to operating profit, suggesting a possible normalization or correction in valuation multiples.
- Price to Sales (P/S) Ratio
- The P/S ratio increased gradually from about 8.15 in early 2019 to a peak of 14.71 at the end of 2020, reflecting a valuation premium relative to sales during this growth phase. After this peak, there was a marked decline, with the ratio falling to 5.71 by the end of 2021 and further declining to 2.62 by the first quarter of 2023. This downward movement could imply either a deceleration in sales growth, a decrease in market capitalization relative to sales, or both, resulting in a more conservative valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed an upward trend from 8.54 in early 2019, reaching its highest level of 15.76 by the end of 2020. Following the peak, a consistent decline occurred, with the ratio dropping to 6.66 by the close of 2021 and further decreasing to 3.7 by the first quarter of 2023. This decline indicates a relative reduction in market valuation compared to the book value of equity, possibly reflecting increased asset bases, reduced growth expectations, or market corrections.
- Summary
- Overall, valuation multiples for the company peaked around late 2020 and subsequently declined considerably through early 2023. The reductions across all examined ratios suggest a shift toward more conservative market valuations, possibly driven by increased profitability, changes in investor sentiment, or evolving company fundamentals. The consistent pattern of falling multiples indicates a trend of re-rating after a period of strong growth or optimism.
Price to Earnings (P/E)
PayPal Holdings 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
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 PayPal Holdings 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 exhibits notable volatility throughout the periods analyzed. Starting at approximately $110 in the first quarter of 2019, the price experienced fluctuations with a significant surge reaching a peak close to $269 towards the end of 2020. Following this peak, there was a downward trend with the price declining steadily to about $66 by the first quarter of 2023. This indicates a period of strong market performance followed by a consequential correction or decline.
Earnings per share (EPS) show a general upward trajectory from early 2019 to late 2021. Beginning at $1.88 in the first quarter of 2019, EPS increased, reaching a high of around $4.44 in the first quarter of 2021. Post this peak, EPS experienced a decline, falling to $1.78 mid-2022, but somewhat recovered towards early 2023 to $2.42. This pattern suggests the company faced some operational challenges or market conditions impacting profitability after 2021, though some recovery signs are evident by 2023.
The price-to-earnings (P/E) ratio, which measures market valuation relative to earnings, reflects considerable fluctuations aligned with the changes in share price and EPS. Initially, the ratio hovered between 48 and 58 during 2019 and early 2020. A sharp increase occurred in mid-2020, peaking at over 90, coinciding with rising share prices and moderate EPS growth. Subsequently, the P/E ratio decreased steadily, reaching a low of approximately 27 by the first quarter of 2023. This trend reflects the market recalibrating its valuation in response to the earnings challenges and reduced share prices in the later periods.
- Summary of Trends:
- - The share price saw strong growth culminating in late 2020, followed by a marked decline through early 2023.
- - EPS increased steadily through early 2021, dipped significantly in 2022, and showed signs of recovery by 2023.
- - The P/E ratio peaked in 2020, reflecting high market optimism, and then contracted alongside declining share prices and earnings, indicating a reassessment of value by investors.
Price to Operating Profit (P/OP)
PayPal Holdings Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022
+ Operating incomeQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of PayPal Holdings 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 analysis of the quarterly financial data reveals several noteworthy trends in share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the period from the first quarter of 2019 through the first quarter of 2023.
- Share Price Trends
- The share price demonstrated a general upward trajectory from early 2019 through the end of 2020, increasing from approximately $110 to a peak near $269. This period shows robust growth, including a significant rise between mid-2020 and late 2020. However, starting in 2021, the share price experienced considerable volatility and a pronounced downward trend. After peaking near $283 in mid-2021, the price declined sharply, reaching about $124 by the end of 2021 and continuing to decrease through 2022 and early 2023, closing near $66 in the first quarter of 2023.
- Operating Profit Per Share (OPPS)
- The operating profit per share increased steadily throughout the period. Beginning at $1.85 in the first quarter of 2019, OPPS rose consistently each quarter, demonstrating moderate but continuous improvements in operational profitability. By the end of 2020, OPPS had reached approximately $2.81. This positive trend persisted through 2021 and into 2023, with operating profit per share reaching $3.70 in the first quarter of 2023, reflecting sustained operational efficiency and profitability growth despite fluctuations in share price.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio exhibited more fluctuation over the period and appears inversely related to the operating profit per share. Early in the timeline, the ratio hovered between 48 and 59, indicating relatively higher share prices relative to earnings. During the growth phase of late 2020, the P/OP ratio peaked sharply, reaching a high near 96, suggesting potentially elevated market expectations or overvaluation. Subsequently, the ratio declined significantly from late 2021 onward, dropping from approximately 34 to below 18 by the first quarter of 2023. This reduction highlights a correction or a market reassessment leading to more conservative valuation multiples relative to operating profits.
In summary, operating profit per share showed consistent growth, indicating improving operational performance. However, the share price and P/OP valuations experienced volatility, with a marked decline in share price and valuation multiples after mid-2021. The period reflects an initial phase of robust market optimism followed by a notable adjustment, revealing changing investor sentiment and valuation standards despite continuing improvements in core profitability.
Price to Sales (P/S)
PayPal Holdings Inc., historical P/S calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022
+ Net revenuesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of PayPal Holdings Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited fluctuations over the periods analyzed. Initially, there was a moderate increase from approximately $110 in early 2019 to a peak near $269 by the end of 2020. This was followed by volatility in 2021, with prices declining sharply from above $280 in mid-2021 to around $124 by the end of that year. Subsequently, the share price continued a downward trend through 2022 and into early 2023, reaching a low near $66 in March 2023.
- Sales per Share Trends
- Sales per share demonstrated consistent growth throughout the entire timeframe. Beginning at $13.53 in March 2019, this metric steadily increased each quarter, reaching $25.16 by March 2023. This steady upward trajectory suggests a continuous improvement in the company’s revenue generation on a per-share basis.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio presented a pattern distinct from both share price and sales per share. Starting in the range of approximately 7 to 8 in 2019, the ratio escalated to a peak near 14.7 at the end of 2020, reflecting investor optimism and possibly pricing in future growth expectations during that period. Following this peak, the P/S ratio experienced a sharp decline throughout 2021 and into 2022, falling to approximately 2.6 by early 2023. This suggests a significant revaluation by the market, where the share price declined faster than sales per share increased, leading to a more conservative valuation multiple.
- Overall Insights
- The combination of steadily increasing sales per share with a highly volatile share price and P/S ratio indicates that while the company’s fundamental revenue performance improved consistently, market sentiment varied considerably. The peak in share price and P/S ratio around the end of 2020 corresponds with heightened market enthusiasm, followed by a correction phase marked by declining prices and valuation multiples despite ongoing revenue growth. This pattern reflects a shift from growth-driven optimism to a more cautious market outlook in recent periods.
Price to Book Value (P/BV)
PayPal Holdings Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total PayPal stockholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Total PayPal stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of PayPal Holdings Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the observed periods. Initially, there was a general upward trend from $110.22 at the end of Q1 2019 to a peak of $269.44 by the end of Q4 2020, reflecting significant growth. However, this was followed by a considerable decline starting in early 2021, with the price dropping to $124.3 by the end of Q4 2021 and further declining to $65.91 by Q1 2023. This suggests a period of market correction or a shift in investor sentiment after the peak in 2020.
- Book Value per Share (BVPS) Trends
- Book value per share showed a steady and consistent upward trend throughout the period, increasing from $12.9 in Q1 2019 to $17.8 by Q1 2023. This indicates that the company has been able to increase its net asset value on a per-share basis over time, which is typically a positive sign of underlying financial health and growth in equity.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio closely mirrored the share price movements, starting at 8.54 in Q1 2019 and increasing significantly to a peak of 15.76 in Q4 2020. This high ratio indicates a strong market valuation relative to book value at that time, possibly driven by investor optimism or growth expectations. Subsequently, the ratio declined sharply to 3.7 by Q1 2023, reflecting the decrease in share price relative to the more stable book value. This reduction in the ratio may suggest easing market expectations or repositioning of the company's valuation to better align with its book fundamentals.
- Overall Insights
- The analysis indicates a company experiencing robust asset growth and increasing book value over the reported periods. Nonetheless, its market valuation experienced significant fluctuations, reaching a peak in late 2020 followed by a pronounced decline through early 2023. The divergence between steadily increasing book value and the falling price-to-book ratio suggests a reassessment by the market of the company's future growth prospects or external factors impacting investor confidence. Caution may be warranted for stakeholders interpreting market valuations during periods of heightened volatility.