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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Teradyne Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to earnings (P/E) Ratio
- The P/E ratio exhibits a generally rising trend from early 2020 through 2024, starting around 21.58 in March 2020 and increasing to a notably high value of 43.79 by March 2024. There are fluctuations within this upward movement; for instance, the ratio decreases slightly from 28.14 in March 2021 to 17.2 in April 2022 before climbing again. This pattern indicates growing investor confidence or expectations of future earnings growth over the period, although the sharp increase towards 2024 suggests a potential overvaluation or heightened market optimism.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a trend similar to the P/E ratio, reflecting fluctuations in market valuation relative to operating profit. Starting at 18.22 in March 2020, the ratio decreased to around 14.32 by December 2020, then rose progressively, peaking at 38.69 in March 2024. The interim dips, such as in April 2022, suggest periods of improved operating profitability or price adjustments. The sharp rise towards the end underscores increasing market valuation pressure as well.
- Price to Sales (P/S) Ratio
- The P/S ratio shows considerable volatility throughout the period. It begins at 4.4 in March 2020, peaks at 7.07 in April 2021, dips to around 3.99 by December 2022, and then climbs again to 7.07 in March 2024. This indicates fluctuating investor valuation of the company’s sales, possibly influenced by changing revenue expectations and market conditions. The peaks correspond with higher price multiples, suggesting periods of optimism or premium valuation on sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio fluctuates within a moderate range from 5.62 in March 2019 to 7.35 by March 2024. The ratio hit a high of 10 in December 2020, indicating a significant premium on book value during that period. Following that peak, the ratio declined to below 6 in December 2022 before gradually increasing again. This variability suggests changing perceptions of the company’s net asset value and possibly shifts in underlying book value or market valuation dynamics.
Price to Earnings (P/E)
Teradyne Inc., historical P/E calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in thousands) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net incomeQ1 2024
+ Net incomeQ4 2023
+ Net incomeQ3 2023
+ Net incomeQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Teradyne Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a general upward trend from March 2019 through late 2021, increasing from $48.25 to a peak of $144.22 in October 2021. Following this peak, the share price experienced a decline, reaching a low of $84.72 in October 2022. Subsequently, the price showed some recovery with fluctuations, closing at $120.44 in March 2024. The volatility observed in the latter periods indicates increased market uncertainty or changing investor sentiment.
- Earnings Per Share (EPS) Trends
- Starting from March 2020, EPS showed a consistent increase from 2.8 to a peak of 6.25 in April 2022, reflecting strong profitability growth over this period. After April 2022, EPS entered a declining trend, falling steadily to 2.75 by March 2024. This downward movement suggests potential challenges affecting earnings or increased expenses reducing net profitability in recent quarters.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio exhibited fluctuations with an initial decline from 21.58 in March 2020 to around 17.48 in July 2022, reflecting valuation normalization in the context of rising earnings. However, from mid-2022 onward, the P/E ratio increased sharply, reaching 43.79 in March 2024. This divergence, where the price begins to rise again despite falling earnings, may indicate elevated market expectations for future growth or possibly speculative investor behavior.
- Integrated Interpretation
- During the strong earnings growth phase (2020 to early 2022), the share price rose significantly, supported by heightened EPS and moderate P/E ratios, indicating alignment between market valuation and company financial performance. The subsequent period saw a divergence, with declining EPS and a recovering share price, causing the P/E ratio to rise substantially. This pattern suggests that the market may be pricing in anticipated future improvements or other qualitative factors not immediately reflected in current earnings. Overall, the data reflects a transition from a period of robust earnings-driven growth to one characterized by increased valuation multiples against weakening earnings.
Price to Operating Profit (P/OP)
Teradyne Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income from operations (in thousands) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Income from operationsQ1 2024
+ Income from operationsQ4 2023
+ Income from operationsQ3 2023
+ Income from operationsQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Teradyne Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a generally increasing trend from March 2019 to December 2020, rising from $48.25 to a peak of $132.39. After this peak, the price experienced fluctuations with a downward tendency through 2022, dropping to $84.72 in October 2022. In 2023, the share price showed volatility but trended upward again, ending at $120.44 in March 2024.
- Operating Profit Per Share
- Operating profit per share data is available from March 2020 onward. It showed consistent growth from $3.32 in March 2020 to a high of $7.39 in April 2022. Post-April 2022, a declining trend is apparent, with operating profit per share decreasing steadily to $3.11 as of March 2024, indicating a reduction in profitability on a per-share basis during this period.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio, starting in March 2020, initially declined from 18.22 to a low of 14.55 by June 2020, suggesting improving valuation relative to operating profit. However, this ratio generally increased thereafter, with notable volatility, peaking at 38.69 in March 2024. This increase in P/OP ratio alongside declining operating profit per share suggests the share price did not fall proportionally with profits, possibly indicating market optimism or other factors influencing valuation.
- Summary
- Overall, the data reveal a period of strong growth in both share price and operating profitability through early 2022, followed by a sustained decline in operating profit per share amid share price volatility. The expanding P/OP ratio in the face of decreasing profitability signals increasing investor valuation multiples, reflecting either expectations of future improvement or a divergence between share price and operational earnings performance.
Price to Sales (P/S)
Teradyne Inc., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenues (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023
+ RevenuesQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Teradyne Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable volatility over the analyzed periods. Initially trading around the mid-40s to 60s range between early 2019 and early 2020, a sharp increase occurred mid-2020, reaching a peak of approximately $132.39 by December 2020. After this peak, the share price experienced a general decline with fluctuations, dropping to a low near $84.72 in late 2022 before recovering again towards early 2024, culminating at around $120.44. This pattern indicates periods of rapid growth followed by corrections and renewed upward momentum.
- Sales Per Share Dynamics
- Sales per share data is available starting from March 2020. From that point, a generally upward trajectory is observed until the first quarter of 2022, rising from approximately $13.76 to a peak near $22.95 in mid-2022. Subsequently, sales per share showed a gradual downward trend through late 2023, decreasing to about $17.03 by the first quarter of 2024. This suggests initial significant growth in sales per share, followed by a contraction or stabilization at a lower level.
- Price-to-Sales Ratio (P/S) Analysis
- The P/S ratio started at 4.4 in early 2020, then showed fluctuations consistent with share price and sales per share changes. A notable peak occurred late 2020 and early 2021, reaching a high above 7, indicating strong market valuation relative to sales. Afterward, the ratio declined and oscillated between approximately 3.99 and 5.78, with occasional spikes above 6. The highest P/S ratio was recorded again at 7.07 in the most recent period. Overall, the P/S ratio reflects varying market optimism regarding the company's sales performance, with valuations generally above 4, suggesting a favorable price relative to sales.
- Combined Insights
- The data reveals that while sales per share experienced growth followed by decline, share prices did not uniformly follow sales trends but instead demonstrated higher volatility with periods of rapid appreciation and subsequent corrections. The fluctuating P/S ratio indicates changing market sentiment and possibly investor reassessment of growth prospects or profitability. The re-accelerations in share price toward the end of the timeline, despite declining sales per share, may reflect other factors influencing investor confidence beyond immediate sales metrics.
Price to Book Value (P/BV)
Teradyne Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | Dec 31, 2019 | Sep 29, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Teradyne Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a generally upward trajectory from March 2019 through the end of 2020. Starting at $48.25 in March 2019, the price peaked at $132.39 by December 2020. Following this peak, the share price experienced fluctuations, including a decline in 2021 with a low near $100 in December 2021. In 2022, a downward trend persisted, reaching a low of $84.72 in October before partially recovering to around $102.48 in March 2024. Overall, the share price showed volatility but maintained a level significantly higher than the initial period.
- Book Value per Share (BVPS) Trends
- Book value per share displayed a steady and consistent increase throughout the entire period. Beginning at $8.58 in March 2019, BVPS rose gradually, reaching $16.38 by March 2024. This represents an approximate doubling in book value per share over five years, indicating sustained growth in the company's net asset value on a per-share basis. Notably, no periods of decline in BVPS are evident, suggesting stable internal value accumulation.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio demonstrated significant variability that largely corresponds to the movements in the share price relative to the steadily increasing book value. Initially, the ratio remained in the range of approximately 5.6 to 7.2 during 2019, indicating moderate market valuation above book value. It spiked notably in mid-2020 to as high as 10.0 in December 2020, reflecting heightened market optimism or elevated market prices beyond fundamental book value. Following this peak, the ratio declined through 2021 and 2022, dropping to around 5.85 by October 2022. In early 2023 through early 2024, volatility in the ratio resumed, fluctuating between roughly 5.5 and 7.35. These fluctuations indicate periods of changing investor sentiment and valuation relative to the company’s book value.
- Summary Insights
- The continuous growth in book value per share suggests a solid and improving fundamental financial base. The share price, while generally increasing with some volatility, has undergone periods of both strong appreciation and correction, potentially influenced by broader market conditions or company-specific factors. The P/BV ratio reflects varying market sentiments, with peaks indicating periods where market price exceeded fundamental valuation by a wide margin and troughs suggesting more conservative or corrected valuations. Overall, the data indicates a company with improving underlying asset value, subject to market-driven fluctuations in share price and valuation multiples.