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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2012
- Current Ratio since 2012
- Price to Earnings (P/E) since 2012
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Historical Valuation Ratios (Summary)
AbbVie Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Earnings (P/E) Ratio
- The price to earnings ratio exhibits a downward trend from March 2021, beginning at 39.63 and declining steadily to a low of 19.16 in September 2022. This suggests an improving earnings environment or a correction in stock price valuation relative to earnings. Subsequent to this period, there is a sharp upward trend starting at 22.62 in December 2022, reaching a notable peak of 92.57 by June 2025. This rapid increase indicates higher market valuation relative to earnings, possibly reflecting increased investor expectations or diminished earnings growth.
- Price to Operating Profit (P/OP) Ratio
- The price to operating profit ratio generally remains stable within a range of approximately 12 to 16 from March 2021 through December 2023, reflecting steady valuation relative to operating profit. However, from December 2023 onwards, the ratio surges significantly, rising from 24.34 to a peak of 37.26 in March 2025 before slightly declining to 31.76 mid-2025. This increase suggests the market is valuing operating profit more richly, possibly driven by anticipated margin expansions or operating efficiencies.
- Price to Sales (P/S) Ratio
- This ratio shows moderate variation, initially decreasing from 4.07 in March 2021 to a low near 3.73 by September 2021, then recovering and trending upward to a range between 4.5 and 6.0 by the end of the period. Notably, it peaks around 6.38 in September 2024 before tapering slightly. The upward trend in P/S ratios may indicate growing investor confidence in revenue growth prospects or pricing power within sales.
- Price to Book Value (P/BV) Ratio
- The price to book value ratio starts near 15 and remains relatively stable through 2021 and 2022 with minor fluctuations. A pronounced upswing begins in December 2023, escalating dramatically from 29.97 to an extraordinarily high value of 229.63 by June 2025, with no value available for the subsequent quarter. This steep increase implies significant market optimism or reevaluation of the company's book value, potentially linked to changes in asset valuation, capital structure, or expectations of future profitability.
Price to Earnings (P/E)
AbbVie Inc., historical P/E calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to AbbVie Inc. (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net earnings (loss) attributable to AbbVie Inc.Q2 2025
+ Net earnings (loss) attributable to AbbVie Inc.Q1 2025
+ Net earnings (loss) attributable to AbbVie Inc.Q4 2024
+ Net earnings (loss) attributable to AbbVie Inc.Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displayed a gradual upward trend from early 2021 through mid-2022, increasing from approximately $115.75 to a peak of $152.83 in the first quarter of 2022. After a slight decline mid-2022, the share price stabilized near the $140-$150 range before experiencing a significant increase in late 2023, reaching a high of $200.47 in the third quarter of 2024. Subsequently, it declined moderately but remained elevated around $184.60 to $197.19 through mid-2025.
- Earnings Per Share (EPS) Trends
- EPS demonstrated solid growth during 2021 and the first half of 2022, rising from $2.92 to a peak of $7.58 in the third quarter of 2022. However, starting in the final quarter of 2022, EPS entered a declining phase, falling sharply to $2.75 by the fourth quarter of 2023. This downward trend continued modestly into 2025, with EPS reaching approximately $2.13 by the second quarter, showing a sustained decrease compared to earlier peak levels.
- Price-to-Earnings Ratio (P/E) Trends
- The P/E ratio initially decreased from about 39.63 in the first quarter of 2021 to roughly 19.16 in the third quarter of 2022, reflecting improving earnings relative to share price. However, from late 2022 onwards, the ratio increased markedly despite EPS declines, peaking around 92.57 in mid-2025. This suggests that the share price remained relatively high compared to shrinking earnings, indicating either elevated investor expectations or a possible disconnect between price and earnings performance during this period.
- Overall Observations
- There is a discernible divergence between the share price and earnings starting in late 2022. While EPS experienced a significant downturn, the share price sustained relatively high levels and even increased notably toward late 2023 and 2024. This divergence is reflected in the P/E ratio's sharp rise, implying increased market valuation despite weakening fundamental earnings. The patterns may indicate market optimism or external factors influencing share valuation beyond current profitability trends.
Price to Operating Profit (P/OP)
AbbVie Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating earnings (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating earningsQ2 2025
+ Operating earningsQ1 2025
+ Operating earningsQ4 2024
+ Operating earningsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q2 2025 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 notable trends concerning the share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio.
- Share Price
- The share price exhibited a general upward trajectory over the observed period. Beginning at approximately $115.75, it experienced moderate fluctuations but showed strong growth towards the end of the timeline, reaching peaks near $200.47. Some volatility is apparent, particularly between the quarters ending in December 2023 and March 2025, where the share price fluctuated but maintained an overall increasing trend.
- Operating Profit per Share
- Operating profit per share showed a different pattern compared to the share price. Initially increasing from $6.72 to a peak of about $10.49 in the first quarter of 2022, it subsequently declined and demonstrated a downward trend, reaching lows below $6 by mid-2025. This indicates a weakening in operational profitability per share over the later periods despite the share price increase.
- Price-to-Operating-Profit (P/OP) Ratio
- The P/OP ratio has generally increased over time, reflecting a rising valuation relative to operating profit. Starting around 17.23, the ratio decreased during 2021 before rising sharply from 2023 onwards, peaking around 37.26. This trend suggests that the market has become willing to pay a higher price for each dollar of operating profit, potentially implying expectations of future growth or other qualitative factors influencing investor sentiment.
In summary, while the share price has appreciated significantly, the operating profit per share has tended downward in the latter part of the timeline. The increasing P/OP ratio indicates that the market valuation is growing at a faster pace than the company's operating profitability. This divergence may warrant further investigation into the underlying causes such as market expectations, external economic factors, or company-specific developments affecting investor confidence.
Price to Sales (P/S)
AbbVie Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net revenues (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a generally upward trend over the period. Starting at $115.75 on March 31, 2021, it increased steadily with some fluctuations, reaching a peak of $200.47 by September 30, 2024. There were intermittent declines, such as the dip near the end of 2023 and mid-2025, but overall the price demonstrated significant growth, reflecting positive market sentiment or improved company performance during this timeframe.
- Sales per Share
- Sales per share showed a modest growth pattern but with occasional slight declines. Beginning at $28.42 in early 2021, sales per share increased to over $32 by mid-2025. There were minor decreases around late 2022 and throughout 2023, after which the sales per share resumed a gradual rise, reaching $33.02 by June 30, 2025. This indicates relatively stable revenue generation on a per-share basis with incremental improvements over time.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio fluctuated throughout the period, starting at 4.07 and ending at 5.97 by mid-2025, with some notable volatility. This ratio increased significantly during certain periods, particularly in late 2023 and 2024, where it peaked at 6.38. Such variations suggest changing market valuation relative to sales, possibly influenced by investor expectations, market conditions, or shifts in profit margins. Periods of higher P/S indicate that the market was willing to pay a premium over sales, potentially signaling confidence in future growth or profitability.
- Overall Trends and Insights
- The data indicates a healthy growth trajectory in both share price and sales per share, although sales growth was more moderate in comparison to the appreciation in share price. The rising P/S ratio implies increasing market optimism or valuation expansion beyond just sales growth. The observed periodic fluctuations in these metrics may reflect external economic factors, company-specific events, or sector-wide trends impacting investor perception and financial performance.
Price to Book Value (P/BV)
AbbVie Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (deficit) (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals distinct trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price demonstrated an overall upward momentum from March 2021 through June 2025. Starting at approximately $115.75 in March 2021, the price showed moderate fluctuations but generally increased, peaking near $200.47 by September 2024 before a slight correction towards $197.19 by June 2025. Some notable rises occurred around the end of 2023 and in mid-2024.
- Book Value Per Share (BVPS)
- The BVPS exhibited a declining trend across the timeframe. Initial values near $7.76 in March 2021 gradually decreased, with some short-term fluctuations, to negative values close to -$0.1 by June 2025. The decline accelerated after December 2022, with a noteworthy drop from about $5.86 to negative territory by the final observed periods. This trend indicates a deterioration in the company's net asset value per share over time.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio increased sharply, reflecting the combined effect of rising share prices and declining book value per share. From a ratio around 14.91 in March 2021, it climbed steadily and experienced a marked surge starting in late 2023, reaching exceptionally high levels such as 102.4 and 229.63 by mid-2025. This surge suggests the market price increasingly surpassed the book value, implying heightened market expectations or investor optimism despite the falling BVPS.
Overall, the data suggests the market evaluated the stock increasingly favorably, as evidenced by the rising share price and soaring P/BV ratio. Yet, the fundamental book value per share declined significantly, pointing to weakening equity on a per-share basis. This divergence may indicate market anticipation of future growth or earnings potential not yet reflected in the book value, but also raises considerations about valuation risk given the substantial premium over book value.