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
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Albemarle Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analysis of the quarterly financial ratios reveals several notable trends over the observed period.
- Price to Earnings (P/E) Ratio
- The P/E ratio displays significant volatility and a generally upward trend until reaching a peak in late 2021. Starting at around 14.07 in early 2018, it gradually increased, with intermittent fluctuations, hitting an exceptionally high peak of 181.56 in mid-2022. Subsequently, the P/E ratio declined sharply to 5.52 by the first quarter of 2023. This pattern may indicate periods of heightened investor expectations or elevated stock prices relative to earnings, followed by a reversion to more conservative valuations.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the P/E ratio trend with moderate growth from roughly 10.71 in early 2018 to a peak near 36.29 in mid-2021, suggesting increased valuation relative to operating profitability. Following this peak, a declining trend is evident, with the ratio falling to 6.22 by the first quarter of 2023. The ratio's variation indicates changing market sentiment towards the company’s operating profit generation.
- Price to Sales (P/S) Ratio
- The P/S ratio increased steadily from approximately 2.89 in early 2018 to a high of 9.63 by late 2021, demonstrating a rising valuation in relation to sales. Despite some decreases in 2022, the ratio remained elevated relative to the early period, ending at 2.31 in early 2023. This suggests that market valuations relative to sales peaked around 2021 but reverted towards earlier levels by 2023.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited moderate fluctuations, beginning at 2.87 in early 2018, decreasing during 2019, and notably spiking to 5.6 in late 2021. Post-peak, the ratio declined steadily to 2.2 by the first quarter of 2023. These movements indicate shifts in market valuation relative to the company’s net asset value, with a pronounced premium around 2021 and normalization thereafter.
Overall, the financial ratios show a pronounced peak in company valuation metrics around late 2021 to mid-2022, followed by a corrective decline toward early 2023. This pattern suggests a period of increased market optimism or speculative valuation that subsequently adjusted to more conservative levels across earnings, operating profit, sales, and book value perspectives.
Price to Earnings (P/E)
Albemarle Corp., historical P/E calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Albemarle Corporation (in thousands) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net income (loss) attributable to Albemarle CorporationQ1 2023
+ Net income (loss) attributable to Albemarle CorporationQ4 2022
+ Net income (loss) attributable to Albemarle CorporationQ3 2022
+ Net income (loss) attributable to Albemarle CorporationQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable volatility over the analyzed periods. Initially, the price fluctuated moderately between approximately $66 and $108 from early 2018 through early 2019. A downward trend began around March 2019, reaching a low point near $64 by March 2020. Subsequently, a significant upward trend commenced, with the share price rising sharply to surpass $270 by December 2021. This peak was followed by fluctuations, maintaining elevated levels above $170 towards the first quarter of 2023. The overall long-term movement indicates considerable appreciation despite interim declines.
- Earnings Per Share (EPS) Dynamics
- EPS data is incomplete in early periods but shows values starting from March 2019 onward. A gradual decline is observable from initial EPS values around 6.56 in early 2019 down to lows near 1.06 by mid-2022. Following this trough, EPS recovered significantly, demonstrating sharp increases through to the first quarter of 2023, reaching levels above 31. This recovery phase suggests strong profitability improvements in recent quarters after a period of contraction.
- Price-to-Earnings (P/E) Ratio Movements
- P/E ratios exhibit pronounced fluctuations consistent with EPS and share price trends. Initial ratios around 14 to 13 in early 2019 decrease somewhat before escalating dramatically from 2020 into late 2021, peaking above 180 by mid-2022. This spike corresponds with periods of reduced EPS despite elevated share prices, indicating higher market valuation relative to earnings. Following this peak, the P/E ratio declined sharply, dropping back below 6 by early 2023, reflecting the substantial EPS improvement against moderated share price levels.
- Interrelation Between Metrics
- Periods of declining EPS combined with surging share prices resulted in extremely high P/E ratios, suggesting potential market optimism or anticipated growth not yet reflected in earnings. The subsequent sharp EPS rise and concurrent moderation in share prices led to a normalization of the P/E ratio. This interplay highlights a phase of significant transition in earnings performance with consequent adjustments in market valuation metrics.
- Summary Insights
- The financial data reflects a complex performance trajectory characterized by an initial decline in earnings and share price, followed by substantial appreciation in share price and recent strong earnings growth. The dramatic shifts in P/E ratios underscore changing investor expectations and earnings realities. Overall, the company experienced volatile market valuation with recent indicators pointing to enhanced profitability and adjusted pricing levels.
Price to Operating Profit (P/OP)
Albemarle Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating profit (in thousands) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating profitQ1 2023
+ Operating profitQ4 2022
+ Operating profitQ3 2022
+ Operating profitQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant fluctuations over the examined period. Initially, it showed a declining trend starting from $98.39 at the end of March 2018, reaching a low point near $64.41 in March 2020. After this trough, a strong upward movement occurred, peaking at $272.79 by the end of December 2022. The latest quarter reveals a notable decline to $172.91 by March 2023, indicating some recent volatility following a period of strong gains.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share data begins in March 2019, with a value of $8.62, followed by a slight decrease through the end of 2020, bottoming around $4.34 to $4.88. From early 2021 onwards, OPPS demonstrated a recovery and subsequent growth, rising steadily to a peak of $27.78 by March 2023. This suggests improved operational efficiency or increased profitability over time, particularly accelerating from mid-2021 forward.
- Price-to-Operating Profit Ratio (P/OP) Trend
- The P/OP ratio fluctuated considerably throughout the period. Initially, in early 2019, the ratio hovered around 10 to 11, then increased progressively, reaching elevated levels above 30 by late 2020 and early 2021. Subsequently, the ratio decreased to below 20 in early 2023, reflecting the interplay between rising operating profit per share and the more recent decline in share price. This downward adjustment in P/OP suggests improved valuation relative to profits in the latest period.
- Overall Insights
- The data exhibits a cyclical pattern with an initial decline in share price and operating profit per share, followed by substantive growth in both metrics from 2020 through early 2023. The share price increase outpaced operating profit growth initially, driving up the P/OP ratio to relatively high levels, indicating potential overvaluation or market exuberance. The subsequent correction in the share price in the first quarter of 2023, combined with continued growth in operating profit per share, improved the valuation multiples, suggesting a more balanced market perspective. The general trend points toward strengthened operational outcomes and market recognition, although recent share price volatility warrants monitoring.
Price to Sales (P/S)
Albemarle Corp., historical P/S calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The data indicates notable trends in the company's share price, sales per share, and price-to-sales (P/S) ratio over the periods analyzed.
- Share Price
- The share price exhibited significant fluctuations throughout the timeframe. Initial prices in 2018 ranged mostly between approximately $67 and $108, with a notable dip in early 2019 to the mid-$60 range. A marked increase occurred during 2020, rising sharply from the mid-$60s in March to over $156 by December 2020. This upward trend continued into 2021, with share prices peaking above $270 in Q3 2021 before experiencing some volatility through 2022 and early 2023. By March 2023, the price had declined to approximately $173.
- Sales per Share
- Sales per share data is available starting from March 2019. Sales per share showed a gradual decline throughout 2019 and 2020, reducing from around $33.8 to below $27 by the end of 2020. Beginning in 2021, sales per share began to increase consistently, reaching $75 by March 2023, demonstrating strong growth. This upward trajectory indicates improved revenue generation on a per-share basis over the last few quarters.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed a downward trend in 2019, dropping from 2.89 to around 2.01 by year-end, reflecting share price adjustments relative to sales per share. During 2020, despite low sales per share, the ratio increased substantially, peaking at 5.82 by March 2021 and continuing to rise to nearly 9.63 by Q3 2021. This suggests that the market valuation grew faster than sales during this period. After this peak, the P/S ratio decreased steadily through 2022 and early 2023, settling at approximately 2.31 by March 2023, indicating a market reassessment aligning valuations closer to sales performance.
Overall, the data reveals a company undergoing periods of strong price appreciation, especially notable in 2020 and 2021, coupled with increasing sales per share beginning in 2021. The volatility in the P/S ratio highlights changing market perceptions of the company’s valuation relative to its sales, with a significant premium observed in mid-2021 followed by a normalization phase in subsequent quarters.
Price to Book Value (P/BV)
Albemarle Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Albemarle Corporation shareholders’ equity (in thousands) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Total Albemarle Corporation shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits considerable volatility over the observed period. Initially, from early 2018 through early 2019, it declined from approximately $98 to around $67. This downward trend was followed by fluctuations through 2020, with prices dropping to the mid-$60 range before experiencing a significant upward surge towards the end of 2020 and throughout 2021, reaching a peak near $273 in late 2021 and early 2023. However, there is a notable dip after this peak, with the price falling back to about $173 in the first quarter of 2023.
- Book Value per Share (BVPS) Development
- The book value per share reveals a generally steady upward trend throughout the period. Starting at around $34 in early 2018, it maintains incremental growth with some minor fluctuations until 2020, after which the growth rate accelerates. By early 2023, BVPS reaches approximately $79, indicating an increase of more than double compared to the initial value. This consistent rise suggests an underlying growth in net asset value per share.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio shows meaningful variability, reflecting the interplay between share price and book value changes. Initially, the ratio fluctuated between roughly 2.7 and 3.3 during 2018, then declined steadily through 2019 and early 2020, hitting a low near 1.77. A sharp spike occurred at the end of 2020, reaching a high of about 5.6 in late 2021, coinciding with both a surge in share price and steady BVPS growth. Subsequently, the ratio declined in early 2023 to approximately 2.2, indicating a reduction in market valuation relative to book value.
- Summary of Financial Position Indications
- The data suggests that while the company’s underlying book value per share has steadily improved, market perceptions as reflected by the share price have been more volatile, experiencing large swings. The elevated peaks in the P/BV ratio during late 2020 and 2021 imply periods of increased investor optimism or valuation premium compared to the company's net asset base. The recent decline in share price and P/BV ratio in early 2023 may indicate a market correction or revaluation despite continued growth in book value.