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: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Amphenol Corp., 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: 2023-09-30), 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrated an overall upward trend from March 2020 to December 2021, rising from 22.57 to around 30-32. This growth indicates increasing investor expectations for earnings growth during this period. However, starting from March 2022, the ratio declined noticeably, reaching a low point of 23.45 in the first quarter of 2023, suggesting either an earnings improvement or reduced market optimism. The ratio rebounded in the subsequent quarters, peaking at 35.52 by March 2024, reflecting renewed confidence or higher expected future earnings.
- Price to Operating Profit (P/OP) Ratio
- A similar pattern is evident in the P/OP ratio, which rose steadily from 16.35 in March 2020 to a peak of approximately 24 in December 2020 and maintained elevated levels around 22-23 through 2021. The ratio declined significantly in 2022, falling to values near 17-18 early in the year, indicating either improvements in operating profit or tempered price growth. In late 2023 and early 2024, the metric increased sharply, reaching 27.28 in March 2024, suggesting heightened market valuation relative to operating profit.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited a growth trajectory from a low of 3.14 in March 2020 to a high of approximately 4.6 in late 2020. This upward movement suggests increasing valuation relative to sales over the initial phase. A decline followed in 2022, hitting around 3.55 in early 2023, indicating a contraction in valuation multiples or improved sales figures. From mid-2023 through March 2024, the ratio again trended upward, reaching a high of 5.64, the highest point observed, signifying strong valuation expectations relative to sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio rose from 5.81 in March 2020 to a peak near 7.7 by late 2021, reflecting elevated market valuations compared to book equity values. Thereafter, the ratio experienced fluctuations throughout 2022 and early 2023, declining to roughly 6.0 in some quarters. From mid-2023 onwards, the metric increased significantly again, reaching its highest level of 8.34 by March 2024. This suggests increased investor willingness to pay a premium over the book value during that interval.
- Overall Observations
- Across all valuation multiples, a general pattern emerges with steady growth in 2020 and 2021, a notable dip or correction in 2022 to early 2023, followed by a robust recovery and new peaks in early 2024. This indicates the company experienced a significant market revaluation cycle, potentially influenced by broader economic conditions or company-specific performance shifts.
Price to Earnings (P/E)
Amphenol Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income attributable to Amphenol Corporation (in thousands) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net income attributable to Amphenol CorporationQ1 2024
+ Net income attributable to Amphenol CorporationQ4 2023
+ Net income attributable to Amphenol CorporationQ3 2023
+ Net income attributable to Amphenol CorporationQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Amphenol Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share price
- The share price demonstrated an overall upward trend over the observed period. Starting at $43.09 in March 2020, it experienced a steady increase with occasional fluctuations, reaching $79.99 by December 2021. The price then showed some volatility during 2022, fluctuating between approximately $71.5 and $81.28. From early 2023 onwards, the share price exhibited stronger growth, advancing from $75.47 in March 2023 to $120.49 by March 2024. This suggests renewed investor confidence or positive market conditions in the latest period.
- Earnings per share (EPS)
- The EPS values indicate consistent growth throughout the entire period. Beginning at $1.91 in March 2020, EPS gradually increased each quarter, reaching $2.66 by December 2021. This upward trajectory continued more robustly in the subsequent years, with EPS hitting $3.2 at the end of 2022 and further rising to $3.39 by March 2024. The steady EPS improvement points to ongoing profitability enhancement and operational efficiency improvements.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated in a narrower range compared to the share price, starting at 22.57 in March 2020 and peaking around 32.69 in December 2020. It then generally trended downward until the end of 2022, declining to approximately 23.45 by March 2023, indicating that the market valuation became relatively less expensive compared to earnings during this time. However, in 2023 and into early 2024, the P/E ratio increased again sharply, reaching 35.52 by March 2024. This reflects a market willingness to pay a higher premium for the company's earnings, possibly due to expectations of future growth or improved business outlook.
Price to Operating Profit (P/OP)
Amphenol Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Operating incomeQ1 2024
+ Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Amphenol Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a consistent upward trajectory over the analyzed periods, starting at $43.09 and reaching $120.49 by the end date. This reflects a substantial growth in market valuation, with only minor fluctuations such as a temporary dip around the March 2022 quarter.
Operating profit per share demonstrated steady improvement throughout the timeline. Beginning at $2.64, it rose progressively to reach $4.42 by the last reported quarter. This consistent increase suggests enhanced profitability on a per-share basis over the years.
The price-to-operating profit (P/OP) ratio, however, showed more volatility and a less consistent trend. Initially, it increased from 16.35 to a peak around 24.01 in late 2020, indicating that the share price was rising faster than operating profit per share during that period. Subsequently, the ratio declined to a low near 17.36-18.71 range in 2022 and mid-2023, suggesting improving operating profit relative to share price or a relatively undervalued stock. Toward the end of the period, the P/OP ratio rose sharply again, surpassing previous highs to reach 27.28, implying the share price growth once more outpaced operating profit increases.
Overall, the financial data reflects strong and consistent growth in operating profitability coupled with significant appreciation in share price. However, the fluctuating P/OP ratio indicates varying market perceptions of valuation relative to earnings, with more recent quarters showing elevated valuation levels compared to operating profit metrics.
Price to Sales (P/S)
Amphenol Corp., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Amphenol Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns in the evaluated metrics over the observed periods.
- Share Price
- The share price demonstrated a generally upward trend from March 31, 2020, beginning at $43.09, to March 31, 2024, where it reached $120.49. Noteworthy increments were observed particularly from December 31, 2022, onward, with the price rising from $81.28 to $120.49 over approximately fifteen months. This reflects increasing investor confidence or valuation over the period. Some fluctuations appeared, such as a dip from December 31, 2021 ($79.99) to March 31, 2022 ($71.50), but the overall trajectory remained positive.
- Sales per Share
- Sales per share steadily increased over the entire period. Starting at $13.74 on March 31, 2020, it moved upward consistently to $21.37 by March 31, 2024. The quarterly growth, while moderate, indicates a stable improvement in sales performance relative to the number of shares outstanding. There is a slight plateau between March 31, 2023 ($21.24) and September 30, 2023 ($20.84), but it resumes growth by March 31, 2024 ($21.37), suggesting resilience in sales generation.
- Price-to-Sales Ratio (P/S)
- The P/S ratio shows a more variable pattern compared to share price and sales per share. Initially, it rose from 3.14 on March 31, 2020, reaching above 4.4 multiple times between March 31, 2021, and December 31, 2021. A decline followed with values dropping to as low as 3.55 by March 31, 2023, indicating a relative decrease in market valuation compared to sales during that period. From mid-2023 onward, the ratio increases significantly, peaking at 5.64 by March 31, 2024, which may reflect an increased market premium on sales or expectations of higher future growth. The fluctuations here suggest shifts in investor sentiment and valuation metrics distinct from straightforward sales growth.
- General Observations
- Overall, the financial data points to consistent growth in sales per share and a strong appreciation in share price over the four-year horizon. The P/S ratio volatility indicates changing market dynamics and valuation adjustments, with a pronounced premium in the most recent periods. These trends suggest robust operational performance coupled with alternating phases of market optimism and reassessment.
Price to Book Value (P/BV)
Amphenol Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity attributable to Amphenol Corporation (in thousands) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Stockholders’ equity attributable to Amphenol Corporation ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Amphenol Corp. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a general upward trend over the observed period, rising from $43.09 at the end of March 2020 to $120.49 by the end of March 2024. While the overall movement was positive, the share price experienced several fluctuations. Notably, there was a dip in the first quarter of 2022, followed by a recovery and a significant surge towards the end of 2023 and into the first quarter of 2024.
Book value per share (BVPS) showed a steady and consistent increase throughout the period. It started at $7.41 in March 2020 and progressed gradually to $14.45 by March 2024, reflecting continuous growth in the company's net asset value on a per-share basis.
The price-to-book value ratio (P/BV) fluctuated throughout the period, showing varying investor sentiment relative to the company's book value. Beginning at 5.81 in March 2020, the ratio increased steadily to peak around 7.72 in the third quarter of 2021, followed by some volatility and a notable dip to 6.04 in September 2023. After this dip, the ratio increased sharply again, reaching a high of 8.34 by March 2024. This volatility in P/BV, despite the steady rise in BVPS, indicates changes in market valuation relative to the company's book value, which may reflect broader market conditions or changing investor expectations.
- Share Price Trends
- Consistent growth with fluctuations, including a temporary decline in early 2022 and strong gains in late 2023 and early 2024.
- Book Value per Share
- Steady and incremental increase over the entire period, indicating sustained growth in net assets per share.
- Price-to-Book Value Ratio
- Variable with peaks and troughs, suggesting changing investor valuation multiples despite underlying growth in book value.
Overall, the data reflects a company with fundamental value improvement, as evidenced by rising BVPS, accompanied by market price movements that include periods of elevated investor enthusiasm and some corrections. The strong rise in share price towards the end of the dataset indicates heightened market confidence in the more recent periods.