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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Boeing Co. pages available for free this week:
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Boeing Co., 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), 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).
The price to sales (P/S) ratio data reveals notable fluctuations across the periods from December 31, 2020, through June 30, 2025. Initially, the P/S ratio shows a declining trend from 1.96 at the end of 2020 to a lower point of 1.3 by December 31, 2022, indicating a relative decrease in the market valuation compared to the sales during this timeframe.
Following this period, there is a rebound in the P/S ratio starting in March 31, 2023, rising to 1.9 and then exhibiting varied movements through 2023 and 2024. The ratio peaks again at 1.98 on September 30, 2024, and slightly decreases but remains elevated compared to the earlier low in late 2022. By June 30, 2025, the P/S ratio reaches 2.27, the highest in the observed dataset, suggesting an improvement in market valuation relative to sales towards the end of the period.
Overall, the P/S ratio demonstrates cyclical behavior with a trough in late 2022 followed by a recovery and gradual growth through to mid-2025. This pattern may reflect changing market perceptions, adjustments in sales performance, or shifts in investor sentiment over the examined quarters.
The other examined valuation ratios, including price to earnings (P/E), price to operating profit (P/OP), and price to book value (P/BV), do not present available data for analysis during this timeframe.
- Price to Sales (P/S) Ratio
- Declined from 1.96 at end 2020 to 1.3 by end 2022.
- Recovered from 1.9 in early 2023 to a peak of 2.27 by mid 2025.
- Demonstrates cyclical variation with a notable trough and subsequent upward trend.
- Price to Earnings (P/E), Price to Operating Profit (P/OP), Price to Book Value (P/BV)
- No data available for the given periods; analysis not possible.
Price to Earnings (P/E)
Boeing Co., 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing common shareholders (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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), 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 Q2 2025 Calculation
EPS
= (Net earnings (loss) attributable to Boeing common shareholdersQ2 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ1 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ4 2024
+ Net earnings (loss) attributable to Boeing common shareholdersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. 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 exhibited substantial volatility over the analyzed periods. Starting at $139 in the first quarter of 2020, it increased significantly, reaching a peak of $235.46 in the first quarter of 2021. Subsequently, the price showed a downward trend throughout 2021, dropping to around $154.46 by the first quarter of 2022. Throughout 2022 and into 2023, the share price fluctuated, with periods of recovery reaching above $230 by the third quarter of 2023, yet followed again by declines. By the latest reported quarter in mid-2025, the share price rebounded to $226.08, indicating a recovery from prior troughs but still reflecting high variability.
- Earnings Per Share (EPS) Patterns
- EPS data is missing in early 2020 periods but begins to manifest negative values starting in the last quarter of 2020 at -20.37, indicating losses per share. Over the course of 2021, losses slightly improved though remaining substantial, with EPS values moving from -20.15 down to -7.21 by the first quarter of 2022. A fluctuating trend is observed during 2022 and 2023 with EPS oscillating between approximately -14.17 and -4.68, showing intermittent improvements and deteriorations in profitability. Entering 2024 and 2025, the EPS worsened again, peaking at losses of about -15.83 in the second quarter of 2025, suggesting a return to more significant negative earnings in the most recent periods.
- P/E Ratio Availability
- There are no P/E (price-to-earnings) ratio values reported for any of the quarters examined, likely due to predominantly negative earnings per share, which generally results in an undefined or non-meaningful P/E ratio.
- Overall Analysis
- The financial data reflect a company experiencing considerable challenges, as evidenced by the persistent negative earnings per share across all available quarters. Despite the ongoing losses, the share price has shown resilience, with significant peaks and recoveries, possibly driven by market expectations or other factors unrelated directly to current profitability. The lack of reported P/E ratios aligns with the negative earnings performance. The volatility in share price alongside persistent losses suggests investor uncertainty and potentially a focus on longer-term prospects or restructuring efforts rather than current financial outcomes.
Price to Operating Profit (P/OP)
Boeing Co., 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Earnings (loss) from operations (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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), 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 Q2 2025 Calculation
Operating profit per share
= (Earnings (loss) from operationsQ2 2025
+ Earnings (loss) from operationsQ1 2025
+ Earnings (loss) from operationsQ4 2024
+ Earnings (loss) from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility throughout the observed periods. Initially, there was a notable increase from $139 in March 2020 to a peak of $235.46 in March 2021. Following this peak, a downward adjustment occurred, with prices declining to around $133.79 by September 2022. After this trough, the share price showed recovery signs, rising again to $232.8 in June 2023 before fluctuating between approximately $164.33 and $226.08 in the most recent quarters. The pattern suggests cyclical investor sentiment influenced by market conditions, with multiple rebounds after declines.
- Operating Profit Per Share (OPPS) Patterns
- Operating profit per share remained negative across all reported quarters, indicating ongoing operational challenges. The initial reported figure of -21.9 in December 2020 gradually improved to -1.16 by June 2024, suggesting some operational recovery or cost management efforts. However, this was followed by renewed declines in profitability, dropping back to -14.27 in June 2025. The persistent negative figures highlight sustained difficulties in generating operating profits on a per-share basis, despite some intermittent improvements.
- Correlation Between Share Price and Operating Profit Per Share
- The share price exhibited substantial fluctuations, whereas operating profit per share showed consistent negative results with some improvements. This disconnect suggests that factors beyond immediate operational profitability, such as market expectations, strategic initiatives, or macroeconomic influences, might be driving equity valuations. The recoveries in share price do not directly correlate with improvements in operating profitability, indicating that investor optimism or other external factors likely played a role in share price movements.
- Absence of P/OP Data
- Price to Operating Profit (P/OP) ratio data is missing, which limits the ability to directly assess valuation relative to operational earnings. This absence may reflect challenges in computing meaningful valuation metrics due to persistent negative operating profits, further complicating the evaluation of price efficiency based on operational performance.
- Summary
- The financial data reveals continued operational struggles with recurring negative operating profit per share values, albeit with some improvements in mid-periods. Share price trends indicate investor volatility and possible speculative or forward-looking activity that is not strictly mirrored by operational results. The data suggests a complex environment where market valuations and operational performance diverge, underscoring the need for deeper analysis into underlying business drivers and external impacts.
Price to Sales (P/S)
Boeing Co., 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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), 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 Q2 2025 Calculation
Sales per share
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. 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 Trend
- The share price exhibited notable volatility over the observed period. Starting at $139 in March 2020, it rose sharply to a peak of $235.46 by March 2021, reflecting strong market performance in that interval. Subsequently, the price experienced fluctuations, dipping below the earlier peak to values around $133.79 in September 2022 and rising again to $232.8 by June 2023. The price showed another cycle of decline and recovery, with a low near $157.06 in September 2024 followed by an increase to $226.08 by June 2025. Overall, the share price demonstrated cyclical patterns with periods of significant growth followed by moderate declines.
- Sales per Share
- Sales per share data, available from March 2021 onward, displayed a general upward trajectory until early 2024. Starting at $99.76 in March 2021, sales per share increased steadily to reach a peak of approximately $127.5 by March 2024. Following this, a slight downtrend is observed, with values dropping to $88.68 in March 2025 before a modest recovery to $99.62 by June 2025. This suggests that underlying sales performance strengthened initially but faced some pressure toward the end of the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited both volatility and sensitivity to changes in share price and sales per share. Beginning at a ratio of 1.96 in March 2021, it initially increased to 2.44 in June 2021, indicating that the share price grew at a faster rate relative to sales. Following this peak, the ratio declined steadily to a low of 1.3 by December 2022, reflective of either a relative sales improvement or share price decrease. A temporary rise to 1.9 in March 2023 was followed by fluctuations around the 1.3 to 1.98 range through 2024 and 2025. The P/S ratio pattern underscores the fluctuating investor sentiment and valuation multiples applied in different quarters, with periods of premium and discount relative to sales.
- Overall Insights
- The relationship between share price and sales per share indicates periods where investor optimism outpaced fundamental sales growth, as observed in early 2021 and mid-2023. Conversely, phases of declining P/S ratios suggest increased cautiousness or revaluation despite improving sales, notably in late 2022 and parts of 2024. The data suggests a cyclical market environment with dynamics driven both by operational performance and external factors influencing market valuation.
Price to Book Value (P/BV)
Boeing Co., 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Shareholders’ deficit (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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), 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 Q2 2025 Calculation
BVPS = Shareholders’ deficit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrated notable volatility over the observed periods. Initially, it increased from 139 US$ at the end of March 2020 to a peak of 235.46 US$ at the end of March 2021, indicating a substantial price appreciation within one year. After reaching this peak, the share price experienced fluctuations, declining to a low of 133.79 US$ by the end of September 2022. Subsequently, the price rebounded, reaching levels above 200 US$ by December 2022. In the following quarters, the share price showed periodic rises and falls, ending at 226.08 US$ by June 2025. The overall pattern reveals cyclical price behavior with significant upward and downward movements within the five-year span.
The book value per share (BVPS) remained negative throughout the entire period, reflecting a consistent deficit in the company's net assets on a per-share basis. Starting from -17.13 US$ at the end of March 2020, the BVPS deteriorated further to -31.42 US$ by the end of December 2020. After this trough, it showed intermittent improvement and decline but stayed predominantly below -20 US$, reaching a notable low point of -38.1 US$ by the end of September 2024. The final two periods showed a sharp recovery in BVPS, improving to -4.41 US$ and -4.36 US$ by the end of June 2025. This recovery trend near the end of the timeline suggests a possible improvement in asset values or reduction in liabilities.
The Price-to-Book Value (P/BV) ratio was not provided, which limits the capacity to directly assess market valuation relative to book value. However, given the consistently negative BVPS values and fluctuating share prices, the implied P/BV ratio would not be meaningful in traditional terms throughout most periods. The negative BVPS indicates that the company's market valuation metrics based on book value alone would be skewed or unconventional.
In summary, the share price exhibited marked fluctuations with a general upward trend toward the end of the period, while the book value per share remained in negative territory for most of the timeline but markedly improved in the most recent quarters. This divergence between market price and book value points to market optimism or other factors influencing valuation beyond net asset values. The missing P/BV data limits further valuation insights.