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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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Fidelity National Information Services Inc., 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrated significant volatility over the observed periods. Starting at 46.21 in the first quarter of 2019, it escalated sharply, reaching a peak beyond 3000 in mid-2020, indicating heightened market expectations or potentially diminished earnings during that time. Subsequent quarters saw a reduction in the P/E, trending downward to around 38.1 by the first quarter of 2023. The fluctuations suggest episodic earnings variability or changes in investor sentiment impacting valuation multiples substantially throughout the period.
- Price to Operating Profit (P/OP) Ratio
- This ratio reflected a somewhat parallel pattern to the P/E ratio, beginning at approximately 25.37 and increasing steeply to over 200 by mid-2020, evidencing high market pricing relative to operating profit. Following this surge, there was a marked decline, with the ratio falling to around 24.66 by the end of 2022. This trend suggests improvements in operating profitability or moderation in price levels, reflecting recalibrated investor expectations regarding operating performance.
- Price to Sales (P/S) Ratio
- The P/S ratio showed a moderate rise until the early stages of the pandemic, peaking near 9.54 in mid-2019, and then maintained a relatively stable yet gradually declining trend afterward, reaching approximately 2.16 by the first quarter of 2023. This steady decrease over recent years indicates either growth in sales outpacing stock price appreciation or investors reassessing the company's sales valuation more conservatively.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio experienced some variability, starting near 3.79 and fluctuating between approximately 1.16 and 8.04 across the periods. Notably, it declined toward lower levels closer to 1 in the latter years, specifically falling below 1 in some quarters, which could point to a reassessment of the company's net asset value or book value, possibly reflecting lower market valuation relative to its tangible equity base.
Price to Earnings (P/E)
Fidelity National Information Services Inc., 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net earnings (loss) attributable to FIS common stockholders (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net earnings (loss) attributable to FIS common stockholdersQ1 2023
+ Net earnings (loss) attributable to FIS common stockholdersQ4 2022
+ Net earnings (loss) attributable to FIS common stockholdersQ3 2022
+ Net earnings (loss) attributable to FIS common stockholdersQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited notable volatility over the analyzed periods. Initially, there was a general upward trend from the first quarter of 2019 to the end of 2019, reaching a peak of approximately $156.78. This was followed by fluctuations during 2020, with a decline in mid-2020 and partial recovery towards the end of the year. Throughout 2021, the share price showed a downward trajectory, culminating in a notable drop by the end of 2021. The decline continued sharply into 2022 and early 2023, with the share price falling below $55 by the first quarter of 2023, reflecting a significant decrease in market valuation.
- Earnings per Share (EPS)
- EPS displayed a declining trend from early 2019 through most of 2020, with values dropping from a positive $2.51 to negative territory in late 2020. The negative EPS in late 2020 and early 2021 indicated periods of loss. However, there was a recovery phase during 2021 and early 2022, with EPS rising back into positive values, peaking around $1.58 in late 2022. A dramatic and severe decline occurred by the first quarter of 2023, with EPS plunging to approximately -28.25, representing substantial financial distress or extraordinary losses in this period.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio reflected extreme volatility and abnormalities in valuation relative to earnings. Early 2019 showed moderate ratios around 46, but these surged sharply in late 2019 and 2020, reaching exceedingly high numbers above 300 and even 3000 in mid-2020, indicative of very low or negative earnings affecting the calculation. Missing data points in late 2020 and early 2021 correspond with periods when EPS was negative or close to zero. During 2021 and into early 2022, the P/E decreased gradually but remained elevated, indicating lower earnings relative to share price compared to earlier periods. No P/E data is available for the latest period where EPS dropped significantly, likely due to negative earnings making the ratio undefined or non-meaningful.
- Overall Analysis
- The financial data reveals a company experiencing significant earnings volatility and a corresponding impact on market valuation. The share price initially followed a positive or stable trend, which was undermined by persistent earnings challenges from 2019 through 2020. Recovery signs during 2021 and early 2022 were reversed dramatically by the early 2023 period, where a severe earnings decline led to a steep share price decrease and the disappearance of meaningful P/E ratio metrics. This pattern suggests operational or market challenges that have materially impacted profitability and investor confidence over time.
Price to Operating Profit (P/OP)
Fidelity National Information Services Inc., 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022
+ Operating income (loss)Q3 2022
+ Operating income (loss)Q2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Quarterly or Annual Report.
4 Q1 2023 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 and patterns in the company's share price, operating profit per share, and the price to operating profit (P/OP) ratio over the period from the first quarter of 2019 through the first quarter of 2023.
- Share Price
- The share price exhibited significant volatility throughout the period. From early 2019 through the end of 2019, the share price increased from approximately $116 to a peak of around $157. This upward trend was interrupted in early 2020, with prices falling to around $125 to $130 in the first half of 2020, likely reflecting market disruptions during that period.
- Subsequently, there was a rebound in the latter half of 2020 and early 2021, reaching about $152 in March 2021. However, from mid-2021 onwards, the share price showed a consistent downward trajectory, sharply declining to $53 by March 2023. This represents a substantial loss in market value towards the end of the reported period.
- Operating Profit Per Share
- Operating profit per share started relatively strong at $4.57 in the first quarter of 2019 but demonstrated a steady decline throughout 2019 and into 2020, falling to as low as $0.67 in the second quarter of 2020.
- There was a modest recovery in the latter half of 2020 and throughout 2021, with values generally ranging between $0.88 to $1.85. Notably, operating profit per share improved substantially in late 2022, reaching $2.44 in the third quarter.
- A dramatic deterioration occurred in the final quarter of 2022 and the first quarter of 2023, with operating profit per share plunging to negative values of approximately -$27.23 and -$26.90, respectively. This signifies significant operational challenges or extraordinary items severely impacting profitability.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed extreme variability and periods of elevated valuation metrics. Beginning at 25.37 in early 2019, the ratio spiked considerably, peaking near 219 in mid-2020. These elevated P/OP values reflect the sharp declines in operating profit per share during this timeframe, indicating the market price was high relative to diminished profits.
- The ratio gradually decreased through 2021 and 2022, falling to around 24.66 in late 2022, concurrent with an improvement in operating profit per share and a declining share price.
- Data for the P/OP ratio was unavailable for the first quarter of 2023, coinciding with the negative operating profits, which likely precluded a meaningful ratio calculation due to the negative denominator.
Overall, the company's financial performance and market valuation experienced significant fluctuations over the observed period. Early strength gave way to volatility and reduced profitability in 2020, some recovery in 2021 and early 2022, followed by a severe degradation in operating profitability and substantial share price decline by early 2023. The collapse in operating profit per share and the corresponding share price erosion in late 2022 into 2023 suggests substantial operational or external challenges affecting the company's financial health.
Price to Sales (P/S)
Fidelity National Information Services Inc., 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced significant fluctuations over the analyzed periods. Initially, it increased steadily from $115.93 in March 2019 to a peak of $156.78 by December 2019. However, in 2020, the price showed volatility, dropping to $125.02 in September 2020 before recovering slightly by the end of the year. In 2021, the price declined consistently from $151.80 in March to $92.25 in December. The downward trend accelerated in 2022 and early 2023, with the share price reaching a low of $53.13 in March 2023, indicating substantial depreciation from the prior peaks.
- Sales Per Share Progression
- Sales per share demonstrated a generally positive and stable growth trend throughout the periods. Starting from $26 in March 2019, there was a notable drop in the second quarter of 2019 to $13.73, likely due to data irregularities or adjustment. Subsequently, sales per share consistently increased, rising from approximately $14.90 in September 2019 to $24.55 by March 2023. This steady growth reflects an improving revenue base per share over time.
- Price-to-Sales Ratio (P/S) Analysis
- The P/S ratio showed considerable variation aligned with changes in share price and sales per share. Initially, the ratio was moderate at 4.46 in March 2019 before spiking to 9.54 in June 2019, coinciding with a sharp decrease in sales per share or increase in share price. Subsequently, the ratio declined and fluctuated around a moderate range between 4 and 9 until late 2021, reflecting relatively balanced price and sales performance. Beginning in late 2021, the P/S ratio declined markedly, reaching as low as 2.16 by March 2023. This decrease is primarily attributable to the sharp reduction in share price despite the steady increase in sales per share, indicating a declining market valuation relative to sales.
- Summary of Financial Trends
- The data reflects a scenario where the underlying sales performance per share improved consistently, indicating operational growth and revenue expansion. Conversely, market valuation, as captured by share price and P/S ratio, has experienced significant downward pressure since late 2020. The divergence between rising sales per share and falling share prices resulted in a compressed P/S ratio, signaling potential market concerns or external factors affecting investor sentiment despite the company’s improved sales metrics.
Price to Book Value (P/BV)
Fidelity National Information Services Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total FIS stockholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||||
| International Business Machines Corp. | |||||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Total FIS stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly data reveals distinct trends in the share price, book value per share (BVPS), and price-to-book value ratio (P/BV) over the examined period.
- Share Price
- The share price exhibited considerable volatility throughout the period. Initially, it showed an upward trajectory from $115.93 to a peak around $156.78 by the end of 2019. However, starting in 2020, the price fluctuated, experiencing declines and recoveries but with a notable downward trend beginning in late 2021. By March 2023, the share price had significantly decreased to $53.13, reflecting a substantial drop from earlier highs.
- Book Value Per Share (BVPS)
- BVPS showed relative stability with some fluctuations. Early in the timeline, a sharp decrease was observed from $30.58 to $16.28, followed by a sharp increase upwards to approximately $80.22 by the end of 2019. Subsequently, BVPS remained relatively stable around the high 70s and mid-70s over the next two years. A significant drop occurred by the end of 2022 and into early 2023, with BVPS settling around $45.74 by March 2023, indicating a decline in net asset value per share toward the end of the period.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio showed considerable fluctuation. Early peaks indicated the market valued the company well above its book value (as high as 8.04 in mid-2019). Afterward, the ratio declined and stabilized generally between approximately 1.2 and 2.0, suggesting a market valuation closer to book value during 2020 and 2021. In the final quarters, the P/BV ratio dropped below 1.0 at times, reaching as low as 0.79, reflecting that the share price was valued below the book value per share, indicative of potential market undervaluation or concerns about future prospects by early 2023. A partial rebound of the P/BV ratio to around 1.16 occurred in the last observed quarter, suggesting a slight recovery in valuation relative to book value.
In summary, the company experienced a declining market valuation in recent quarters, as evidenced by the falling share price and P/BV ratio. Meanwhile, book value per share remained relatively stable for much of the period but experienced a notable decrease near the end. The market's pricing of the stock relative to book value suggests diminished investor confidence or adjusted expectations regarding asset values or earnings potential during the latest periods.