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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Hess Corp. pages available for free this week:
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Hess Corp., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits a significant rise starting from early 2022, reaching a peak of 129.13 on March 31, 2022. Subsequently, this ratio declines sharply through 2022 and into 2023, stabilizing in a range between 19.85 and 31.59. This pattern indicates a period of potentially inflated market expectations or low earnings in early 2022, followed by normalization as earnings or stock prices adjusted.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio data begins from the end of 2018, showing values in a mid-twenties range. During 2019, it fluctuates but generally trends downward from about 29.52 to 15.36 by the end of 2022. Into 2023, the ratio slightly increases but remains moderate, between 10.2 and 14.47. This trend suggests improving operating profit relative to stock price or a correction in valuation, reflecting potentially stronger operational performance or more conservative market pricing.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio shows some volatility but remains roughly in the range of 2.26 to 4.81 over the observed periods. Notable peaks occur in early 2021 and early 2022, with values above 4.3, implying higher stock prices relative to sales during these periods. Conversely, troughs near 2.26 are observed in late 2019 and early 2020, suggesting lower valuation multiples relative to sales. This oscillation points to changing market sentiment and possible fluctuations in revenue growth or investor expectations.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio demonstrates a clear upward trend from 1.67 in early 2018 to a peak of 5.8 in late 2022. This incremental increase indicates that the stock price grew faster than the book value or that investor confidence in the company's assets and future prospects strengthened significantly over this period. However, there is some variability toward the end of 2023, with a slight decline to 5.26, suggesting a modest revaluation or adjustments in book value.
Price to Earnings (P/E)
Hess Corp., historical P/E calculation (quarterly data)
| 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 | 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 Hess Corporation common stockholders (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
EPS
= (Net income (loss) attributable to Hess Corporation common stockholdersQ3 2023
+ Net income (loss) attributable to Hess Corporation common stockholdersQ2 2023
+ Net income (loss) attributable to Hess Corporation common stockholdersQ1 2023
+ Net income (loss) attributable to Hess Corporation common stockholdersQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The data reveals various trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the examined periods.
- Share Price
- The share price fluctuated considerably over the time frame. Initially, it showed moderate variability, ranging roughly between $57 and $70 from early 2018 through late 2019. During 2020, the share price experienced significant volatility, dropping to a low of $37 in the third quarter but recovering to approximately $65 by year-end. From 2021 onwards, there was a notable upward trend, with prices generally increasing and peaking at around $151.94 by mid-2023. Despite some fluctuations, the overall trajectory since 2021 has been positive and reflects a strengthening market valuation.
- Earnings Per Share (EPS)
- EPS data is missing for the initial quarters through the first three quarters of 2018. Starting in the last quarter of 2018, EPS was negative and exhibited a widening loss until late 2020, where the figures reached lows beyond -10, indicating sustained negative earnings during this period. Beginning in 2021, EPS turned positive and showed progressive improvement, increasing steadily from 0.64 in the third quarter of 2021 to a peak of 6.85 in the first quarter of 2023. The latest data points indicate a slight decrease to 4.77 by the third quarter of 2023 but remain strongly positive compared to earlier years.
- Price-to-Earnings (P/E) Ratio
- Data for the P/E ratio starts only from the third quarter of 2021. The initial P/E value was very high at 129.13, indicative of either high market expectations or relatively low earnings at that time. Subsequently, the ratio declined steadily across the following periods, reaching around 19.85 by the last quarter of 2022, which suggests a normalization as earnings grew or valuation adjusted. In 2023, the P/E ratio slightly increased again, hovering between approximately 30.96 and 31.59, reflecting either relative share price increases or earnings stabilization.
- Insights and Observations
- The company's financial performance, as observed through EPS, showed significant recovery from sustained losses in 2018 through 2020 to consistent profitability starting in 2021. This improvement in earnings aligns with the upward trend in share price seen from 2021 forward, indicating positive investor sentiment and increased confidence. The P/E ratio decreasing from an initially elevated level suggests a market adjustment and reduced earnings risk perception. However, the recent moderate increase in P/E in 2023 could reflect expectations of sustained earnings growth or relative share price strength. Overall, the trends suggest a turnaround from a challenging financial period into growth and improved market valuation.
Price to Operating Profit (P/OP)
Hess Corp., historical P/OP calculation (quarterly data)
| 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 | 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$) | ||||||||||||||||||||||||||||||
| Income (loss) before interest and income taxes (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
Operating profit per share
= (Income (loss) before interest and income taxesQ3 2023
+ Income (loss) before interest and income taxesQ2 2023
+ Income (loss) before interest and income taxesQ1 2023
+ Income (loss) before interest and income taxesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable fluctuations throughout the observed periods, beginning at $57.65 in March 2018, experiencing a decline to as low as $37.00 in the third quarter of 2020, and subsequently recovering to reach a peak of $151.94 in the first quarter of 2023. This recovery and subsequent rise in share price indicate an overall positive trend in market valuation post-2020.
Operating profit per share (OPPS) data commences in the first quarter of 2019 with a value of $2.22, showing a generally upward trajectory until the fourth quarter of 2019 where it peaks at $3.00 before declining sharply into negative territory during 2020, reaching as low as -$8.19 in the third quarter. This downturn corresponds with the global economic challenges experienced during that period. From the first quarter of 2021 onward, OPPS recovers robustly, achieving a high of $13.19 in the third quarter of 2022, and remaining elevated through to the latest available data in September 2023 at $10.24, highlighting improved operational profitability.
The Price to Operating Profit ratio (P/OP) shows significant variability aligned with the fluctuations in both share price and operating profit per share. Initially reported values range from 19.18 to 32.87 in 2019, with data unavailable during the 2020 downturn. In 2021, P/OP reaches a high of 47.67, which may reflect the share price increasing faster than operating profit or a lag in profitability recovery. From 2021 onwards, the ratio declines and stabilizes within the range of approximately 9.75 to 15.36 until the third quarter of 2023, suggesting a more balanced relationship between share price and operating profit, and potentially indicating investor confidence in sustained profitability.
Overall, the data reveals a period of operational and market disruption during 2020, followed by a strong recovery characterized by rising operating profit per share and substantial growth in share price. The declining and stabilizing P/OP ratio in recent years signals improved valuation metrics reflecting operational performance more accurately. This pattern may be indicative of effective management response to prior challenges and a bullish outlook on the company's future earnings potential.
- Share Price Trend
- Started near $58, decreased sharply in 2020 to around $37, then increased progressively to peak above $150 by early 2023.
- Operating Profit Per Share Trend
- Data available from Q1 2019 showing an initial rise, a sharp decline to negative values during 2020, followed by a strong and sustained recovery peaking around $13 in late 2022, maintaining levels above $10 through 2023.
- Price to Operating Profit Ratio (P/OP)
- Fluctuated widely with no data during 2020 distress period, peaked at 47.67 in early 2021, then normalized to a range between approximately 10 and 15, indicating improved valuation alignment with profitability.
Price to Sales (P/S)
Hess Corp., historical P/S calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
Sales per share
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 2023 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 from March 2018 to September 2023. Initially, it fluctuated moderately between approximately $57 and $70 until the end of 2019. A significant decline occurred in early 2020, dropping to a low near $37 in September 2020, coinciding with the onset of the global economic downturn. Following this, a strong recovery and upward trend is observed, with the share price rising sharply and reaching a peak above $150 by mid-2023. Despite some fluctuations, the overall trajectory since 2020 is markedly positive.
- Sales per Share Trend
- Data for sales per share begins in March 2019, showing a generally upward trend with some volatility. The sales per share started around $21 and demonstrated a gradual increase over the years, peaking above $37 in mid-2023. A slight dip is evident in the two most recent quarters, with values decreasing from around $37.2 to $33.97. This suggests strong growth in sales per share over the examined period, albeit with some recent softening.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio, available from March 2019 onward, shows a fluctuating but generally upward pattern. Early values ranged between 2.6 and 3.3, followed by dips to approximately 2.3 in mid-2020, aligning with the drop in share price and sales per share. Thereafter, the ratio increased significantly, frequently exceeding 4.0 in recent periods, reflecting higher market valuation relative to sales. The ratio’s variation indicates changes in market sentiment and valuation multiples over time, with recent values suggesting a higher premium placed on each dollar of sales.
- Interrelation and Insights
- The share price and sales per share generally move in tandem, especially post-2020 recovery, indicative of improved financial performance supporting market valuation. However, the P/S ratio's fluctuations imply that changes in investor expectations and external factors also heavily influence the share price beyond fundamental sales growth. The peak share prices in 2022 and 2023, alongside elevated P/S ratios, suggest strong market confidence, though the slight recent decrease in sales per share could imply early caution or cyclicality affecting future performance.
Price to Book Value (P/BV)
Hess Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total Hess Corporation stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
BVPS = Total Hess Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reveals notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the periods from March 31, 2018, through September 30, 2023. These financial indicators demonstrate dynamic market valuation and changing equity fundamentals over time.
- Share Price Trends
- The share price exhibited fluctuating behavior with an overall upward trajectory. Initially, it ranged around the mid-50s to low 60s US dollars during 2018 and early 2019, peaking at approximately $70.73 in September 2019. Subsequently, a decline was observed through 2020, reaching lows near $37 in September 2020 amid a likely market downturn. Post-2020, the share price entered a strong recovery and growth phase, with sharp increases noted in late 2021 and through 2022, culminating in a peak of $142.10 in September 2022. The price somewhat stabilized thereafter, maintaining elevated levels above $130 through the first three quarters of 2023.
- Book Value per Share (BVPS)
- The book value per share demonstrated a gradual decline from $34.43 in March 2018 to around $17.48 by December 2020, indicating a shrinking equity base or increased shares outstanding during this interval. From early 2021 onwards, the BVPS showed a consistent recovery trend, increasing steadily to $28.10 by September 2023. This recovery suggests strengthening equity fundamentals, possibly due to improved earnings retention, asset revaluation, or share repurchases.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio showed considerable volatility, influenced by both share price and BVPS movements. Starting near 1.67 in early 2018, it rose and fell in correspondence with share price adjustments through 2019 and 2020. Notably, during late 2020 and throughout 2021, the ratio surged dramatically, peaking at 5.41 in March 2022, driven largely by rising share prices against a comparatively low BVPS. The elevated ratio through 2022 and into 2023, fluctuating mostly between 4.9 and 5.8, indicates that the market valued the company significantly above its book value. This could reflect strong investor confidence or expectations of future growth and profitability exceeding the current net asset value.
Overall, the financial data indicates a period of initial contraction in company equity value followed by a robust recovery in both book value and market valuation. The sharp increase in the P/BV ratio during the most recent periods suggests heightened investor optimism, while the steady increase in BVPS supports a strengthening equity base. The share price movements closely track market dynamics, evidencing susceptibility to external factors around 2020, but demonstrating resilience and growth thereafter.