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).
Paying user area
Try for free
Hilton Worldwide Holdings Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2013
- Operating Profit Margin since 2013
- Price to Book Value (P/BV) since 2013
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Hilton Worldwide Holdings Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Hilton Worldwide Holdings Inc., historical price multiples (quarterly data)
Based on: 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), 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 Price to Earnings (P/E) ratio shows significant volatility over the observed periods. Initially recorded at 35.57 in March 2020, it declined to 26.9 by June 2020, followed by a substantial spike to 449.68 in September 2020. The ratio then remained unavailable for several periods before reaching an extremely high peak of 1052.14 in March 2022. Subsequent data indicate a decreasing trend from June 2022 onwards, stabilizing between approximately 29 and 43 in the most recent quarters up to June 2024. This pattern suggests periods of market uncertainty or fluctuations in earnings, followed by a normalization phase in valuation multiples.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio records a similar pattern of volatility. Starting at 18.91 in March 2020 and dropping to 14.11 in June 2020, it then rose sharply to 36.23 in September 2020 and spiked dramatically to 206.62 in December 2020. After another absence in data, a very high value of 614.48 is observed in June 2021. Subsequently, a declining trend is noticeable, dropping from 85.13 in September 2021 to a range fluctuating between 16.6 and 22.65 in the most recent quarters through June 2024. This suggests strong fluctuations in operating profitability or price adjustments over time, eventually stabilizing at more moderate valuation levels.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio presents a clearer downward trend over time. Beginning at 3.32 in March 2020, it decreased to 2.17 in June 2020, then increased back to 3.16 in September 2020. From December 2020 onwards, the ratio moved higher, peaking at 10.47 in June 2021. Thereafter, it demonstrated a steady decline through subsequent periods, reaching lows around 3.8 to 4.9 between March 2023 and June 2024. This indicates that the company's sales prices were relatively high at mid-2021 but have since reverted to levels closer to earlier years, potentially reflecting changes in revenue expectations or market sentiment.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio was only recorded for the earliest period, showing an extremely high level of 269.52 in March 2019 with no subsequent data. This limited information inhibits trend analysis but indicates a high initial valuation relative to book value at that specific time.
- Overall Analysis
- The financial ratio data reveal a period of significant volatility and adjustment around 2020 and 2021, likely impacted by external market factors and internal performance changes. Both valuation-related ratios (P/E and P/OP) exhibit large spikes followed by gradual normalization, indicating that investor expectations and profitability were highly variable during this time. The P/S ratio also reflects these fluctuations but with a somewhat smoother trend, rising sharply mid-2021 before declining steadily back to moderate levels. The absence of continuous P/BV data limits conclusions on the company's asset valuation changes. Overall, the recent period shows stabilization across key valuation metrics, implying a return to more predictable market conditions and financial performance.
Price to Earnings (P/E)
Hilton Worldwide Holdings Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to Hilton stockholders (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2024 Calculation
EPS
= (Net income (loss) attributable to Hilton stockholdersQ2 2024
+ Net income (loss) attributable to Hilton stockholdersQ1 2024
+ Net income (loss) attributable to Hilton stockholdersQ4 2023
+ Net income (loss) attributable to Hilton stockholdersQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated moderate volatility over the observed periods. Initially, there was a decline from $112.94 at the end of 2019 to a low of $71.90 in March 2020, coinciding with the global market disruption. Subsequently, a recovery phase is evident, with the price rising steadily to $156.34 by the end of 2021. After a slight dip to $129.25 in mid-2022, the share price rebounded strongly, peaking at $204.70 by June 2024, indicating renewed investor confidence and positive market sentiment towards the company.
- Earnings per Share (EPS)
- EPS data begins from March 2020, showing a pronounced negative impact with values of -1.14 and -2.58 in December 2019 and March 2021 respectively, reflecting significant earnings pressure during that period. A recovery trend is visible from mid-2021 onwards, with EPS progressively increasing quarter-over-quarter, reaching a peak of 5.16 in December 2023. This upward trend continued into 2024, with EPS maintaining strong levels around 4.8 to 4.91, suggesting improved profitability and effective cost management as market conditions normalized.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibits substantial variability, with extremely high values noted in some quarters, such as 449.68 in September 2019 and an anomalous peak of 1052.14 in December 2021, likely caused by very low or negative EPS values during those periods. Apart from these outliers, the P/E ratio generally trends downward from mid-2022 onward, moving from 105.44 to around 29-30 by late 2023, before rising again to the low 40s in mid-2024. The reduction in the P/E ratio corresponds with increasing EPS and a stabilizing share price, indicating a valuation correction aligned with earnings growth.
- Overall Analysis
- The data reflects a period of significant disruption around early 2020, with the company experiencing declining share prices and negative earnings, consistent with external market challenges. Following this period, a strong recovery is evident in both share price and EPS, signaling an effective rebound in operational performance. P/E ratios, while fluctuating due to volatile earnings, have generally normalized in recent quarters. The combination of rising EPS and recovering share price suggests strengthening financial health and improved investor perception over the most recent periods.
Price to Operating Profit (P/OP)
Hilton Worldwide Holdings Inc., historical P/OP calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2024 Calculation
Operating profit per share
= (Operating income (loss)Q2 2024
+ Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits a notable cyclical pattern across the analyzed periods. Initially, from early 2019 to the end of 2019, the share price experienced a steady increase from $92.60 to $112.94. However, this was followed by a sharp decline in the first quarter of 2020, falling to $71.90, coinciding with emerging global economic challenges during that period. Subsequent quarters through the end of 2020 saw a recovery trajectory, reaching $111.43 by December 31, 2020.
The upward momentum continued into 2021 and 2022, with the share price peaking at $156.34 by December 31, 2021. However, in 2022, volatility intensified, and the price declined in the first half, decreasing to $129.25 in June before fluctuating and rising again close to $150 by the end of that year and early 2023. From mid-2023 onward, the share price showed a strong acceleration, reaching levels above $200 by the second quarter of 2024.
Operating profit per share (OPPS) data begins from March 31, 2020. At that point, OPPS was $5.97, but this figure declined consistently throughout 2020, reaching a nadir of -$1.67 by June 30, 2020, reflecting operational difficulties during the economic downturn. Recovery in operating profit commenced in the latter half of 2020, turning positive by September and continuing a strong upward trend into 2023 and 2024. By June 30, 2024, OPPS had reached $9.38, indicating substantial improvement in profitability and operational efficiency.
The price to operating profit (P/OP) ratio demonstrates substantial volatility, particularly notable in 2020 and 2021. The ratio peaked at extraordinarily high levels — for example, 206.62 at the end of 2020 and a spike up to 614.48 in early 2021 — indicating an inflated share price relative to operating profit during these periods. Post-2021, the P/OP ratio normalized and stabilized between approximately 16 and 23, reflecting a more balanced relationship between share price and profitability metrics.
- Summary of Key Trends
- The share price trajectory shows a strong recovery following a COVID-19 related decline, with significant increases especially apparent from mid-2023 onward.
- Operating profit per share experienced a substantial drop during early 2020 but has demonstrated consistent and strong recovery since late 2020, surpassing pre-pandemic levels by 2023.
- Price to operating profit ratio spiked dramatically during 2020 and 2021, indicating market valuation dislocations relative to earnings during those volatile periods, but stabilized in subsequent years reflecting restored market confidence.
Price to Sales (P/S)
Hilton Worldwide Holdings Inc., historical P/S calculation (quarterly data)
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2024 Calculation
Sales per share
= (RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced significant fluctuations over the analyzed period. Initially, there was an upward trend from 92.6 USD in March 2019 to a peak of 112.94 USD in December 2019. This was followed by a sharp decline in the first quarter of 2020, reaching a low of 71.9 USD in March 2020, likely reflecting external market disruptions. Thereafter, the share price demonstrated a strong recovery, climbing steadily throughout 2021 to reach a high of 156.34 USD by December. In 2022, the price showed some volatility, decreasing to around 129 USD mid-year before increasing again toward the end of the year. The upward momentum continued into 2023 and early 2024, with the share price reaching a new peak of over 200 USD by June 2024, indicating robust investor confidence and positive market sentiment in the most recent quarters.
- Sales Per Share
- Sales per share data was not available before the first quarter of 2020. Starting at 34.07 USD in March 2020, sales per share showed a declining trend through September 2020, where it dropped to 20.85 USD. This decline can be associated with a challenging business environment during that period. However, from the fourth quarter of 2020 onwards, sales per share exhibited a consistent and sustained upward trajectory, increasing from 15.51 USD in March 2021 to 43.85 USD by June 2024. This steady growth signals improvements in revenue generation or operational efficiencies, reflecting a gradual recovery and subsequent expansion of the company’s sales base over the quarters.
- Price-to-Sales (P/S) Ratio
- The Price-to-Sales ratio was initially lower in early 2020, with a value of 3.32 in March 2020 and a decline to 2.17 in June 2020, aligning with the decreased share price and sales per share during the same period. Subsequently, the P/S ratio surged, peaking at 10.47 in June 2021. This peak highlights a sharp increase in market valuation relative to sales, which could indicate heightened investor expectations or a temporarily reduced sales base. After this peak, the ratio steadily declined to approximately 4.31 by the end of 2022, stabilizing around this range throughout 2023 and into mid-2024. The stabilization of the P/S ratio alongside increasing sales per share and share price suggests a more balanced valuation, reflecting both improving sales figures and market confidence consolidating at a moderate premium.
Price to Book Value (P/BV)
Hilton Worldwide Holdings Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Hilton stockholders’ equity (deficit) (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2024 Calculation
BVPS = Total Hilton stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates notable fluctuations over the examined quarters with an overall upward trend from March 2019 to June 2024. Initially, the share price remained relatively stable, ranging between approximately $92 and $113 through 2019. A pronounced dip occurred in the first half of 2020, coinciding likely with broader market disruptions, where the price dropped to a low near $71. Following this decline, the share price recovered progressively, advancing steadily from the latter half of 2020 through 2021, reaching peaks above $156 by December 2021. Thereafter, the price exhibited some volatility with slight decreases in early 2022 but resumed growth in late 2022 and throughout 2023, culminating in new highs around $196 and above by late 2023 and mid-2024.
In contrast, the book value per share (BVPS) reveals a consistently negative and deteriorating pattern across the entire period. Starting from a marginally positive value of $0.34 in March 2019, BVPS declines sharply and becomes negative by June 2019. This negative trajectory persists and deepens progressively, reaching negative levels exceeding $12 by mid-2024. The fluctuations in BVPS indicate an ongoing accumulation of liabilities or reduction in equity relative to the total outstanding share count, suggesting financial stress or significant accounting impacts over the period.
The price-to-book value (P/BV) ratio is only provided for the initial quarter (March 2019) where an extremely high value of 269.52 is recorded. This figure corresponds with the substantially low book value per share at that time, reflecting a very high market valuation relative to book equity. The absence of subsequent P/BV ratios prevents a continuous analysis, but given the negative BVPS values throughout most of the period, standard P/BV calculations would be problematic or less meaningful in interpreting valuation changes over time.
In summary, while the share price shows resilience and growth over time with recovery from the mid-2020 trough and new highs by 2024, the underlying book value per share consistently deteriorates. This divergence suggests that market optimism or other factors are driving equity prices despite worsening book equity metrics. The financial condition implied by the BVPS trends may warrant further examination to understand the components affecting equity and how they contrast with market valuations.