Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2011
- Return on Assets (ROA) since 2011
- Price to Book Value (P/BV) since 2011
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
LyondellBasell Industries N.V., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
The financial ratios exhibit several noteworthy trends over the periods analyzed, reflecting changes in valuation metrics and market perceptions.
- Price to Earnings (P/E) Ratio
- The P/E ratio data is absent for early 2014 quarters but starts from March 2015. From that point, the ratio generally fluctuates within a range of approximately 5.8 to 10.9. There is a decline from a peak near 10.9 in mid-2015 down to values around 7 by early 2016, followed by a rebound back near 10 around late 2017. Afterward, the P/E ratio trends downward again, reaching its lowest reported value of approximately 5.8 in late 2018 before recovering moderately towards mid-2019. This pattern suggests varying market confidence or earnings growth rates affecting the stock price valuation relative to earnings.
- Price to Operating Profit (P/OP) Ratio
- Similarly, the P/OP ratio begins from 2015 onward, showing a comparable fluctuation pattern to the P/E ratio. It exhibits an initial decrease from around 7.5-8 in early 2015 to lows near 5.5-6 in early 2016, followed by a variable but mostly ascending trend reaching near 8 by early 2018. Thereafter, it declines again through 2018 and into 2019, aligning with the pattern observed in the P/E ratio. This suggests operational profitability relative to price experienced variations, reflecting changes in market valuation and operating profit performance.
- Price to Sales (P/S) Ratio
- The P/S ratio shows moderate fluctuations within a narrower band mostly between 0.7 and 1.3. Early periods in 2015 show a rise from 0.94 to over 1.2, indicating increasing valuation relative to sales. The ratio peaks around 1.28 in late 2016, with some dips subsequently, falling significantly to lows near 0.69 by mid-2019. The downward trend towards 2019 indicates either an increased sales base outpacing price appreciation or market repricing of sales reliability or growth expectations.
- Price to Book Value (P/BV) Ratio
- This ratio is available from early 2014 and shows a declining trend over the entire period. Starting above 4 in early 2014, it rises above 6 at certain points in 2015 and 2016 but trends steadily downward from late 2016 onward. By mid-2019, the P/BV ratio falls below 2.5, indicating a significant reduction in market price relative to book value. This decline could point to diminishing investor sentiment about the intrinsic asset values or book equity quality.
Overall, the valuation metrics portray cyclical fluctuations with peaks generally occurring around 2016-2017 and troughs near 2018-2019. The diminishing Price to Book Value ratio over time suggests increasing caution from the market regarding asset valuation, while other ratios like P/E and P/OP reflect volatility linked to earnings and profit changes. The decreasing Price to Sales ratio in later periods may highlight shifts in revenue growth dynamics relative to stock price movements.
Price to Earnings (P/E)
LyondellBasell Industries N.V., historical P/E calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income attributable to the Company shareholders (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
EPS
= (Net income attributable to the Company shareholdersQ2 2019
+ Net income attributable to the Company shareholdersQ1 2019
+ Net income attributable to the Company shareholdersQ4 2018
+ Net income attributable to the Company shareholdersQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the period examined.
- Share Price
- The share price exhibited considerable volatility across the reported quarters. Starting at $90.97 in the first quarter of 2014, it generally fluctuated within a broad range, reaching highs above $110 in late 2017 and mid-2018, but also dipping as low as $75.26 in the second quarter of 2016. The price tended to peak towards year-end quarters in multiple years, notably in December 2017 and June 2018. Towards the end of the reporting period, the share price demonstrated a downward trajectory, falling to $76.14 in mid-2019.
- Earnings per Share (EPS)
- EPS data starts from the first quarter of 2015 and shows a steady upward trend over the four-year span. Beginning at $8.75, EPS increased gradually, peaking at $15.36 in the last quarter of 2018. The growth rate shows some deceleration in 2019, with EPS declining to $12.63 and further to $11.54 and $10.80 in subsequent quarters. This indicates a strong earnings performance through 2018, with some softness emerging in 2019.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio generally decreased over the period despite the rising EPS, reflecting changes in share price relative to earnings. Early values around 10.28 to 10.86 gradually declined to levels below 8 by late 2018. The lowest observed P/E was 5.78 in the last quarter of 2018, coinciding with the peak EPS and a lower share price. This suggests that the market may have assigned a more conservative valuation to the company's earnings at that time. In 2019, the P/E remained relatively stable around 7, indicating a modest market reassessment of valuation in light of declining EPS and share price.
In summary, the company experienced increasing profitability from 2015 through 2018, supported by rising EPS. The share price, however, was subject to fluctuations and did not always mirror the upward earnings trend, resulting in a declining P/E ratio that points to more cautious investor sentiment over time. The recent quarters of 2019 indicate some weakening in both earnings and share price, suggesting a period of adjustment or market uncertainty.
Price to Operating Profit (P/OP)
LyondellBasell Industries N.V., historical P/OP calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
Operating profit per share
= (Operating incomeQ2 2019
+ Operating incomeQ1 2019
+ Operating incomeQ4 2018
+ Operating incomeQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a notable fluctuation between March 2014 and June 2019. Initially, the price rose from $90.97 in March 2014 to a peak of $107.49 in June 2014, followed by a decline to $77.93 by December 2015. Subsequently, there was a recovery phase, with the price reaching $110.83 in December 2017, representing the highest value over the period. However, following this peak, the share price declined again, ending at $76.14 in June 2019. This pattern reflects volatility with periods of significant appreciation and depreciation.
- Operating Profit Per Share (OPPS) Patterns
- Operating profit per share data became available starting March 2015 and displayed a gradual increase from $12.02 to a peak of $15.06 by December 2018. The OPPS remained relatively stable through the examined quarters, showing resilience with values mostly above $12.00. A slight decline is apparent in mid-2019, dipping to $12.84 in both March and June 2019. Overall, OPPS demonstrates consistent profitability growth over the majority of the period.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio shows variability reflecting changes in both the share price and operating profit. Initially recorded at 7.48 in March 2015, the ratio decreased to as low as 5.5 by December 2015, suggesting an improvement in profitability relative to price. In contrast, the ratio increased later, reaching a high of 8.01 in December 2017, indicating a relative overvaluation or reduced operating profit at that time. Toward mid-2019, the ratio declined again to 5.93, indicating a more attractive valuation relative to operating profit. This movement illustrates shifts in market perception and operating performance over time.
- Overall Insights
- The examined period reveals that while operating profit per share steadily improved and remained robust, the share price demonstrated higher volatility with significant peaks and troughs. The P/OP ratio fluctuated, reflecting changes in market valuation dynamics and profitability. The disparity in trends between the share price and operating profit per share suggests external factors influencing market price that are not directly correlated with operating profitability. The recent decline in share price alongside a moderate decrease in operating profit may merit further investigation into market conditions or company-specific events during that period.
Price to Sales (P/S)
LyondellBasell Industries N.V., historical P/S calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
Sales per share
= (Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019
+ Sales and other operating revenuesQ4 2018
+ Sales and other operating revenuesQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals several noteworthy trends and fluctuations in the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price (US$)
- The share price exhibits considerable volatility throughout the time frame. Initially, the price rose from $90.97 in March 2014 to peak at $107.49 in June 2014, followed by a decline to $77.93 by December 2015. Subsequent periods show a mixed recovery trend, with the price increasing to $110.83 in December 2017. However, after this peak, the share price experiences a downward trajectory, falling to $76.14 by June 2019. This pattern indicates periods of both growth and contraction with a tendency toward lower prices in later periods.
- Sales per Share (US$)
- Sales per share data, available from March 2015 onward, demonstrates a consistent and steady upward trend. Starting at $95.59 in March 2015, sales per share decreased gently to a low of $69.95 by December 2016, indicating some pressure on revenue per share during this period. Afterward, a clear recovery phase took place, with sales per share increasing continuously to reach $109.94 in June 2019. This suggests improving operational performance or growth in sales volume on a per-share basis over the longer term.
- Price-to-Sales (P/S) Ratio
- The P/S ratio reflects the relationship between share price and sales per share and shows significant fluctuations. Early data indicate an increase from 0.94 in March 2015 to a peak of 1.28 in December 2016, implying investor valuation became more favorable relative to sales during this time. Subsequently, the ratio remains elevated around 1.1 to 1.27 until December 2017, indicating sustained market optimism or higher valuation multiples. However, after this period, the P/S ratio declines sharply to 0.69 by June 2019, suggesting that share prices decreased at a faster rate than sales, or that market valuation became more conservative relative to sales performance.
In summary, while sales per share have shown a solid and steady increase indicating improved business performance, the share price has been more volatile, experiencing peaks and troughs with a downward trend after 2017. This disconnect is also visible through the declining P/S ratio in recent periods, which may indicate reduced investor confidence or market reassessment of growth prospects despite stronger sales.
Price to Book Value (P/BV)
LyondellBasell Industries N.V., historical P/BV calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Company share of stockholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
BVPS = Total Company share of stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits significant fluctuations over the analyzed periods. Initially, there is a rise from $90.97 at the end of Q1 2014 to a peak of $107.49 in Q2 2014, followed by a decline and volatility throughout 2014 and 2015, reaching a low near $77.93 by Q4 2015. The price recovers in 2016 and 2017, peaking at $110.83 at the end of 2017. However, from 2018 onward, the share price declines again, culminating in a low of $76.14 by mid-2019. This pattern indicates cyclical market sentiment and potential external influences impacting share valuation over time.
- Book Value Per Share (BVPS) Evolution
- The book value per share shows a generally upward trajectory over the period, starting at $22.36 in Q1 2014, experiencing a gradual decrease through 2014 and 2015, hitting a trough of approximately $14.87 in Q1 2016. Following this low, there is a consistent recovery and growth from 2016 onwards, reaching $31.98 by Q2 2019. This rising trend in BVPS suggests an improvement in the company’s net asset value relative to its outstanding shares over time.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio exhibits notable variability, reflecting the relationship between market valuation and book value per share. Beginning at a moderate level of 4.07 in Q1 2014, the ratio rises sharply to over 6.0 by late 2014 and early 2015, indicating the share price increased faster than BVPS during that period. After peaking in early 2016 near 6.18, the ratio trends downward consistently, falling to 2.38 by mid-2019. This declining P/BV ratio over the latter half of the timeline suggests that the market price of shares has not kept pace with the growing book value, potentially indicating undervaluation or changing market perceptions.
- Comprehensive Insights
- Overall, the company’s intrinsic value, as represented by BVPS, has strengthened steadily since 2016, highlighting a solidification of asset base or equity accumulation. In contrast, the share price is more volatile and less consistently aligned with this intrinsic growth, reflecting external market conditions or investor sentiment. The falling P/BV ratio in recent periods implies that despite improved book value, the stock may be perceived as less expensive relative to its net assets, or that the market expects slower growth or higher risks in the future. This divergence between share price and book value dynamics warrants further investigation into market drivers and company-specific factors influencing investor confidence.