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
Mastercard Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2006
- Return on Assets (ROA) since 2006
- Price to Book Value (P/BV) since 2006
- Price to Sales (P/S) since 2006
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Mastercard Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Mastercard 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), 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 exhibited a consistent upward trend from early 2018, beginning at approximately 38.62 in Q1 2018 and peaking at 58.89 in Q2 2021. Thereafter, a decline is observed, with values decreasing to a low of 31.38 by Q3 2022, followed by a slight rebound to 36.67 in Q1 2023. This pattern indicates a period of increasing market valuation relative to earnings until mid-2021, succeeded by reduced investor optimism or improved earnings performance towards early 2023.
- Price to operating profit (P/OP) ratio
- Similar to the P/E ratio, the Price to Operating Profit ratio rose steadily from 31.07 in Q1 2018 to reach its highest values around 47.78 in Q2 2021. Subsequently, this ratio declined significantly to 25.79 by Q3 2022 before stabilizing near 28.45 in Q1 2023. This indicates an initial phase where operating profit valuations increased relative to company price, followed by a marked correction or operational improvements lowering the ratio.
- Price to sales (P/S) ratio
- The Price to Sales ratio demonstrated growth from 15.13 in Q1 2018 to a peak of 24.95 in Q2 2021. After this peak, the ratio decreased steadily, reaching 14.19 in Q3 2022, showing a retracement to levels slightly below those seen at the start of the period. The ratio modestly increased to 15.52 in Q1 2023, suggesting a period of heightened valuation on sales up to mid-2021, followed by a significant correction.
- Price to book value (P/BV) ratio
- The Price to Book Value ratio was subject to significant fluctuations but showed an overall upward trend over the five-year horizon. Starting from 34.02 in Q1 2018, it rose dramatically to reach 66.45 by Q1 2023. Notable intermediate peaks occurred around Q2 2021 (60.92), followed by a slight decline and stabilization around the mid-50s to low-60s range. This suggests an increasing market valuation relative to the company's book value, reflecting investor confidence or asset revaluation over time.
Price to Earnings (P/E)
Mastercard 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||
| Fair Isaac Corp. | ||||||||||||||||||||||||||||
| 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), 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 Q1 2023 Calculation
EPS
= (Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022
+ Net incomeQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mastercard Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated notable volatility over the observed periods, starting at $185.82 in March 2018 and experiencing fluctuations through subsequent quarters. A significant upward movement occurred toward the end of 2019, peaking at $340.95 in December 2019. This increase was followed by variability during 2020, with the price dipping to $283.69 in March 2020 amid market uncertainties, before recovering to $341 by December 2020. In 2021, the share price reached a high of nearly $389 in the first half but then showed some corrections, decreasing to $333.03 by September. The price remained relatively stable towards the end of 2022 and early 2023, oscillating between approximately $319 and $374, indicating moderate investor confidence with some cautiousness reflected in price fluctuations.
- Earnings Per Share (EPS) Developments
- Earnings per share showed a consistent upward trajectory from the first available value of $5.71 in March 2019 to a peak of $10.42 by December 2022. Despite minor declines in certain quarters such as from $8.08 in March 2020 to $6.75 in December 2020, the overall trend was positive. This suggests steady growth in profitability over the period under review. The EPS figure of $10.19 in March 2023, slightly lower than the December 2022 peak, may indicate early signs of stabilization after sustained growth.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio started at 38.62 in March 2019 and rose to a peak of 58.89 in June 2021, indicating growing market expectations relative to earnings. Following this peak, a downward correction was observed, with the ratio falling to approximately 31.38 by September 2022, suggesting a recalibration of investor sentiment possibly due to higher earnings or adjustments in market valuation. The gradual increase to 36.67 by March 2023 reflects a moderate rebound in valuation multiples. Overall, variations in the P/E ratio imply shifting market perceptions regarding future growth prospects and risk, despite the underlying consistent EPS growth.
- Summary of Financial Dynamics
- The data exhibits a company with steadily improving profitability as evidenced by rising EPS, partially offset by share price fluctuations influenced by broader market conditions and sentiment. The elevated P/E ratios during peak periods signal high market expectations, which moderated over time as earnings caught up. The trends suggest balanced investor optimism, tempered by periods of uncertainty, reflecting a dynamic interplay between operating performance and external valuation pressures across the studied timeline.
Price to Operating Profit (P/OP)
Mastercard 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||
| Fair Isaac Corp. | ||||||||||||||||||||||||||||
| 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), 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 Q1 2023 Calculation
Operating profit per share
= (Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022
+ Operating incomeQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mastercard 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 share price of the company exhibited notable fluctuations over the observed period from March 2018 to March 2023. Initially, the share price increased from $185.82 in March 2018 to a peak of $340.95 in December 2019. A subsequent decline followed in 2020, likely impacted by external economic conditions, with values dropping to around $283.69 in March 2020 and showing some volatility thereafter. However, the share price recovered and reached a higher peak of $388.95 by March 2021. From this peak, the share price experienced some volatility and a downward adjustment through 2022, reaching a low of $319.37 in September 2022 before recovering modestly to $373.67 by March 2023.
Operating profit per share (OPPS) data, available from March 2019 onwards, displayed a consistent upward trajectory throughout the period. Starting at $7.10 in March 2019, OPPS increased steadily to $13.13 by March 2023. This demonstrates an improvement in the company's profitability on a per-share basis over these years, with only minor fluctuations near the end of 2020, where a slight dip occurred before resuming the upward trend.
The price-to-operating profit (P/OP) ratio, which reflects the market valuation relative to operating profit, showed variability indicative of changing market perceptions or earnings expectations. It started at 31.07 in March 2019, peaking at 47.78 in June 2021, indicating that the market was valuing the company's earnings at a higher multiple during that period. After this peak, the ratio declined steadily, reaching a low point of 25.79 in September 2022 before slightly rising again to 28.45 in March 2023. This reduction in P/OP ratio despite rising operating profit per share suggests that the share price growth did not fully keep pace with the earnings improvements during that latter period, possibly reflecting more cautious investor sentiment or adjustments in growth expectations.
Overall, the data point to robust growth in profitability per share alongside significant volatility in the share price, with valuation multiples experiencing a cycle of expansion and contraction. The steady increase in operating profit per share is a positive indicator of the company’s earnings capacity, while the fluctuating share price and valuation ratios highlight evolving market dynamics and investor perspectives over the analyzed timeframe.
Price to Sales (P/S)
Mastercard 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net revenue (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||
| Fair Isaac Corp. | ||||||||||||||||||||||||||||
| 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), 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 Q1 2023 Calculation
Sales per share
= (Net revenueQ1 2023
+ Net revenueQ4 2022
+ Net revenueQ3 2022
+ Net revenueQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mastercard Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed periods. Initially, from the first quarter of 2018 to the end of 2019, the price generally trended upward, increasing from approximately $186 to a peak of roughly $341. This upward momentum was interrupted in early 2020, coinciding with broader market disruptions, as the share price declined to a low of near $283 in the first quarter. Subsequently, the share price recovered significantly throughout 2020 and early 2021, reaching a new high of nearly $389 by mid-2021. The latter quarters showed some volatility with decreases and recoveries, with the price settling near the $370 mark by the first quarter of 2023.
Sales per share demonstrated a steady and consistent growth pattern since becoming available from the first quarter of 2019. Starting at $14.57, sales per share increased each quarter without exception, reaching $24.07 by early 2023. This growth suggests improving revenue generation on a per-share basis and reflects the company's increasing operational performance over time.
The Price-to-Sales (P/S) ratio displayed more variability over the corresponding quarters. From its initial value of 15.13 in early 2019, the ratio trended upwards, reaching a peak of approximately 24.95 in mid-2021. This peak indicates a period where the share price grew more rapidly relative to sales per share. Following this peak, the P/S ratio declined progressively through late 2021 and 2022, falling to a low near 14.19 by late 2022, before slightly increasing again to approximately 15.52 in early 2023. The fluctuation in P/S ratios suggests changes in market valuation relative to sales performance, reflecting shifts in investor sentiment and possible reevaluation of growth expectations during these periods.
- Share Price
- Increased steadily from early 2018 until late 2019, experienced a decline during early 2020, then recovered and reached new highs by mid-2021. Subsequent volatility occurred with a moderate decrease followed by stabilization near $370 by early 2023.
- Sales per Share
- Consistently increased every quarter from early 2019 through early 2023, indicating robust revenue growth on a per-share basis.
- Price-to-Sales (P/S) Ratio
- Rose from early 2019 through mid-2021, marking elevated market valuation relative to sales, then declined through 2022, suggesting downward adjustment in investor valuation despite rising sales, before stabilizing in early 2023.
Price to Book Value (P/BV)
Mastercard Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Mastercard Incorporated 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. | ||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||
| Fair Isaac Corp. | ||||||||||||||||||||||||||||
| 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), 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 Q1 2023 Calculation
BVPS = Total Mastercard Incorporated stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Mastercard Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a general upward trend from March 2018 through December 2021, increasing from $185.82 to a peak of approximately $388.95, with periodic fluctuations observed throughout the quarters. Notably, there was a decline from around $388.81 in June 2021 to $333.03 in September 2021 before it rebounded again by the end of 2021. After March 2022, a downward movement occurred until September 2022 when the share price dropped to approximately $319.37. Subsequently, the price recovered gradually, reaching about $373.67 by March 2023.
Book value per share (BVPS) showed moderate variability over the period. The BVPS initially fluctuated around the $5.00 to $6.00 range from 2018 to early 2020. From mid-2020 to late 2021, an upward trend became apparent, with BVPS increasing and peaking at approximately $7.48 in December 2021. However, from 2022 onwards, BVPS demonstrated a weakening trend, declining to $5.62 by March 2023 after peaking in the previous years.
The price-to-book value (P/BV) ratio displayed considerable volatility, generally maintaining very high values throughout the period. Starting from 34.02 in March 2018, the ratio soared to above 50 in multiple quarters and reached a maximum near 66.45 in March 2023. The P/BV ratio peaked in alignment with the periods when share price surged disproportionately relative to the underlying book value, indicating potentially high market expectations compared to the company’s accounting value. Significant fluctuations were visible, reflecting changing investor sentiment or market dynamics affecting valuation metrics.
- Share Price Trend
- Overall growth from 2018 to 2021 with peaks and troughs; decline in early 2022 followed by recovery into early 2023.
- Book Value per Share (BVPS)
- Moderate stability early on with increase through 2020 and 2021, then a decline starting 2022 up to early 2023.
- Price-to-Book Value (P/BV) Ratio
- Highly variable but consistently high, with an increasing trend reaching the highest levels in early 2023, signaling strong market valuation relative to book value.
In summary, the data reflects a company whose market valuation experienced strong growth and increasing investor confidence through 2021, with book value growth supporting part of that increase. The recent period shows some correction in book value alongside fluctuations in share price, culminating in elevated valuation multiples by early 2023. The elevated P/BV ratios throughout indicate that market prices have consistently traded at significant premiums over book value, which may suggest expectations of sustained future growth or intangible value not captured in book value alone.