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).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Parker-Hannifin Corp., current price multiples

	Parker-Hannifin Corp.		Boeing Co.	Caterpillar Inc.	Eaton Corp. plc	GE Aerospace	Honeywell International Inc.	Lockheed Martin Corp.	RTX Corp.		Capital Goods		Industrials
Selected Financial Data
Current share price (P)
No. shares of common stock outstanding
Growth rate (g)

Earnings per share (EPS)
Next year expected EPS
Operating profit per share
Sales per share
Book value per share (BVPS)
Valuation Ratios (Price Multiples)
Price to earnings (P/E)
Price to next year expected earnings
Price-earnings-growth (PEG)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Based on: 10-K (reporting date: 2022-06-30).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Parker-Hannifin Corp., historical price multiples

		Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018	Jun 30, 2017
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).

Price to Earnings (P/E) Ratio: The P/E ratio exhibited moderate stability in the first two years, with values around 21.3 to 21.4. It then decreased significantly to 13.42 in 2019, followed by a sharp increase in 2020 and 2021 exceeding 22. The ratio reached its highest point at 27.86 in 2022. This trend suggests fluctuating investor sentiment, with considerable valuation expansion in the latter years.
Price to Operating Profit (P/OP) Ratio: The P/OP ratio declined steadily from 14.65 in 2017 to 9.84 in 2019, indicating improving operating profitability relative to price. However, a marked increase occurred in 2020 and 2021, peaking at 15.8, before declining to 12.84 in 2022. This pattern reflects variability in operating profit performance or changes in valuation multiples during the period.
Price to Sales (P/S) Ratio: The P/S ratio trended downward initially, dropping from 1.74 in 2017 to 1.42 in 2019, implying reduced market valuation relative to revenue. A sharp rise followed in 2020 and 2021, peaking at 2.73, before a slight decline to 2.31 in 2022. The increase indicates a growing market premium on sales in recent years.
Price to Book Value (P/BV) Ratio: The P/BV ratio decreased modestly from 3.98 in 2017 to 3.4 in 2019, then increased to 4.41 in 2020 and peaked at 4.67 in 2021. A slight reduction to 4.14 was observed in 2022. The overall trend suggests investor willingness to pay above book value, with some fluctuation possibly related to changes in equity valuation or asset base.

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Parker-Hannifin Corp., historical P/E calculation, comparison to benchmarks

		Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018	Jun 30, 2017
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net income attributable to common shareholders (in thousands)
	Earnings per share (EPS)²
	Share price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	Boeing Co.
	Caterpillar Inc.
	Eaton Corp. plc
	GE Aerospace
	Honeywell International Inc.
	Lockheed Martin Corp.
	RTX Corp.
	P/E Ratio, Sector
	Capital Goods
	P/E Ratio, Industry
	Industrials

Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).

¹ Data adjusted for splits and stock dividends.

² 2022 Calculation
EPS = Net income attributable to common shareholders ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Parker-Hannifin Corp. Annual Report.

⁴ 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price demonstrated an overall upward trajectory over the observed six-year period, increasing from $157.30 in mid-2017 to a peak of $303.51 by mid-2021. However, in the following year, a decline occurred, with the price dropping to $285.40 by June 2022, indicating some volatility after a strong growth phase.
Earnings Per Share (EPS): EPS showed a general rising trend from $7.39 in 2017 to a significant increase of $13.53 in 2021. This increment highlights improving profitability over time. Nonetheless, a decline to $10.25 was noted in 2022, which may reflect some challenges or reduced earnings in the most recent year.
Price-to-Earnings (P/E) Ratio: The P/E ratio displayed fluctuations throughout the period. It remained relatively stable around 21 in 2017 and 2018, decreased sharply to about 13.42 in 2019, then rebounded to the low 20s in 2020 and 2021. By 2022, it reached its highest point at 27.86. This rising valuation metric in recent years suggests increasing investor expectations relative to earnings, despite the EPS decline observed in the same year.
Overall Observations: The data reveals a pattern of growth in both share price and EPS until 2021, followed by a moderation or decline in 2022. The P/E ratio's increase in 2022, despite lower EPS, indicates a market pricing in potential future growth or other qualitative factors, leading to a higher valuation. The fluctuations in these key metrics suggest the need to monitor underlying operational performance and market conditions closely.

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Parker-Hannifin Corp., historical P/OP calculation, comparison to benchmarks

		Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018	Jun 30, 2017
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating income (in thousands)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	Boeing Co.
	Caterpillar Inc.
	Eaton Corp. plc
	GE Aerospace
	Honeywell International Inc.
	Lockheed Martin Corp.
	RTX Corp.
	P/OP Ratio, Sector
	Capital Goods
	P/OP Ratio, Industry
	Industrials

Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).

¹ Data adjusted for splits and stock dividends.

² 2022 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Parker-Hannifin Corp. Annual Report.

⁴ 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price exhibited an overall upward trend from 2017 to 2022, increasing from $157.30 to a peak of $303.51 in 2021 before declining to $285.40 in 2022. The most significant growth occurred between 2019 and 2021, with the share price nearly doubling during this period. This suggests a strong market valuation increase, followed by a modest correction in the final year.
Operating Profit Per Share (OPPS): The operating profit per share showed steady improvement over the six-year span, rising from $10.74 in 2017 to $22.23 in 2022. There was a notable increase between 2020 and 2021, where OPPS jumped from $13.64 to $19.21, indicating enhanced operational efficiency or profitability. The upward trend continued into 2022, reaching the highest recorded value in the dataset.
Price to Operating Profit Ratio (P/OP): The P/OP ratio fluctuated during the period under review. Initially, it declined from 14.65 in 2017 to a low of 9.84 in 2019, suggesting that the share price was becoming more favorably valued relative to operating profit. However, the ratio then increased significantly in 2020 to 15.38 and remained elevated at 15.8 in 2021, despite rising OPPS, indicating that share prices outpaced operating profit growth during these years. The ratio decreased again to 12.84 in 2022, reflecting a partial realignment of price with profit changes.
Summary Insights: The financial indicators collectively indicate strong operational performance improvements as evidenced by the consistent increase in operating profit per share. The share price growth largely mirrored this improvement but included periods of overheating as shown in the elevated P/OP ratios in 2020 and 2021. By 2022, some market correction is apparent, with share prices adjusting downwards and valuation multiples moving closer to earlier levels. Overall, the data suggest a company experiencing robust profitability growth accompanied by fluctuating market sentiment affecting valuation multiples.

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Parker-Hannifin Corp., historical P/S calculation, comparison to benchmarks

		Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018	Jun 30, 2017
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net sales (in thousands)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	Boeing Co.
	Caterpillar Inc.
	Eaton Corp. plc
	GE Aerospace
	Honeywell International Inc.
	Lockheed Martin Corp.
	RTX Corp.
	P/S Ratio, Sector
	Capital Goods
	P/S Ratio, Industry
	Industrials

Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).

¹ Data adjusted for splits and stock dividends.

² 2022 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Parker-Hannifin Corp. Annual Report.

⁴ 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price exhibited a generally upward trend over the six-year period, rising from 157.3 US$ in mid-2017 to a peak of 303.51 US$ in mid-2021. However, the price slightly declined in the following year to 285.4 US$. This indicates a notable appreciation in market valuation with some volatility toward the end of the period.
Sales Per Share: Sales per share demonstrated a consistent positive trend, increasing from 90.36 US$ in 2017 to 123.53 US$ in 2022. Despite minor fluctuations, sales per share remained relatively stable and showed growth especially from 2020 onwards, suggesting improved revenue generation capacity on a per-share basis.
Price-to-Sales Ratio (P/S): The Price-to-Sales ratio trended downward initially, decreasing from 1.74 in 2017 to 1.42 in 2019, indicating that the share price growth was slower relative to sales growth during those years. Subsequently, the ratio surged to 2.73 in 2021 before declining to 2.31 in 2022. This pattern suggests an increasing market premium assigned to sales starting in 2020, followed by a partial correction in 2022.

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Parker-Hannifin Corp., historical P/BV calculation, comparison to benchmarks

		Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018	Jun 30, 2017
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Shareholders’ equity (in thousands)
	Book value per share (BVPS)²
	Share price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	Boeing Co.
	Caterpillar Inc.
	Eaton Corp. plc
	GE Aerospace
	Honeywell International Inc.
	Lockheed Martin Corp.
	RTX Corp.
	P/BV Ratio, Sector
	Capital Goods
	P/BV Ratio, Industry
	Industrials

Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).

¹ Data adjusted for splits and stock dividends.

² 2022 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Parker-Hannifin Corp. Annual Report.

⁴ 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price exhibited a fluctuating but generally upward trend over the analyzed period. Starting at $157.30 in mid-2017, it increased to $171.53 in mid-2018 before experiencing a slight decline to $158.03 in mid-2019. A notable surge occurred from mid-2019 to mid-2021, with the price reaching a peak of $303.51. However, this was followed by a decrease to $285.40 by mid-2022.
Book Value Per Share (BVPS): Book value per share showed a consistent upward trajectory throughout the period. Beginning at $39.52 in June 2017, BVPS increased steadily each year, culminating at $68.91 by June 2022. This reflects ongoing growth in the company's net assets relative to its shares outstanding.
Price-to-Book Value Ratio (P/BV): The P/BV ratio demonstrated some variability, reflecting the relationship between market price and book value changes. It started at 3.98 in 2017 and slightly decreased to 3.87 in 2018 and further to 3.4 in 2019, indicating a momentary market price adjustment relative to book value. However, from 2019 onwards, the ratio increased, peaking at 4.67 in 2021, which coincides with the high share price in that year. By 2022, it moderated to 4.14, remaining above earlier years but below the 2021 peak.
Overall Insights: The data suggests that while the company's intrinsic book value per share has been steadily growing, the market valuation as reflected by the share price has experienced higher volatility. The elevated P/BV ratio in recent years indicates increased investor confidence or market optimism relative to the net asset value. The significant share price increase through 2020 to 2021 might be attributed to external market factors or improved company prospects, though a moderation occurred in 2022. The consistent BVPS growth points to a solid underlying asset base expansion despite market fluctuations.

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Parker-Hannifin Corp. (NYSE:PH)

Common Stock Valuation Ratios (Price Multiples)

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Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)