Stock Analysis on Net
Stock Analysis on Net

Paycom Software Inc. (NYSE:PAYC)

This company has been moved to the archive! The financial data has not been updated since November 2, 2023.

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

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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).

Historical Valuation Ratios (Summary)

Paycom Software Inc., historical price multiples (quarterly data)

Microsoft Excel
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
Price to earnings (P/E) 27.69 54.47 52.48 63.23 75.50 91.42 78.26 97.02 173.00 156.95 130.34 161.62 130.80 97.67 76.37 96.85 73.20 87.78 80.92 74.54 — — —
Price to operating profit (P/OP) 20.84 40.22 39.25 46.99 55.30 67.23 61.25 74.98 134.25 124.97 98.78 124.57 102.35 75.89 59.25 77.30 58.26 70.32 62.57 58.82 — — —
Price to sales (P/S) 5.76 11.05 11.00 12.94 14.64 17.23 15.37 18.01 29.95 28.42 21.70 27.55 26.43 21.71 19.22 23.71 17.56 21.01 18.92 18.04 — — —
Price to book value (P/BV) 6.60 12.23 12.14 15.05 17.54 21.00 17.32 21.27 35.98 33.43 25.36 35.36 34.02 29.37 24.99 33.21 25.68 31.54 29.07 30.52 20.12 23.64 18.30

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 is available from Q1 2019 onwards. It exhibited an upward trend from 74.54 in Q1 2019 to a peak of 173 in Q4 2021, reflecting increasing investor optimism or expectations of higher earnings growth. Following this peak, the ratio declined steadily through 2022 and 2023, reaching 27.69 in Q3 2023. This decrease suggests a tempering of market expectations or potentially improved earnings performance relative to share price.
Price to Operating Profit (P/OP) Ratio
This ratio mirrors the pattern of the P/E ratio, starting from 58.82 in Q1 2019 and increasing to a maximum of 134.25 in Q4 2021. After this, it trends downward to 20.84 by Q3 2023. This pattern indicates a similar investor sentiment dynamic to the P/E ratio, reflecting market valuation relative to operating profitability. The decline post-2021 may also signal either improved profitability or reduced market valuation pressure on operating profits.
Price to Sales (P/S) Ratio
The Price to Sales ratio generally increased from 18.04 in Q1 2019 to approximately 29.95 in Q4 2021, showing an expanding valuation premium relative to sales. However, from 2022 onward, the ratio declined notably, dropping to 5.76 by Q3 2023. The pronounced reduction suggests a significant adjustment in how the market values each dollar of sales, possibly due to changing growth expectations or market conditions affecting revenue multiples.
Price to Book Value (P/BV) Ratio
The Price to Book Value ratio data spans from Q1 2018, starting at 18.3 and fluctuating moderately until Q4 2021 where it reached near 36. Subsequently, the ratio declined significantly through 2022 and 2023, reaching 6.6 by Q3 2023. This decrease indicates a contraction in valuation relative to the book value of equity. This could be reflective of changes in asset valuation, investor sentiment, or a reassessment of the company’s underlying net asset value.
Overall Observations
Over the observed period, the company exhibited a phase of increasing valuation multiples across earnings, operating profit, sales, and book value until late 2021. This increase suggests heightened investor confidence or expectation of growth. However, starting in 2022, all valuation ratios demonstrated a consistent downward trend, reaching their lowest points by Q3 2023. This pattern implies either a market correction, reduced growth expectations, or improved fundamental performance metrics, leading to more conservative valuations across multiple measures.

Price to Earnings (P/E)

Paycom Software Inc., historical P/E calculation (quarterly data)

Microsoft Excel
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 57,700,820 57,949,090 57,873,095 57,871,962 57,866,465 57,865,148 58,041,860 58,014,548 57,996,615 57,917,371 57,792,986 57,739,986 57,631,041 57,603,897 57,433,079 57,661,188 57,657,405 57,651,234 57,510,640 57,276,992 57,775,498 57,730,356 57,979,845
Selected Financial Data (US$)
Net income (in thousands) 75,219 64,516 119,296 79,951 52,153 57,355 91,930 48,687 30,379 52,278 64,616 24,367 27,482 28,589 63,015 45,380 39,152 48,762 47,282 31,414 28,769 35,722 41,160
Earnings per share (EPS)2 5.87 5.45 5.34 4.86 4.32 3.95 3.85 3.38 2.96 2.91 2.51 2.48 2.85 3.06 3.42 3.13 2.89 2.71 2.49 2.39 0.00 0.00 0.00
Share price1, 3 162.66 296.95 279.99 307.45 326.33 360.77 301.05 327.72 512.00 457.27 327.15 401.55 373.26 298.66 261.02 303.29 211.53 237.88 201.47 178.38 125.49 135.03 105.12
Valuation Ratio
P/E ratio4 27.69 54.47 52.48 63.23 75.50 91.42 78.26 97.02 173.00 156.95 130.34 161.62 130.80 97.67 76.37 96.85 73.20 87.78 80.92 74.54 — — —

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 incomeQ3 2023 + Net incomeQ2 2023 + Net incomeQ1 2023 + Net incomeQ4 2022) ÷ No. shares of common stock outstanding
= (75,219,000 + 64,516,000 + 119,296,000 + 79,951,000) ÷ 57,700,820 = 5.87

3 Closing price as at the filing date of Paycom Software Inc. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= 162.66 ÷ 5.87 = 27.69

The share price of the company exhibited considerable volatility and an overall upward trajectory from early 2018 through late 2021, reaching a peak of 512 US dollars in September 2021. Following this peak, the share price declined substantially throughout 2022 and 2023, ending at 162.66 US dollars in September 2023. This pattern indicates a period of strong investor confidence and growth culminating in 2021, followed by a notable reduction in market valuation over the subsequent two years.

Earnings per share (EPS) data, available from March 2019, shows a consistent upward trend over the entire period. EPS increased from 2.39 US dollars in the first reported quarter to 5.87 US dollars in September 2023. This continuous improvement in profitability suggests sustained growth in net income relative to the number of outstanding shares, underlining operational efficiency or expanding profitability despite fluctuations in share price.

The Price-to-Earnings (P/E) ratio exhibited significant fluctuations during the period. Initially, the ratio ranged from around 74.54 in March 2019 to a high of 173 in December 2021, indicating that the stock price was valued at a high multiple of earnings, likely reflecting elevated market expectations and optimism about future earnings growth. However, from late 2021 onward, the P/E ratio declined markedly to 27.69 by September 2023. This decline corresponds with the drop in share price and continued increase in EPS, implying a market revaluation with more conservative expectations for future earnings growth.

Share Price
Strong growth until late 2021 followed by a significant decline through 2022-2023.
Earnings per Share
Consistent and steady increase throughout the period, roughly doubling from early reported values to late 2023.
Price-to-Earnings Ratio
Initial high valuation multiples that peaked in late 2021, subsequently declining in response to market revaluation despite improving earnings.

Overall, the financial data reflect a phase of robust growth and increasing profitability, accompanied by a peak in market valuation, followed by a period of correction in the market assessment of the stock. The divergence between improving earnings and falling share prices in recent quarters suggests cautious investor sentiment or external factors influencing market pricing beyond fundamental earnings growth.

Price to Operating Profit (P/OP)

Paycom Software Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
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 57,700,820 57,949,090 57,873,095 57,871,962 57,866,465 57,865,148 58,041,860 58,014,548 57,996,615 57,917,371 57,792,986 57,739,986 57,631,041 57,603,897 57,433,079 57,661,188 57,657,405 57,651,234 57,510,640 57,276,992 57,775,498 57,730,356 57,979,845
Selected Financial Data (US$)
Operating income (in thousands) 96,901 87,266 160,432 105,834 74,265 72,313 126,267 68,626 43,305 47,090 94,546 36,247 34,036 26,576 89,264 60,294 50,556 52,886 62,488 43,413 36,245 43,037 51,020
Operating profit per share2 7.81 7.38 7.13 6.54 5.90 5.37 4.92 4.37 3.81 3.66 3.31 3.22 3.65 3.94 4.41 3.92 3.63 3.38 3.22 3.03 0.00 0.00 0.00
Share price1, 3 162.66 296.95 279.99 307.45 326.33 360.77 301.05 327.72 512.00 457.27 327.15 401.55 373.26 298.66 261.02 303.29 211.53 237.88 201.47 178.38 125.49 135.03 105.12
Valuation Ratio
P/OP ratio4 20.84 40.22 39.25 46.99 55.30 67.23 61.25 74.98 134.25 124.97 98.78 124.57 102.35 75.89 59.25 77.30 58.26 70.32 62.57 58.82 — — —

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 = (Operating incomeQ3 2023 + Operating incomeQ2 2023 + Operating incomeQ1 2023 + Operating incomeQ4 2022) ÷ No. shares of common stock outstanding
= (96,901,000 + 87,266,000 + 160,432,000 + 105,834,000) ÷ 57,700,820 = 7.81

3 Closing price as at the filing date of Paycom Software Inc. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 162.66 ÷ 7.81 = 20.84

The analyzed financial data indicates several notable trends over the observed periods.

Share Price
The share price displayed considerable volatility with an overall upward trajectory from March 2018 through September 2021, peaking at 512 US$. It experienced fluctuations with pronounced increases toward the end of 2019 and throughout 2020 into mid-2021. However, post-September 2021, the share price demonstrated a declining trend, dropping significantly by September 2023 to a level of 162.66 US$, indicating a marked contraction in market valuation within the latter periods.
Operating Profit per Share
Operating profit per share showed a consistent and steady upward progression from the point data became available in March 2019. Starting at 3.03 US$, it increased each quarter almost without exception, reaching 7.81 US$ by September 2023. This suggests sustained operational profitability growth over multiple years, reflecting improving earnings power on a per-share basis.
Price-to-Operating Profit (P/OP) Ratio
The P/OP ratio initially fluctuated but exhibited a rising trend from early 2019, hitting a peak of 134.25 in December 2021. This indicates increased market expectations relative to operating profit during that timeframe. Subsequently, the ratio declined sharply, falling to 20.84 by September 2023. The significant decrease in the P/OP ratio aligns with the falling share price, despite continued growth in operating profit per share, suggesting that the market's valuation multiples decreased, possibly due to changes in investor sentiment or macroeconomic factors impacting the stock.

In summary, while operating profit per share demonstrated strong and consistent growth, the share price and valuation multiples (P/OP ratio) showed notable volatility with a clear reversal from a high peak around 2021 to a much lower level by late 2023. This divergence may indicate that the market's enthusiasm or confidence has waned despite improving operational results.

Price to Sales (P/S)

Paycom Software Inc., historical P/S calculation (quarterly data)

Microsoft Excel
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 57,700,820 57,949,090 57,873,095 57,871,962 57,866,465 57,865,148 58,041,860 58,014,548 57,996,615 57,917,371 57,792,986 57,739,986 57,631,041 57,603,897 57,433,079 57,661,188 57,657,405 57,651,234 57,510,640 57,276,992 57,775,498 57,730,356 57,979,845
Selected Financial Data (US$)
Revenues (in thousands) 406,303 401,139 451,637 370,608 334,167 316,924 353,519 284,986 256,194 242,146 272,198 220,947 196,532 181,587 242,368 193,409 175,006 169,313 199,943 150,332 133,288 128,800 153,916
Sales per share2 28.24 26.88 25.46 23.76 22.29 20.94 19.59 18.19 17.10 16.09 15.08 14.57 14.12 13.76 13.58 12.79 12.05 11.32 10.65 9.89 0.00 0.00 0.00
Share price1, 3 162.66 296.95 279.99 307.45 326.33 360.77 301.05 327.72 512.00 457.27 327.15 401.55 373.26 298.66 261.02 303.29 211.53 237.88 201.47 178.38 125.49 135.03 105.12
Valuation Ratio
P/S ratio4 5.76 11.05 11.00 12.94 14.64 17.23 15.37 18.01 29.95 28.42 21.70 27.55 26.43 21.71 19.22 23.71 17.56 21.01 18.92 18.04 — — —

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 = (RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023 + RevenuesQ4 2022) ÷ No. shares of common stock outstanding
= (406,303,000 + 401,139,000 + 451,637,000 + 370,608,000) ÷ 57,700,820 = 28.24

3 Closing price as at the filing date of Paycom Software Inc. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 162.66 ÷ 28.24 = 5.76

The analyzed data reveals several notable trends in share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.

Share Price Trends
The share price demonstrated considerable volatility throughout the period. Starting at $105.12 in early 2018, it experienced a general upward trajectory reaching a peak of $512 by the third quarter of 2021. Following this peak, the share price declined significantly, falling to $162.66 by the third quarter of 2023. This indicates a sharp correction or market revaluation after a period of strong growth.
Sales per Share
Sales per share exhibited a steady upward trend without any apparent declines. From $9.89 in the first quarter of 2019, it consistently increased each quarter, reaching $28.24 by the third quarter of 2023. This steady growth in sales per share reflects continuous expansion in revenue generation on a per-share basis.
Price-to-Sales (P/S) Ratio
The P/S ratio showed a fluctuating but generally downward trend. Initially, it was quite high, peaking at 29.95 in the fourth quarter of 2021, which coincides with the peak share price. After this point, the ratio declined sharply, reaching 5.76 by the third quarter of 2023. The drop in P/S ratio alongside the declining share price suggests that the market valuation adjusted more rapidly than sales growth, possibly indicating changing investor sentiment or concerns about future growth prospects.

Overall, the data indicates strong sales growth per share throughout the period, accompanied by a share price that initially grew significantly but later underwent a notable decline. The P/S ratio's sharp decrease after 2021 aligns with the share price correction, highlighting a potential reevaluation of company valuation relative to its sales performance.

Price to Book Value (P/BV)

Paycom Software Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
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 57,700,820 57,949,090 57,873,095 57,871,962 57,866,465 57,865,148 58,041,860 58,014,548 57,996,615 57,917,371 57,792,986 57,739,986 57,631,041 57,603,897 57,433,079 57,661,188 57,657,405 57,651,234 57,510,640 57,276,992 57,775,498 57,730,356 57,979,845
Selected Financial Data (US$)
Stockholders’ equity (in thousands) 1,421,309 1,406,685 1,334,471 1,182,607 1,076,380 994,139 1,009,020 893,714 825,341 792,256 745,476 655,643 632,399 585,853 599,788 526,628 474,898 434,762 398,553 334,753 360,377 329,738 333,033
Book value per share (BVPS)2 24.63 24.27 23.06 20.43 18.60 17.18 17.38 15.40 14.23 13.68 12.90 11.36 10.97 10.17 10.44 9.13 8.24 7.54 6.93 5.84 6.24 5.71 5.74
Share price1, 3 162.66 296.95 279.99 307.45 326.33 360.77 301.05 327.72 512.00 457.27 327.15 401.55 373.26 298.66 261.02 303.29 211.53 237.88 201.47 178.38 125.49 135.03 105.12
Valuation Ratio
P/BV ratio4 6.60 12.23 12.14 15.05 17.54 21.00 17.32 21.27 35.98 33.43 25.36 35.36 34.02 29.37 24.99 33.21 25.68 31.54 29.07 30.52 20.12 23.64 18.30

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 = Stockholders’ equity ÷ No. shares of common stock outstanding
= 1,421,309,000 ÷ 57,700,820 = 24.63

3 Closing price as at the filing date of Paycom Software Inc. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 162.66 ÷ 24.63 = 6.60

The share price exhibited significant fluctuations across the periods analyzed. Starting at $105.12 in March 2018, it generally showed an upward trend, reaching peaks above $500 in late 2021, before declining noticeably to $162.66 by September 2023. This pattern indicates high volatility with periods of rapid appreciation followed by considerable correction in the most recent quarters.

Book value per share (BVPS) demonstrated a consistent upward trajectory throughout the entire timeframe. Beginning at $5.74 in March 2018, BVPS steadily increased each quarter, reaching $24.63 by September 2023. This continuous growth suggests an accumulation of net assets or retained earnings over time, reflecting improving company fundamentals from a balance sheet perspective.

The price-to-book value ratio (P/BV) showed marked variability aligning with the share price movements. It started high at 18.3 in March 2018 and peaked multiple times above 30, notably in late 2018, late 2019, and late 2021. However, from early 2022 onwards, there was a clear declining trend in the ratio, dropping significantly to 6.6 by September 2023. This decline in P/BV indicates that despite the rising book value, the market valuation relative to book value contracted, suggesting a potential reevaluation by the market or a correction in investor sentiment regarding the premium paid for the company's equity.

Overall, the data reflects a company that has steadily increased its intrinsic net asset value per share but has experienced considerable volatility in market valuation. The recent narrowing of the P/BV multiple could imply a more conservative market outlook or diminishing growth expectations following the peaks observed in earlier years.

Share Price Trend
Marked by significant volatility and a peak in late 2021 followed by a decline to mid 2023.
Book Value per Share
Consistent growth across all periods, indicating strengthening net asset base.
Price-to-Book Value Ratio
High variability with multiple peaks above 30; decreasing trend since early 2022 down to 6.6 in late 2023.
Interpretation
Increasing intrinsic value alongside fluctuating market valuation, with recent market adjustments leading to lower premium over book value.