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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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Thermo Fisher Scientific Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Price to Earnings (P/E) Ratio Trends
- The Price to Earnings ratio data begins from December 31, 2020, showing an initial value of 27.89. The ratio demonstrates moderate fluctuation through 2021 with values ranging roughly between 23.23 and 29.43. Moving into 2022 and onward, the P/E ratio generally increases, peaking at 37.81 by September 28, 2024, before declining towards 24.55 by March 29, 2025. This pattern indicates a rising valuation relative to earnings over the mid-term period followed by a notable downward correction in the most recent quarter.
- Price to Operating Profit (P/OP) Ratio Trends
- Starting at 22.81 on December 31, 2020, the P/OP ratio shows a similar trending pattern to the P/E ratio. It initially fluctuates during 2021, followed by a steady increase through 2022 and into late 2023, peaking at approximately 32.66 by September 28, 2024. Subsequently, this ratio declines sharply to 21.64 in March 29, 2025. The pattern illustrates an increasing valuation versus operating profit, with a correction occurring towards the end of the timeline.
- Price to Sales (P/S) Ratio Trends
- The Price to Sales ratio portrays a less volatile trend compared with P/E and P/OP ratios. Beginning at 5.52 on December 31, 2020, it decreases to a low of 4.40 by December 31, 2021, then fluctuates around the mid-four to mid-five range until late 2023. A peak of 5.55 occurs at September 28, 2024, followed by a reduction to 3.73 by March 29, 2025. The overall trajectory suggests periods of valuation contraction followed by recovery, ending with a significant decrease in valuation relative to sales.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio shows data starting from March 28, 2020, with a value of 4.56, increasing steadily to reach a peak of 6.51 on October 2, 2021. After that, the ratio declines to 4.46 by October 1, 2022, then experiences minor fluctuations before descending sharply to 3.24 by March 29, 2025. This indicates a rise in the company’s market valuation relative to its book value through 2021, followed by a consistent reduction over the following years, suggesting a diminishing premium investors place on book value relative to market price.
- Overall Insights
- The financial ratios collectively reveal a pattern of increasing valuation multiples through 2021 and much of 2022 and 2023, possibly reflecting periods of optimism or strong performance expectations. This was followed by a general decline across all valuation metrics in the latest quarters, which could indicate market revaluation or changes in company performance or investor sentiment. Valuations relative to earnings, operating profit, and sales all showed peaks in the late 2023 to 2024 period, with subsequent corrections. The price to book ratio revealed an early peak followed by a steady downward trend, highlighting shifts in investor perception of the company’s asset value.
Price to Earnings (P/E)
Thermo Fisher Scientific Inc., historical P/E calculation (quarterly data)
| Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to Thermo Fisher Scientific Inc. (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income attributable to Thermo Fisher Scientific Inc.Q1 2025
+ Net income attributable to Thermo Fisher Scientific Inc.Q4 2024
+ Net income attributable to Thermo Fisher Scientific Inc.Q3 2024
+ Net income attributable to Thermo Fisher Scientific Inc.Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a general upward trend from March 2020 through mid-2021, rising from $329.81 to a peak of $639.76 in October 2021. This was followed by a decline and volatility in the subsequent quarters, with prices fluctuating between approximately $423 and $615. The price notably dropped after September 2024, ending at $423.55 by March 2025. Overall, the price experienced significant growth in the early period but faced downward pressure and variability in the later periods.
- Earnings Per Share (EPS) Trend
- EPS data began in December 2020, starting at $16.19 and generally increased to a peak of $21.85 by October 2021. Following this peak, EPS declined steadily, reaching a low of $14.82 in July 2023. Post this low, EPS showed a moderate recovery, trending upward to $17.26 by March 2025. This pattern indicates a strong earnings performance initially, followed by a reduction and then stabilization and slight improvement in more recent periods.
- Price-Earnings (P/E) Ratio Trend
- The P/E ratio started at 27.89 in December 2020 and generally increased, peaking at 37.81 in September 2024. There was considerable fluctuation, with notable spikes, particularly from early 2023 through late 2024. Towards the end of the dataset, the P/E ratio decreased to 24.55 by March 2025. The rising P/E during the period of declining earnings suggests increased market expectations or valuation despite the earnings pressure, followed by a correction or normalization by the end of the timeframe.
- Summary of Relationships and Market Sentiment
- The early phase saw rising share prices coupled with increasing EPS, reflecting positive market sentiment and strong financial performance. Later, declining EPS corresponded with more volatile and ultimately lower share prices. The elevated P/E ratios during periods of declining earnings imply that market valuations remained optimistic or expected future growth not yet realized in EPS. The eventual decrease in both share price and P/E ratio near the end suggests a reassessment of market expectations aligned more closely with the earnings trend.
Price to Operating Profit (P/OP)
Thermo Fisher Scientific Inc., historical P/OP calculation (quarterly data)
| Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a significant upward trajectory from March 2020 through to July 2021, rising from $329.81 to a peak of $639.76 in October 2021. Following this peak, the price experienced volatility, with a general declining trend seen towards March 2025, where the share price settled at $423.55. Notable fluctuations occurred, including a sharp decline post-October 2021, intermittent recoveries in late 2023 and mid-2024, and a steep drop in the final quarter observed.
- Operating Profit Per Share (OPPS)
- Operating profit per share data first becomes available in December 2020, starting at $19.79. There was a consistent increase through 2021, peaking at $27.22 in October 2021. Subsequently, OPPS declined gradually over the next year and a half, reaching a low of $17.39 in July 2023. From that point onward, a mild recovery trend is observable, with values rising steadily to $19.58 by March 2025. This pattern suggests a peak in operational profitability in late 2021 followed by a period of contraction and partial rebound.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio reflects market valuation relative to operating profit. Initially recorded at 22.81 in December 2020, it declined to a low of 18.53 in April 2021, coinciding with rising operating profit and increasing share price. Subsequently, the ratio generally increased, reaching its highest point at 32.66 in September 2024, indicating higher market price per unit of operating profit and possibly suggesting elevated market expectations or overvaluation during this time. Towards the end of the period, the ratio decreased to 21.64 by March 2025, possibly reflecting correction or realignment of market valuation with operating performance.
- Overall Insights
- The data reveals a period of strong operational profitability and rising share prices up to late 2021, followed by a phase marked by declining operating profit and heightened market valuation multiples, indicative of market volatility and shifting investor sentiment. The gradual improvement in operating profit per share in the latter part of the timeline aligns with a decreasing P/OP ratio, suggesting a stabilization of both business performance and market valuation. The notable drop in share price at the end of the period may suggest external pressures or adjustments that warrant further investigation.
Price to Sales (P/S)
Thermo Fisher Scientific Inc., historical P/S calculation (quarterly data)
| Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits notable volatility over the observed periods, starting at US$329.81 in March 2020 and reaching a peak of US$639.76 in October 2021. Subsequent movements indicate a downward correction followed by modest fluctuations, with prices falling to US$423.55 by March 2025. The trend highlights a significant appreciation in the early periods, followed by stabilization and a declining phase towards the end of the timeline.
- Sales per Share Evolution
- Sales per share data, available from April 2021 onward, display a generally positive and steady upward movement from US$81.81 to a peak of approximately US$116.53 in December 2022. After this peak, sales per share experience a slight decline and stabilize around the US$110–US$113 range through to March 2025. This suggests gradual revenue growth per share with minor fluctuations in the latter periods.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio, starting at 5.52 in April 2021, shows substantial variation across subsequent quarters. Initially, the ratio decreases to 4.4 in December 2022, indicative of rising sales per share relative to share price or share price adjustments outpacing sales growth. Following this trough, the ratio fluctuates between approximately 3.73 and 5.55, with the lowest ratio noted in March 2025. The decreasing trend in the P/S ratio toward the end of the period suggests the share price may be becoming more attractive relative to sales or that sales are growing faster than the share price.
- Summary of Financial Metrics Relationship
- Overall, the share price and sales per share both show initial growth trends. However, the share price exhibits higher volatility and a significant rise followed by decline, whereas sales per share increase more steadily and level off. The P/S ratio reflects these dynamics, initially high and then declining, which may point to a shifting market valuation sentiment over the period. This pattern suggests a potential recalibration of investor expectations relative to the company's sales performance over time.
Price to Book Value (P/BV)
Thermo Fisher Scientific Inc., historical P/BV calculation (quarterly data)
| Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Thermo Fisher Scientific Inc. shareholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total Thermo Fisher Scientific Inc. shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable volatility over the observed periods. Starting at $329.81, it rose significantly to reach a peak of $639.76 by October 2021. After this peak, the price generally declined with intermittent recoveries, falling to approximately $423.55 by March 2025. Notable fluctuations include a sharp increase from $329.81 to $639.76 within roughly 18 months, followed by a steady decline punctuated by brief upticks towards the end of 2023 and mid-2024.
- Book Value per Share (BVPS) Trend
- The book value per share showed a steady upward trend throughout the periods. Beginning at $72.31, the BVPS consistently increased quarter over quarter to a value of $130.84 by March 2025. This suggests ongoing growth in the company's net asset value on a per-share basis, reflecting stable accumulation of equity or retained earnings over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio mirrored the movements in share price relative to the steadily increasing BVPS. Initially high at 4.56, it peaked around 6.51 in October 2021, indicative of heightened investor valuation relative to book value. Subsequently, the ratio declined steadily to 3.24 by March 2025, partly reflecting the decrease in share price as BVPS continued to climb. This decline suggests a moderation in market valuation or investor expectations compared to book value during the later stages.
- Overall Insights
- The data indicate a robust increase in intrinsic book value with relatively strong share price growth until late 2021, followed by a period of market correction or reassessment leading to a reduction in the P/BV ratio. The divergence between a rising book value and a falling share price toward the end may point to market concerns or changing sentiment despite fundamentally stronger equity bases. Investors appear to have valued the company more aggressively during its peak, with valuations becoming more conservative in the final observed quarters.