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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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
YUM! Brands Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-09-03), 10-Q (reporting date: 2016-06-11), 10-Q (reporting date: 2016-03-19), 10-K (reporting date: 2015-12-26), 10-Q (reporting date: 2015-09-05), 10-Q (reporting date: 2015-06-13), 10-Q (reporting date: 2015-03-21), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-06), 10-Q (reporting date: 2014-06-14), 10-Q (reporting date: 2014-03-22), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-07), 10-Q (reporting date: 2013-06-15), 10-Q (reporting date: 2013-03-23), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-08), 10-Q (reporting date: 2012-06-16), 10-Q (reporting date: 2012-03-24), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-03), 10-Q (reporting date: 2011-06-11), 10-Q (reporting date: 2011-03-19).
The financial ratios of the company over the analyzed periods reveal notable patterns and fluctuations across valuation metrics.
- Price to Earnings (P/E)
- The P/E ratio presents a general upward trend from early 2011 to mid-2015. Initially recorded values near 22.86 in March 2011 show moderate decreases before a steady rise peaking at 41.76 by September 2015. Subsequently, there is a reduction down to 19.91 by the last period in 2016. The earlier rise suggests investor optimism or improved earnings projections, while the later decline might indicate a correction or changing market perceptions.
- Price to Operating Profit (P/OP)
- The P/OP ratio mirrors the P/E trend but with slightly less variance. Beginning around 16.62 in early 2011, it decreases moderately towards the end of 2011, then climbs consistently to reach a high of 27.61 in September 2015 before settling lower in 2016 at approximately 15.06. This indicates that market valuation relative to operating profitability increased substantially mid-period, implying expectations of stronger operating performance or tighter operating margins, followed by a normalization.
- Price to Sales (P/S)
- The P/S ratio remains relatively stable compared to P/E and P/OP, fluctuating mostly between 2.13 and 2.92 throughout the periods. A slight upward trajectory is visible from early 2011 to late 2015, peaking around the 2.9 mark mid-2015, before marginally declining to approximately 2.5 by 2016. This suggests consistent sales valuation without extreme volatility, indicating steady revenue growth or stable market valuation relative to sales.
- Price to Book Value (P/BV)
- The P/BV ratio shows considerable volatility over the period. Starting near 13.62 in early 2011, it fluctuates within the range of 11.84 to approximately 24.36 until 2015. However, a striking anomaly occurs in mid-2016 when the ratio spikes dramatically to 214.27 before the data ends. This unusual spike may indicate valuation distortions, potential data irregularities, or extraordinary accounting events such as changes in book value or one-time charges impacting equity. The earlier periods reflect moderate variations but generally within reasonable bounds compared to other ratios.
Overall, the data demonstrates that valuation multiples in relation to earnings and profits generally trend upward until 2015, implying growing market confidence or forecasted improvements in financial performance, followed by some degree of correction or adjustment thereafter. Sales-based valuation ratios remain steady, indicating consistent revenue expectations. The exceptional spike in the price to book ratio warrants further investigation to clarify underlying causes.
Price to Earnings (P/E)
YUM! Brands Inc., historical P/E calculation (quarterly data)
| Sep 3, 2016 | Jun 11, 2016 | Mar 19, 2016 | Dec 26, 2015 | Sep 5, 2015 | Jun 13, 2015 | Mar 21, 2015 | Dec 27, 2014 | Sep 6, 2014 | Jun 14, 2014 | Mar 22, 2014 | Dec 28, 2013 | Sep 7, 2013 | Jun 15, 2013 | Mar 23, 2013 | Dec 29, 2012 | Sep 8, 2012 | Jun 16, 2012 | Mar 24, 2012 | Dec 31, 2011 | Sep 3, 2011 | Jun 11, 2011 | Mar 19, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income, YUM! Brands, Inc. (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-03), 10-Q (reporting date: 2016-06-11), 10-Q (reporting date: 2016-03-19), 10-K (reporting date: 2015-12-26), 10-Q (reporting date: 2015-09-05), 10-Q (reporting date: 2015-06-13), 10-Q (reporting date: 2015-03-21), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-06), 10-Q (reporting date: 2014-06-14), 10-Q (reporting date: 2014-03-22), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-07), 10-Q (reporting date: 2013-06-15), 10-Q (reporting date: 2013-03-23), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-08), 10-Q (reporting date: 2012-06-16), 10-Q (reporting date: 2012-03-24), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-03), 10-Q (reporting date: 2011-06-11), 10-Q (reporting date: 2011-03-19).
1 Data adjusted for splits and stock dividends.
2 Q3 2016 Calculation
EPS
= (Net income, YUM! Brands, Inc.Q3 2016
+ Net income, YUM! Brands, Inc.Q2 2016
+ Net income, YUM! Brands, Inc.Q1 2016
+ Net income, YUM! Brands, Inc.Q4 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of YUM! Brands Inc. Quarterly or Annual Report.
4 Q3 2016 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company displayed fluctuation over the observed quarterly periods from the first quarter of 2011 through the third quarter of 2016. Initially, the price increased from $52.18 in March 2011 to a peak of $72.75 by March 2012, followed by a noticeable dip and recovery pattern over subsequent quarters. The price showed considerable volatility, with highs near the mid-$80 range in early 2015 and mid-2016, and lows around the high $60s during late 2013, late 2014, and late 2015.
Earnings per share (EPS) figures, available from March 2012 onward, indicated a generally positive growth trend with some fluctuations. EPS increased from $2.86 in early 2012 to a peak of $4.43 by September 2016. There were periods of stagnation and minor decline, particularly noticeable in 2014 and parts of 2015, but the overall trajectory was upward, reflecting improving profitability across the timeframe.
The Price-to-Earnings (P/E) ratio exhibited variability corresponding to changes in both share price and EPS. Early in the period, the P/E ranged from approximately 18 to 23, with a gradual upward movement peaking at around 42 in the third quarter of 2015. This increasing P/E suggests that the stock price was rising faster than earnings at certain points, indicating heightened market expectations or valuation expansion. Towards the end of the period, the P/E ratio declined to below 20, implying a potential normalization of valuation in the context of earnings growth and share price movements.
- Share Price Trend
- Volatile with initial growth through early 2012, followed by oscillations in the $60-$80 range, peaking near $88 in mid-2016.
- Earnings per Share
- General upward trend from $2.86 to $4.43, indicating improved profitability despite some short-term variances.
- P/E Ratio Behavior
- Increased significantly until late 2015, reaching a high valuation, then declined by the third quarter of 2016 suggestive of valuation recalibration.
Price to Operating Profit (P/OP)
YUM! Brands Inc., historical P/OP calculation (quarterly data)
| Sep 3, 2016 | Jun 11, 2016 | Mar 19, 2016 | Dec 26, 2015 | Sep 5, 2015 | Jun 13, 2015 | Mar 21, 2015 | Dec 27, 2014 | Sep 6, 2014 | Jun 14, 2014 | Mar 22, 2014 | Dec 28, 2013 | Sep 7, 2013 | Jun 15, 2013 | Mar 23, 2013 | Dec 29, 2012 | Sep 8, 2012 | Jun 16, 2012 | Mar 24, 2012 | Dec 31, 2011 | Sep 3, 2011 | Jun 11, 2011 | Mar 19, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating profit (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-03), 10-Q (reporting date: 2016-06-11), 10-Q (reporting date: 2016-03-19), 10-K (reporting date: 2015-12-26), 10-Q (reporting date: 2015-09-05), 10-Q (reporting date: 2015-06-13), 10-Q (reporting date: 2015-03-21), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-06), 10-Q (reporting date: 2014-06-14), 10-Q (reporting date: 2014-03-22), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-07), 10-Q (reporting date: 2013-06-15), 10-Q (reporting date: 2013-03-23), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-08), 10-Q (reporting date: 2012-06-16), 10-Q (reporting date: 2012-03-24), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-03), 10-Q (reporting date: 2011-06-11), 10-Q (reporting date: 2011-03-19).
1 Data adjusted for splits and stock dividends.
2 Q3 2016 Calculation
Operating profit per share
= (Operating profitQ3 2016
+ Operating profitQ2 2016
+ Operating profitQ1 2016
+ Operating profitQ4 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of YUM! Brands Inc. Quarterly or Annual Report.
4 Q3 2016 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the available quarterly financial data reveals distinct trends in the share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the examined periods.
- Share Price
- The share price exhibited general volatility with an overall upward trend from early 2011 through mid-2016. Beginning at $52.18 in March 2011, the price rose sharply to a peak around $87.56 in June 2016. Fluctuations occurred within this rise, including notable increases in early 2012 and mid-2013, followed by some periods of decline or stabilization, particularly towards the end of 2014 and late 2015. Despite these fluctuations, the general direction remained positive, indicating a growth in market valuation over the analyzed period.
- Operating Profit Per Share (OPPS)
- Operating profit per share data are available beginning in March 2012, starting at $3.94. The values showed an increasing trend initially, reaching approximately $5.09 by December 2012. Subsequently, some fluctuations were observed: the OPPS decreased notably through 2013, reaching a low near $3.21 in September 2015, before recovering again to a high of $5.86 by September 2016. This fluctuation suggests periods of both operational efficiency gains and challenges, with a strong recovery toward the end of the period.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio began at 16.62 in March 2012, generally rising over the next few years and peaking at 27.61 in September 2015. This increase reflects a growing premium of the share price relative to operating profit, possibly indicating heightened investor optimism or expectations of future growth during that period. After that peak, the ratio declined to around 15.06 by September 2016, suggesting a movement toward more moderate valuation multiples in relation to operating profitability.
In summary, the share price showed a positive but volatile growth trend aligned somewhat with the fluctuations in operating profit per share. The P/OP ratio's rise and subsequent decline points to varying investor sentiment and valuation dynamics, with the highest valuation multiples occurring when operating profit per share was near its lower point. This inverse relationship between profitability and valuation multiple near the end of the period highlights shifts in market expectations or perceived risk.
Price to Sales (P/S)
YUM! Brands Inc., historical P/S calculation (quarterly data)
| Sep 3, 2016 | Jun 11, 2016 | Mar 19, 2016 | Dec 26, 2015 | Sep 5, 2015 | Jun 13, 2015 | Mar 21, 2015 | Dec 27, 2014 | Sep 6, 2014 | Jun 14, 2014 | Mar 22, 2014 | Dec 28, 2013 | Sep 7, 2013 | Jun 15, 2013 | Mar 23, 2013 | Dec 29, 2012 | Sep 8, 2012 | Jun 16, 2012 | Mar 24, 2012 | Dec 31, 2011 | Sep 3, 2011 | Jun 11, 2011 | Mar 19, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenues (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-03), 10-Q (reporting date: 2016-06-11), 10-Q (reporting date: 2016-03-19), 10-K (reporting date: 2015-12-26), 10-Q (reporting date: 2015-09-05), 10-Q (reporting date: 2015-06-13), 10-Q (reporting date: 2015-03-21), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-06), 10-Q (reporting date: 2014-06-14), 10-Q (reporting date: 2014-03-22), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-07), 10-Q (reporting date: 2013-06-15), 10-Q (reporting date: 2013-03-23), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-08), 10-Q (reporting date: 2012-06-16), 10-Q (reporting date: 2012-03-24), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-03), 10-Q (reporting date: 2011-06-11), 10-Q (reporting date: 2011-03-19).
1 Data adjusted for splits and stock dividends.
2 Q3 2016 Calculation
Sales per share
= (RevenuesQ3 2016
+ RevenuesQ2 2016
+ RevenuesQ1 2016
+ RevenuesQ4 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of YUM! Brands Inc. Quarterly or Annual Report.
4 Q3 2016 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price shows a generally upward trend from March 2011 to September 2016, despite some fluctuations. It begins at $52.18 in March 2011 and rises notably to a peak of $88.62 in June 2015, with intermittent dips such as in June 2012 ($62.76) and a decline during September 2015 ($69.27). The final recorded value in September 2016 is $88.25, close to the highest point observed in the period, indicating overall growth in equity valuation.
- Sales Per Share Dynamics
- Sales per share data, available from March 2012 onwards, exhibits a steady increase throughout the observed quarters. Starting at $27.42, sales per share rise gradually and consistently, reaching $35.13 by September 2016. This growth indicates improving revenue efficiency or higher sales generation on a per-share basis, without any significant reversals in the trajectory.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio demonstrates volatility over the period. Initially measured at 2.39 in March 2012, it fluctuates, peaking at 2.92 in June 2015. Lower values, such as 2.13 in March 2013 and 2.17 in June 2016, contrast with these highs, suggesting varying market sentiment or changes in valuation relative to sales. The ratio largely remains between 2.1 and 2.9, reflecting moderate valuation multiples relative to sales levels throughout the timeframe.
- Relationship Among Variables
- While share price and sales per share both trend upwards, their rates of increase differ, contributing to fluctuations in the P/S ratio. Notably, despite a rise in sales per share, the P/S ratio dips at times when share prices fall or sales growth slows, indicating investor recalibration of valuation. The highest P/S values correspond with periods of share price strength ahead of the mid-2015 peak, followed by slight compression as share prices experience declines towards late 2015.
- Overall Financial Indicator Summary
- The data reflects positive growth in sales per share and an increasing share price over nearly six years, indicative of business expansion and enhanced investor confidence. The volatility in the P/S ratio suggests fluctuating market perceptions regarding the relationship between price and revenue generation. Such patterns may be attributable to broader market conditions or company-specific factors influencing valuation at various points in time.
Price to Book Value (P/BV)
YUM! Brands Inc., historical P/BV calculation (quarterly data)
| Sep 3, 2016 | Jun 11, 2016 | Mar 19, 2016 | Dec 26, 2015 | Sep 5, 2015 | Jun 13, 2015 | Mar 21, 2015 | Dec 27, 2014 | Sep 6, 2014 | Jun 14, 2014 | Mar 22, 2014 | Dec 28, 2013 | Sep 7, 2013 | Jun 15, 2013 | Mar 23, 2013 | Dec 29, 2012 | Sep 8, 2012 | Jun 16, 2012 | Mar 24, 2012 | Dec 31, 2011 | Sep 3, 2011 | Jun 11, 2011 | Mar 19, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Shareholders’ equity (deficit), YUM! Brands, Inc. (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-03), 10-Q (reporting date: 2016-06-11), 10-Q (reporting date: 2016-03-19), 10-K (reporting date: 2015-12-26), 10-Q (reporting date: 2015-09-05), 10-Q (reporting date: 2015-06-13), 10-Q (reporting date: 2015-03-21), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-06), 10-Q (reporting date: 2014-06-14), 10-Q (reporting date: 2014-03-22), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-07), 10-Q (reporting date: 2013-06-15), 10-Q (reporting date: 2013-03-23), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-08), 10-Q (reporting date: 2012-06-16), 10-Q (reporting date: 2012-03-24), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-03), 10-Q (reporting date: 2011-06-11), 10-Q (reporting date: 2011-03-19).
1 Data adjusted for splits and stock dividends.
2 Q3 2016 Calculation
BVPS = Shareholders’ equity (deficit), YUM! Brands, Inc. ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of YUM! Brands Inc. Quarterly or Annual Report.
4 Q3 2016 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends concerning share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the examined periods.
- Share Price
- The share price shows a general upward trajectory with fluctuations. Beginning at $52.18 in March 2011, it rises to a peak of $88.62 by June 2015, indicating overall appreciation in market valuation. Some periods exhibit volatility, including declines around mid-2012 and late 2014, but the overall trend remains positive. The share price remains relatively stable toward the end, around the high $80s.
- Book Value Per Share (BVPS)
- The BVPS trend is more variable and exhibits a decline in later years. Starting at $3.83 in March 2011, it generally increases through 2014, reaching a high of $5.73 in September 2014. After this peak, a pronounced decline occurs from late 2014 onward, dropping sharply to negative values by mid-2016, ending at -$5.17. This negative BVPS indicates a deteriorating equity base and potential financial distress or write-downs affecting net assets per share.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio oscillates but becomes highly elevated toward the end of the series. Initially ranging from approximately 12 to 16 in the earlier periods, it spikes dramatically to over 214 by June 2016. This extreme increase is primarily due to the simultaneous increase in share price and the sharp decline in BVPS, particularly turning negative. Such a high P/BV suggests that the market values the company at a premium to its book value, potentially reflecting expectations of future growth or intangible assets not captured in book value. However, the negative book value implies underlying issues that should be investigated further.
In summary, while market valuation as measured by share price has generally improved over the period, the declining and ultimately negative book value per share highlights significant deterioration in the company’s net assets. The resulting extreme P/BV ratio signals a disconnect between market pricing and reported equity, which could imply a reliance on future growth prospects or accounting anomalies. This financial pattern warrants careful consideration regarding the company's financial position and market perception.