I’ll use today ≈ 670M shares outstanding as the numerator, and each historical share count as the denominator.
Multipliers (today-normalized)
May 2019
Shares ≈ 486M
Multiplier = 670 / 486 = 1.379
June 2021
Shares ≈ 542M
Multiplier = 670 / 542 = 1.236
April 2025
Shares ≈ 632.6M
Multiplier = 670 / 632.6 = 1.059
Apply to historical prices for normalization:
2019 low:
1.23 × 1.379 ≈ $1.70
2021 peak:
9.50 × 1.236 ≈ $11.74
2025 correction low:
4.46 × 1.059 ≈ $4.72
Key takeaway:
Letting price express pure capital re-rating
Preserving the geometry of the move✅
Multipliers (today-normalized)
May 2019
Shares ≈ 486M
Multiplier = 670 / 486 = 1.379
June 2021
Shares ≈ 542M
Multiplier = 670 / 542 = 1.236
April 2025
Shares ≈ 632.6M
Multiplier = 670 / 632.6 = 1.059
Apply to historical prices for normalization:
2019 low:
1.23 × 1.379 ≈ $1.70
2021 peak:
9.50 × 1.236 ≈ $11.74
2025 correction low:
4.46 × 1.059 ≈ $4.72
Key takeaway:
Letting price express pure capital re-rating
Preserving the geometry of the move✅
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.