Pakistan State Oil Co (KAR:PSO) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

KAR:PSO Pakistan State Oil Co Ltd KAR:PSO
82 GF Score
Price ₨345.64
GF Value ₨261.66
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Pakistan State Oil Co Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Pakistan State Oil Co  (KAR:PSO) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Pakistan State Oil Co Cyclically Adjusted PB Ratio Related Terms


Pakistan State Oil Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Pakistan State Oil Co's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Pakistan State Oil Co Cyclically Adjusted PB Ratio Chart

Pakistan State Oil Co Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.00 0.62 0.35 0.46 0.94

Pakistan State Oil Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.11 0.97 1.18 1.16 0.77

KAR:PSO vs MPC, VLO, PSX: Cyclically Adjusted PB Ratio Comparison

For the Oil & Gas Refining & Marketing subindustry, Pakistan State Oil Co's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Pakistan State Oil Co Cyclically Adjusted PB Ratio vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Pakistan State Oil Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Pakistan State Oil Co's Cyclically Adjusted PB Ratio falls into.


KAR:PSO
82GF Score
Pakistan State Oil Co Ltd KAR:PSO
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Pakistan State Oil Co Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Pakistan State Oil Co's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Pakistan State Oil Co's adjusted Book Value per Share data for the three months ended in Mar. 2026 was:

Adj_Book=Book Value per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=635.392/330.2130*330.2130
=635.392

Current CPI (Mar. 2026) = 330.2130.

Pakistan State Oil Co Quarterly Data

Book Value per Share CPI Adj_Book
201603 179.572 238.132 249.009
201606 195.072 241.018 267.263
201609 199.310 241.428 272.606
201612 210.652 241.432 288.114
201703 218.802 243.801 296.353
201706 219.074 244.955 295.324
201709 229.639 246.819 307.228
201712 228.377 246.524 305.906
201803 238.399 249.554 315.453
201806 235.269 251.989 308.303
201809 244.167 252.439 319.392
201812 240.837 251.233 316.549
201903 244.406 254.202 317.488
201909 283.586 256.759 364.715
201912 281.658 256.974 361.932
202003 266.789 258.115 341.310
202006 246.318 257.797 315.510
202009 256.789 260.280 325.784
202012 264.341 260.474 335.115
202103 278.410 264.877 347.084
202106 307.909 271.696 374.225
202109 328.189 274.310 395.072
202112 359.604 278.802 425.915
202203 443.116 287.504 508.941
202206 484.252 296.311 539.657
202209 488.983 296.808 544.017
202212 474.267 296.797 527.664
202303 501.051 301.836 548.157
202306 494.904 305.109 535.624
202309 547.458 307.789 587.343
202312 517.804 306.746 557.418
202403 525.866 312.332 555.972
202406 534.711 314.175 562.007
202409 542.077 315.301 567.714
202412 550.973 315.605 576.475
202503 557.721 319.799 575.883
202506 560.064 322.561 573.350
202509 583.650 324.800 593.377
202512 583.292 324.054 594.378
202603 635.392 330.213 635.392

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Pakistan State Oil Co (KAR:PSO) Overvalued in 2026?

Based on GuruFocus' analysis, Pakistan State Oil Co stock appears to be overvalued. The current stock price of ₨345.64 is trading 32.1% above its estimated GF Value™ of ₨261.66. GuruFocus considers Pakistan State Oil Co to be Significantly Overvalued.

Key valuation signals for KAR:PSO:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ₨261.66 vs. price of ₨345.64 (32.1% above fair value)
  • GF Score™: 82/100 with 2 warning signs

No single metric tells the full story. See the KAR:PSO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Pakistan State Oil Co Business Description

Industry EnergyOil & Gas
Address PSO House, Khayaban-e-Iqbal, Clifton, Karachi, SD, PAK, 75600
Pakistan State Oil Co Ltd is engaged in the procurement, storage, and marketing of petroleum and related products. It also blends and markets lubricating oils. It comprises three reportable segments: Petroleum products, Liquefied Natural Gas (LNG), and Others. The majority of the company's revenues are derived from the petroleum products segment.
82GF Score

Get the complete analysis for KAR:PSO

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₨345.64
Price
₨261.66
GF Value