Constellation Software (STU:W9C) Cyclically Adjusted PS Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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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.
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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.

STU:W9C Constellation Software Inc STU:W9C
81 GF Score
Price €1,761.00
GF Value €3,619.66
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Constellation Software Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Constellation Software  (STU:W9C) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue 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 PS Ratio should give similar results to regular PS Ratio.


Constellation Software Cyclically Adjusted PS Ratio Related Terms


Constellation Software Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Constellation Software's Cyclically Adjusted PS 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.

Constellation Software Cyclically Adjusted PS Ratio Chart

Constellation Software Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 14.15 9.85 12.26 13.69 7.94

Constellation Software Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS 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 12.69 9.10 7.90 5.40 5.65

STU:W9C vs CRM, SHOP, UBER: Cyclically Adjusted PS Ratio Comparison

For the Software - Application subindustry, Constellation Software's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS 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.


Constellation Software Cyclically Adjusted PS Ratio vs Software Industry

For the Software industry and Technology sector, Constellation Software's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Constellation Software's Cyclically Adjusted PS Ratio falls into.


STU:W9C
81GF Score
Constellation Software Inc STU:W9C
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Constellation Software Cyclically Adjusted PS Ratio Calculation

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

Constellation Software's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Constellation Software's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=135.351/133.5265*133.5265
=135.351

Current CPI (Jun. 2026) = 133.5265.

Constellation Software Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 23.071 101.765 30.272
201612 24.671 101.449 32.472
201703 24.586 102.634 31.986
201706 25.732 103.029 33.349
201709 25.589 103.345 33.062
201712 27.555 103.345 35.602
201803 27.585 105.004 35.078
201806 29.785 105.557 37.677
201809 30.796 105.636 38.927
201812 34.332 105.399 43.494
201903 34.037 106.979 42.483
201906 35.529 107.690 44.053
201909 36.925 107.611 45.817
201912 40.730 107.769 50.465
202003 40.821 107.927 50.503
202006 39.508 108.401 48.665
202009 40.519 108.164 50.020
202012 43.166 108.559 53.094
202103 46.073 110.298 55.776
202106 48.926 111.720 58.476
202109 51.999 112.905 61.496
202112 57.055 113.774 66.960
202203 60.193 117.646 68.318
202206 71.643 120.806 79.187
202209 80.812 120.648 89.438
202212 85.510 120.964 94.391
202303 84.399 122.702 91.844
202306 88.406 124.203 95.042
202309 92.217 125.230 98.326
202312 101.916 125.072 108.805
202403 102.303 126.258 108.193
202406 108.176 127.522 113.270
202409 109.150 127.285 114.503
202412 119.528 127.364 125.312
202503 118.996 129.181 122.999
202506 118.403 129.892 121.716
202509 119.039 130.287 121.999
202512 128.752 130.366 131.873
202603 128.305 132.262 129.531
202606 135.351 133.527 135.351

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue 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 Constellation Software (STU:W9C) Overvalued in 2026?

Based on GuruFocus' analysis, Constellation Software stock appears to be undervalued. The current stock price of €1,761.00 is trading 51.3% below its estimated GF Value™ of €3,619.66. GuruFocus considers Constellation Software to be Significantly Undervalued.

Key valuation signals for STU:W9C:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: €3,619.66 vs. price of €1,761.00 (51.3% below fair value)
  • GF Score™: 81/100 with 4 warning signs

No single metric tells the full story. See the STU:W9C stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Constellation Software Business Description

Address 66 Wellington Street West, Suite 5300, Td Bank Tower, Toronto, ON, CAN, M5K 1E6
Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2026, Constellation consisted of over 1,000 individual businesses.
81GF Score

Get the complete analysis for STU:W9C

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

€1,761.00
Price
€3,619.66
GF Value