This　paper　mainly　studies　whether　and　how　stock　prices　fluctuate　around　their　intrinsic　values.　Based　on　data　from　10　stock　markets　for　the　period　between　2000　and　2018,　we　demonstrate　that　the　relative　price　fluctuates　around　and　approaches　the　intrinsic　value　in　the　long　term.　For　the　ten　markets,　the　relative　price　crosses　the　intrinsic　value　on　average　once　in　3∼4　years.　Profitability　growth　is　a　key　factor　in　rising　stock　prices,　but　the　level　of　valuations　in　the　market　has　a　regulatory　effect　to　the　growth　of　price　in　the　future:　For　every　1　%　increase　in　valuation,　the　price　tends　to　decline　by　0.26%　in　the　next　year,　0.74%　in　the　next　3　years.　©　2020,　Science　Press　(China).　All　rights　reserved.