Price to Book Value (P/BV)
since 2005
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Apple Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Calculation
Apple Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | = | ÷ | = | ÷ | |||||||
| Nov 1, 2024 | = | ÷ | = | ÷ | |||||||
| Nov 3, 2023 | = | ÷ | = | ÷ | |||||||
| Oct 28, 2022 | = | ÷ | = | ÷ | |||||||
| Oct 29, 2021 | = | ÷ | = | ÷ | |||||||
| Oct 30, 2020 | = | ÷ | = | ÷ | |||||||
| Oct 31, 2019 | = | ÷ | = | ÷ | |||||||
| Nov 5, 2018 | = | ÷ | = | ÷ | |||||||
| Nov 3, 2017 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2016 | = | ÷ | = | ÷ | |||||||
| Oct 28, 2015 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2014 | = | ÷ | = | ÷ | |||||||
| Oct 30, 2013 | = | ÷ | = | ÷ | |||||||
| Oct 31, 2012 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2011 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2010 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2009 | = | ÷ | = | ÷ | |||||||
| Nov 5, 2008 | = | ÷ | = | ÷ | |||||||
| Nov 15, 2007 | = | ÷ | = | ÷ | |||||||
| Dec 29, 2006 | = | ÷ | = | ÷ | |||||||
| Dec 1, 2005 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Apple Inc. Annual Report.
The analysis of the financial data across the indicated periods reveals several notable trends and patterns related to the share price, book value per share (BVPS), and price-to-book value ratio (P/BV).
- Share Price
- The share price demonstrated a strong overall upward trajectory from 2005 through 2025. Starting at $2.56 in 2005, it experienced steady growth with occasional fluctuations. There was a moderate decline in 2008, likely influenced by broader market conditions, followed by a significant increase from 2009 onward. The share price accelerated notably after 2014, reaching a peak of $270.37 in 2025, indicating substantial market appreciation and investor confidence.
- Book Value per Share (BVPS)
- BVPS consistently increased from 2005 to 2012, rising from $0.32 to $4.49, reflecting growth in net asset value per share. After peaking around 2012-2013 at roughly $4.9, BVPS experienced a gradual decline, dropping to approximately $3.19 in 2022. The latter years show some recovery with BVPS moving back above $4 towards 2025. This pattern suggests that while the company invested in building book value initially, it later faced challenges that impacted net asset growth, possibly due to share repurchases, asset restructuring, or changes in retained earnings.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuated significantly over the period. Early years showed ratios between about 4 and 10, indicating moderate market valuation relative to book value. Noteworthy is the sharp increase in P/BV starting around 2014, reaching very high multiples above 50 in 2024 before slightly declining to 54.18 in 2025. Such elevated P/BV values indicate that the market price far exceeds book value per share, suggesting investor expectations of strong future growth, intangible asset valuation, or market sentiment favoring the company's prospects rather than its current net asset base.
In summary, the share price growth substantially outpaced the increase in book value per share over the long-term horizon, driving the P/BV ratio to elevated levels. This divergence implies market valuation based on anticipated earnings potential and intangible factors rather than fundamental book value alone. Some periods of correction in BVPS and P/BV present potential cautionary signals, yet overall, the data reflects rising market confidence and robust investor demand over the two decades considered.
Comparison to Competitors
Apple Inc., P/BV, long-term trends, comparison to competitors
| Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|
| Oct 31, 2025 | |||||
| Nov 1, 2024 | |||||
| Nov 3, 2023 | |||||
| Oct 28, 2022 | |||||
| Oct 29, 2021 | |||||
| Oct 30, 2020 | |||||
| Oct 31, 2019 | |||||
| Nov 5, 2018 | |||||
| Nov 3, 2017 | |||||
| Oct 26, 2016 | |||||
| Oct 28, 2015 | |||||
| Oct 27, 2014 | |||||
| Oct 30, 2013 | |||||
| Oct 31, 2012 | |||||
| Oct 26, 2011 | |||||
| Oct 27, 2010 | |||||
| Oct 27, 2009 | |||||
| Nov 5, 2008 | |||||
| Nov 15, 2007 | |||||
| Dec 29, 2006 | |||||
| Dec 1, 2005 |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Sector (Technology Hardware & Equipment)
Apple Inc., P/BV, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Oct 31, 2025 | ||
| Nov 1, 2024 | ||
| Nov 3, 2023 | ||
| Oct 28, 2022 | ||
| Oct 29, 2021 | ||
| Oct 30, 2020 | ||
| Oct 31, 2019 | ||
| Nov 5, 2018 | ||
| Nov 3, 2017 | ||
| Oct 26, 2016 | ||
| Oct 28, 2015 | ||
| Oct 27, 2014 | ||
| Oct 30, 2013 | ||
| Oct 31, 2012 | ||
| Oct 26, 2011 | ||
| Oct 27, 2010 | ||
| Oct 27, 2009 | ||
| Nov 5, 2008 | ||
| Nov 15, 2007 | ||
| Dec 29, 2006 | ||
| Dec 1, 2005 |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Industry (Information Technology)
Apple Inc., P/BV, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| Oct 31, 2025 | ||
| Nov 1, 2024 | ||
| Nov 3, 2023 | ||
| Oct 28, 2022 | ||
| Oct 29, 2021 | ||
| Oct 30, 2020 | ||
| Oct 31, 2019 | ||
| Nov 5, 2018 | ||
| Nov 3, 2017 | ||
| Oct 26, 2016 | ||
| Oct 28, 2015 | ||
| Oct 27, 2014 | ||
| Oct 30, 2013 | ||
| Oct 31, 2012 | ||
| Oct 26, 2011 | ||
| Oct 27, 2010 | ||
| Oct 27, 2009 | ||
| Nov 5, 2008 | ||
| Nov 15, 2007 | ||
| Dec 29, 2006 | ||
| Dec 1, 2005 |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).