Price to Book Value (P/BV)
since 2005
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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 1, 2024 | 59.17 | = | 222.91 | ÷ | 3.77 | 3.77 | = | 56,950 | ÷ | 15,115,823,000 | |
| Nov 3, 2023 | 44.21 | = | 176.65 | ÷ | 4.00 | 4.00 | = | 62,146 | ÷ | 15,552,752,000 | |
| Oct 28, 2022 | 48.89 | = | 155.74 | ÷ | 3.19 | 3.19 | = | 50,672 | ÷ | 15,908,118,000 | |
| Oct 29, 2021 | 38.96 | = | 149.80 | ÷ | 3.85 | 3.85 | = | 63,090 | ÷ | 16,406,397,000 | |
| Oct 30, 2020 | 28.33 | = | 108.86 | ÷ | 3.84 | 3.84 | = | 65,339 | ÷ | 17,001,802,000 | |
| Oct 31, 2019 | 12.21 | = | 62.19 | ÷ | 5.09 | 5.09 | = | 90,488 | ÷ | 17,773,060,000 | |
| Nov 5, 2018 | 8.93 | = | 50.40 | ÷ | 5.64 | 5.64 | = | 107,147 | ÷ | 18,981,592,000 | |
| Nov 3, 2017 | 6.61 | = | 43.13 | ÷ | 6.53 | 6.53 | = | 134,047 | ÷ | 20,537,248,000 | |
| Oct 26, 2016 | 4.81 | = | 28.90 | ÷ | 6.01 | 6.01 | = | 128,249 | ÷ | 21,329,252,000 | |
| Oct 28, 2015 | 5.57 | = | 29.82 | ÷ | 5.35 | 5.35 | = | 119,355 | ÷ | 22,301,324,000 | |
| Oct 27, 2014 | 5.53 | = | 26.28 | ÷ | 4.75 | 4.75 | = | 111,547 | ÷ | 23,459,360,000 | |
| Oct 30, 2013 | 3.82 | = | 18.75 | ÷ | 4.90 | 4.90 | = | 123,549 | ÷ | 25,192,664,000 | |
| Oct 31, 2012 | 4.74 | = | 21.26 | ÷ | 4.49 | 4.49 | = | 118,210 | ÷ | 26,339,376,000 | |
| Oct 26, 2011 | 4.86 | = | 14.31 | ÷ | 2.94 | 2.94 | = | 76,615 | ÷ | 26,023,452,000 | |
| Oct 27, 2010 | 5.91 | = | 11.00 | ÷ | 1.86 | 1.86 | = | 47,791 | ÷ | 25,684,598,772 | |
| Oct 27, 2009 | 6.39 | = | 7.05 | ÷ | 1.10 | 1.10 | = | 27,832 | ÷ | 25,218,997,244 | |
| Nov 5, 2008 | 4.37 | = | 3.69 | ÷ | 0.84 | 0.84 | = | 21,030 | ÷ | 24,890,183,444 | |
| Nov 15, 2007 | 9.90 | = | 5.87 | ÷ | 0.59 | 0.59 | = | 14,532 | ÷ | 24,515,127,672 | |
| Dec 29, 2006 | 7.30 | = | 3.03 | ÷ | 0.41 | 0.41 | = | 9,984 | ÷ | 24,059,665,196 | |
| Dec 1, 2005 | 8.09 | = | 2.56 | ÷ | 0.32 | 0.32 | = | 7,466 | ÷ | 23,597,502,544 |
Based on: 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.
- Share Price Trend
- The share price exhibited significant growth over the analyzed period, increasing from $2.56 in late 2005 to $222.91 by late 2024. Notably, some fluctuations occurred in the early years, with a dip in 2008 to $3.69 before resuming a generally upward trajectory. From 2018 onward, there was an accelerated rise, with prices moving from $50.4 in 2018 to $222.91 in 2024, indicating strong market confidence and growth potential attributed to the company.
- Book Value Per Share (BVPS) Trend
- BVPS showed steady growth from $0.32 in 2005 to a peak of $6.53 in 2017. However, a declining trend followed from 2017 onward, dropping to $3.77 by 2024. This reduction in book value per share after 2017 might suggest increased share issuance, restructuring, or changes in asset base that could influence book equity negatively.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio began at 8.09 in 2005, fluctuated moderately through the years, with a notable dip in 2008 reaching 4.37, consistent with the lower share price and increased book value at that time. From 2016 onward, the P/BV ratio escalated sharply, reaching an exceptional 59.17 in 2024. This surge reflects a market valuation substantially higher than the book value, highlighting high investor expectations or possibly an overvaluation relative to the company's net asset base.
- Summary of Relationships and Insights
- The overall data indicate that while the book value per share experienced initial growth and then declined post-2017, the share price consistently increased, especially after 2017. This divergence contributed to the steep rise in the P/BV ratio, suggesting that market valuation increasingly relied on factors beyond the company's tangible book value, such as earnings potential, brand strength, or intangible assets. The high P/BV ratio in recent years may warrant closer examination to assess sustainability and the balance between market perception and fundamental asset values.
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. | |
|---|---|---|---|---|---|
| Nov 1, 2024 | 59.17 | 13.11 | 4.31 | — | 4.99 |
| Nov 3, 2023 | 44.21 | 11.50 | 5.19 | — | 6.85 |
| Oct 28, 2022 | 48.89 | 8.87 | 4.69 | — | 2.54 |
| Oct 29, 2021 | 38.96 | 10.05 | 5.99 | 27.38 | 1.65 |
| Oct 30, 2020 | 28.33 | 7.15 | 4.57 | — | 1.35 |
| Oct 31, 2019 | 12.21 | 5.91 | 6.12 | — | 1.21 |
| Nov 5, 2018 | 8.93 | 9.33 | 5.00 | — | 1.33 |
| Nov 3, 2017 | 6.61 | 11.10 | 2.38 | — | 1.28 |
| Oct 26, 2016 | 4.81 | 7.63 | 2.48 | — | 1.44 |
| Oct 28, 2015 | 5.57 | 5.86 | 2.23 | — | 2.08 |
| Oct 27, 2014 | 5.53 | 8.22 | 2.24 | — | 2.56 |
| Oct 30, 2013 | 3.82 | — | 2.19 | — | 1.51 |
| Oct 31, 2012 | 4.74 | — | 1.97 | — | 1.63 |
| Oct 26, 2011 | 4.86 | — | 1.86 | — | 1.78 |
| Oct 27, 2010 | 5.91 | — | 2.73 | — | 1.64 |
| Oct 27, 2009 | 6.39 | — | 3.46 | — | 1.56 |
| Nov 5, 2008 | 4.37 | — | 3.83 | — | 2.20 |
| Nov 15, 2007 | 9.90 | — | 6.20 | — | 2.20 |
| Dec 29, 2006 | 7.30 | — | 5.80 | — | — |
| Dec 1, 2005 | 8.09 | — | 4.92 | — | — |
Based on: 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 | |
|---|---|---|
| Nov 1, 2024 | 59.17 | 32.96 |
| Nov 3, 2023 | 44.21 | 27.57 |
| Oct 28, 2022 | 48.89 | 28.94 |
| Oct 29, 2021 | 38.96 | 25.15 |
| Oct 30, 2020 | 28.33 | 19.59 |
| Oct 31, 2019 | 12.21 | 11.23 |
| Nov 5, 2018 | 8.93 | 7.79 |
| Nov 3, 2017 | 6.61 | 5.24 |
| Oct 26, 2016 | 4.81 | 4.05 |
| Oct 28, 2015 | 5.57 | 4.46 |
| Oct 27, 2014 | 5.53 | 4.43 |
| Oct 30, 2013 | 3.82 | 3.29 |
| Oct 31, 2012 | 4.74 | 3.89 |
| Oct 26, 2011 | 4.86 | 3.71 |
| Oct 27, 2010 | 5.91 | 4.38 |
| Oct 27, 2009 | 6.39 | 4.68 |
| Nov 5, 2008 | 4.37 | 4.03 |
| Nov 15, 2007 | 9.90 | 7.36 |
| Dec 29, 2006 | 7.30 | 6.24 |
| Dec 1, 2005 | 8.09 | 5.69 |
Based on: 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 | |
|---|---|---|
| Nov 1, 2024 | 59.17 | 13.25 |
| Nov 3, 2023 | 44.21 | 11.52 |
| Oct 28, 2022 | 48.89 | 10.50 |
| Oct 29, 2021 | 38.96 | 12.59 |
| Oct 30, 2020 | 28.33 | 11.14 |
| Oct 31, 2019 | 12.21 | 8.53 |
| Nov 5, 2018 | 8.93 | 7.05 |
| Nov 3, 2017 | 6.61 | 5.49 |
| Oct 26, 2016 | 4.81 | 4.55 |
| Oct 28, 2015 | 5.57 | 4.33 |
| Oct 27, 2014 | 5.53 | 4.38 |
| Oct 30, 2013 | 3.82 | 3.52 |
| Oct 31, 2012 | 4.74 | 3.77 |
| Oct 26, 2011 | 4.86 | 4.01 |
| Oct 27, 2010 | 5.91 | 4.18 |
| Oct 27, 2009 | 6.39 | 4.34 |
| Nov 5, 2008 | 4.37 | 4.02 |
| Nov 15, 2007 | 9.90 | 8.70 |
| Dec 29, 2006 | 7.30 | 7.25 |
| Dec 1, 2005 | 8.09 | 7.43 |
Based on: 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).