Price to Book Value (P/BV)
since 2005
Calculation
Bed Bath & Beyond Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2022 | 7.49 | = | 16.34 | ÷ | 2.18 | 2.18 | = | 174,145 | ÷ | 79,845,789 | |
| Apr 22, 2021 | 2.26 | = | 26.42 | ÷ | 11.70 | 11.70 | = | 1,276,936 | ÷ | 109,122,398 | |
| Apr 29, 2020 | 0.47 | = | 6.59 | ÷ | 13.95 | 13.95 | = | 1,764,935 | ÷ | 126,553,062 | |
| Apr 30, 2019 | 0.86 | = | 16.71 | ÷ | 19.38 | 19.38 | = | 2,560,331 | ÷ | 132,089,269 | |
| May 2, 2018 | 0.85 | = | 17.50 | ÷ | 20.59 | 20.59 | = | 2,888,628 | ÷ | 140,311,297 | |
| Apr 25, 2017 | 2.10 | = | 39.36 | ÷ | 18.73 | 18.73 | = | 2,719,277 | ÷ | 145,153,735 | |
| Apr 26, 2016 | 3.00 | = | 49.32 | ÷ | 16.42 | 16.42 | = | 2,559,540 | ÷ | 155,832,064 | |
| Apr 28, 2015 | 4.49 | = | 71.19 | ÷ | 15.84 | 15.84 | = | 2,743,190 | ÷ | 173,182,037 | |
| Apr 29, 2014 | 3.22 | = | 62.23 | ÷ | 19.32 | 19.32 | = | 3,941,287 | ÷ | 204,016,305 | |
| Apr 30, 2013 | 3.71 | = | 68.80 | ÷ | 18.54 | 18.54 | = | 4,079,730 | ÷ | 220,044,578 | |
| Apr 24, 2012 | 4.04 | = | 67.71 | ÷ | 16.78 | 16.78 | = | 3,922,528 | ÷ | 233,773,500 | |
| Apr 26, 2011 | 3.63 | = | 57.13 | ÷ | 15.72 | 15.72 | = | 3,931,659 | ÷ | 250,063,186 | |
| Apr 27, 2010 | 3.34 | = | 46.30 | ÷ | 13.88 | 13.88 | = | 3,652,904 | ÷ | 263,260,391 | |
| Apr 28, 2009 | 2.62 | = | 30.24 | ÷ | 11.56 | 11.56 | = | 3,000,454 | ÷ | 259,664,269 | |
| Apr 30, 2008 | 3.28 | = | 32.50 | ÷ | 9.89 | 9.89 | = | 2,561,828 | ÷ | 258,923,423 | |
| May 2, 2007 | 4.31 | = | 41.20 | ÷ | 9.56 | 9.56 | = | 2,649,151 | ÷ | 277,125,199 | |
| May 12, 2006 | 4.65 | = | 37.26 | ÷ | 8.02 | 8.02 | = | 2,262,450 | ÷ | 282,233,013 | |
| May 12, 2005 | 4.97 | = | 37.23 | ÷ | 7.49 | 7.49 | = | 2,203,762 | ÷ | 294,106,233 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Bed Bath & Beyond Inc. Annual Report.
The financial trajectory of the Price to Book Value (P/BV) ratio reveals three distinct phases: a period of consistent market premium, a prolonged phase of valuation erosion, and a terminal period characterized by extreme volatility and decoupling from fundamental book value.
- Market Premium and Stability (2005–2012)
- During this period, the P/BV ratio remained generally elevated, fluctuating between 2.62 and 4.97. Although a temporary dip occurred between 2008 and 2009, the market consistently valued the company at several times its book value. This suggests that the share price grew in relative tandem with the book value per share, which climbed from 7.49 to 16.78 during this window.
- Valuation Contraction and Equity Erosion (2013–2020)
- A sustained downward trend in the P/BV ratio became evident starting in 2013, eventually falling below the 1.0 threshold in 2018. The ratio reached a nadir of 0.47 in 2020. This indicates a period where the company traded at a significant discount to its accounting value, signaling severe market skepticism regarding the company's future viability and the actual realizable value of its assets.
- Fundamental Decoupling (2021–2022)
- The final two years of the analysis exhibit a sharp divergence between market price and intrinsic book value. While the Book Value per Share collapsed from 11.70 in 2020 to 2.18 in 2022, the P/BV ratio surged to 7.49. This spike represents a total decoupling of the share price from the underlying net asset value, resulting in a high valuation multiple that is not supported by the eroding equity base.
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Comparison to Competitors
Bed Bath & Beyond Inc., P/BV, long-term trends, comparison to competitors
| Bed Bath & Beyond Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Apr 21, 2022 | 7.49 | 7.25 | — | — | 12.14 |
| Apr 22, 2021 | 2.26 | 11.60 | 95.58 | 90.79 | 13.68 |
| Apr 29, 2020 | 0.47 | 17.86 | — | 25.96 | 9.42 |
| Apr 30, 2019 | 0.86 | 16.11 | — | 24.01 | 12.79 |
| May 2, 2018 | 0.85 | 18.34 | 139.52 | 11.89 | 10.23 |
| Apr 25, 2017 | 2.10 | 24.98 | 41.08 | 10.87 | 11.27 |
| Apr 26, 2016 | 3.00 | 20.47 | 25.88 | 8.87 | 12.09 |
| Apr 28, 2015 | 4.49 | 20.65 | 15.76 | 7.10 | 11.23 |
| Apr 29, 2014 | 3.22 | 15.33 | 8.68 | 4.20 | 10.18 |
| Apr 30, 2013 | 3.71 | 16.90 | 5.83 | 2.99 | 9.36 |
| Apr 24, 2012 | 4.04 | 15.14 | 4.23 | 2.28 | 9.20 |
| Apr 26, 2011 | 3.63 | 10.52 | 3.21 | 1.96 | 6.30 |
| Apr 27, 2010 | 3.34 | 11.25 | 2.85 | 1.84 | 6.12 |
| Apr 28, 2009 | 2.62 | 10.60 | 2.36 | 1.49 | 4.96 |
| Apr 30, 2008 | 3.28 | 9.43 | 2.79 | 2.22 | 6.74 |
| May 2, 2007 | 4.31 | 26.19 | 2.90 | 3.04 | 5.25 |
| May 12, 2006 | 4.65 | 38.87 | 3.38 | 3.54 | 6.17 |
| May 12, 2005 | 4.97 | 66.44 | 3.37 | 3.61 | 7.15 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Bed Bath & Beyond Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Bed Bath & Beyond Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Apr 21, 2022 | 7.49 | 11.07 |
| Apr 22, 2021 | 2.26 | 14.31 |
| Apr 29, 2020 | 0.47 | 20.07 |
| Apr 30, 2019 | 0.86 | 19.77 |
| May 2, 2018 | 0.85 | 20.07 |
| Apr 25, 2017 | 2.10 | 23.06 |
| Apr 26, 2016 | 3.00 | 18.06 |
| Apr 28, 2015 | 4.49 | 14.67 |
| Apr 29, 2014 | 3.22 | 9.31 |
| Apr 30, 2013 | 3.71 | 7.64 |
| Apr 24, 2012 | 4.04 | 5.82 |
| Apr 26, 2011 | 3.63 | 4.12 |
| Apr 27, 2010 | 3.34 | 3.84 |
| Apr 28, 2009 | 2.62 | 3.13 |
| Apr 30, 2008 | 3.28 | 3.23 |
| May 2, 2007 | 4.31 | 3.70 |
| May 12, 2006 | 4.65 | 3.90 |
| May 12, 2005 | 4.97 | 4.03 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
Comparison to Industry (Consumer Discretionary)
Bed Bath & Beyond Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Bed Bath & Beyond Inc. | Consumer Discretionary | |
|---|---|---|
| Apr 21, 2022 | 7.49 | 9.41 |
| Apr 22, 2021 | 2.26 | 13.21 |
| Apr 29, 2020 | 0.47 | 17.99 |
| Apr 30, 2019 | 0.86 | 13.59 |
| May 2, 2018 | 0.85 | 11.35 |
| Apr 25, 2017 | 2.10 | 10.74 |
| Apr 26, 2016 | 3.00 | 8.39 |
| Apr 28, 2015 | 4.49 | 7.17 |
| Apr 29, 2014 | 3.22 | 5.83 |
| Apr 30, 2013 | 3.71 | 5.12 |
| Apr 24, 2012 | 4.04 | 4.39 |
| Apr 26, 2011 | 3.63 | 3.84 |
| Apr 27, 2010 | 3.34 | 4.04 |
| Apr 28, 2009 | 2.62 | 4.72 |
| Apr 30, 2008 | 3.28 | 4.98 |
| May 2, 2007 | 4.31 | 3.91 |
| May 12, 2006 | 4.65 | 4.50 |
| May 12, 2005 | 4.97 | 3.49 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).