Price to Book Value (P/BV)
since 2005
Calculation
Expedia Group Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Expedia Group, Inc. stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 14.55 | = | 192.12 | ÷ | 13.21 | 13.21 | = | 2,057 | ÷ | 155,754,357 | |
| Feb 12, 2021 | 8.32 | = | 146.51 | ÷ | 17.60 | 17.60 | = | 2,532 | ÷ | 143,864,551 | |
| Feb 14, 2020 | 4.33 | = | 122.80 | ÷ | 28.34 | 28.34 | = | 3,967 | ÷ | 139,989,125 | |
| Feb 8, 2019 | 4.69 | = | 130.80 | ÷ | 27.88 | 27.88 | = | 4,104 | ÷ | 147,190,304 | |
| Feb 9, 2018 | 3.49 | = | 104.00 | ÷ | 29.78 | 29.78 | = | 4,522 | ÷ | 151,833,402 | |
| Feb 10, 2017 | 4.45 | = | 122.65 | ÷ | 27.58 | 27.58 | = | 4,132 | ÷ | 149,808,388 | |
| Feb 11, 2016 | 3.20 | = | 103.37 | ÷ | 32.30 | 32.30 | = | 4,864 | ÷ | 150,580,455 | |
| Feb 6, 2015 | 5.53 | = | 77.87 | ÷ | 14.08 | 14.08 | = | 1,784 | ÷ | 126,720,006 | |
| Feb 7, 2014 | 4.49 | = | 74.45 | ÷ | 16.57 | 16.57 | = | 2,145 | ÷ | 129,458,472 | |
| Feb 6, 2013 | 3.90 | = | 65.70 | ÷ | 16.84 | 16.84 | = | 2,280 | ÷ | 135,388,187 | |
| Feb 10, 2012 | 2.04 | = | 33.54 | ÷ | 16.46 | 16.46 | = | 2,200 | ÷ | 133,646,188 | |
| Feb 11, 2011 | 2.19 | = | 42.62 | ÷ | 19.50 | 19.50 | = | 2,673 | ÷ | 137,030,466 | |
| Feb 11, 2010 | 2.30 | = | 42.54 | ÷ | 18.52 | 18.52 | = | 2,683 | ÷ | 144,824,896 | |
| Feb 19, 2009 | 0.97 | = | 15.80 | ÷ | 16.21 | 16.21 | = | 2,328 | ÷ | 143,669,924 | |
| Feb 22, 2008 | 1.45 | = | 48.84 | ÷ | 33.74 | 33.74 | = | 4,818 | ÷ | 142,798,949 | |
| Feb 28, 2007 | 1.09 | = | 42.52 | ÷ | 39.07 | 39.07 | = | 5,904 | ÷ | 151,120,285 | |
| Mar 31, 2006 | 1.23 | = | 40.54 | ÷ | 32.89 | 32.89 | = | 5,734 | ÷ | 174,334,549 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Expedia Group Inc. Annual Report.
The analysis of the financial data reveals distinct fluctuations and emerging trends in the market valuation and book value of the company over the examined periods from 2006 to 2022.
- Share Price Trend
- The share price exhibited considerable volatility, with notable lows and highs throughout the years. It started at $40.54 in 2006, peaked at $48.84 in 2008, sharply declined to $15.80 in 2009, and then recovered steadily in the subsequent years. From 2010 onwards, there was a general upward trend reaching $192.12 by 2022. The share price more than quadrupled from the low point in 2009 to the final year observed, indicating strong market appreciation.
- Book Value Per Share (BVPS) Trend
- BVPS showed a downward trajectory overall. Starting at $32.89 in 2006, it declined significantly to $16.21 in 2009, mirroring the trough observed in the share price. Post-2009, BVPS experienced minor fluctuations but generally remained between approximately $13 and $32. By 2022, BVPS had decreased substantially to $13.21, representing a clear erosion of the book value per share over the period.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio demonstrated a strong increasing trend, highlighting a growing divergence between market valuation and book value. Initially, the ratio hovered close to 1, indicating that the share price was roughly on par with the book value in early years. There was a temporary dip below 1 in 2009 at 0.97, corresponding to the low share price period. From 2010 onwards, the ratio escalated substantially, reaching an exceptionally high 14.55 in 2022. This suggests increasing market optimism or investor willingness to pay a premium relative to the company’s book value, possibly reflecting expectations of future growth or intangibles not fully captured in book value.
In summary, while book value per share declined over the analyzed timeframe, the share price significantly improved, resulting in an expanding price-to-book value ratio. This divergence may indicate enhanced market confidence or perceived intangible assets driving valuation beyond the company's net asset value. The sustained rise in the P/BV ratio particularly after 2010 suggests a shift in market perception and potentially increased investor speculation or strategic positioning regarding the company's future prospects.
Comparison to Competitors
Expedia Group Inc., P/BV, long-term trends, comparison to competitors
| Expedia Group Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Feb 11, 2022 | 14.55 | 11.60 | 95.58 | 90.79 | 13.68 |
| Feb 12, 2021 | 8.32 | 17.86 | — | 25.96 | 9.42 |
| Feb 14, 2020 | 4.33 | 16.11 | — | 24.01 | 12.79 |
| Feb 8, 2019 | 4.69 | 18.34 | 139.52 | 11.89 | 10.23 |
| Feb 9, 2018 | 3.49 | 24.98 | 41.08 | 10.87 | 11.27 |
| Feb 10, 2017 | 4.45 | 20.47 | 25.88 | 8.87 | 12.09 |
| Feb 11, 2016 | 3.20 | 20.65 | 15.76 | 7.10 | 11.23 |
| Feb 6, 2015 | 5.53 | 15.33 | 8.68 | 4.20 | 10.18 |
| Feb 7, 2014 | 4.49 | 16.90 | 5.83 | 2.99 | 9.36 |
| Feb 6, 2013 | 3.90 | 15.14 | 4.23 | 2.28 | 9.20 |
| Feb 10, 2012 | 2.04 | 10.52 | 3.21 | 1.96 | 6.30 |
| Feb 11, 2011 | 2.19 | 11.25 | 2.85 | 1.84 | 6.12 |
| Feb 11, 2010 | 2.30 | 10.60 | 2.36 | 1.49 | 4.96 |
| Feb 19, 2009 | 0.97 | 9.43 | 2.79 | 2.22 | 6.74 |
| Feb 22, 2008 | 1.45 | 26.19 | 2.90 | 3.04 | 5.25 |
| Feb 28, 2007 | 1.09 | 38.87 | 3.38 | 3.54 | 6.17 |
| Mar 31, 2006 | 1.23 | 66.44 | 3.37 | 3.61 | 7.15 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Expedia Group Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Expedia Group Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 11, 2022 | 14.55 | 14.31 |
| Feb 12, 2021 | 8.32 | 20.07 |
| Feb 14, 2020 | 4.33 | 19.77 |
| Feb 8, 2019 | 4.69 | 20.07 |
| Feb 9, 2018 | 3.49 | 23.06 |
| Feb 10, 2017 | 4.45 | 18.06 |
| Feb 11, 2016 | 3.20 | 14.67 |
| Feb 6, 2015 | 5.53 | 9.31 |
| Feb 7, 2014 | 4.49 | 7.64 |
| Feb 6, 2013 | 3.90 | 5.82 |
| Feb 10, 2012 | 2.04 | 4.12 |
| Feb 11, 2011 | 2.19 | 3.84 |
| Feb 11, 2010 | 2.30 | 3.13 |
| Feb 19, 2009 | 0.97 | 3.23 |
| Feb 22, 2008 | 1.45 | 3.70 |
| Feb 28, 2007 | 1.09 | 3.90 |
| Mar 31, 2006 | 1.23 | 4.03 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Expedia Group Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Expedia Group Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 11, 2022 | 14.55 | 13.21 |
| Feb 12, 2021 | 8.32 | 17.99 |
| Feb 14, 2020 | 4.33 | 13.59 |
| Feb 8, 2019 | 4.69 | 11.35 |
| Feb 9, 2018 | 3.49 | 10.74 |
| Feb 10, 2017 | 4.45 | 8.39 |
| Feb 11, 2016 | 3.20 | 7.17 |
| Feb 6, 2015 | 5.53 | 5.83 |
| Feb 7, 2014 | 4.49 | 5.12 |
| Feb 6, 2013 | 3.90 | 4.39 |
| Feb 10, 2012 | 2.04 | 3.84 |
| Feb 11, 2011 | 2.19 | 4.04 |
| Feb 11, 2010 | 2.30 | 4.73 |
| Feb 19, 2009 | 0.97 | 4.98 |
| Feb 22, 2008 | 1.45 | 3.91 |
| Feb 28, 2007 | 1.09 | 4.50 |
| Mar 31, 2006 | 1.23 | 3.49 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).