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.
An analysis of the financial data from 2006 to 2022 reveals a significant transformation in the market valuation of the company relative to its book value. While the Price to Book Value (P/BV) ratio remained relatively low and stable during the first few years of the period, it entered a phase of substantial expansion, culminating in a sharp valuation surge in the final two years.
- Early Valuation Period (2006–2009)
- During this interval, the P/BV ratio remained constrained, fluctuating between 0.97 and 1.45. A notable trough occurred in 2009, where the ratio dropped to 0.97, indicating that the share price was trading slightly below the book value per share. This period was characterized by a close alignment between the market price and the net asset value of the company.
- Valuation Expansion Phase (2010–2020)
- Beginning in 2010, a distinct upward trend in the P/BV ratio is observed, rising from 2.30 to a peak of 5.53 by 2015. Despite some volatility between 2016 and 2020, where the ratio fluctuated between 3.20 and 4.69, the company maintained a consistent premium over its book value. This shift suggests a market transition toward valuing the company based on intangible assets, growth prospects, and earnings potential rather than purely on tangible book value.
- Recent Valuation Surge (2021–2022)
- The most dramatic change occurred between 2021 and 2022, with the P/BV ratio accelerating from 8.32 to 14.55. This surge was driven by a divergence between the share price and the book value per share; while the share price reached a period high of 192.12 in 2022, the book value per share declined to 13.21. This indicates an extreme premium in market valuation relative to the company's accounting equity.
- Book Value per Share Trends
- The book value per share exhibited significant volatility over the seventeen-year period. After a decline in 2009 and a subsequent period of stagnation, a sharp increase to 32.30 was recorded in 2016. However, from 2017 onward, a consistent downward trajectory is observed, with the value falling to 13.21 by 2022, which inversely contributed to the rising P/BV ratio.
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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 | 4.72 |
| 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).