Price to Book Value (P/BV)
since 2005
Calculation
eBay Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2019 | 4.96 | = | 34.08 | ÷ | 6.87 | 6.87 | = | 6,281 | ÷ | 914,880,451 | |
| Feb 5, 2018 | 5.32 | = | 42.37 | ÷ | 7.97 | 7.97 | = | 8,063 | ÷ | 1,012,079,673 | |
| Feb 6, 2017 | 3.30 | = | 32.03 | ÷ | 9.70 | 9.70 | = | 10,539 | ÷ | 1,087,042,601 | |
| Feb 1, 2016 | 4.29 | = | 23.94 | ÷ | 5.58 | 5.58 | = | 6,576 | ÷ | 1,178,705,177 | |
| Feb 6, 2015 | 3.31 | = | 54.50 | ÷ | 16.45 | 16.45 | = | 19,906 | ÷ | 1,210,046,829 | |
| Jan 31, 2014 | 2.91 | = | 53.20 | ÷ | 18.27 | 18.27 | = | 23,647 | ÷ | 1,294,654,966 | |
| Feb 1, 2013 | 3.55 | = | 57.21 | ÷ | 16.09 | 16.09 | = | 20,865 | ÷ | 1,296,512,321 | |
| Jan 31, 2012 | 2.27 | = | 31.60 | ÷ | 13.93 | 13.93 | = | 17,930 | ÷ | 1,286,914,976 | |
| Jan 28, 2011 | 2.57 | = | 30.31 | ÷ | 11.79 | 11.79 | = | 15,302 | ÷ | 1,298,369,992 | |
| Feb 17, 2010 | 2.14 | = | 22.68 | ÷ | 10.61 | 10.61 | = | 13,788 | ÷ | 1,299,006,884 | |
| Feb 20, 2009 | 1.41 | = | 12.18 | ÷ | 8.64 | 8.64 | = | 11,084 | ÷ | 1,282,965,764 | |
| Feb 29, 2008 | 2.99 | = | 26.36 | ÷ | 8.81 | 8.81 | = | 11,705 | ÷ | 1,327,947,115 | |
| Feb 28, 2007 | 4.02 | = | 32.06 | ÷ | 7.97 | 7.97 | = | 10,905 | ÷ | 1,368,973,770 | |
| Feb 24, 2006 | 5.81 | = | 41.49 | ÷ | 7.14 | 7.14 | = | 10,048 | ÷ | 1,406,718,316 |
Based on: 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 eBay Inc. Annual Report.
The Price to Book Value (P/BV) ratio exhibited significant volatility between 2006 and 2019, characterized by an initial contraction, a period of recovery, and a subsequent phase of variance driven by sharp adjustments in book value.
- Valuation Contraction (2006–2009)
- A pronounced decline in the P/BV ratio is observed from a high of 5.81 in 2006 to a period low of 1.41 in 2009. This trend was primarily driven by a steep reduction in the share price, which fell from $41.49 to $12.18, far outpacing the steady growth in book value per share during the same timeframe.
- Recovery and Stability (2010–2015)
- The P/BV ratio experienced a gradual recovery, fluctuating between 2.14 and 3.55. During this interval, book value per share grew consistently, peaking at $18.27 in 2014. The market valuation reflected a return to higher multiples as the share price recovered to levels exceeding $50 between 2013 and 2015.
- Book Value Volatility and Ratio Spikes (2016–2019)
- A sharp divergence occurred in 2016, where the P/BV ratio rose to 4.29 despite a simultaneous decline in share price to $23.94. This increase was the result of a substantial contraction in book value per share, which dropped from $16.45 in 2015 to $5.58 in 2016. Following this adjustment, the P/BV ratio reached a peak of 5.32 in 2018 as the share price rebounded to $42.37 while the book value remained significantly lower than its 2014 peak.
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Comparison to Competitors
eBay Inc., P/BV, long-term trends, comparison to competitors
| eBay Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Jan 30, 2019 | 4.96 | 18.34 | 139.52 | 11.89 | 10.23 |
| Feb 5, 2018 | 5.32 | 24.98 | 41.08 | 10.87 | 11.27 |
| Feb 6, 2017 | 3.30 | 20.47 | 25.88 | 8.87 | 12.09 |
| Feb 1, 2016 | 4.29 | 20.65 | 15.76 | 7.10 | 11.23 |
| Feb 6, 2015 | 3.31 | 15.33 | 8.68 | 4.20 | 10.18 |
| Jan 31, 2014 | 2.91 | 16.90 | 5.83 | 2.99 | 9.36 |
| Feb 1, 2013 | 3.55 | 15.14 | 4.23 | 2.28 | 9.20 |
| Jan 31, 2012 | 2.27 | 10.52 | 3.21 | 1.96 | 6.30 |
| Jan 28, 2011 | 2.57 | 11.25 | 2.85 | 1.84 | 6.12 |
| Feb 17, 2010 | 2.14 | 10.60 | 2.36 | 1.49 | 4.96 |
| Feb 20, 2009 | 1.41 | 9.43 | 2.79 | 2.22 | 6.74 |
| Feb 29, 2008 | 2.99 | 26.19 | 2.90 | 3.04 | 5.25 |
| Feb 28, 2007 | 4.02 | 38.87 | 3.38 | 3.54 | 6.17 |
| Feb 24, 2006 | 5.81 | 66.44 | 3.37 | 3.61 | 7.15 |
Based on: 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)
eBay Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| eBay Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Jan 30, 2019 | 4.96 | 20.07 |
| Feb 5, 2018 | 5.32 | 23.06 |
| Feb 6, 2017 | 3.30 | 18.06 |
| Feb 1, 2016 | 4.29 | 14.67 |
| Feb 6, 2015 | 3.31 | 9.31 |
| Jan 31, 2014 | 2.91 | 7.64 |
| Feb 1, 2013 | 3.55 | 5.82 |
| Jan 31, 2012 | 2.27 | 4.12 |
| Jan 28, 2011 | 2.57 | 3.84 |
| Feb 17, 2010 | 2.14 | 3.13 |
| Feb 20, 2009 | 1.41 | 3.23 |
| Feb 29, 2008 | 2.99 | 3.70 |
| Feb 28, 2007 | 4.02 | 3.90 |
| Feb 24, 2006 | 5.81 | 4.03 |
Based on: 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)
eBay Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| eBay Inc. | Consumer Discretionary | |
|---|---|---|
| Jan 30, 2019 | 4.96 | 11.35 |
| Feb 5, 2018 | 5.32 | 10.74 |
| Feb 6, 2017 | 3.30 | 8.39 |
| Feb 1, 2016 | 4.29 | 7.17 |
| Feb 6, 2015 | 3.31 | 5.83 |
| Jan 31, 2014 | 2.91 | 5.12 |
| Feb 1, 2013 | 3.55 | 4.39 |
| Jan 31, 2012 | 2.27 | 3.84 |
| Jan 28, 2011 | 2.57 | 4.04 |
| Feb 17, 2010 | 2.14 | 4.72 |
| Feb 20, 2009 | 1.41 | 4.98 |
| Feb 29, 2008 | 2.99 | 3.91 |
| Feb 28, 2007 | 4.02 | 4.50 |
| Feb 24, 2006 | 5.81 | 3.49 |
Based on: 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).