Price to Book Value (P/BV)
since 2005
Calculation
Air Products & Chemicals Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Air Products shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 19, 2020 | 4.95 | = | 270.36 | ÷ | 54.65 | 54.65 | = | 12,079,800 | ÷ | 221,026,592 | |
| Nov 26, 2019 | 4.67 | = | 234.40 | ÷ | 50.14 | 50.14 | = | 11,053,600 | ÷ | 220,433,925 | |
| Nov 20, 2018 | 3.19 | = | 157.56 | ÷ | 49.46 | 49.46 | = | 10,857,500 | ÷ | 219,533,532 | |
| Nov 16, 2017 | 3.49 | = | 161.18 | ÷ | 46.14 | 46.14 | = | 10,086,200 | ÷ | 218,618,346 | |
| Nov 21, 2016 | 4.29 | = | 139.74 | ÷ | 32.57 | 32.57 | = | 7,079,600 | ÷ | 217,375,097 | |
| Nov 24, 2015 | 4.14 | = | 139.47 | ÷ | 33.65 | 33.65 | = | 7,249,000 | ÷ | 215,426,569 | |
| Nov 24, 2014 | 3.88 | = | 133.82 | ÷ | 34.47 | 34.47 | = | 7,365,800 | ÷ | 213,710,798 | |
| Nov 26, 2013 | 3.27 | = | 108.85 | ÷ | 33.33 | 33.33 | = | 7,042,100 | ÷ | 211,275,654 | |
| Nov 20, 2012 | 2.68 | = | 81.61 | ÷ | 30.43 | 30.43 | = | 6,477,200 | ÷ | 212,850,078 | |
| Nov 22, 2011 | 2.86 | = | 78.80 | ÷ | 27.54 | 27.54 | = | 5,795,800 | ÷ | 210,464,383 | |
| Nov 23, 2010 | 3.27 | = | 84.57 | ÷ | 25.89 | 25.89 | = | 5,546,900 | ÷ | 214,275,258 | |
| Nov 25, 2009 | 3.68 | = | 83.34 | ÷ | 22.63 | 22.63 | = | 4,791,900 | ÷ | 211,705,911 | |
| Nov 26, 2008 | 1.94 | = | 46.50 | ÷ | 24.01 | 24.01 | = | 5,030,700 | ÷ | 209,566,838 | |
| Nov 28, 2007 | 3.79 | = | 96.78 | ÷ | 25.52 | 25.52 | = | 5,495,600 | ÷ | 215,386,799 | |
| Dec 13, 2006 | 3.16 | = | 71.79 | ÷ | 22.70 | 22.70 | = | 4,924,000 | ÷ | 216,936,873 | |
| Nov 22, 2005 | 2.93 | = | 60.43 | ÷ | 20.60 | 20.60 | = | 4,575,500 | ÷ | 222,106,958 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Air Products & Chemicals Inc. Annual Report.
The financial data indicates a long-term appreciation in both the market valuation and the intrinsic book value of the company from 2005 to 2020, characterized by a general increase in the market premium applied to the company's net assets.
- Share Price Dynamics
- The share price exhibited a strong overall upward trajectory, rising from 60.43 USD in 2005 to 270.36 USD by November 2020. A significant contraction occurred in 2008, where the price fell to 46.50 USD, representing the lowest point in the observed period. Following this trough, the price entered a sustained recovery phase, with particularly accelerated growth observed between 2018 and 2020.
- Book Value per Share (BVPS) Progression
- The BVPS demonstrated consistent growth, increasing from 20.60 USD in 2005 to 54.65 USD in 2020. While the growth was generally linear, a slight decline was noted between 2007 and 2009. A substantial increase in book value occurred between 2016 and 2017, where the value rose from 32.57 USD to 46.14 USD, indicating a significant expansion of the company's equity base.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio fluctuated between a minimum of 1.94 in 2008 and a maximum of 4.95 in 2020. The sharp decline in 2008 aligns with the collapse in share price, bringing the market valuation closer to the accounting book value. From 2012 onward, a general expansion of the ratio is observed, moving from 2.68 to 4.95. This trend suggests that the market increasingly attributed higher value to the company's intangible assets, growth prospects, or operational efficiency relative to its tangible net worth.
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Comparison to Competitors
Air Products & Chemicals Inc., P/BV, long-term trends, comparison to competitors
| Air Products & Chemicals Inc. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Nov 19, 2020 | 4.95 | 2.78 | 17.79 |
| Nov 26, 2019 | 4.67 | 2.15 | 12.82 |
| Nov 20, 2018 | 3.19 | 1.65 | 10.93 |
| Nov 16, 2017 | 3.49 | 7.15 | 10.14 |
| Nov 21, 2016 | 4.29 | 6.83 | 15.52 |
| Nov 24, 2015 | 4.14 | 6.61 | 27.61 |
| Nov 24, 2014 | 3.88 | 6.60 | 27.40 |
| Nov 26, 2013 | 3.27 | 5.66 | 11.24 |
| Nov 20, 2012 | 2.68 | 5.48 | 9.32 |
| Nov 22, 2011 | 2.86 | 5.93 | 6.93 |
| Nov 23, 2010 | 3.27 | 5.08 | 5.51 |
| Nov 25, 2009 | 3.68 | 4.38 | 4.73 |
| Nov 26, 2008 | 1.94 | 4.54 | 3.37 |
| Nov 28, 2007 | 3.79 | 5.13 | 3.66 |
| Dec 13, 2006 | 3.16 | 4.34 | 4.49 |
| Nov 22, 2005 | 2.93 | 4.54 | 3.40 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Sector (Chemicals)
Air Products & Chemicals Inc., P/BV, long-term trends, comparison to sector (chemicals)
| Air Products & Chemicals Inc. | Chemicals | |
|---|---|---|
| Nov 19, 2020 | 4.95 | 3.84 |
| Nov 26, 2019 | 4.67 | 2.98 |
| Nov 20, 2018 | 3.19 | 2.27 |
| Nov 16, 2017 | 3.49 | 8.28 |
| Nov 21, 2016 | 4.29 | 9.20 |
| Nov 24, 2015 | 4.14 | 10.08 |
| Nov 24, 2014 | 3.88 | 9.74 |
| Nov 26, 2013 | 3.27 | 6.84 |
| Nov 20, 2012 | 2.68 | 6.36 |
| Nov 22, 2011 | 2.86 | 6.14 |
| Nov 23, 2010 | 3.27 | 5.17 |
| Nov 25, 2009 | 3.68 | 4.46 |
| Nov 26, 2008 | 1.94 | 4.21 |
| Nov 28, 2007 | 3.79 | 4.75 |
| Dec 13, 2006 | 3.16 | 4.39 |
| Nov 22, 2005 | 2.93 | 4.19 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Industry (Materials)
Air Products & Chemicals Inc., P/BV, long-term trends, comparison to industry (materials)
| Air Products & Chemicals Inc. | Materials | |
|---|---|---|
| Nov 19, 2020 | 4.95 | 3.99 |
| Nov 26, 2019 | 4.67 | 2.82 |
| Nov 20, 2018 | 3.19 | 2.21 |
| Nov 16, 2017 | 3.49 | 6.06 |
| Nov 21, 2016 | 4.29 | 6.38 |
| Nov 24, 2015 | 4.14 | 4.76 |
| Nov 24, 2014 | 3.88 | 3.49 |
| Nov 26, 2013 | 3.27 | 3.14 |
| Nov 20, 2012 | 2.68 | 3.18 |
| Nov 22, 2011 | 2.86 | 3.71 |
| Nov 23, 2010 | 3.27 | 4.42 |
| Nov 25, 2009 | 3.68 | 3.94 |
| Nov 26, 2008 | 1.94 | 3.16 |
| Nov 28, 2007 | 3.79 | 2.84 |
| Dec 13, 2006 | 3.16 | 4.45 |
| Nov 22, 2005 | 2.93 | 4.50 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).