Price to Book Value (P/BV)
since 2005
Calculation
DuPont de Nemours Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total DuPont stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 14, 2020 | 0.96 | = | 53.10 | ÷ | 55.43 | 55.43 | = | 40,987 | ÷ | 739,388,462 | |
| Feb 11, 2019 | 0.41 | = | 52.00 | ÷ | 125.83 | 125.83 | = | 94,571 | ÷ | 751,587,353 | |
| Feb 15, 2018 | 0.56 | = | 71.85 | ÷ | 129.23 | 129.23 | = | 100,330 | ÷ | 776,341,159 | |
| Feb 9, 2017 | 0.94 | = | 60.26 | ÷ | 64.25 | 64.25 | = | 25,987 | ÷ | 404,437,193 | |
| Feb 12, 2016 | 0.68 | = | 46.01 | ÷ | 68.14 | 68.14 | = | 25,374 | ÷ | 372,370,816 | |
| Feb 13, 2015 | 0.85 | = | 49.44 | ÷ | 58.11 | 58.11 | = | 22,423 | ÷ | 385,898,352 | |
| Feb 14, 2014 | 0.70 | = | 46.71 | ÷ | 66.37 | 66.37 | = | 26,898 | ÷ | 405,276,411 | |
| Feb 15, 2013 | 0.62 | = | 32.16 | ÷ | 52.00 | 52.00 | = | 20,877 | ÷ | 401,454,718 | |
| Feb 15, 2012 | 0.60 | = | 33.66 | ÷ | 56.39 | 56.39 | = | 22,281 | ÷ | 395,124,103 | |
| Feb 18, 2011 | 0.69 | = | 38.54 | ÷ | 56.10 | 56.10 | = | 21,839 | ÷ | 389,307,211 | |
| Feb 19, 2010 | 0.55 | = | 29.23 | ÷ | 53.61 | 53.61 | = | 20,555 | ÷ | 383,431,250 | |
| Feb 20, 2009 | 0.18 | = | 8.10 | ÷ | 43.85 | 43.85 | = | 13,511 | ÷ | 308,115,424 | |
| Feb 19, 2008 | 0.63 | = | 39.18 | ÷ | 61.91 | 61.91 | = | 19,389 | ÷ | 313,201,935 | |
| Feb 20, 2007 | 0.81 | = | 43.38 | ÷ | 53.37 | 53.37 | = | 17,065 | ÷ | 319,722,598 | |
| Feb 17, 2006 | 0.92 | = | 43.80 | ÷ | 47.52 | 47.52 | = | 15,324 | ÷ | 322,474,411 |
Based on: 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 DuPont de Nemours Inc. Annual Report.
The Price to Book Value (P/BV) ratio exhibits a long-term pattern of trading at a discount, as the ratio remained below 1.0 for the entire period between February 2006 and February 2020. This indicates that the market valuation of the company's equity consistently trailed its accounting book value throughout the analyzed timeframe.
- Market Valuation Trends
- A significant contraction is observed between 2006 and 2009, where the P/BV ratio declined from 0.92 to a period low of 0.18. This decline was driven primarily by a sharp decrease in the share price, which fell from 43.80 to 8.10. A subsequent recovery phase followed, with the ratio climbing back to a peak of 0.94 by February 2017.
- Book Value Per Share (BVPS) Dynamics
- The BVPS showed a general upward trajectory for over a decade, rising from 47.52 in 2006 to a peak of 129.23 in 2018. However, a substantial reduction in book value occurred by February 2020, with the BVPS dropping to 55.43. This precipitous decline in book value resulted in the P/BV ratio rising to 0.96 in 2020, as the book value decreased more aggressively than the share price.
- Ratio Volatility and Divergence
- Between 2010 and 2016, the P/BV ratio exhibited relative stability, fluctuating within a range of 0.55 to 0.85. A notable divergence occurred in 2018 and 2019, where the P/BV ratio dipped to 0.56 and 0.41 respectively. During this interval, the market valuation failed to keep pace with the significant expansion of the book value per share, leading to a compression of the ratio.
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Comparison to Competitors
DuPont de Nemours Inc., P/BV, long-term trends, comparison to competitors
| DuPont de Nemours Inc. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Feb 14, 2020 | 0.96 | 2.15 | 12.82 |
| Feb 11, 2019 | 0.41 | 1.65 | 10.93 |
| Feb 15, 2018 | 0.56 | 7.15 | 10.14 |
| Feb 9, 2017 | 0.94 | 6.83 | 15.52 |
| Feb 12, 2016 | 0.68 | 6.61 | 27.61 |
| Feb 13, 2015 | 0.85 | 6.60 | 27.40 |
| Feb 14, 2014 | 0.70 | 5.66 | 11.24 |
| Feb 15, 2013 | 0.62 | 5.48 | 9.32 |
| Feb 15, 2012 | 0.60 | 5.93 | 6.93 |
| Feb 18, 2011 | 0.69 | 5.08 | 5.51 |
| Feb 19, 2010 | 0.55 | 4.38 | 4.73 |
| Feb 20, 2009 | 0.18 | 4.54 | 3.37 |
| Feb 19, 2008 | 0.63 | 5.13 | 3.66 |
| Feb 20, 2007 | 0.81 | 4.34 | 4.49 |
| Feb 17, 2006 | 0.92 | 4.54 | 3.40 |
Based on: 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 (Chemicals)
DuPont de Nemours Inc., P/BV, long-term trends, comparison to sector (chemicals)
| DuPont de Nemours Inc. | Chemicals | |
|---|---|---|
| Feb 14, 2020 | 0.96 | 2.98 |
| Feb 11, 2019 | 0.41 | 2.27 |
| Feb 15, 2018 | 0.56 | 8.28 |
| Feb 9, 2017 | 0.94 | 9.20 |
| Feb 12, 2016 | 0.68 | 10.08 |
| Feb 13, 2015 | 0.85 | 9.74 |
| Feb 14, 2014 | 0.70 | 6.84 |
| Feb 15, 2013 | 0.62 | 6.36 |
| Feb 15, 2012 | 0.60 | 6.14 |
| Feb 18, 2011 | 0.69 | 5.17 |
| Feb 19, 2010 | 0.55 | 4.46 |
| Feb 20, 2009 | 0.18 | 4.21 |
| Feb 19, 2008 | 0.63 | 4.75 |
| Feb 20, 2007 | 0.81 | 4.39 |
| Feb 17, 2006 | 0.92 | 4.19 |
Based on: 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 (Materials)
DuPont de Nemours Inc., P/BV, long-term trends, comparison to industry (materials)
| DuPont de Nemours Inc. | Materials | |
|---|---|---|
| Feb 14, 2020 | 0.96 | 2.82 |
| Feb 11, 2019 | 0.41 | 2.21 |
| Feb 15, 2018 | 0.56 | 6.06 |
| Feb 9, 2017 | 0.94 | 6.38 |
| Feb 12, 2016 | 0.68 | 4.76 |
| Feb 13, 2015 | 0.85 | 3.49 |
| Feb 14, 2014 | 0.70 | 3.14 |
| Feb 15, 2013 | 0.62 | 3.18 |
| Feb 15, 2012 | 0.60 | 3.71 |
| Feb 18, 2011 | 0.69 | 4.42 |
| Feb 19, 2010 | 0.55 | 3.94 |
| Feb 20, 2009 | 0.18 | 3.16 |
| Feb 19, 2008 | 0.63 | 2.84 |
| Feb 20, 2007 | 0.81 | 4.45 |
| Feb 17, 2006 | 0.92 | 4.50 |
Based on: 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).