Price to Book Value (P/BV)
since 2005
Calculation
EQT Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Common shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2022 | 0.81 | = | 21.67 | ÷ | 26.67 | 26.67 | = | 10,029,527 | ÷ | 376,023,250 | |
| Feb 17, 2021 | 0.58 | = | 19.17 | ÷ | 33.19 | 33.19 | = | 9,255,240 | ÷ | 278,854,465 | |
| Feb 27, 2020 | 0.14 | = | 5.38 | ÷ | 38.38 | 38.38 | = | 9,803,588 | ÷ | 255,454,000 | |
| Feb 14, 2019 | 0.42 | = | 18.20 | ÷ | 43.01 | 43.01 | = | 10,958,229 | ÷ | 254,762,000 | |
| Feb 15, 2018 | 1.06 | = | 53.34 | ÷ | 50.36 | 50.36 | = | 13,319,618 | ÷ | 264,473,000 | |
| Feb 9, 2017 | 1.88 | = | 63.75 | ÷ | 33.91 | 33.91 | = | 5,860,281 | ÷ | 172,838,000 | |
| Feb 11, 2016 | 1.72 | = | 57.13 | ÷ | 33.28 | 33.28 | = | 5,077,791 | ÷ | 152,568,000 | |
| Feb 12, 2015 | 2.67 | = | 80.75 | ÷ | 30.23 | 30.23 | = | 4,582,815 | ÷ | 151,602,000 | |
| Feb 20, 2014 | 3.74 | = | 100.03 | ÷ | 26.74 | 26.74 | = | 4,034,788 | ÷ | 150,893,000 | |
| Feb 21, 2013 | 2.47 | = | 59.17 | ÷ | 23.97 | 23.97 | = | 3,603,820 | ÷ | 150,347,211 | |
| Feb 16, 2012 | 2.13 | = | 51.29 | ÷ | 24.04 | 24.04 | = | 3,593,830 | ÷ | 149,490,315 | |
| Feb 24, 2011 | 2.32 | = | 47.78 | ÷ | 20.64 | 20.64 | = | 3,078,696 | ÷ | 149,171,339 | |
| Feb 18, 2010 | 2.71 | = | 44.45 | ÷ | 16.43 | 16.43 | = | 2,151,030 | ÷ | 130,929,345 | |
| Feb 20, 2009 | 1.94 | = | 30.43 | ÷ | 15.67 | 15.67 | = | 2,050,093 | ÷ | 130,860,463 | |
| Feb 22, 2008 | 6.78 | = | 60.95 | ÷ | 8.98 | 8.98 | = | 1,097,472 | ÷ | 122,152,641 | |
| Feb 23, 2007 | 5.62 | = | 43.74 | ÷ | 7.78 | 7.78 | = | 946,280 | ÷ | 121,625,746 | |
| Feb 24, 2006 | 12.07 | = | 35.70 | ÷ | 2.96 | 2.96 | = | 354,468 | ÷ | 119,849,572 |
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 EQT Corp. Annual Report.
The analysis of valuation metrics between 2006 and 2022 reveals a prolonged contraction in the Price to Book Value (P/BV) ratio, coinciding with a period of substantial growth and subsequent decline in Book Value per Share (BVPS).
- Long-term P/BV Trend
- A significant downward trajectory in the P/BV ratio is evident, starting at a peak of 12.07 in 2006 and descending to 0.81 by 2022. This trend indicates a systemic reduction in the market premium applied to the entity's net asset value over the seventeen-year period.
- Book Value Progression
- The Book Value per Share exhibited consistent growth for over a decade, rising from 2.96 in 2006 to a peak of 50.36 in 2018. Following 2018, a reversal occurred, with the BVPS declining to 26.67 by February 2022.
- Market Valuation Divergence
- A notable divergence between share price and book value is observed. While the share price reached its zenith of 100.03 in 2014, the corresponding P/BV ratio of 3.74 remained substantially lower than the levels seen during the 2006-2008 period. This indicates that while the nominal share price increased, the market's willingness to pay a premium over the underlying book value diminished as the book value itself expanded.
- Period of Asset Discounting
- Between 2019 and 2022, the P/BV ratio remained consistently below 1.0, reaching a minimum of 0.14 in 2020. A ratio below unity signifies that the market valued the company at a discount to its accounting net asset value, suggesting a period of severe market pessimism or a perceived decline in the quality and realizable value of the assets.
- Recent Recovery Patterns
- From 2020 to 2022, a modest recovery in the P/BV ratio is observed, moving from 0.14 up to 0.81. This increase was driven by a rise in the share price from 5.38 to 21.67, which outpaced the simultaneous decline in Book Value per Share during the same interval.
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Comparison to Competitors
EQT Corp., P/BV, long-term trends, comparison to competitors
| EQT Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 10, 2022 | 0.81 | 1.89 | 2.61 | 1.93 |
| Feb 17, 2021 | 0.58 | 1.50 | 2.22 | 1.53 |
| Feb 27, 2020 | 0.14 | 1.42 | 1.80 | 1.17 |
| Feb 14, 2019 | 0.42 | 1.47 | 2.47 | 1.75 |
| Feb 15, 2018 | 1.06 | 1.42 | 2.10 | 1.71 |
| Feb 9, 2017 | 1.88 | 1.44 | 1.70 | 2.01 |
| Feb 11, 2016 | 1.72 | 1.05 | 1.02 | 1.98 |
| Feb 12, 2015 | 2.67 | 1.32 | 1.59 | 2.16 |
| Feb 20, 2014 | 3.74 | 1.44 | 1.57 | 2.38 |
| Feb 21, 2013 | 2.47 | 1.65 | 1.49 | 2.42 |
| Feb 16, 2012 | 2.13 | 1.76 | 1.45 | 2.67 |
| Feb 24, 2011 | 2.32 | 1.95 | 1.64 | 2.88 |
| Feb 18, 2010 | 2.71 | 1.58 | 1.15 | 2.78 |
| Feb 20, 2009 | 1.94 | 1.46 | 1.03 | 2.97 |
| Feb 22, 2008 | 6.78 | 2.40 | 1.41 | 3.93 |
| Feb 23, 2007 | 5.62 | 2.14 | 1.33 | 3.58 |
| Feb 24, 2006 | 12.07 | 2.03 | 1.62 | 3.26 |
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 (Oil, Gas & Consumable Fuels)
EQT Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| EQT Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 10, 2022 | 0.81 | 2.00 |
| Feb 17, 2021 | 0.58 | 1.58 |
| Feb 27, 2020 | 0.14 | 1.33 |
| Feb 14, 2019 | 0.42 | 1.70 |
| Feb 15, 2018 | 1.06 | 1.62 |
| Feb 9, 2017 | 1.88 | 1.74 |
| Feb 11, 2016 | 1.72 | 1.49 |
| Feb 12, 2015 | 2.67 | 1.74 |
| Feb 20, 2014 | 3.74 | 1.89 |
| Feb 21, 2013 | 2.47 | 1.99 |
| Feb 16, 2012 | 2.13 | 2.11 |
| Feb 24, 2011 | 2.32 | 2.31 |
| Feb 18, 2010 | 2.71 | 1.98 |
| Feb 20, 2009 | 1.94 | 2.04 |
| Feb 22, 2008 | 6.78 | 2.74 |
| Feb 23, 2007 | 5.62 | 2.51 |
| Feb 24, 2006 | 12.07 | 2.54 |
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 (Energy)
EQT Corp., P/BV, long-term trends, comparison to industry (energy)
| EQT Corp. | Energy | |
|---|---|---|
| Feb 10, 2022 | 0.81 | 2.07 |
| Feb 17, 2021 | 0.58 | 1.61 |
| Feb 27, 2020 | 0.14 | 1.38 |
| Feb 14, 2019 | 0.42 | 1.69 |
| Feb 15, 2018 | 1.06 | 1.74 |
| Feb 9, 2017 | 1.88 | 1.86 |
| Feb 11, 2016 | 1.72 | 1.56 |
| Feb 12, 2015 | 2.67 | 1.83 |
| Feb 20, 2014 | 3.74 | 1.99 |
| Feb 21, 2013 | 2.47 | 2.08 |
| Feb 16, 2012 | 2.13 | 2.21 |
| Feb 24, 2011 | 2.32 | 2.45 |
| Feb 18, 2010 | 2.71 | 2.10 |
| Feb 20, 2009 | 1.94 | 2.10 |
| Feb 22, 2008 | 6.78 | 2.94 |
| Feb 23, 2007 | 5.62 | 2.69 |
| Feb 24, 2006 | 12.07 | 2.76 |
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).