Price to Book Value (P/BV)
since 2006
Calculation
GameStop Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 26, 2024 | 3.54 | = | 15.50 | ÷ | 4.38 | 4.38 | = | 1,338,600 | ÷ | 305,873,200 | |
| Mar 28, 2023 | 5.33 | = | 23.15 | ÷ | 4.34 | 4.34 | = | 1,322,300 | ÷ | 304,675,439 | |
| Mar 17, 2022 | 4.18 | = | 21.93 | ÷ | 5.25 | 5.25 | = | 1,602,500 | ÷ | 305,356,992 | |
| Mar 23, 2021 | 29.11 | = | 45.44 | ÷ | 1.56 | 1.56 | = | 436,700 | ÷ | 279,743,312 | |
| Mar 27, 2020 | 0.45 | = | 1.06 | ÷ | 2.37 | 2.37 | = | 611,500 | ÷ | 257,831,968 | |
| Apr 2, 2019 | 0.77 | = | 2.53 | ÷ | 3.27 | 3.27 | = | 1,336,200 | ÷ | 409,069,740 | |
| Apr 2, 2018 | 0.59 | = | 3.21 | ÷ | 5.45 | 5.45 | = | 2,214,500 | ÷ | 406,333,276 | |
| Mar 27, 2017 | 0.94 | = | 5.21 | ÷ | 5.57 | 5.57 | = | 2,254,100 | ÷ | 404,843,424 | |
| Mar 28, 2016 | 1.50 | = | 7.52 | ÷ | 5.01 | 5.01 | = | 2,081,000 | ÷ | 415,503,088 | |
| Mar 30, 2015 | 1.96 | = | 9.42 | ÷ | 4.80 | 4.80 | = | 2,067,700 | ÷ | 431,074,852 | |
| Apr 2, 2014 | 2.22 | = | 10.84 | ÷ | 4.88 | 4.88 | = | 2,251,400 | ÷ | 461,223,708 | |
| Apr 3, 2013 | 1.56 | = | 7.56 | ÷ | 4.85 | 4.85 | = | 2,286,300 | ÷ | 471,345,104 | |
| Mar 27, 2012 | 1.05 | = | 5.94 | ÷ | 5.68 | 5.68 | = | 3,042,100 | ÷ | 535,923,784 | |
| Mar 30, 2011 | 1.10 | = | 5.66 | ÷ | 5.15 | 5.15 | = | 2,897,300 | ÷ | 562,801,572 | |
| Mar 30, 2010 | 1.23 | = | 5.46 | ÷ | 4.45 | 4.45 | = | 2,723,157 | ÷ | 611,296,400 | |
| Apr 1, 2009 | 2.02 | = | 7.05 | ÷ | 3.49 | 3.49 | = | 2,299,681 | ÷ | 658,047,952 | |
| Apr 2, 2008 | 4.83 | = | 13.92 | ÷ | 2.88 | 2.88 | = | 1,862,446 | ÷ | 646,834,832 | |
| Apr 4, 2007 | 3.66 | = | 8.25 | ÷ | 2.25 | 2.25 | = | 1,375,878 | ÷ | 610,309,448 | |
| Apr 3, 2006 | 3.05 | = | 5.81 | ÷ | 1.90 | 1.90 | = | 1,114,713 | ÷ | 585,674,360 |
Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of GameStop Corp. Annual Report.
The analysis of the Price to Book Value (P/BV) ratio from 2006 to 2024 reveals three distinct valuation phases: a period of steady decline and eventual undervaluation, a singular period of extreme volatility, and a subsequent phase of stabilization.
- Long-term Valuation Erosion (2006–2020)
- Between 2006 and 2008, the P/BV ratio experienced growth, peaking at 4.83. Following this peak, a prolonged downward trend occurred. By 2012, the ratio converged toward 1.05, indicating that the market price was nearly equal to the accounting book value. From 2017 to 2020, the P/BV ratio remained consistently below 1.00, reaching a low of 0.45 in 2020. This period indicates a sustained market perception that the company's assets were overvalued on the balance sheet or that the business model faced significant headwinds, resulting in a market capitalization lower than the net asset value.
- The 2021 Valuation Anomaly
- The fiscal year ending March 23, 2021, marks a profound deviation from historical norms. The P/BV ratio surged to 29.11, the highest in the recorded period. This spike was driven by a dramatic increase in share price to 45.44 US$, while the book value per share simultaneously declined to its lowest point of 1.56 US$. This extreme divergence represents a total disconnect between the market valuation and the underlying accounting value of the company.
- Post-Anomaly Stabilization (2022–2024)
- Following the 2021 peak, the P/BV ratio underwent a significant correction, falling to 4.18 in 2022. Despite a slight increase to 5.33 in 2023, the ratio moderated to 3.54 by March 2024. While these figures remain substantially higher than the ratios observed between 2010 and 2020, they indicate a transition toward a more stable, albeit elevated, valuation relative to the book value per share, which recovered to 4.38 US$ by 2024.
Overall, the data demonstrates a transition from a traditional valuation model to a period of severe market distress, followed by a speculative surge and a eventual return to a mid-range valuation multiple.
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Comparison to Competitors
GameStop Corp., P/BV, long-term trends, comparison to competitors
| GameStop Corp. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Mar 26, 2024 | 3.54 | 8.49 | 359.76 | — | 15.09 |
| Mar 28, 2023 | 5.33 | 8.84 | 187.12 | — | 13.86 |
| Mar 17, 2022 | 4.18 | 7.25 | — | — | 12.14 |
| Mar 23, 2021 | 29.11 | 11.60 | 95.58 | 90.79 | 13.68 |
| Mar 27, 2020 | 0.45 | 17.86 | — | 25.96 | 9.42 |
| Apr 2, 2019 | 0.77 | 16.11 | — | 24.01 | 12.79 |
| Apr 2, 2018 | 0.59 | 18.34 | 139.52 | 11.89 | 10.23 |
| Mar 27, 2017 | 0.94 | 24.98 | 41.08 | 10.87 | 11.27 |
| Mar 28, 2016 | 1.50 | 20.47 | 25.88 | 8.87 | 12.09 |
| Mar 30, 2015 | 1.96 | 20.65 | 15.76 | 7.10 | 11.23 |
| Apr 2, 2014 | 2.22 | 15.33 | 8.68 | 4.20 | 10.18 |
| Apr 3, 2013 | 1.56 | 16.90 | 5.83 | 2.99 | 9.36 |
| Mar 27, 2012 | 1.05 | 15.14 | 4.23 | 2.28 | 9.20 |
| Mar 30, 2011 | 1.10 | 10.52 | 3.21 | 1.96 | 6.30 |
| Mar 30, 2010 | 1.23 | 11.25 | 2.85 | 1.84 | 6.12 |
| Apr 1, 2009 | 2.02 | 10.60 | 2.36 | 1.49 | 4.96 |
| Apr 2, 2008 | 4.83 | 9.43 | 2.79 | 2.22 | 6.74 |
| Apr 4, 2007 | 3.66 | 26.19 | 2.90 | 3.04 | 5.25 |
| Apr 3, 2006 | 3.05 | 38.87 | 3.38 | 3.54 | 6.17 |
Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
GameStop Corp., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| GameStop Corp. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 26, 2024 | 3.54 | 10.96 |
| Mar 28, 2023 | 5.33 | 11.65 |
| Mar 17, 2022 | 4.18 | 11.07 |
| Mar 23, 2021 | 29.11 | 14.31 |
| Mar 27, 2020 | 0.45 | 20.07 |
| Apr 2, 2019 | 0.77 | 19.77 |
| Apr 2, 2018 | 0.59 | 20.07 |
| Mar 27, 2017 | 0.94 | 23.06 |
| Mar 28, 2016 | 1.50 | 18.06 |
| Mar 30, 2015 | 1.96 | 14.67 |
| Apr 2, 2014 | 2.22 | 9.31 |
| Apr 3, 2013 | 1.56 | 7.64 |
| Mar 27, 2012 | 1.05 | 5.82 |
| Mar 30, 2011 | 1.10 | 4.12 |
| Mar 30, 2010 | 1.23 | 3.84 |
| Apr 1, 2009 | 2.02 | 3.13 |
| Apr 2, 2008 | 4.83 | 3.23 |
| Apr 4, 2007 | 3.66 | 3.70 |
| Apr 3, 2006 | 3.05 | 3.90 |
Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28).
Comparison to Industry (Consumer Discretionary)
GameStop Corp., P/BV, long-term trends, comparison to industry (consumer discretionary)
| GameStop Corp. | Consumer Discretionary | |
|---|---|---|
| Mar 26, 2024 | 3.54 | 11.08 |
| Mar 28, 2023 | 5.33 | 10.06 |
| Mar 17, 2022 | 4.18 | 9.41 |
| Mar 23, 2021 | 29.11 | 13.21 |
| Mar 27, 2020 | 0.45 | 17.99 |
| Apr 2, 2019 | 0.77 | 13.59 |
| Apr 2, 2018 | 0.59 | 11.35 |
| Mar 27, 2017 | 0.94 | 10.74 |
| Mar 28, 2016 | 1.50 | 8.39 |
| Mar 30, 2015 | 1.96 | 7.17 |
| Apr 2, 2014 | 2.22 | 5.83 |
| Apr 3, 2013 | 1.56 | 5.12 |
| Mar 27, 2012 | 1.05 | 4.39 |
| Mar 30, 2011 | 1.10 | 3.84 |
| Mar 30, 2010 | 1.23 | 4.04 |
| Apr 1, 2009 | 2.02 | 4.72 |
| Apr 2, 2008 | 4.83 | 4.98 |
| Apr 4, 2007 | 3.66 | 3.91 |
| Apr 3, 2006 | 3.05 | 4.50 |
Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28).