Price to Book Value (P/BV)
since 2010
Calculation
Generac Holdings Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity attributable to Generac Holdings Inc.1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2022 | 8.14 | = | 282.47 | ÷ | 34.71 | 34.71 | = | 2,213,774 | ÷ | 63,783,651 | |
| Feb 23, 2021 | 15.06 | = | 333.04 | ÷ | 22.12 | 22.12 | = | 1,390,293 | ÷ | 62,861,442 | |
| Feb 25, 2020 | 6.50 | = | 107.31 | ÷ | 16.50 | 16.50 | = | 1,032,382 | ÷ | 62,567,525 | |
| Feb 26, 2019 | 4.25 | = | 51.97 | ÷ | 12.24 | 12.24 | = | 760,549 | ÷ | 62,129,621 | |
| Feb 26, 2018 | 5.15 | = | 46.20 | ÷ | 8.98 | 8.98 | = | 559,552 | ÷ | 62,325,716 | |
| Feb 24, 2017 | 6.15 | = | 39.30 | ÷ | 6.39 | 6.39 | = | 401,122 | ÷ | 62,735,597 | |
| Feb 26, 2016 | 4.96 | = | 34.83 | ÷ | 7.02 | 7.02 | = | 465,871 | ÷ | 66,366,949 | |
| Feb 27, 2015 | 6.95 | = | 49.29 | ÷ | 7.09 | 7.09 | = | 489,799 | ÷ | 69,093,775 | |
| Mar 3, 2014 | 12.47 | = | 57.49 | ÷ | 4.61 | 4.61 | = | 317,071 | ÷ | 68,779,944 | |
| Mar 13, 2013 | 5.07 | = | 34.44 | ÷ | 6.79 | 6.79 | = | 463,628 | ÷ | 68,278,598 | |
| Mar 9, 2012 | 2.29 | = | 25.96 | ÷ | 11.32 | 11.32 | = | 768,889 | ÷ | 67,906,706 | |
| Mar 7, 2011 | 2.76 | = | 18.04 | ÷ | 6.53 | 6.53 | = | 441,067 | ÷ | 67,524,596 |
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).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Generac Holdings Inc. Annual Report.
The analysis of valuation multiples between 2011 and 2022 reveals a period of significant volatility in the Price to Book Value (P/BV) ratio, characterized by two distinct peaks and a general expansion of the share price relative to the underlying book value.
- Share Price and Book Value Evolution
- The share price exhibited a substantial long-term upward trajectory, rising from 18.04 USD in 2011 to a peak of 333.04 USD in 2021. Concurrently, the Book Value per Share (BVPS) showed a general increase from 6.53 USD to 34.71 USD over the period. However, this growth was non-linear, notably declining between 2013 and 2014, when BVPS reached a period low of 4.61 USD.
- P/BV Ratio Volatility and Peak Analysis
- The P/BV ratio demonstrated extreme fluctuations, indicating shifting market sentiment regarding the company's tangible assets. A sharp increase occurred in 2014, with the ratio reaching 12.47, which coincided with the lowest recorded book value per share. A second, more pronounced peak occurred in 2021, where the ratio reached 15.06. This suggests a valuation peak driven by rapid share price appreciation that significantly outpaced the growth of the company's equity base.
- Valuation Normalization Trends
- Following the 2014 spike, the P/BV ratio underwent a period of gradual contraction, descending to 4.25 by 2019. A similar correction is observed between 2021 and 2022, as the ratio declined from 15.06 to 8.14. This most recent downward trend is attributed to a combination of a decreasing share price and a continuing increase in the book value per share, indicating a movement toward a more grounded valuation.
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Comparison to Competitors
Generac Holdings Inc., P/BV, long-term trends, comparison to competitors
| Generac Holdings Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 22, 2022 | 8.14 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Feb 23, 2021 | 15.06 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
| Feb 25, 2020 | 6.50 | — | 5.16 | 2.48 | 3.66 | 6.97 | 39.60 | 3.24 |
| Feb 26, 2019 | 4.25 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 61.11 | 2.71 |
| Feb 26, 2018 | 5.15 | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | — | 3.38 |
| Feb 24, 2017 | 6.15 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 49.61 | 3.22 |
| Feb 26, 2016 | 4.96 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 21.37 | 2.59 |
| Feb 27, 2015 | 6.95 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 17.92 | 3.49 |
| Mar 3, 2014 | 12.47 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 10.65 | 3.14 |
| Mar 13, 2013 | 5.07 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 727.88 | 3.18 |
| Mar 9, 2012 | 2.29 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 28.67 | 3.48 |
| Mar 7, 2011 | 2.76 | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 7.56 | 3.65 |
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).
Comparison to Sector (Capital Goods)
Generac Holdings Inc., P/BV, long-term trends, comparison to sector (capital goods)
| Generac Holdings Inc. | Capital Goods | |
|---|---|---|
| Feb 22, 2022 | 8.14 | 4.77 |
| Feb 23, 2021 | 15.06 | 5.05 |
| Feb 25, 2020 | 6.50 | 6.91 |
| Feb 26, 2019 | 4.25 | 6.11 |
| Feb 26, 2018 | 5.15 | 5.42 |
| Feb 24, 2017 | 6.15 | 4.64 |
| Feb 26, 2016 | 4.96 | 3.45 |
| Feb 27, 2015 | 6.95 | 3.17 |
| Mar 3, 2014 | 12.47 | 2.85 |
| Mar 13, 2013 | 5.07 | 2.77 |
| Mar 9, 2012 | 2.29 | 2.89 |
| Mar 7, 2011 | 2.76 | 2.90 |
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).
Comparison to Industry (Industrials)
Generac Holdings Inc., P/BV, long-term trends, comparison to industry (industrials)
| Generac Holdings Inc. | Industrials | |
|---|---|---|
| Feb 22, 2022 | 8.14 | 5.44 |
| Feb 23, 2021 | 15.06 | 5.89 |
| Feb 25, 2020 | 6.50 | 6.28 |
| Feb 26, 2019 | 4.25 | 5.96 |
| Feb 26, 2018 | 5.15 | 5.37 |
| Feb 24, 2017 | 6.15 | 4.89 |
| Feb 26, 2016 | 4.96 | 3.68 |
| Feb 27, 2015 | 6.95 | 3.70 |
| Mar 3, 2014 | 12.47 | 3.14 |
| Mar 13, 2013 | 5.07 | 3.06 |
| Mar 9, 2012 | 2.29 | 3.09 |
| Mar 7, 2011 | 2.76 | 3.05 |
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).