Price to Book Value (P/BV)
since 2005
Calculation
Home Depot Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 18, 2026 | 25.72 | = | 330.93 | ÷ | 12.86 | 12.86 | = | 12,813 | ÷ | 996,011,466 | |
| Mar 21, 2025 | 52.57 | = | 351.15 | ÷ | 6.68 | 6.68 | = | 6,640 | ÷ | 994,032,168 | |
| Mar 13, 2024 | 359.76 | = | 378.99 | ÷ | 1.05 | 1.05 | = | 1,044 | ÷ | 991,015,773 | |
| Mar 15, 2023 | 187.12 | = | 287.97 | ÷ | 1.54 | 1.54 | = | 1,562 | ÷ | 1,014,955,506 | |
| Mar 23, 2022 | — | = | 317.05 | ÷ | -1.64 | -1.64 | = | -1,696 | ÷ | 1,033,349,933 | |
| Mar 24, 2021 | 95.58 | = | 292.75 | ÷ | 3.06 | 3.06 | = | 3,299 | ÷ | 1,077,069,383 | |
| Mar 25, 2020 | — | = | 181.76 | ÷ | -2.90 | -2.90 | = | -3,116 | ÷ | 1,074,741,592 | |
| Mar 28, 2019 | — | = | 190.06 | ÷ | -1.70 | -1.70 | = | -1,878 | ÷ | 1,103,903,507 | |
| Mar 22, 2018 | 139.52 | = | 175.29 | ÷ | 1.26 | 1.26 | = | 1,454 | ÷ | 1,157,269,522 | |
| Mar 23, 2017 | 41.08 | = | 147.99 | ÷ | 3.60 | 3.60 | = | 4,333 | ÷ | 1,202,918,166 | |
| Mar 24, 2016 | 25.88 | = | 130.46 | ÷ | 5.04 | 5.04 | = | 6,316 | ÷ | 1,252,951,007 | |
| Mar 26, 2015 | 15.76 | = | 112.37 | ÷ | 7.13 | 7.13 | = | 9,322 | ÷ | 1,307,394,094 | |
| Mar 27, 2014 | 8.68 | = | 78.68 | ÷ | 9.07 | 9.07 | = | 12,522 | ÷ | 1,381,350,137 | |
| Mar 28, 2013 | 5.83 | = | 69.78 | ÷ | 11.97 | 11.97 | = | 17,777 | ÷ | 1,485,517,485 | |
| Mar 22, 2012 | 4.23 | = | 49.68 | ÷ | 11.75 | 11.75 | = | 17,898 | ÷ | 1,523,263,533 | |
| Mar 24, 2011 | 3.21 | = | 37.36 | ÷ | 11.64 | 11.64 | = | 18,889 | ÷ | 1,622,070,458 | |
| Mar 25, 2010 | 2.85 | = | 32.62 | ÷ | 11.45 | 11.45 | = | 19,393 | ÷ | 1,693,341,736 | |
| Apr 2, 2009 | 2.36 | = | 24.77 | ÷ | 10.48 | 10.48 | = | 17,777 | ÷ | 1,696,279,008 | |
| Apr 3, 2008 | 2.79 | = | 29.22 | ÷ | 10.48 | 10.48 | = | 17,714 | ÷ | 1,690,034,627 | |
| Mar 29, 2007 | 2.90 | = | 36.82 | ÷ | 12.71 | 12.71 | = | 25,030 | ÷ | 1,969,535,236 | |
| Mar 29, 2006 | 3.38 | = | 42.91 | ÷ | 12.71 | 12.71 | = | 26,909 | ÷ | 2,117,846,411 | |
| Apr 11, 2005 | 3.37 | = | 37.74 | ÷ | 11.19 | 11.19 | = | 24,158 | ÷ | 2,158,678,829 |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Home Depot Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibits significant fluctuations over the observed period. Initially, the ratio demonstrates relative stability, followed by a period of substantial increase and then volatility, particularly in the later years.
- Initial Period (2005-2009)
- From 2005 to 2009, the P/BV ratio remained within a relatively narrow range, fluctuating between 2.36 and 3.38. This suggests a consistent market valuation of the company’s equity relative to its book value during this timeframe. A slight downward trend is observable between 2005 and 2009, potentially indicating a cautious market sentiment.
- Increasing Valuation (2010-2014)
- The period from 2010 to 2014 witnessed a marked increase in the P/BV ratio. Starting at 2.85 in 2010, the ratio climbed steadily to reach 8.68 in 2014. This indicates a growing investor confidence and a higher premium placed on the company’s net assets. The decline in book value per share during this period, while the P/BV ratio increased, suggests that share price growth outpaced the growth of equity.
- Significant Volatility (2015-2024)
- From 2015 onwards, the P/BV ratio experienced considerable volatility. It rose dramatically to 15.76 in 2015, peaking at 139.52 in 2018, before experiencing negative book values per share in 2019 and 2020. This period is characterized by extreme swings, potentially reflecting significant changes in market perception, profitability, or asset valuation. The negative book values in 2019 and 2020 are particularly noteworthy, indicating substantial accumulated losses or aggressive share repurchases relative to equity. A subsequent recovery in book value is observed in 2021, followed by another decline and then a rebound in 2023 and 2024. The P/BV ratio in 2024 is 25.72, lower than the peak but still elevated compared to the earlier years.
- Future Projections (2025-2026)
- The projected values for 2025 and 2026 suggest a continued, though moderated, valuation. The P/BV ratio is projected to be 52.57 in 2025 and 25.72 in 2026. This indicates a potential stabilization of the market’s assessment of the company’s value, although the significant decrease from 2025 to 2026 warrants further investigation.
Overall, the P/BV ratio demonstrates a complex pattern, shifting from relative stability to substantial growth and then significant volatility. The later years are marked by extreme fluctuations and, at times, negative book values, requiring careful consideration when evaluating the company’s financial health and market valuation.
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Comparison to Competitors
Home Depot Inc., P/BV, long-term trends, comparison to competitors
| Home Depot Inc. | Amazon.com Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|
| Mar 18, 2026 | 25.72 | — | — | — |
| Mar 21, 2025 | 52.57 | 5.49 | — | 16.63 |
| Mar 13, 2024 | 359.76 | 8.49 | — | 15.09 |
| Mar 15, 2023 | 187.12 | 8.84 | — | 13.86 |
| Mar 23, 2022 | — | 7.25 | — | 12.14 |
| Mar 24, 2021 | 95.58 | 11.60 | 90.79 | 13.68 |
| Mar 25, 2020 | — | 17.86 | 25.96 | 9.42 |
| Mar 28, 2019 | — | 16.11 | 24.01 | 12.79 |
| Mar 22, 2018 | 139.52 | 18.34 | 11.89 | 10.23 |
| Mar 23, 2017 | 41.08 | 24.98 | 10.87 | 11.27 |
| Mar 24, 2016 | 25.88 | 20.47 | 8.87 | 12.09 |
| Mar 26, 2015 | 15.76 | 20.65 | 7.10 | 11.23 |
| Mar 27, 2014 | 8.68 | 15.33 | 4.20 | 10.18 |
| Mar 28, 2013 | 5.83 | 16.90 | 2.99 | 9.36 |
| Mar 22, 2012 | 4.23 | 15.14 | 2.28 | 9.20 |
| Mar 24, 2011 | 3.21 | 10.52 | 1.96 | 6.30 |
| Mar 25, 2010 | 2.85 | 11.25 | 1.84 | 6.12 |
| Apr 2, 2009 | 2.36 | 10.60 | 1.49 | 4.96 |
| Apr 3, 2008 | 2.79 | 9.43 | 2.22 | 6.74 |
| Mar 29, 2007 | 2.90 | 26.19 | 3.04 | 5.25 |
| Mar 29, 2006 | 3.38 | 38.87 | 3.54 | 6.17 |
| Apr 11, 2005 | 3.37 | 66.44 | 3.61 | 7.15 |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Home Depot Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Home Depot Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 18, 2026 | 25.72 | — |
| Mar 21, 2025 | 52.57 | 6.98 |
| Mar 13, 2024 | 359.76 | 10.96 |
| Mar 15, 2023 | 187.12 | 11.65 |
| Mar 23, 2022 | — | 11.07 |
| Mar 24, 2021 | 95.58 | 14.31 |
| Mar 25, 2020 | — | 20.07 |
| Mar 28, 2019 | — | 19.77 |
| Mar 22, 2018 | 139.52 | 20.07 |
| Mar 23, 2017 | 41.08 | 23.06 |
| Mar 24, 2016 | 25.88 | 18.06 |
| Mar 26, 2015 | 15.76 | 14.67 |
| Mar 27, 2014 | 8.68 | 9.31 |
| Mar 28, 2013 | 5.83 | 7.64 |
| Mar 22, 2012 | 4.23 | 5.82 |
| Mar 24, 2011 | 3.21 | 4.12 |
| Mar 25, 2010 | 2.85 | 3.84 |
| Apr 2, 2009 | 2.36 | 3.13 |
| Apr 3, 2008 | 2.79 | 3.23 |
| Mar 29, 2007 | 2.90 | 3.70 |
| Mar 29, 2006 | 3.38 | 3.90 |
| Apr 11, 2005 | 3.37 | 4.03 |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Industry (Consumer Discretionary)
Home Depot Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Home Depot Inc. | Consumer Discretionary | |
|---|---|---|
| Mar 18, 2026 | 25.72 | — |
| Mar 21, 2025 | 52.57 | 20.27 |
| Mar 13, 2024 | 359.76 | 31.67 |
| Mar 15, 2023 | 187.12 | 10.06 |
| Mar 23, 2022 | — | 9.41 |
| Mar 24, 2021 | 95.58 | 13.21 |
| Mar 25, 2020 | — | 17.99 |
| Mar 28, 2019 | — | 13.59 |
| Mar 22, 2018 | 139.52 | 11.35 |
| Mar 23, 2017 | 41.08 | 10.74 |
| Mar 24, 2016 | 25.88 | 8.39 |
| Mar 26, 2015 | 15.76 | 7.17 |
| Mar 27, 2014 | 8.68 | 5.83 |
| Mar 28, 2013 | 5.83 | 5.12 |
| Mar 22, 2012 | 4.23 | 4.39 |
| Mar 24, 2011 | 3.21 | 3.84 |
| Mar 25, 2010 | 2.85 | 4.04 |
| Apr 2, 2009 | 2.36 | 4.73 |
| Apr 3, 2008 | 2.79 | 4.98 |
| Mar 29, 2007 | 2.90 | 3.91 |
| Mar 29, 2006 | 3.38 | 4.50 |
| Apr 11, 2005 | 3.37 | 3.49 |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).