Price to Book Value (P/BV)
since 2005
Calculation
Hubbell Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Hubbell Incorporated shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2023 | 5.46 | = | 240.62 | ÷ | 44.05 | 44.05 | = | 2,360,900 | ÷ | 53,600,592 | |
| Feb 11, 2022 | 4.47 | = | 183.31 | ÷ | 40.98 | 40.98 | = | 2,229,800 | ÷ | 54,409,067 | |
| Feb 11, 2021 | 4.31 | = | 164.36 | ÷ | 38.12 | 38.12 | = | 2,070,000 | ÷ | 54,296,993 | |
| Feb 14, 2020 | 4.12 | = | 147.54 | ÷ | 35.77 | 35.77 | = | 1,947,100 | ÷ | 54,434,310 | |
| Feb 15, 2019 | 3.64 | = | 118.61 | ÷ | 32.61 | 32.61 | = | 1,780,600 | ÷ | 54,601,694 | |
| Feb 15, 2018 | 4.57 | = | 136.30 | ÷ | 29.81 | 29.81 | = | 1,634,200 | ÷ | 54,822,923 | |
| Feb 16, 2017 | 4.25 | = | 122.13 | ÷ | 28.73 | 28.73 | = | 1,592,800 | ÷ | 55,446,167 | |
| Feb 18, 2016 | 3.03 | = | 92.91 | ÷ | 30.68 | 30.68 | = | 1,740,600 | ÷ | 56,736,237 | |
| Feb 19, 2015 | 3.46 | = | 113.95 | ÷ | 32.94 | 32.94 | = | 1,927,100 | ÷ | 58,506,554 | |
| Feb 18, 2014 | 3.74 | = | 120.52 | ÷ | 32.19 | 32.19 | = | 1,906,400 | ÷ | 59,227,706 | |
| Feb 13, 2013 | 3.37 | = | 94.34 | ÷ | 28.02 | 28.02 | = | 1,661,200 | ÷ | 59,294,318 | |
| Feb 15, 2012 | 3.04 | = | 74.85 | ÷ | 24.63 | 24.63 | = | 1,467,800 | ÷ | 59,606,011 | |
| Feb 16, 2011 | 2.74 | = | 66.09 | ÷ | 24.08 | 24.08 | = | 1,459,200 | ÷ | 60,603,262 | |
| Feb 19, 2010 | 2.20 | = | 47.78 | ÷ | 21.73 | 21.73 | = | 1,298,200 | ÷ | 59,747,131 | |
| Feb 20, 2009 | 1.49 | = | 26.68 | ÷ | 17.87 | 17.87 | = | 1,008,100 | ÷ | 56,398,666 | |
| Feb 25, 2008 | 2.46 | = | 46.88 | ÷ | 19.02 | 19.02 | = | 1,082,600 | ÷ | 56,924,087 | |
| Feb 27, 2007 | 2.93 | = | 49.56 | ÷ | 16.93 | 16.93 | = | 1,015,500 | ÷ | 59,965,515 | |
| Mar 8, 2006 | 2.80 | = | 46.20 | ÷ | 16.48 | 16.48 | = | 998,100 | ÷ | 60,566,850 |
Based on: 10-K (reporting date: 2022-12-31), 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 Hubbell Inc. Annual Report.
- Share Price Trend
- The share price exhibits significant variation over the period. Initially, it remained relatively stable around the mid-40s US dollars from 2006 until 2008, followed by a sharp decline to 26.68 US dollars in early 2009. Subsequently, a consistent upward trajectory is evident, with the share price rising to over 240 US dollars by early 2023. This suggests recovery post-2009 and sustained investor confidence, culminating in substantial appreciation over the entire timeframe.
- Book Value per Share (BVPS) Development
- The BVPS shows a general upward trend throughout the years. Starting at 16.48 US dollars in 2006, it experiences moderate growth with minor fluctuations, reaching 44.05 US dollars by 2023. Notably, there is a slight decrease in BVPS between 2013 and 2016, but the increasing trend then resumes. This indicates steady growth in the company’s net asset value per share over the long term.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio varies considerably, reflecting changing market perceptions relative to the company's book value. Initially around 2.8 in 2006, it decreases markedly to 1.49 in 2009, coinciding with the sharp share price drop, implying undervaluation or market pessimism at that time. Post-2009, the ratio rises consistently, reaching 5.46 by 2023, the highest in the observed period. This suggests increasing market valuation premiums relative to book value, potentially due to strong growth expectations or improved market sentiment.
- Integrated Observations
- The data reveals a cycle of decline and recovery in market value with consistent growth in underlying book value. The initial sharp price decline and low P/BV in 2009 likely relate to broader economic or industry downturns. Despite a modest dip in book value per share around the mid-2010s, both share price and P/BV ratios recovered strongly thereafter. The growing divergence between share price and book value, as reflected in rising P/BV, indicates increasing investor confidence and a possible shift towards premium valuation based on future profitability prospects rather than just current net asset backing.
Comparison to Competitors
Hubbell Inc., P/BV, long-term trends, comparison to competitors
| Hubbell Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 9, 2023 | 5.46 | — | 8.09 | 4.04 | 2.43 | 8.02 | 12.67 | 1.97 |
| Feb 11, 2022 | 4.47 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Feb 11, 2021 | 4.31 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
| Feb 14, 2020 | 4.12 | — | 5.16 | 2.48 | 3.66 | 6.97 | 39.60 | 3.24 |
| Feb 15, 2019 | 3.64 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 61.11 | 2.71 |
| Feb 15, 2018 | 4.57 | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | — | 3.38 |
| Feb 16, 2017 | 4.25 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 49.61 | 3.22 |
| Feb 18, 2016 | 3.03 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 21.37 | 2.59 |
| Feb 19, 2015 | 3.46 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 17.92 | 3.49 |
| Feb 18, 2014 | 3.74 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 10.65 | 3.14 |
| Feb 13, 2013 | 3.37 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 727.88 | 3.18 |
| Feb 15, 2012 | 3.04 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 28.67 | 3.48 |
| Feb 16, 2011 | 2.74 | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 7.56 | 3.65 |
| Feb 19, 2010 | 2.20 | 20.59 | 4.16 | 1.67 | 1.47 | 3.27 | 7.00 | 3.12 |
| Feb 20, 2009 | 1.49 | — | 2.63 | 0.95 | 1.10 | 3.38 | 9.51 | 2.82 |
| Feb 25, 2008 | 2.46 | 7.24 | 5.00 | 2.28 | 2.97 | 4.52 | 4.38 | 3.28 |
| Feb 27, 2007 | 2.93 | 15.15 | 6.33 | 2.88 | 3.17 | 3.94 | 6.23 | 3.92 |
| Mar 8, 2006 | 2.80 | 5.26 | 5.81 | 2.73 | 3.15 | 3.05 | 4.05 | 3.39 |
Based on: 10-K (reporting date: 2022-12-31), 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 (Capital Goods)
Hubbell Inc., P/BV, long-term trends, comparison to sector (capital goods)
| Hubbell Inc. | Capital Goods | |
|---|---|---|
| Feb 9, 2023 | 5.46 | 5.31 |
| Feb 11, 2022 | 4.47 | 4.77 |
| Feb 11, 2021 | 4.31 | 5.05 |
| Feb 14, 2020 | 4.12 | 6.91 |
| Feb 15, 2019 | 3.64 | 6.11 |
| Feb 15, 2018 | 4.57 | 5.42 |
| Feb 16, 2017 | 4.25 | 4.64 |
| Feb 18, 2016 | 3.03 | 3.45 |
| Feb 19, 2015 | 3.46 | 3.17 |
| Feb 18, 2014 | 3.74 | 2.85 |
| Feb 13, 2013 | 3.37 | 2.77 |
| Feb 15, 2012 | 3.04 | 2.89 |
| Feb 16, 2011 | 2.74 | 2.90 |
| Feb 19, 2010 | 2.20 | 2.29 |
| Feb 20, 2009 | 1.49 | 1.86 |
| Feb 25, 2008 | 2.46 | 3.46 |
| Feb 27, 2007 | 2.93 | 3.91 |
| Mar 8, 2006 | 2.80 | 3.47 |
Based on: 10-K (reporting date: 2022-12-31), 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 (Industrials)
Hubbell Inc., P/BV, long-term trends, comparison to industry (industrials)
| Hubbell Inc. | Industrials | |
|---|---|---|
| Feb 9, 2023 | 5.46 | 5.50 |
| Feb 11, 2022 | 4.47 | 5.44 |
| Feb 11, 2021 | 4.31 | 5.89 |
| Feb 14, 2020 | 4.12 | 6.28 |
| Feb 15, 2019 | 3.64 | 5.96 |
| Feb 15, 2018 | 4.57 | 5.37 |
| Feb 16, 2017 | 4.25 | 4.89 |
| Feb 18, 2016 | 3.03 | 3.68 |
| Feb 19, 2015 | 3.46 | 3.70 |
| Feb 18, 2014 | 3.74 | 3.14 |
| Feb 13, 2013 | 3.37 | 3.06 |
| Feb 15, 2012 | 3.04 | 3.09 |
| Feb 16, 2011 | 2.74 | 3.05 |
| Feb 19, 2010 | 2.20 | 2.43 |
| Feb 20, 2009 | 1.49 | 2.01 |
| Feb 25, 2008 | 2.46 | 3.45 |
| Feb 27, 2007 | 2.93 | 3.75 |
| Mar 8, 2006 | 2.80 | 3.95 |
Based on: 10-K (reporting date: 2022-12-31), 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).