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.
The analysis of the price-to-book value (P/BV) metrics from 2006 to 2023 reveals a long-term trajectory of valuation expansion, characterized by an initial period of volatility followed by a sustained increase in the market premium applied to the company's book value.
- Share Price and Book Value Correlation
- A consistent upward trend is observed in both share price and book value per share (BVPS) over the seventeen-year period. The share price rose from 46.20 USD in 2006 to 240.62 USD in 2023, while the BVPS increased from 16.48 USD to 44.05 USD. However, the growth in share price significantly outpaced the growth in book value, leading to a higher P/BV ratio over time.
- Valuation Cycles and Volatility
- The P/BV ratio experienced a significant contraction during the 2009 fiscal period, dropping to a low of 1.49. This period represents the lowest valuation multiple in the dataset, coinciding with a sharp decline in share price to 26.68 USD. A recovery phase followed immediately, with the ratio returning to pre-2009 levels by 2011 and exceeding them by 2012.
- Expansion of the Market Premium
- Starting in 2012, the P/BV ratio entered a regime of higher valuation. After fluctuating between 3.03 and 4.57 from 2012 to 2019, the ratio climbed further to reach a peak of 5.46 by February 2023. This progression indicates that the market has increasingly attributed higher value to the company's intangible assets, future earning potential, or operational efficiency relative to its hard asset base.
- Long-term Valuation Trend
- The data demonstrates a transition from a historical P/BV average of approximately 2.0 to 3.0 in the first decade to a valuation range of 4.0 to 5.5 in the final years of the period. This shift suggests a fundamental change in investor perception, moving toward a significantly higher premium on the company's equity.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
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).