Price to Book Value (P/BV)
since 2005
Calculation
Kimberly-Clark Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Kimberly-Clark Corporation stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2021 | 71.40 | = | 132.09 | ÷ | 1.85 | 1.85 | = | 626 | ÷ | 338,363,924 | |
| Feb 13, 2020 | — | = | 144.74 | ÷ | -0.10 | -0.10 | = | -33 | ÷ | 341,795,666 | |
| Feb 7, 2019 | — | = | 113.36 | ÷ | -0.83 | -0.83 | = | -287 | ÷ | 344,431,630 | |
| Feb 8, 2018 | 62.27 | = | 111.69 | ÷ | 1.79 | 1.79 | = | 629 | ÷ | 350,706,285 | |
| Feb 8, 2017 | — | = | 122.93 | ÷ | -0.29 | -0.29 | = | -102 | ÷ | 356,274,872 | |
| Feb 11, 2016 | — | = | 126.42 | ÷ | -0.48 | -0.48 | = | -174 | ÷ | 360,899,707 | |
| Feb 18, 2015 | 56.00 | = | 111.70 | ÷ | 1.99 | 1.99 | = | 729 | ÷ | 365,468,649 | |
| Feb 14, 2014 | 8.61 | = | 110.24 | ÷ | 12.80 | 12.80 | = | 4,856 | ÷ | 379,402,894 | |
| Feb 22, 2013 | 7.35 | = | 94.50 | ÷ | 12.86 | 12.86 | = | 4,985 | ÷ | 387,621,860 | |
| Feb 29, 2012 | 5.47 | = | 72.88 | ÷ | 13.33 | 13.33 | = | 5,249 | ÷ | 393,683,636 | |
| Feb 23, 2011 | 4.46 | = | 65.21 | ÷ | 14.63 | 14.63 | = | 5,917 | ÷ | 404,377,352 | |
| Feb 24, 2010 | 4.64 | = | 60.30 | ÷ | 12.99 | 12.99 | = | 5,406 | ÷ | 416,305,736 | |
| Feb 27, 2009 | 5.03 | = | 47.11 | ÷ | 9.37 | 9.37 | = | 3,878 | ÷ | 413,810,555 | |
| Feb 22, 2008 | 5.23 | = | 65.04 | ÷ | 12.43 | 12.43 | = | 5,224 | ÷ | 420,257,274 | |
| Feb 22, 2007 | 5.20 | = | 69.50 | ÷ | 13.36 | 13.36 | = | 6,097 | ÷ | 456,450,272 | |
| Feb 23, 2006 | 4.93 | = | 59.45 | ÷ | 12.06 | 12.06 | = | 5,558 | ÷ | 460,850,735 |
Based on: 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 Kimberly-Clark Corp. Annual Report.
The financial trajectory of the entity exhibits a stark divergence between market valuation and the underlying book value of equity. While the share price maintained a general long-term upward trend, the book value per share experienced a severe contraction and subsequent instability starting in 2015, leading to extreme fluctuations in the price-to-book value (P/BV) ratio.
- Share Price Performance
- A general growth trend is observed in the share price, which rose from $59.45 in 2006 to a peak of $144.74 in 2020. Although a significant dip occurred in 2009, with the price falling to $47.11, the subsequent years were characterized by consistent recovery and expansion, particularly after 2012.
- Book Value Per Share (BVPS) Analysis
- From 2006 through 2014, the BVPS remained relatively stable, oscillating between $9.37 and $14.63. A critical inflection point occurred in 2015, when the BVPS plummeted to $1.99. Following this decline, the BVPS frequently entered negative territory, notably in 2016 (-$0.48), 2017 (-$0.29), 2019 (-$0.83), and 2020 (-$0.10), indicating a substantial erosion of equity relative to shares outstanding.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio remained within a tight range of 4.46 to 5.47 between 2006 and 2012. Starting in 2013, the ratio began to accelerate, reaching 8.61 by 2014. The subsequent collapse in book value caused the ratio to spike dramatically to 56.00 in 2015 and eventually to 71.40 by 2021. The gaps in P/BV reporting during 2016, 2017, 2019, and 2020 correlate directly with the periods of negative book value, where the ratio ceases to be a meaningful metric for valuation.
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Comparison to Competitors
Kimberly-Clark Corp., P/BV, long-term trends, comparison to competitors
| Kimberly-Clark Corp. | Procter & Gamble Co. | |
|---|---|---|
| Feb 11, 2021 | 71.40 | 7.09 |
| Feb 13, 2020 | — | 6.06 |
| Feb 7, 2019 | — | 3.93 |
| Feb 8, 2018 | 62.27 | 4.23 |
| Feb 8, 2017 | — | 4.00 |
| Feb 11, 2016 | — | 3.28 |
| Feb 18, 2015 | 56.00 | 3.17 |
| Feb 14, 2014 | 8.61 | 3.31 |
| Feb 22, 2013 | 7.35 | 2.90 |
| Feb 29, 2012 | 5.47 | 2.38 |
| Feb 23, 2011 | 4.46 | 2.78 |
| Feb 24, 2010 | 4.64 | 2.42 |
| Feb 27, 2009 | 5.03 | 3.10 |
| Feb 22, 2008 | 5.23 | 3.02 |
| Feb 22, 2007 | 5.20 | 3.09 |
| Feb 23, 2006 | 4.93 | 7.84 |
Based on: 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 (Consumer Staples)
Kimberly-Clark Corp., P/BV, long-term trends, comparison to industry (consumer staples)
| Kimberly-Clark Corp. | Consumer Staples | |
|---|---|---|
| Feb 11, 2021 | 71.40 | 7.44 |
| Feb 13, 2020 | — | 7.21 |
| Feb 7, 2019 | — | 5.76 |
| Feb 8, 2018 | 62.27 | 5.70 |
| Feb 8, 2017 | — | 5.35 |
| Feb 11, 2016 | — | 5.06 |
| Feb 18, 2015 | 56.00 | 4.55 |
| Feb 14, 2014 | 8.61 | 4.08 |
| Feb 22, 2013 | 7.35 | 3.89 |
| Feb 29, 2012 | 5.47 | 3.50 |
| Feb 23, 2011 | 4.46 | 3.45 |
| Feb 24, 2010 | 4.64 | 3.38 |
| Feb 27, 2009 | 5.03 | 3.48 |
| Feb 22, 2008 | 5.23 | 3.56 |
| Feb 22, 2007 | 5.20 | 3.66 |
| Feb 23, 2006 | 4.93 | 4.47 |
Based on: 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).