Price to Book Value (P/BV)
since 2006
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Mastercard Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2006
- Price to Sales (P/S) since 2006
- Analysis of Debt
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Calculation
Mastercard Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Mastercard Incorporated stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 14, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2007 | = | ÷ | = | ÷ |
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).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Mastercard Inc. Annual Report.
The financial data reveals several noteworthy trends in the company's valuation and book value metrics over the reviewed period.
- Share Price
- The share price has exhibited a strong upward trajectory from 10.72 US$ in early 2007 to a peak of approximately 369.96 US$ by early 2023. Despite some fluctuations, including a notable dip around 2009 reflecting the global financial crisis, the overall trend has been one of consistent and substantial growth. This growth accelerated particularly from 2017 onwards, indicating increased market confidence and possibly improved business performance or growth expectations.
- Book Value Per Share (BVPS)
- The book value per share showed more moderate growth relative to the share price, increasing from 1.75 US$ in 2007 to a high of 7.48 US$ by 2022 before a slight decline to 6.61 US$ in 2023. The BVPS experienced several periods of stagnation or mild decline, particularly between 2014 and 2019, suggesting periods of limited growth in net assets or equity base. The gradual increase post-2019 indicates some recovery or reinvestment contributing to the equity value.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio has increased dramatically over the period, moving from a multiple of 6.12 in 2007 to levels exceeding 50 by the early 2020s, peaking at about 58.15 in 2020 before settling slightly lower around 56 in 2023. These elevated P/BV ratios suggest that the market consistently values the company significantly above its book value, indicative of strong investor expectations regarding profitability, growth potential, or intangible assets not fully captured on the balance sheet. The sharp rise in this ratio in recent years reflects heightened market optimism or possibly a premium attached to the company’s brand or technology position.
Overall, the data points to a company whose market valuation has vastly outpaced the growth in its accounting book value, with the share price enjoying robust growth. The elevated and rising P/BV ratio confirms sustained investor confidence and a growth-oriented market perception despite occasional slowdowns in book value growth. This dynamic is typical for firms in sectors characterized by high growth, strong brand value, or significant intangible assets.
Comparison to Competitors
Mastercard Inc., P/BV, long-term trends, comparison to competitors
| Mastercard Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 14, 2023 | |||||||||||||||||
| Feb 11, 2022 | |||||||||||||||||
| Feb 12, 2021 | |||||||||||||||||
| Feb 14, 2020 | |||||||||||||||||
| Feb 13, 2019 | |||||||||||||||||
| Feb 14, 2018 | |||||||||||||||||
| Feb 15, 2017 | |||||||||||||||||
| Feb 12, 2016 | |||||||||||||||||
| Feb 13, 2015 | |||||||||||||||||
| Feb 14, 2014 | |||||||||||||||||
| Feb 14, 2013 | |||||||||||||||||
| Feb 16, 2012 | |||||||||||||||||
| Feb 24, 2011 | |||||||||||||||||
| Feb 18, 2010 | |||||||||||||||||
| Feb 19, 2009 | |||||||||||||||||
| Feb 21, 2008 | |||||||||||||||||
| Feb 28, 2007 |
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).
Comparison to Sector (Software & Services)
Mastercard Inc., P/BV, long-term trends, comparison to sector (software & services)
| Mastercard Inc. | Software & Services | |
|---|---|---|
| Feb 14, 2023 | ||
| Feb 11, 2022 | ||
| Feb 12, 2021 | ||
| Feb 14, 2020 | ||
| Feb 13, 2019 | ||
| Feb 14, 2018 | ||
| Feb 15, 2017 | ||
| Feb 12, 2016 | ||
| Feb 13, 2015 | ||
| Feb 14, 2014 | ||
| Feb 14, 2013 | ||
| Feb 16, 2012 | ||
| Feb 24, 2011 | ||
| Feb 18, 2010 | ||
| Feb 19, 2009 | ||
| Feb 21, 2008 | ||
| Feb 28, 2007 |
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).
Comparison to Industry (Information Technology)
Mastercard Inc., P/BV, long-term trends, comparison to industry (information technology)
| Mastercard Inc. | Information Technology | |
|---|---|---|
| Feb 14, 2023 | ||
| Feb 11, 2022 | ||
| Feb 12, 2021 | ||
| Feb 14, 2020 | ||
| Feb 13, 2019 | ||
| Feb 14, 2018 | ||
| Feb 15, 2017 | ||
| Feb 12, 2016 | ||
| Feb 13, 2015 | ||
| Feb 14, 2014 | ||
| Feb 14, 2013 | ||
| Feb 16, 2012 | ||
| Feb 24, 2011 | ||
| Feb 18, 2010 | ||
| Feb 19, 2009 | ||
| Feb 21, 2008 | ||
| Feb 28, 2007 |
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).