Price to Book Value (P/BV)
since 2005
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McDonald’s Corp. pages available for free this week:
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Calculation
McDonald’s Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2018 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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 McDonald’s Corp. Annual Report.
The price-to-book value (P/BV) ratio exhibits a dynamic pattern over the observed period. Initially, the ratio demonstrates a generally increasing trend from 2006 through 2011, followed by a period of significant fluctuation and, ultimately, a prolonged period of negative values.
- Initial Increasing Trend (2006-2011)
- From February 2006 to February 2011, the P/BV ratio increased from 2.92 to 5.31. This suggests that the market valuation of the equity relative to its book value was steadily rising during this timeframe. This could indicate increasing investor confidence, anticipated growth, or improvements in the company’s profitability not fully reflected in book value.
- Volatility and Negative Values (2011-2026)
- Beginning in 2012, the P/BV ratio experienced considerable volatility. A peak of 7.10 was observed in 2012, but was followed by a decline. More notably, the ratio transitioned into negative territory starting in 2016, reaching -2.69 and continuing to decline to -5.31 by 2026. This indicates that the market value of the equity fell below the book value of the equity, a potentially concerning signal. This could be attributed to factors such as significant losses, asset write-downs, or a substantial decrease in investor confidence.
- Share Price and Book Value Per Share Relationship
- The share price generally increased from 2006 to 2020, but the book value per share experienced a dramatic shift. While the share price was increasing, the book value per share began to decline significantly after 2015, ultimately becoming negative. This divergence is the primary driver of the negative P/BV ratio observed in later years. The negative book value per share suggests accumulated losses have exceeded accumulated equity.
The substantial shift to negative P/BV values warrants further investigation into the underlying causes of the declining book value per share. The initial positive trend suggests a period of healthy market valuation, but the subsequent negative values indicate a significant deterioration in the relationship between market price and book value.
Comparison to Competitors
McDonald’s Corp., P/BV, long-term trends, comparison to competitors
| McDonald’s Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Feb 24, 2026 | ||||||
| Feb 25, 2025 | ||||||
| Feb 22, 2024 | ||||||
| Feb 24, 2023 | ||||||
| Feb 24, 2022 | ||||||
| Feb 23, 2021 | ||||||
| Feb 26, 2020 | ||||||
| Feb 22, 2019 | ||||||
| Feb 23, 2018 | ||||||
| Mar 1, 2017 | ||||||
| Feb 25, 2016 | ||||||
| Feb 24, 2015 | ||||||
| Feb 24, 2014 | ||||||
| Feb 25, 2013 | ||||||
| Feb 24, 2012 | ||||||
| Feb 25, 2011 | ||||||
| Feb 26, 2010 | ||||||
| Feb 25, 2009 | ||||||
| Feb 25, 2008 | ||||||
| Feb 26, 2007 | ||||||
| Feb 27, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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 (Consumer Services)
McDonald’s Corp., P/BV, long-term trends, comparison to sector (consumer services)
| McDonald’s Corp. | Consumer Services | |
|---|---|---|
| Feb 24, 2026 | ||
| Feb 25, 2025 | ||
| Feb 22, 2024 | ||
| Feb 24, 2023 | ||
| Feb 24, 2022 | ||
| Feb 23, 2021 | ||
| Feb 26, 2020 | ||
| Feb 22, 2019 | ||
| Feb 23, 2018 | ||
| Mar 1, 2017 | ||
| Feb 25, 2016 | ||
| Feb 24, 2015 | ||
| Feb 24, 2014 | ||
| Feb 25, 2013 | ||
| Feb 24, 2012 | ||
| Feb 25, 2011 | ||
| Feb 26, 2010 | ||
| Feb 25, 2009 | ||
| Feb 25, 2008 | ||
| Feb 26, 2007 | ||
| Feb 27, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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 (Consumer Discretionary)
McDonald’s Corp., P/BV, long-term trends, comparison to industry (consumer discretionary)
| McDonald’s Corp. | Consumer Discretionary | |
|---|---|---|
| Feb 24, 2026 | ||
| Feb 25, 2025 | ||
| Feb 22, 2024 | ||
| Feb 24, 2023 | ||
| Feb 24, 2022 | ||
| Feb 23, 2021 | ||
| Feb 26, 2020 | ||
| Feb 22, 2019 | ||
| Feb 23, 2018 | ||
| Mar 1, 2017 | ||
| Feb 25, 2016 | ||
| Feb 24, 2015 | ||
| Feb 24, 2014 | ||
| Feb 25, 2013 | ||
| Feb 24, 2012 | ||
| Feb 25, 2011 | ||
| Feb 26, 2010 | ||
| Feb 25, 2009 | ||
| Feb 25, 2008 | ||
| Feb 26, 2007 | ||
| Feb 27, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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).