Price to Book Value (P/BV)
since 2005
Calculation
Mosaic Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Mosaic stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2022 | 1.57 | = | 45.20 | ÷ | 28.79 | 28.79 | = | 10,604,100 | ÷ | 368,309,275 | |
| Feb 22, 2021 | 1.18 | = | 29.70 | ÷ | 25.27 | 25.27 | = | 9,581,400 | ÷ | 379,093,342 | |
| Feb 20, 2020 | 0.76 | = | 18.47 | ÷ | 24.25 | 24.25 | = | 9,185,500 | ÷ | 378,764,442 | |
| Mar 13, 2019 | 1.07 | = | 28.75 | ÷ | 26.97 | 26.97 | = | 10,397,300 | ÷ | 385,470,499 | |
| Feb 21, 2018 | 1.10 | = | 27.46 | ÷ | 24.97 | 24.97 | = | 9,617,500 | ÷ | 385,226,223 | |
| Feb 15, 2017 | 1.23 | = | 33.78 | ÷ | 27.37 | 27.37 | = | 9,584,600 | ÷ | 350,238,549 | |
| Feb 19, 2016 | 0.90 | = | 24.40 | ÷ | 27.04 | 27.04 | = | 9,531,800 | ÷ | 352,516,131 | |
| Feb 17, 2015 | 1.78 | = | 52.01 | ÷ | 29.26 | 29.26 | = | 10,703,100 | ÷ | 365,844,029 | |
| Jul 17, 2013 | 1.72 | = | 54.27 | ÷ | 31.53 | 31.53 | = | 13,425,400 | ÷ | 425,821,044 | |
| Jul 17, 2012 | 2.07 | = | 58.21 | ÷ | 28.16 | 28.16 | = | 11,983,100 | ÷ | 425,480,205 | |
| Jul 19, 2011 | 2.63 | = | 68.49 | ÷ | 26.07 | 26.07 | = | 11,641,600 | ÷ | 446,584,930 | |
| Jul 23, 2010 | 2.39 | = | 46.80 | ÷ | 19.58 | 19.58 | = | 8,722,200 | ÷ | 445,486,732 | |
| Jul 24, 2009 | 2.80 | = | 53.45 | ÷ | 19.11 | 19.11 | = | 8,493,000 | ÷ | 444,543,109 | |
| Jul 29, 2008 | 8.07 | = | 122.36 | ÷ | 15.16 | 15.16 | = | 6,731,200 | ÷ | 443,982,336 | |
| Aug 9, 2007 | 3.96 | = | 37.51 | ÷ | 9.48 | 9.48 | = | 4,183,900 | ÷ | 441,322,712 | |
| Aug 11, 2006 | 1.90 | = | 15.36 | ÷ | 8.07 | 8.07 | = | 3,530,800 | ÷ | 437,310,048 | |
| Aug 5, 2005 | 2.08 | = | 17.30 | ÷ | 8.32 | 8.32 | = | 3,213,500 | ÷ | 386,252,742 |
Based on: 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: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Mosaic Co. Annual Report.
The analysis of the price-to-book value (P/BV) ratio reveals a significant transition from high market premiums to a period of valuation compression, followed by a recent recovery. The ratio exhibited extreme volatility in the first decade of the period, eventually stabilizing at lower levels before trending upward in the final two years.
- Valuation Peaks and Volatility (2005–2008)
- A period of rapid valuation expansion occurred between 2005 and 2008. The P/BV ratio rose from 2.08 to a peak of 8.07 in July 2008. This spike was primarily driven by a surge in the share price, which reached $122.36, far outpacing the growth of the book value per share during that specific timeframe.
- Long-term Valuation Compression (2009–2020)
- Following the 2008 peak, a sustained downward trend in the P/BV ratio is observed. From 2009 to 2020, the ratio declined from 2.80 to a low of 0.76. This contraction indicates that the market's valuation of the company shifted from a significant premium over book value to a discount. Notably, the ratio dropped below 1.0 in 2016 and again in 2020, suggesting periods where the company traded below its accounting net asset value.
- Book Value per Share Progression
- While the P/BV ratio declined over the long term, the book value per share (BVPS) demonstrated general growth. BVPS increased from $8.32 in 2005 to a peak of $31.53 in 2013. Although this growth plateaued and experienced slight fluctuations between 2014 and 2021, the ending BVPS of $28.79 in 2022 represents a substantial increase over the initial 2005 levels, highlighting a strengthening of the underlying asset base despite share price volatility.
- Recent Market Revaluation (2021–2022)
- A reversal of the downward trend is evident starting in 2021. The P/BV ratio climbed from 0.76 in 2020 to 1.18 in 2021, and further to 1.57 by February 2022. This recovery was driven by a rise in the share price to $45.20, indicating a return to a positive market premium over the company's book value.
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Comparison to Competitors
Mosaic Co., P/BV, long-term trends, comparison to competitors
| Mosaic Co. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Feb 23, 2022 | 1.57 | 3.38 | 28.55 |
| Feb 22, 2021 | 1.18 | 2.78 | 17.79 |
| Feb 20, 2020 | 0.76 | 2.15 | 12.82 |
| Mar 13, 2019 | 1.07 | 1.65 | 10.93 |
| Feb 21, 2018 | 1.10 | 7.15 | 10.14 |
| Feb 15, 2017 | 1.23 | 6.83 | 15.52 |
| Feb 19, 2016 | 0.90 | 6.61 | 27.61 |
| Feb 17, 2015 | 1.78 | 6.60 | 27.40 |
| Jul 17, 2013 | 1.72 | 5.66 | 11.24 |
| Jul 17, 2012 | 2.07 | 5.48 | 9.32 |
| Jul 19, 2011 | 2.63 | 5.93 | 6.93 |
| Jul 23, 2010 | 2.39 | 5.08 | 5.51 |
| Jul 24, 2009 | 2.80 | 4.38 | 4.73 |
| Jul 29, 2008 | 8.07 | 4.54 | 3.37 |
| Aug 9, 2007 | 3.96 | 5.13 | 3.66 |
| Aug 11, 2006 | 1.90 | 4.34 | 4.49 |
| Aug 5, 2005 | 2.08 | 4.54 | 3.40 |
Based on: 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: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Chemicals)
Mosaic Co., P/BV, long-term trends, comparison to sector (chemicals)
| Mosaic Co. | Chemicals | |
|---|---|---|
| Feb 23, 2022 | 1.57 | 4.70 |
| Feb 22, 2021 | 1.18 | 3.84 |
| Feb 20, 2020 | 0.76 | 2.98 |
| Mar 13, 2019 | 1.07 | 2.27 |
| Feb 21, 2018 | 1.10 | 8.28 |
| Feb 15, 2017 | 1.23 | 9.20 |
| Feb 19, 2016 | 0.90 | 10.08 |
| Feb 17, 2015 | 1.78 | 9.74 |
| Jul 17, 2013 | 1.72 | 6.84 |
| Jul 17, 2012 | 2.07 | 6.36 |
| Jul 19, 2011 | 2.63 | 6.14 |
| Jul 23, 2010 | 2.39 | 5.17 |
| Jul 24, 2009 | 2.80 | 4.46 |
| Jul 29, 2008 | 8.07 | 4.21 |
| Aug 9, 2007 | 3.96 | 4.75 |
| Aug 11, 2006 | 1.90 | 4.39 |
| Aug 5, 2005 | 2.08 | 4.19 |
Based on: 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: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Materials)
Mosaic Co., P/BV, long-term trends, comparison to industry (materials)
| Mosaic Co. | Materials | |
|---|---|---|
| Feb 23, 2022 | 1.57 | 4.66 |
| Feb 22, 2021 | 1.18 | 3.99 |
| Feb 20, 2020 | 0.76 | 2.82 |
| Mar 13, 2019 | 1.07 | 2.21 |
| Feb 21, 2018 | 1.10 | 6.06 |
| Feb 15, 2017 | 1.23 | 6.38 |
| Feb 19, 2016 | 0.90 | 4.76 |
| Feb 17, 2015 | 1.78 | 3.49 |
| Jul 17, 2013 | 1.72 | 3.14 |
| Jul 17, 2012 | 2.07 | 3.18 |
| Jul 19, 2011 | 2.63 | 3.71 |
| Jul 23, 2010 | 2.39 | 4.42 |
| Jul 24, 2009 | 2.80 | 3.94 |
| Jul 29, 2008 | 8.07 | 3.16 |
| Aug 9, 2007 | 3.96 | 2.84 |
| Aug 11, 2006 | 1.90 | 4.45 |
| Aug 5, 2005 | 2.08 | 4.50 |
Based on: 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: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).