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.
- Share Price Trends
- The share price exhibited considerable volatility throughout the period. Initially, the price was relatively low at $17.30 in August 2005, followed by a slight decline to $15.36 in August 2006. A significant surge occurred in 2008, peaking at $122.36 in July, before sharply dropping to $53.45 in July 2009. The price then fluctuated moderately between approximately $46.80 and $68.49 from 2010 to 2011, followed by a gradual decline and stabilization around the mid-$50 range through 2013 and early 2015. A marked decrease to a low of $18.47 occurred in February 2020, coinciding with global market disruptions, but was followed by a recovery to $45.20 by February 2022.
- Book Value Per Share (BVPS) Patterns
- BVPS showed a consistent upward trajectory over the analyzed years, starting from $8.32 in 2005 and reaching $28.79 by early 2022. Notable growth phases include a steady increase from approximately $8 in initial years to a peak near $31.53 in 2013. After a slight decline in subsequent years around 2016 to 2018, the BVPS rebounded to levels close to $28 by 2022, indicating an overall positive trend in the company's net asset value per share.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio was highly variable, reflecting changes in both share price and book value. It started at 2.08 in 2005, peaked at 8.07 in 2008, indicating a large premium over book value during the share price surge. Since then, the ratio generally declined, reaching a low of 0.76 in February 2020, suggesting the share price was below the book value at that point, possibly reflecting market pessimism or undervaluation. Subsequently, the ratio increased moderately to 1.57 by February 2022, indicating a correction or improved investor confidence.
- Insights and Observations
- The data reflects a typical commodity or cyclical market-driven company, with notable sensitivity in share price to market conditions or industry cycles. The steady growth in BVPS juxtaposed with share price volatility suggests that intrinsic value has been increasing more consistently than market valuation. The fluctuations in the P/BV ratio reveal periods of overvaluation and undervaluation, with the sharp 2008 peak possibly driven by speculative activity or market exuberance, and the 2020 trough potentially associated with global economic shocks. The recovery patterns up to 2022 indicate a restoration of market confidence.
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).