Price to Book Value (P/BV)
since 2005
Calculation
Motorola Solutions Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Motorola Solutions, Inc. stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2024 | 74.32 | = | 323.90 | ÷ | 4.36 | 4.36 | = | 724 | ÷ | 166,132,981 | |
| Feb 16, 2023 | 385.48 | = | 267.36 | ÷ | 0.69 | 0.69 | = | 116 | ÷ | 167,250,071 | |
| Feb 16, 2022 | — | = | 221.00 | ÷ | -0.24 | -0.24 | = | -40 | ÷ | 168,209,089 | |
| Feb 12, 2021 | — | = | 181.07 | ÷ | -3.30 | -3.30 | = | -558 | ÷ | 169,028,294 | |
| Feb 14, 2020 | — | = | 184.41 | ÷ | -4.10 | -4.10 | = | -700 | ÷ | 170,579,096 | |
| Feb 15, 2019 | — | = | 138.63 | ÷ | -7.89 | -7.89 | = | -1,293 | ÷ | 163,871,288 | |
| Feb 16, 2018 | — | = | 105.91 | ÷ | -10.80 | -10.80 | = | -1,742 | ÷ | 161,307,525 | |
| Feb 21, 2017 | — | = | 80.15 | ÷ | -5.85 | -5.85 | = | -964 | ÷ | 164,744,310 | |
| Feb 23, 2016 | — | = | 70.78 | ÷ | -0.61 | -0.61 | = | -106 | ÷ | 174,337,851 | |
| Feb 13, 2015 | 5.54 | = | 69.91 | ÷ | 12.62 | 12.62 | = | 2,735 | ÷ | 216,679,202 | |
| Feb 13, 2014 | 4.56 | = | 65.67 | ÷ | 14.41 | 14.41 | = | 3,659 | ÷ | 253,865,362 | |
| Feb 12, 2013 | 5.14 | = | 60.83 | ÷ | 11.83 | 11.83 | = | 3,265 | ÷ | 275,983,331 | |
| Feb 15, 2012 | 2.94 | = | 48.21 | ÷ | 16.40 | 16.40 | = | 5,214 | ÷ | 317,969,760 | |
| Feb 18, 2011 | 1.21 | = | 39.01 | ÷ | 32.33 | 32.33 | = | 10,885 | ÷ | 336,710,130 | |
| Feb 16, 2010 | 1.72 | = | 50.82 | ÷ | 29.58 | 29.58 | = | 9,775 | ÷ | 330,411,295 | |
| Feb 26, 2009 | 0.87 | = | 25.34 | ÷ | 29.23 | 29.23 | = | 9,507 | ÷ | 325,223,706 | |
| Feb 28, 2008 | 1.52 | = | 72.80 | ÷ | 47.96 | 47.96 | = | 15,447 | ÷ | 322,112,365 | |
| Feb 28, 2007 | 2.58 | = | 129.64 | ÷ | 50.20 | 50.20 | = | 17,142 | ÷ | 341,486,647 | |
| Mar 2, 2006 | 3.33 | = | 155.33 | ÷ | 46.69 | 46.69 | = | 16,673 | ÷ | 357,087,499 |
Based on: 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 Motorola Solutions Inc. Annual Report.
The financial data reveals a significant divergence between market valuation and book value over the analyzed period. While the share price experienced a long-term bullish trajectory following a sharp decline in 2009, the book value per share underwent a sustained erosion, eventually entering negative territory before a recent recovery.
- Share Price Performance
- A volatile but generally upward trend is observed. After peaking at 155.33 USD in 2006, the share price collapsed to a low of 25.34 USD by February 2009. From 2010 onward, a consistent recovery phase began, with the price ascending to 323.90 USD by February 2024, representing a substantial increase in market capitalization over the final decade of the period.
- Book Value per Share (BVPS) Trends
- The book value exhibited a prolonged period of decline. Starting at 46.69 USD in 2006, the BVPS decreased steadily, dropping below 15.00 USD by 2013. A critical transition occurred in 2016 when the BVPS became negative, reaching a deficit peak of -10.80 USD in 2018. This negative equity position persisted until 2023, when the BVPS returned to positive territory at 0.69 USD, further increasing to 4.36 USD by 2024.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio reflects the volatility of the underlying book value. Between 2006 and 2009, the ratio compressed from 3.33 to 0.87. From 2010 to 2015, the ratio expanded to 5.54 as the share price rose while book value fell. During the period from 2016 to 2022, the P/BV ratio became mathematically inapplicable or unreported due to the negative book value. Upon the return to positive book value in 2023, the ratio spiked to an extreme 385.48, reflecting a minimal equity base relative to a high market price. This ratio moderated to 74.32 in 2024 as the book value continued to strengthen.
The overall pattern indicates that the market has valued the company based on factors other than its accounting book value, particularly during the years of negative equity. The extreme P/BV ratios in the most recent years are a direct result of the narrow margin by which the company returned to a positive book value position.
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Comparison to Competitors
Motorola Solutions Inc., P/BV, long-term trends, comparison to competitors
| Motorola Solutions Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Feb 15, 2024 | 74.32 | 44.21 | 11.50 | 5.19 | — | 2.62 | 6.85 |
| Feb 16, 2023 | 385.48 | 48.89 | 8.87 | 4.69 | — | 3.31 | 2.54 |
| Feb 16, 2022 | — | 38.96 | 10.05 | 5.99 | 27.38 | 3.19 | 1.65 |
| Feb 12, 2021 | — | 28.33 | 7.15 | 4.57 | — | 3.61 | 1.35 |
| Feb 14, 2020 | — | 12.21 | 5.91 | 6.12 | — | 2.77 | 1.21 |
| Feb 15, 2019 | — | 8.93 | 9.33 | 5.00 | — | 4.66 | 1.33 |
| Feb 16, 2018 | — | 6.61 | 11.10 | 2.38 | — | 5.57 | 1.28 |
| Feb 21, 2017 | — | 4.81 | 7.63 | 2.48 | — | 4.26 | 1.44 |
| Feb 23, 2016 | — | 5.57 | 5.86 | 2.23 | — | 2.63 | 2.08 |
| Feb 13, 2015 | 5.54 | 5.53 | 8.22 | 2.24 | — | — | 2.56 |
| Feb 13, 2014 | 4.56 | 3.82 | — | 2.19 | — | — | 1.51 |
| Feb 12, 2013 | 5.14 | 4.74 | — | 1.97 | — | — | 1.63 |
| Feb 15, 2012 | 2.94 | 4.86 | — | 1.86 | — | — | 1.78 |
| Feb 18, 2011 | 1.21 | 5.91 | — | 2.73 | — | — | 1.64 |
| Feb 16, 2010 | 1.72 | 6.39 | — | 3.46 | — | — | 1.56 |
| Feb 26, 2009 | 0.87 | 4.37 | — | 3.83 | — | — | 2.20 |
| Feb 28, 2008 | 1.52 | 9.90 | — | 6.20 | — | — | 2.20 |
| Feb 28, 2007 | 2.58 | 7.30 | — | 5.80 | — | — | — |
| Mar 2, 2006 | 3.33 | 8.09 | — | 4.92 | — | — | — |
Based on: 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 (Technology Hardware & Equipment)
Motorola Solutions Inc., P/BV, long-term trends, comparison to sector (technology hardware & equipment)
| Motorola Solutions Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Feb 15, 2024 | 74.32 | 27.27 |
| Feb 16, 2023 | 385.48 | 28.45 |
| Feb 16, 2022 | — | 24.77 |
| Feb 12, 2021 | — | 19.33 |
| Feb 14, 2020 | — | 11.13 |
| Feb 15, 2019 | — | 7.77 |
| Feb 16, 2018 | — | 5.24 |
| Feb 21, 2017 | — | 4.05 |
| Feb 23, 2016 | — | 4.45 |
| Feb 13, 2015 | 5.54 | 4.43 |
| Feb 13, 2014 | 4.56 | 3.29 |
| Feb 12, 2013 | 5.14 | 3.89 |
| Feb 15, 2012 | 2.94 | 3.71 |
| Feb 18, 2011 | 1.21 | 4.38 |
| Feb 16, 2010 | 1.72 | 4.68 |
| Feb 26, 2009 | 0.87 | 4.03 |
| Feb 28, 2008 | 1.52 | 7.36 |
| Feb 28, 2007 | 2.58 | 6.24 |
| Mar 2, 2006 | 3.33 | 5.69 |
Based on: 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 (Information Technology)
Motorola Solutions Inc., P/BV, long-term trends, comparison to industry (information technology)
| Motorola Solutions Inc. | Information Technology | |
|---|---|---|
| Feb 15, 2024 | 74.32 | 11.29 |
| Feb 16, 2023 | 385.48 | 10.25 |
| Feb 16, 2022 | — | 12.37 |
| Feb 12, 2021 | — | 10.94 |
| Feb 14, 2020 | — | 8.41 |
| Feb 15, 2019 | — | 7.00 |
| Feb 16, 2018 | — | 5.46 |
| Feb 21, 2017 | — | 4.53 |
| Feb 23, 2016 | — | 4.30 |
| Feb 13, 2015 | 5.54 | 4.36 |
| Feb 13, 2014 | 4.56 | 3.50 |
| Feb 12, 2013 | 5.14 | 3.75 |
| Feb 15, 2012 | 2.94 | 3.98 |
| Feb 18, 2011 | 1.21 | 4.16 |
| Feb 16, 2010 | 1.72 | 4.31 |
| Feb 26, 2009 | 0.87 | 4.00 |
| Feb 28, 2008 | 1.52 | 8.64 |
| Feb 28, 2007 | 2.58 | 7.24 |
| Mar 2, 2006 | 3.33 | 7.40 |
Based on: 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).