Procter & Gamble Co. (NYSE:PG)

The data reflects key financial indicators over a period spanning from 2005 to 2024, specifically focusing on share price, book value per share (BVPS), and the price-to-book value ratio (P/BV).

Share Price Trends

The share price has generally exhibited an upward trajectory across the observed years. Starting at $55.64 in 2005, the price experienced moderate fluctuations before undergoing a noticeable increase from 2013 onward. The share price reached $114.28 in 2019 and continued rising substantially to $168.06 by 2024, indicating a strong appreciation in market value over the period. Some short-term declines are visible, for instance in 2009 and between 2013-2015, but the long-term trend is positive.

Book Value Per Share (BVPS) Trends

The BVPS showed growth from $7.10 in 2005 to a peak near $25.56 in 2014, illustrating an improvement in the underlying net asset value per share until the mid-2010s. After 2014, BVPS declined gradually to $18.86 by 2019 and then stabilized around approximately $19 to $21.36 between 2020 and 2024. This pattern suggests underlying asset value growth was more prominent in the earlier years, with relative stabilization or slight decline in recent years.

Price-to-Book Value (P/BV) Ratio Trends

The P/BV ratio started very high at 7.84 in 2005, decreased significantly to levels close to 2.38–3.31 during much of the 2006-2013 period, reflecting either increasing book values, corrected share prices, or both. From 2014 onwards, the ratio markedly increased again, reaching a peak of 7.87 in 2024. This rising trend despite relatively stable or declining BVPS in recent years indicates that the market is valuing the stock well above its book value, possibly due to expectations of future growth or profitability.

Overall Observations

While the book value per share stabilized after mid-decade declines, the share price has consistently trended upward in recent years, causing the P/BV ratio to climb significantly. This suggests a growing market premium relative to the company's net asset base. The data reflects investor confidence and strong market valuation despite less pronounced changes in the underlying book value, implying market expectations of growth or other qualitative factors beyond book value are influencing share price.