Price to Book Value (P/BV)
since 2005
Calculation
TJX Cos. Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr 2, 2025 | 16.63 | = | 124.93 | ÷ | 7.51 | 7.51 | = | 8,393 | ÷ | 1,117,100,487 | |
| Apr 3, 2024 | 15.09 | = | 97.28 | ÷ | 6.44 | 6.44 | = | 7,302 | ÷ | 1,132,973,879 | |
| Mar 29, 2023 | 13.86 | = | 76.55 | ÷ | 5.52 | 5.52 | = | 6,364 | ÷ | 1,152,568,938 | |
| Mar 30, 2022 | 12.14 | = | 62.00 | ÷ | 5.11 | 5.11 | = | 6,003 | ÷ | 1,175,228,119 | |
| Mar 31, 2021 | 13.68 | = | 66.15 | ÷ | 4.84 | 4.84 | = | 5,833 | ÷ | 1,205,970,255 | |
| Mar 27, 2020 | 9.42 | = | 46.80 | ÷ | 4.97 | 4.97 | = | 5,948 | ÷ | 1,197,698,188 | |
| Apr 3, 2019 | 12.79 | = | 53.17 | ÷ | 4.16 | 4.16 | = | 5,049 | ÷ | 1,214,588,500 | |
| Apr 4, 2018 | 10.23 | = | 41.99 | ÷ | 4.11 | 4.11 | = | 5,148 | ÷ | 1,254,144,756 | |
| Mar 28, 2017 | 11.27 | = | 39.36 | ÷ | 3.49 | 3.49 | = | 4,511 | ÷ | 1,291,179,744 | |
| Mar 29, 2016 | 12.09 | = | 39.31 | ÷ | 3.25 | 3.25 | = | 4,307 | ÷ | 1,325,182,408 | |
| Mar 31, 2015 | 11.23 | = | 35.03 | ÷ | 3.12 | 3.12 | = | 4,264 | ÷ | 1,366,947,134 | |
| Apr 1, 2014 | 10.18 | = | 30.60 | ÷ | 3.01 | 3.01 | = | 4,230 | ÷ | 1,407,366,548 | |
| Apr 2, 2013 | 9.36 | = | 23.69 | ÷ | 2.53 | 2.53 | = | 3,666 | ÷ | 1,447,804,002 | |
| Mar 27, 2012 | 9.20 | = | 19.77 | ÷ | 2.15 | 2.15 | = | 3,209 | ÷ | 1,493,404,056 | |
| Mar 30, 2011 | 6.30 | = | 12.53 | ÷ | 1.99 | 1.99 | = | 3,100 | ÷ | 1,558,629,360 | |
| Mar 30, 2010 | 6.12 | = | 10.80 | ÷ | 1.76 | 1.76 | = | 2,889 | ÷ | 1,637,544,504 | |
| Mar 31, 2009 | 4.96 | = | 6.41 | ÷ | 1.29 | 1.29 | = | 2,135 | ÷ | 1,651,286,368 | |
| Mar 26, 2008 | 6.74 | = | 8.39 | ÷ | 1.25 | 1.25 | = | 2,131 | ÷ | 1,711,798,132 | |
| Mar 28, 2007 | 5.25 | = | 6.63 | ÷ | 1.26 | 1.26 | = | 2,290 | ÷ | 1,814,599,252 | |
| Mar 29, 2006 | 6.17 | = | 6.33 | ÷ | 1.03 | 1.03 | = | 1,893 | ÷ | 1,843,868,240 | |
| Mar 30, 2005 | 7.15 | = | 6.15 | ÷ | 0.86 | 0.86 | = | 1,653 | ÷ | 1,922,796,616 |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of TJX Cos. Inc. Annual Report.
- Share Price Trend
- The share price demonstrates an overall upward trajectory from 2005 to 2025. Starting at $6.15 in 2005, there is a notable increase with intermittent fluctuations. Significant growth is observed post-2010, reaching $19.77 by 2012 and continuing to rise to $124.93 in 2025. There are periods of volatility, such as a decline from $53.17 in 2019 to $46.8 in 2020, likely reflecting external market impacts, but the long-term trend remains positive and robust.
- Book Value Per Share (BVPS) Development
- The book value per share shows steady and consistent growth throughout the period analyzed. Beginning at $0.86 in 2005, it rises gradually each year, reaching $7.51 in 2025. This reflects sustained value accumulation in the company's equity base over time. The incremental growth is relatively smooth without significant dips, indicating stable asset growth or retained earnings accumulation.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio exhibits more volatility compared to the share price and BVPS. Starting at 7.15 in 2005, the ratio declines to a low of 4.96 in 2009, indicating a period where the market price was closer to book value. However, post-2009, the ratio generally trends higher, peaking at 16.63 in 2025. Notably high ratios occur intermittently, such as 12.79 in 2019 and spikes above 13 during later years. This suggests growing market optimism or expectations of future growth that exceed book value increases, reflecting a premium valuation over the company's net asset book value.
- Summary of Observed Patterns
- The company’s financial indicators reveal a strong growth pattern with share price appreciation outpacing book value growth, resulting in an increasing P/BV ratio. This divergence suggests market confidence and potentially improved earnings prospects beyond mere asset accumulation. Although the P/BV ratio fluctuates, its upward trend indicates increasing market valuation multiples. The stable growth of BVPS denotes solid fundamental position, while price fluctuations and P/BV changes may be driven by broader market conditions or investor sentiment shifts.
Comparison to Competitors
TJX Cos. Inc., P/BV, long-term trends, comparison to competitors
| TJX Cos. Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | |
|---|---|---|---|---|
| Apr 2, 2025 | 16.63 | — | 52.57 | — |
| Apr 3, 2024 | 15.09 | 8.49 | 359.76 | — |
| Mar 29, 2023 | 13.86 | 8.84 | 187.12 | — |
| Mar 30, 2022 | 12.14 | 7.25 | — | — |
| Mar 31, 2021 | 13.68 | 11.60 | 95.58 | 90.79 |
| Mar 27, 2020 | 9.42 | 17.86 | — | 25.96 |
| Apr 3, 2019 | 12.79 | 16.11 | — | 24.01 |
| Apr 4, 2018 | 10.23 | 18.34 | 139.52 | 11.89 |
| Mar 28, 2017 | 11.27 | 24.98 | 41.08 | 10.87 |
| Mar 29, 2016 | 12.09 | 20.47 | 25.88 | 8.87 |
| Mar 31, 2015 | 11.23 | 20.65 | 15.76 | 7.10 |
| Apr 1, 2014 | 10.18 | 15.33 | 8.68 | 4.20 |
| Apr 2, 2013 | 9.36 | 16.90 | 5.83 | 2.99 |
| Mar 27, 2012 | 9.20 | 15.14 | 4.23 | 2.28 |
| Mar 30, 2011 | 6.30 | 10.52 | 3.21 | 1.96 |
| Mar 30, 2010 | 6.12 | 11.25 | 2.85 | 1.84 |
| Mar 31, 2009 | 4.96 | 10.60 | 2.36 | 1.49 |
| Mar 26, 2008 | 6.74 | 9.43 | 2.79 | 2.22 |
| Mar 28, 2007 | 5.25 | 26.19 | 2.90 | 3.04 |
| Mar 29, 2006 | 6.17 | 38.87 | 3.38 | 3.54 |
| Mar 30, 2005 | 7.15 | 66.44 | 3.37 | 3.61 |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
TJX Cos. Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| TJX Cos. Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Apr 2, 2025 | 16.63 | — |
| Apr 3, 2024 | 15.09 | 10.96 |
| Mar 29, 2023 | 13.86 | 11.65 |
| Mar 30, 2022 | 12.14 | 11.07 |
| Mar 31, 2021 | 13.68 | 14.31 |
| Mar 27, 2020 | 9.42 | 20.07 |
| Apr 3, 2019 | 12.79 | 19.77 |
| Apr 4, 2018 | 10.23 | 20.07 |
| Mar 28, 2017 | 11.27 | 23.06 |
| Mar 29, 2016 | 12.09 | 18.06 |
| Mar 31, 2015 | 11.23 | 14.67 |
| Apr 1, 2014 | 10.18 | 9.31 |
| Apr 2, 2013 | 9.36 | 7.64 |
| Mar 27, 2012 | 9.20 | 5.82 |
| Mar 30, 2011 | 6.30 | 4.12 |
| Mar 30, 2010 | 6.12 | 3.84 |
| Mar 31, 2009 | 4.96 | 3.13 |
| Mar 26, 2008 | 6.74 | 3.23 |
| Mar 28, 2007 | 5.25 | 3.70 |
| Mar 29, 2006 | 6.17 | 3.90 |
| Mar 30, 2005 | 7.15 | 4.03 |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Industry (Consumer Discretionary)
TJX Cos. Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| TJX Cos. Inc. | Consumer Discretionary | |
|---|---|---|
| Apr 2, 2025 | 16.63 | — |
| Apr 3, 2024 | 15.09 | 32.00 |
| Mar 29, 2023 | 13.86 | 10.11 |
| Mar 30, 2022 | 12.14 | 9.55 |
| Mar 31, 2021 | 13.68 | 13.30 |
| Mar 27, 2020 | 9.42 | 18.17 |
| Apr 3, 2019 | 12.79 | 13.59 |
| Apr 4, 2018 | 10.23 | 11.35 |
| Mar 28, 2017 | 11.27 | 10.74 |
| Mar 29, 2016 | 12.09 | 8.39 |
| Mar 31, 2015 | 11.23 | 7.17 |
| Apr 1, 2014 | 10.18 | 5.83 |
| Apr 2, 2013 | 9.36 | 5.12 |
| Mar 27, 2012 | 9.20 | 4.39 |
| Mar 30, 2011 | 6.30 | 3.84 |
| Mar 30, 2010 | 6.12 | 4.04 |
| Mar 31, 2009 | 4.96 | 4.73 |
| Mar 26, 2008 | 6.74 | 4.98 |
| Mar 28, 2007 | 5.25 | 3.91 |
| Mar 29, 2006 | 6.17 | 4.50 |
| Mar 30, 2005 | 7.15 | 3.49 |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-26), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).