Price to Book Value (P/BV)
since 2005
Calculation
Target Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ investment1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 11, 2026 | 3.33 | = | 118.78 | ÷ | 35.70 | 35.70 | = | 16,165 | ÷ | 452,855,589 | |
| Mar 12, 2025 | 3.33 | = | 107.28 | ÷ | 32.19 | 32.19 | = | 14,666 | ÷ | 455,576,464 | |
| Mar 13, 2024 | 5.73 | = | 166.67 | ÷ | 29.09 | 29.09 | = | 13,432 | ÷ | 461,690,206 | |
| Mar 8, 2023 | 6.70 | = | 163.51 | ÷ | 24.40 | 24.40 | = | 11,232 | ÷ | 460,363,991 | |
| Mar 9, 2022 | 7.79 | = | 216.00 | ÷ | 27.74 | 27.74 | = | 12,827 | ÷ | 462,418,075 | |
| Mar 10, 2021 | 6.17 | = | 178.58 | ÷ | 28.96 | 28.96 | = | 14,440 | ÷ | 498,616,180 | |
| Mar 11, 2020 | 4.47 | = | 105.58 | ÷ | 23.62 | 23.62 | = | 11,833 | ÷ | 500,961,951 | |
| Mar 13, 2019 | 3.52 | = | 77.12 | ÷ | 21.88 | 21.88 | = | 11,297 | ÷ | 516,333,213 | |
| Mar 14, 2018 | 3.25 | = | 70.65 | ÷ | 21.73 | 21.73 | = | 11,709 | ÷ | 538,796,010 | |
| Mar 8, 2017 | 2.78 | = | 55.02 | ÷ | 19.82 | 19.82 | = | 10,953 | ÷ | 552,675,341 | |
| Mar 11, 2016 | 3.79 | = | 81.87 | ÷ | 21.60 | 21.60 | = | 12,957 | ÷ | 599,982,121 | |
| Mar 13, 2015 | 3.63 | = | 79.18 | ÷ | 21.81 | 21.81 | = | 13,997 | ÷ | 641,738,798 | |
| Mar 14, 2014 | 2.32 | = | 59.36 | ÷ | 25.63 | 25.63 | = | 16,231 | ÷ | 633,174,692 | |
| Mar 20, 2013 | 2.65 | = | 68.52 | ÷ | 25.82 | 25.82 | = | 16,558 | ÷ | 641,387,165 | |
| Mar 15, 2012 | 2.48 | = | 58.75 | ÷ | 23.67 | 23.67 | = | 15,821 | ÷ | 668,486,970 | |
| Mar 11, 2011 | 2.31 | = | 51.53 | ÷ | 22.35 | 22.35 | = | 15,487 | ÷ | 693,063,352 | |
| Mar 12, 2010 | 2.56 | = | 53.08 | ÷ | 20.76 | 20.76 | = | 15,347 | ÷ | 739,316,518 | |
| Mar 13, 2009 | 1.65 | = | 29.97 | ÷ | 18.22 | 18.22 | = | 13,712 | ÷ | 752,672,699 | |
| Mar 13, 2008 | 2.69 | = | 50.56 | ÷ | 18.83 | 18.83 | = | 15,307 | ÷ | 813,034,094 | |
| Mar 15, 2007 | 3.27 | = | 59.58 | ÷ | 18.21 | 18.21 | = | 15,633 | ÷ | 858,580,232 | |
| Apr 10, 2006 | 3.17 | = | 51.62 | ÷ | 16.31 | 16.31 | = | 14,205 | ÷ | 871,024,965 | |
| Apr 11, 2005 | 3.38 | = | 49.75 | ÷ | 14.71 | 14.71 | = | 13,029 | ÷ | 885,553,006 |
Based on: 10-K (reporting date: 2026-01-31), 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: 2008-02-02), 10-K (reporting date: 2007-02-03), 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 Target Corp. Annual Report.
The price-to-book value (P/BV) ratio for the period between 2005 and 2026 exhibits considerable fluctuation, though a general upward trend is discernible over the latter half of the analyzed timeframe. Initial values indicate a P/BV ratio around 3.2, followed by a significant decline during the 2008-2009 financial crisis. Subsequently, the ratio recovers and demonstrates increased volatility before reaching peaks in the early 2020s, followed by a recent decline.
- Initial Period (2005-2009)
- From 2005 to 2007, the P/BV ratio remained relatively stable, fluctuating between 3.17 and 3.38. A sharp decrease is then observed in 2008 and 2009, falling to 2.69 and 1.65 respectively. This decline coincides with the global financial crisis and suggests a significant decrease in investor confidence and market valuation relative to the company’s book value.
- Recovery and Stabilization (2010-2014)
- Following the crisis, the P/BV ratio experienced a recovery, rising to 2.56 in 2010. The period between 2010 and 2014 demonstrates a moderate level of stability, with the ratio oscillating between 2.32 and 3.63. This suggests a gradual restoration of investor confidence and a more balanced valuation.
- Increased Volatility and Peaks (2015-2022)
- From 2015 onwards, the P/BV ratio exhibits increased volatility. The ratio rises to 3.79 in 2015, then declines before reaching a peak of 7.79 in 2021. This period is characterized by significant market fluctuations and potentially reflects changing investor sentiment and growth expectations. The ratio then decreases to 6.70 in 2022.
- Recent Trends (2023-2026)
- A downward trend is observed from 2022 to 2026. The P/BV ratio declines from 6.70 in 2022 to 3.33 in both 2024 and 2025, and is projected to remain at 3.33 in 2026. This recent decline may indicate a correction in valuation, potentially driven by macroeconomic factors or company-specific performance concerns. The ratio is approaching levels seen in the early part of the analyzed period.
Overall, the P/BV ratio demonstrates sensitivity to broader economic conditions and investor sentiment. While the ratio has generally increased over the long term, recent trends suggest a potential shift in valuation dynamics.
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Comparison to Competitors
Target Corp., P/BV, long-term trends, comparison to competitors
| Target Corp. | Costco Wholesale Corp. | Walmart Inc. | |
|---|---|---|---|
| Mar 11, 2026 | 3.33 | — | 10.13 |
| Mar 12, 2025 | 3.33 | 13.90 | 7.52 |
| Mar 13, 2024 | 5.73 | 17.05 | 5.83 |
| Mar 8, 2023 | 6.70 | 9.99 | 4.90 |
| Mar 9, 2022 | 7.79 | 10.30 | 4.81 |
| Mar 10, 2021 | 6.17 | 11.30 | 4.59 |
| Mar 11, 2020 | 4.47 | 8.76 | 4.32 |
| Mar 13, 2019 | 3.52 | 8.58 | 3.85 |
| Mar 14, 2018 | 3.25 | 7.47 | 3.37 |
| Mar 8, 2017 | 2.78 | 6.39 | 2.81 |
| Mar 11, 2016 | 3.79 | 5.44 | 2.69 |
| Mar 13, 2015 | 3.63 | 6.17 | 3.20 |
| Mar 14, 2014 | 2.32 | 4.42 | 3.22 |
| Mar 20, 2013 | 2.65 | 4.73 | 3.22 |
| Mar 15, 2012 | 2.48 | 3.32 | 2.92 |
| Mar 11, 2011 | 2.31 | 2.95 | 2.67 |
| Mar 12, 2010 | 2.56 | 2.52 | 2.97 |
| Mar 13, 2009 | 1.65 | 2.54 | 3.17 |
| Mar 13, 2008 | 2.69 | 2.71 | 3.22 |
| Mar 15, 2007 | 3.27 | 3.26 | 3.18 |
| Apr 10, 2006 | 3.17 | 2.68 | 3.77 |
| Apr 11, 2005 | 3.38 | 2.66 | 4.29 |
Based on: 10-K (reporting date: 2026-01-31), 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: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Sector (Consumer Staples Distribution & Retail)
Target Corp., P/BV, long-term trends, comparison to sector (consumer staples distribution & retail)
| Target Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Mar 11, 2026 | 3.33 | — |
| Mar 12, 2025 | 3.33 | 8.44 |
| Mar 13, 2024 | 5.73 | 8.01 |
| Mar 8, 2023 | 6.70 | 6.21 |
| Mar 9, 2022 | 7.79 | 6.11 |
| Mar 10, 2021 | 6.17 | 5.83 |
| Mar 11, 2020 | 4.47 | 5.11 |
| Mar 13, 2019 | 3.52 | 4.54 |
| Mar 14, 2018 | 3.25 | 3.87 |
| Mar 8, 2017 | 2.78 | 3.19 |
| Mar 11, 2016 | 3.79 | 3.14 |
| Mar 13, 2015 | 3.63 | 3.55 |
| Mar 14, 2014 | 2.32 | 3.22 |
| Mar 20, 2013 | 2.65 | 3.29 |
| Mar 15, 2012 | 2.48 | 2.90 |
| Mar 11, 2011 | 2.31 | 2.64 |
| Mar 12, 2010 | 2.56 | 2.86 |
| Mar 13, 2009 | 1.65 | 2.86 |
| Mar 13, 2008 | 2.69 | 3.08 |
| Mar 15, 2007 | 3.27 | 3.21 |
| Apr 10, 2006 | 3.17 | 3.52 |
| Apr 11, 2005 | 3.38 | 3.92 |
Based on: 10-K (reporting date: 2026-01-31), 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: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
Comparison to Industry (Consumer Staples)
Target Corp., P/BV, long-term trends, comparison to industry (consumer staples)
| Target Corp. | Consumer Staples | |
|---|---|---|
| Mar 11, 2026 | 3.33 | — |
| Mar 12, 2025 | 3.33 | 9.47 |
| Mar 13, 2024 | 5.73 | 9.43 |
| Mar 8, 2023 | 6.70 | 8.14 |
| Mar 9, 2022 | 7.79 | 8.11 |
| Mar 10, 2021 | 6.17 | 8.15 |
| Mar 11, 2020 | 4.47 | 7.44 |
| Mar 13, 2019 | 3.52 | 7.21 |
| Mar 14, 2018 | 3.25 | 5.76 |
| Mar 8, 2017 | 2.78 | 5.70 |
| Mar 11, 2016 | 3.79 | 5.35 |
| Mar 13, 2015 | 3.63 | 5.06 |
| Mar 14, 2014 | 2.32 | 4.55 |
| Mar 20, 2013 | 2.65 | 4.08 |
| Mar 15, 2012 | 2.48 | 3.89 |
| Mar 11, 2011 | 2.31 | 3.50 |
| Mar 12, 2010 | 2.56 | 3.45 |
| Mar 13, 2009 | 1.65 | 3.38 |
| Mar 13, 2008 | 2.69 | 3.48 |
| Mar 15, 2007 | 3.27 | 3.56 |
| Apr 10, 2006 | 3.17 | 3.66 |
| Apr 11, 2005 | 3.38 | 4.47 |
Based on: 10-K (reporting date: 2026-01-31), 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: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).