Price to Book Value (P/BV)
since 2005
Calculation
Williams-Sonoma Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 20, 2024 | 8.89 | = | 295.05 | ÷ | 33.19 | 33.19 | = | 2,127,861 | ÷ | 64,112,265 | |
| Mar 24, 2023 | 4.58 | = | 117.70 | ÷ | 25.68 | 25.68 | = | 1,701,051 | ÷ | 66,228,239 | |
| Mar 28, 2022 | 6.39 | = | 148.55 | ÷ | 23.26 | 23.26 | = | 1,664,207 | ÷ | 71,558,874 | |
| Mar 30, 2021 | 8.49 | = | 184.00 | ÷ | 21.67 | 21.67 | = | 1,651,185 | ÷ | 76,192,973 | |
| Mar 27, 2020 | 2.63 | = | 42.05 | ÷ | 16.01 | 16.01 | = | 1,235,860 | ÷ | 77,197,681 | |
| Apr 4, 2019 | 4.04 | = | 59.36 | ÷ | 14.71 | 14.71 | = | 1,155,714 | ÷ | 78,563,968 | |
| Mar 29, 2018 | 3.65 | = | 52.76 | ÷ | 14.45 | 14.45 | = | 1,203,566 | ÷ | 83,310,319 | |
| Mar 30, 2017 | 3.65 | = | 52.43 | ÷ | 14.37 | 14.37 | = | 1,248,220 | ÷ | 86,840,278 | |
| Mar 31, 2016 | 4.07 | = | 54.74 | ÷ | 13.44 | 13.44 | = | 1,198,226 | ÷ | 89,158,790 | |
| Apr 2, 2015 | 5.96 | = | 79.61 | ÷ | 13.36 | 13.36 | = | 1,224,706 | ÷ | 91,642,370 | |
| Apr 3, 2014 | 4.97 | = | 66.36 | ÷ | 13.34 | 13.34 | = | 1,256,002 | ÷ | 94,125,832 | |
| Apr 4, 2013 | 3.78 | = | 50.69 | ÷ | 13.40 | 13.40 | = | 1,309,138 | ÷ | 97,696,301 | |
| Mar 29, 2012 | 2.99 | = | 37.75 | ÷ | 12.61 | 12.61 | = | 1,255,262 | ÷ | 99,584,007 | |
| Mar 31, 2011 | 3.38 | = | 40.50 | ÷ | 11.99 | 11.99 | = | 1,258,863 | ÷ | 104,980,876 | |
| Apr 1, 2010 | 2.40 | = | 27.04 | ÷ | 11.28 | 11.28 | = | 1,211,595 | ÷ | 107,452,150 | |
| Apr 2, 2009 | 1.01 | = | 11.00 | ÷ | 10.86 | 10.86 | = | 1,147,984 | ÷ | 105,684,660 | |
| Apr 3, 2008 | 2.38 | = | 26.38 | ÷ | 11.07 | 11.07 | = | 1,165,723 | ÷ | 105,351,910 | |
| Mar 29, 2007 | 3.30 | = | 34.63 | ÷ | 10.48 | 10.48 | = | 1,151,431 | ÷ | 109,881,292 | |
| Apr 7, 2006 | 4.36 | = | 42.74 | ÷ | 9.79 | 9.79 | = | 1,125,318 | ÷ | 114,893,520 | |
| Apr 15, 2005 | 4.06 | = | 33.66 | ÷ | 8.30 | 8.30 | = | 957,662 | ÷ | 115,426,679 |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Williams-Sonoma Inc. Annual Report.
The analysis of Price to Book Value (P/BV) from 2005 to 2024 reveals a dynamic relationship between market valuation and the company's underlying book value. While the Book Value per Share (BVPS) has demonstrated a consistent and sustained upward trajectory, the P/BV ratio has exhibited significant volatility, reflecting shifting market sentiment and macroeconomic influences.
- Intrinsic Value Growth
- The Book Value per Share grew steadily from 8.30 USD in 2005 to 33.19 USD in 2024. This consistent increase indicates a long-term accumulation of net assets and a strengthening of the company's balance sheet over the twenty-year period.
- Historical Valuation Troughs
- Two distinct periods of valuation contraction are evident. The most significant decline occurred between 2008 and 2009, where the P/BV ratio dropped from 2.38 to a period low of 1.01, indicating that the market price nearly converged with the book value. A subsequent short-term contraction is observed in 2020, with the ratio falling to 2.63.
- Mid-Term Recovery and Stabilization
- Between 2010 and 2019, the P/BV ratio experienced a recovery phase, peaking at 5.96 in 2015 before stabilizing in a range between 3.65 and 4.04 from 2017 to 2019. This period suggests a normalization of market expectations relative to the company's asset base.
- Recent Valuation Expansion
- A sharp escalation in valuation is observed starting in 2021, with the P/BV ratio surging to 8.49. Despite a correction to 4.58 by 2023, the ratio reached a historical peak of 8.89 in March 2024. This indicates a substantial market re-rating, where the share price has expanded significantly faster than the growth of the book value.
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Comparison to Competitors
Williams-Sonoma Inc., P/BV, long-term trends, comparison to competitors
| Williams-Sonoma Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Mar 20, 2024 | 8.89 | 8.49 | 359.76 | — | 15.09 |
| Mar 24, 2023 | 4.58 | 8.84 | 187.12 | — | 13.86 |
| Mar 28, 2022 | 6.39 | 7.25 | — | — | 12.14 |
| Mar 30, 2021 | 8.49 | 11.60 | 95.58 | 90.79 | 13.68 |
| Mar 27, 2020 | 2.63 | 17.86 | — | 25.96 | 9.42 |
| Apr 4, 2019 | 4.04 | 16.11 | — | 24.01 | 12.79 |
| Mar 29, 2018 | 3.65 | 18.34 | 139.52 | 11.89 | 10.23 |
| Mar 30, 2017 | 3.65 | 24.98 | 41.08 | 10.87 | 11.27 |
| Mar 31, 2016 | 4.07 | 20.47 | 25.88 | 8.87 | 12.09 |
| Apr 2, 2015 | 5.96 | 20.65 | 15.76 | 7.10 | 11.23 |
| Apr 3, 2014 | 4.97 | 15.33 | 8.68 | 4.20 | 10.18 |
| Apr 4, 2013 | 3.78 | 16.90 | 5.83 | 2.99 | 9.36 |
| Mar 29, 2012 | 2.99 | 15.14 | 4.23 | 2.28 | 9.20 |
| Mar 31, 2011 | 3.38 | 10.52 | 3.21 | 1.96 | 6.30 |
| Apr 1, 2010 | 2.40 | 11.25 | 2.85 | 1.84 | 6.12 |
| Apr 2, 2009 | 1.01 | 10.60 | 2.36 | 1.49 | 4.96 |
| Apr 3, 2008 | 2.38 | 9.43 | 2.79 | 2.22 | 6.74 |
| Mar 29, 2007 | 3.30 | 26.19 | 2.90 | 3.04 | 5.25 |
| Apr 7, 2006 | 4.36 | 38.87 | 3.38 | 3.54 | 6.17 |
| Apr 15, 2005 | 4.06 | 66.44 | 3.37 | 3.61 | 7.15 |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Williams-Sonoma Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Williams-Sonoma Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Mar 20, 2024 | 8.89 | 10.96 |
| Mar 24, 2023 | 4.58 | 11.65 |
| Mar 28, 2022 | 6.39 | 11.07 |
| Mar 30, 2021 | 8.49 | 14.31 |
| Mar 27, 2020 | 2.63 | 20.07 |
| Apr 4, 2019 | 4.04 | 19.77 |
| Mar 29, 2018 | 3.65 | 20.07 |
| Mar 30, 2017 | 3.65 | 23.06 |
| Mar 31, 2016 | 4.07 | 18.06 |
| Apr 2, 2015 | 5.96 | 14.67 |
| Apr 3, 2014 | 4.97 | 9.31 |
| Apr 4, 2013 | 3.78 | 7.64 |
| Mar 29, 2012 | 2.99 | 5.82 |
| Mar 31, 2011 | 3.38 | 4.12 |
| Apr 1, 2010 | 2.40 | 3.84 |
| Apr 2, 2009 | 1.01 | 3.13 |
| Apr 3, 2008 | 2.38 | 3.23 |
| Mar 29, 2007 | 3.30 | 3.70 |
| Apr 7, 2006 | 4.36 | 3.90 |
| Apr 15, 2005 | 4.06 | 4.03 |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
Comparison to Industry (Consumer Discretionary)
Williams-Sonoma Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Williams-Sonoma Inc. | Consumer Discretionary | |
|---|---|---|
| Mar 20, 2024 | 8.89 | 11.08 |
| Mar 24, 2023 | 4.58 | 10.06 |
| Mar 28, 2022 | 6.39 | 9.41 |
| Mar 30, 2021 | 8.49 | 13.21 |
| Mar 27, 2020 | 2.63 | 17.99 |
| Apr 4, 2019 | 4.04 | 13.59 |
| Mar 29, 2018 | 3.65 | 11.35 |
| Mar 30, 2017 | 3.65 | 10.74 |
| Mar 31, 2016 | 4.07 | 8.39 |
| Apr 2, 2015 | 5.96 | 7.17 |
| Apr 3, 2014 | 4.97 | 5.83 |
| Apr 4, 2013 | 3.78 | 5.12 |
| Mar 29, 2012 | 2.99 | 4.39 |
| Mar 31, 2011 | 3.38 | 3.84 |
| Apr 1, 2010 | 2.40 | 4.04 |
| Apr 2, 2009 | 1.01 | 4.72 |
| Apr 3, 2008 | 2.38 | 4.98 |
| Mar 29, 2007 | 3.30 | 3.91 |
| Apr 7, 2006 | 4.36 | 4.50 |
| Apr 15, 2005 | 4.06 | 3.49 |
Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).