Price to Book Value (P/BV)
since 2005
Calculation
Alphabet Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 5, 2026 | 9.65 | = | 331.33 | ÷ | 34.33 | 34.33 | = | 415,265 | ÷ | 12,097,000,000 | |
| Feb 5, 2025 | 7.25 | = | 193.30 | ÷ | 26.67 | 26.67 | = | 325,084 | ÷ | 12,190,000,000 | |
| Jan 31, 2024 | 6.22 | = | 141.80 | ÷ | 22.79 | 22.79 | = | 283,379 | ÷ | 12,433,000,000 | |
| Feb 3, 2023 | 5.26 | = | 105.22 | ÷ | 20.00 | 20.00 | = | 256,144 | ÷ | 12,807,000,000 | |
| Feb 2, 2022 | 7.78 | = | 148.04 | ÷ | 19.04 | 19.04 | = | 251,635 | ÷ | 13,219,426,420 | |
| Feb 3, 2021 | 6.27 | = | 103.50 | ÷ | 16.51 | 16.51 | = | 222,544 | ÷ | 13,482,733,300 | |
| Feb 4, 2020 | 4.94 | = | 72.35 | ÷ | 14.65 | 14.65 | = | 201,442 | ÷ | 13,745,721,800 | |
| Feb 5, 2019 | 4.49 | = | 57.30 | ÷ | 12.78 | 12.78 | = | 177,628 | ÷ | 13,903,727,920 | |
| Feb 6, 2018 | 4.93 | = | 54.03 | ÷ | 10.97 | 10.97 | = | 152,502 | ÷ | 13,905,950,600 | |
| Feb 3, 2017 | 3.99 | = | 40.07 | ÷ | 10.05 | 10.05 | = | 139,036 | ÷ | 13,828,406,540 | |
| Feb 11, 2016 | 3.91 | = | 34.16 | ÷ | 8.74 | 8.74 | = | 120,331 | ÷ | 13,766,395,340 | |
| Feb 9, 2015 | 3.44 | = | 26.39 | ÷ | 7.68 | 7.68 | = | 104,500 | ÷ | 13,612,455,640 | |
| Feb 12, 2014 | 4.57 | = | 29.67 | ÷ | 6.50 | 6.50 | = | 87,309 | ÷ | 13,442,033,240 | |
| Jan 29, 2013 | 3.46 | = | 18.84 | ÷ | 5.44 | 5.44 | = | 71,715 | ÷ | 13,186,528,480 | |
| Jan 26, 2012 | 3.18 | = | 14.20 | ÷ | 4.47 | 4.47 | = | 58,145 | ÷ | 13,005,453,200 | |
| Feb 11, 2011 | 4.34 | = | 15.61 | ÷ | 3.60 | 3.60 | = | 46,241 | ÷ | 12,860,884,200 | |
| Feb 12, 2010 | 4.71 | = | 13.33 | ÷ | 2.83 | 2.83 | = | 36,004 | ÷ | 12,719,171,640 | |
| Feb 13, 2009 | 3.99 | = | 8.94 | ÷ | 2.24 | 2.24 | = | 28,239 | ÷ | 12,611,748,280 | |
| Feb 15, 2008 | 7.31 | = | 13.24 | ÷ | 1.81 | 1.81 | = | 22,690 | ÷ | 12,535,155,520 | |
| Mar 1, 2007 | 8.18 | = | 11.21 | ÷ | 1.37 | 1.37 | = | 17,040 | ÷ | 12,438,287,920 | |
| Mar 16, 2006 | 10.69 | = | 8.47 | ÷ | 0.79 | 0.79 | = | 9,419 | ÷ | 11,889,489,000 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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 Alphabet Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibits considerable fluctuation over the observed period, spanning from 2006 to 2026. Initially, the ratio demonstrates a decline from 10.69 to 3.99, followed by a period of relative stability and then a renewed upward trend. A detailed examination reveals distinct phases in the ratio’s behavior.
- Initial Decline (2006-2009)
- From 2006 to 2009, the P/BV ratio decreased significantly, falling from 10.69 to 3.99. This decline coincided with a period of economic uncertainty, particularly the financial crisis of 2008-2009, which likely impacted market valuations. While the share price decreased, the book value per share (BVPS) increased consistently, contributing to the ratio’s reduction.
- Stabilization and Moderate Increase (2009-2015)
- Following the substantial decline, the P/BV ratio entered a phase of stabilization, fluctuating between approximately 3.44 and 4.93 from 2009 to 2015. BVPS continued its upward trajectory, while the share price experienced more volatility. This period suggests a more balanced valuation relative to the company’s net asset value.
- Renewed Upward Trend (2015-2026)
- From 2015 onwards, the P/BV ratio generally increased, reaching 9.65 by 2026. This increase was driven by a more rapid growth in the share price compared to the growth in BVPS. The ratio experienced a peak at 7.78 in 2022 before decreasing to 6.22 in 2023, then increasing again to 9.65 in 2026. This suggests increasing investor confidence and a willingness to pay a premium for the company’s net assets.
Overall, the P/BV ratio’s trajectory reflects changing market conditions and investor sentiment. The initial decline indicates a period of risk aversion, while the subsequent stabilization and increase suggest growing optimism and a higher valuation of the company’s underlying assets. The recent fluctuations demonstrate the sensitivity of the ratio to market dynamics and company performance.
- Book Value Per Share (BVPS) Trend
- Throughout the entire period, BVPS consistently increased, rising from 0.79 in 2006 to 34.33 in 2026. This consistent growth indicates a strengthening of the company’s net asset base over time. The rate of increase in BVPS was relatively steady, although it accelerated in the later years of the observed period.
- Share Price Trend
- The share price also generally increased over the period, but with greater volatility than BVPS. The price experienced a significant drop in 2009, mirroring the overall market downturn. After 2009, the share price demonstrated substantial growth, particularly between 2020 and 2025, contributing to the observed increases in the P/BV ratio.
Comparison to Competitors
Alphabet Inc., P/BV, long-term trends, comparison to competitors
| Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Trade Desk Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Feb 5, 2026 | 9.65 | 1.10 | 8.60 | 13.66 | — | 1.75 |
| Feb 5, 2025 | 7.25 | 1.49 | 9.53 | 16.80 | 12.12 | 1.96 |
| Jan 31, 2024 | 6.22 | 2.24 | 7.91 | 11.99 | 17.10 | 1.74 |
| Feb 3, 2023 | 5.26 | 2.08 | 3.89 | 7.82 | 15.38 | 1.82 |
| Feb 2, 2022 | 7.78 | 2.36 | 5.18 | 10.83 | 25.68 | 3.11 |
| Feb 3, 2021 | 6.27 | 2.61 | 5.88 | 21.56 | 42.25 | 3.23 |
| Feb 4, 2020 | 4.94 | 2.43 | 5.91 | 19.86 | 21.38 | 2.98 |
| Feb 5, 2019 | 4.49 | 2.31 | 5.65 | 27.41 | 22.08 | 3.45 |
| Feb 6, 2018 | 4.93 | 2.88 | 7.54 | 34.48 | 9.59 | 3.76 |
| Feb 3, 2017 | 3.99 | 3.31 | 6.39 | 22.89 | 7.96 | 3.61 |
| Feb 11, 2016 | 3.91 | 2.78 | 7.02 | 18.18 | — | 4.41 |
| Feb 9, 2015 | 3.44 | 2.86 | 6.05 | 14.45 | — | 3.39 |
| Feb 12, 2014 | 4.57 | 2.84 | 10.31 | 18.15 | — | 2.68 |
| Jan 29, 2013 | 3.46 | 2.14 | 6.02 | 12.37 | — | 2.17 |
| Jan 26, 2012 | 3.18 | 1.71 | — | 10.68 | — | 1.61 |
| Feb 11, 2011 | 4.34 | 1.58 | — | 42.87 | — | 1.86 |
| Feb 12, 2010 | 4.71 | 1.07 | — | 17.50 | — | 1.70 |
| Feb 13, 2009 | 3.99 | 0.91 | — | 6.03 | — | 1.07 |
| Feb 15, 2008 | 7.31 | 1.47 | — | 4.47 | — | 1.95 |
| Mar 1, 2007 | 8.18 | 2.01 | — | 3.72 | — | 2.14 |
| Mar 16, 2006 | 10.69 | 1.41 | — | 6.17 | — | 1.88 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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 (Media & Entertainment)
Alphabet Inc., P/BV, long-term trends, comparison to sector (media & entertainment)
| Alphabet Inc. | Media & Entertainment | |
|---|---|---|
| Feb 5, 2026 | 9.65 | — |
| Feb 5, 2025 | 7.25 | 6.75 |
| Jan 31, 2024 | 6.22 | 5.64 |
| Feb 3, 2023 | 5.26 | 4.09 |
| Feb 2, 2022 | 7.78 | 5.73 |
| Feb 3, 2021 | 6.27 | 5.47 |
| Feb 4, 2020 | 4.94 | 4.61 |
| Feb 5, 2019 | 4.49 | 4.53 |
| Feb 6, 2018 | 4.93 | 5.26 |
| Feb 3, 2017 | 3.99 | 4.46 |
| Feb 11, 2016 | 3.91 | 4.41 |
| Feb 9, 2015 | 3.44 | 3.78 |
| Feb 12, 2014 | 4.57 | 4.24 |
| Jan 29, 2013 | 3.46 | 3.00 |
| Jan 26, 2012 | 3.18 | 2.32 |
| Feb 11, 2011 | 4.34 | 2.75 |
| Feb 12, 2010 | 4.71 | 2.45 |
| Feb 13, 2009 | 3.99 | 1.84 |
| Feb 15, 2008 | 7.31 | 3.03 |
| Mar 1, 2007 | 8.18 | 3.23 |
| Mar 16, 2006 | 10.69 | 2.74 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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 (Communication Services)
Alphabet Inc., P/BV, long-term trends, comparison to industry (communication services)
| Alphabet Inc. | Communication Services | |
|---|---|---|
| Feb 5, 2026 | 9.65 | — |
| Feb 5, 2025 | 7.25 | 5.56 |
| Jan 31, 2024 | 6.22 | 4.54 |
| Feb 3, 2023 | 5.26 | 3.41 |
| Feb 2, 2022 | 7.78 | 4.32 |
| Feb 3, 2021 | 6.27 | 4.24 |
| Feb 4, 2020 | 4.94 | 3.71 |
| Feb 5, 2019 | 4.49 | 3.49 |
| Feb 6, 2018 | 4.93 | 4.14 |
| Feb 3, 2017 | 3.99 | 3.98 |
| Feb 11, 2016 | 3.91 | 3.88 |
| Feb 9, 2015 | 3.44 | 3.70 |
| Feb 12, 2014 | 4.57 | 3.60 |
| Jan 29, 2013 | 3.46 | 2.84 |
| Jan 26, 2012 | 3.18 | 2.18 |
| Feb 11, 2011 | 4.34 | 2.24 |
| Feb 12, 2010 | 4.71 | 1.97 |
| Feb 13, 2009 | 3.99 | 1.70 |
| Feb 15, 2008 | 7.31 | 2.33 |
| Mar 1, 2007 | 8.18 | 2.49 |
| Mar 16, 2006 | 10.69 | 2.45 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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).