Price to Book Value (P/BV)
since 2005
Calculation
Amazon.com 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 6, 2026 | 5.49 | = | 210.32 | ÷ | 38.29 | 38.29 | = | 411,065 | ÷ | 10,734,920,870 | |
| Feb 7, 2025 | 8.49 | = | 229.15 | ÷ | 26.98 | 26.98 | = | 285,970 | ÷ | 10,597,729,352 | |
| Feb 2, 2024 | 8.84 | = | 171.81 | ÷ | 19.43 | 19.43 | = | 201,875 | ÷ | 10,387,381,291 | |
| Feb 3, 2023 | 7.25 | = | 103.39 | ÷ | 14.25 | 14.25 | = | 146,043 | ÷ | 10,247,259,757 | |
| Feb 4, 2022 | 11.60 | = | 157.64 | ÷ | 13.58 | 13.58 | = | 138,245 | ÷ | 10,176,888,200 | |
| Feb 3, 2021 | 17.86 | = | 165.63 | ÷ | 9.27 | 9.27 | = | 93,404 | ÷ | 10,071,294,860 | |
| Jan 31, 2020 | 16.11 | = | 100.44 | ÷ | 6.23 | 6.23 | = | 62,060 | ÷ | 9,956,208,880 | |
| Feb 1, 2019 | 18.34 | = | 81.31 | ÷ | 4.43 | 4.43 | = | 43,549 | ÷ | 9,824,057,800 | |
| Feb 2, 2018 | 24.98 | = | 71.50 | ÷ | 2.86 | 2.86 | = | 27,709 | ÷ | 9,682,143,660 | |
| Feb 10, 2017 | 20.47 | = | 41.37 | ÷ | 2.02 | 2.02 | = | 19,285 | ÷ | 9,543,412,360 | |
| Jan 29, 2016 | 20.65 | = | 29.35 | ÷ | 1.42 | 1.42 | = | 13,384 | ÷ | 9,416,840,700 | |
| Jan 30, 2015 | 15.33 | = | 17.73 | ÷ | 1.16 | 1.16 | = | 10,741 | ÷ | 9,287,678,780 | |
| Jan 31, 2014 | 16.90 | = | 17.93 | ÷ | 1.06 | 1.06 | = | 9,746 | ÷ | 9,185,290,700 | |
| Jan 30, 2013 | 15.14 | = | 13.64 | ÷ | 0.90 | 0.90 | = | 8,192 | ÷ | 9,091,021,380 | |
| Feb 1, 2012 | 10.52 | = | 8.97 | ÷ | 0.85 | 0.85 | = | 7,757 | ÷ | 9,101,369,300 | |
| Jan 28, 2011 | 11.25 | = | 8.56 | ÷ | 0.76 | 0.76 | = | 6,864 | ÷ | 9,020,075,180 | |
| Jan 29, 2010 | 10.60 | = | 6.27 | ÷ | 0.59 | 0.59 | = | 5,257 | ÷ | 8,890,928,840 | |
| Jan 30, 2009 | 9.43 | = | 2.94 | ÷ | 0.31 | 0.31 | = | 2,672 | ÷ | 8,571,662,700 | |
| Feb 11, 2008 | 26.19 | = | 3.76 | ÷ | 0.14 | 0.14 | = | 1,197 | ÷ | 8,336,353,800 | |
| Feb 16, 2007 | 38.87 | = | 2.02 | ÷ | 0.05 | 0.05 | = | 431 | ÷ | 8,293,573,760 | |
| Feb 17, 2006 | 66.44 | = | 1.96 | ÷ | 0.03 | 0.03 | = | 246 | ÷ | 8,338,455,720 |
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 Amazon.com 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 significant decline, followed by a period of relative stability, and then renewed volatility. A general observation is that the P/BV ratio tends to be higher during periods of rapid growth in share price relative to book value per share.
- Initial Decline (2006-2009)
- From 2006 to 2009, the P/BV ratio experienced a substantial decrease, moving from 66.44 to 9.43. This decline coincided with a period where the share price initially increased, then experienced a significant drop, while book value per share steadily increased. The most dramatic decrease occurred between 2007 and 2008, and again between 2008 and 2009.
- Period of Stabilization (2009-2012)
- Following the sharp decline, the P/BV ratio entered a period of relative stabilization, fluctuating between approximately 10.52 and 15.14 from 2009 to 2012. Both share price and book value per share exhibited more moderate growth during this timeframe, contributing to the more consistent ratio values.
- Increased Volatility (2012-2015)
- From 2012 onwards, the P/BV ratio demonstrated increased volatility. It rose from 15.14 in 2013 to 20.65 in 2016, reflecting a faster increase in share price compared to book value per share. This period suggests growing investor confidence and expectations for future earnings.
- Recent Trends (2016-2026)
- The period from 2016 to 2026 shows a fluctuating P/BV ratio. A peak of 24.98 was observed in 2018, followed by a decrease to 16.11 in 2020. Subsequently, the ratio increased to 17.86 in 2021 before declining significantly to 7.25 in 2022. The ratio then recovered to 8.84 in 2023, and continued to 8.49 in 2024, before a further decline to 5.49 in 2026. This recent volatility suggests a dynamic market perception of the company’s value relative to its net asset value.
- Book Value per Share Growth
- Throughout the entire period, book value per share consistently increased, albeit at varying rates. The growth rate accelerated in the later years, moving from 0.03 in 2006 to 38.29 in 2026. This consistent growth in book value provides a foundation for understanding the fluctuations in the P/BV ratio.
In conclusion, the P/BV ratio demonstrates a complex pattern influenced by both share price movements and the underlying growth of book value per share. The observed fluctuations suggest that market sentiment and investor expectations play a significant role in the valuation of the company.
Comparison to Competitors
Amazon.com Inc., P/BV, long-term trends, comparison to competitors
| Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|
| Feb 6, 2026 | 5.49 | 52.57 | — | 16.63 |
| Feb 7, 2025 | 8.49 | 359.76 | — | 15.09 |
| Feb 2, 2024 | 8.84 | 187.12 | — | 13.86 |
| Feb 3, 2023 | 7.25 | — | — | 12.14 |
| Feb 4, 2022 | 11.60 | 95.58 | 90.79 | 13.68 |
| Feb 3, 2021 | 17.86 | — | 25.96 | 9.42 |
| Jan 31, 2020 | 16.11 | — | 24.01 | 12.79 |
| Feb 1, 2019 | 18.34 | 139.52 | 11.89 | 10.23 |
| Feb 2, 2018 | 24.98 | 41.08 | 10.87 | 11.27 |
| Feb 10, 2017 | 20.47 | 25.88 | 8.87 | 12.09 |
| Jan 29, 2016 | 20.65 | 15.76 | 7.10 | 11.23 |
| Jan 30, 2015 | 15.33 | 8.68 | 4.20 | 10.18 |
| Jan 31, 2014 | 16.90 | 5.83 | 2.99 | 9.36 |
| Jan 30, 2013 | 15.14 | 4.23 | 2.28 | 9.20 |
| Feb 1, 2012 | 10.52 | 3.21 | 1.96 | 6.30 |
| Jan 28, 2011 | 11.25 | 2.85 | 1.84 | 6.12 |
| Jan 29, 2010 | 10.60 | 2.36 | 1.49 | 4.96 |
| Jan 30, 2009 | 9.43 | 2.79 | 2.22 | 6.74 |
| Feb 11, 2008 | 26.19 | 2.90 | 3.04 | 5.25 |
| Feb 16, 2007 | 38.87 | 3.38 | 3.54 | 6.17 |
| Feb 17, 2006 | 66.44 | 3.37 | 3.61 | 7.15 |
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 (Consumer Discretionary Distribution & Retail)
Amazon.com Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Amazon.com Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 6, 2026 | 5.49 | — |
| Feb 7, 2025 | 8.49 | 10.96 |
| Feb 2, 2024 | 8.84 | 11.65 |
| Feb 3, 2023 | 7.25 | 11.07 |
| Feb 4, 2022 | 11.60 | 14.31 |
| Feb 3, 2021 | 17.86 | 20.07 |
| Jan 31, 2020 | 16.11 | 19.77 |
| Feb 1, 2019 | 18.34 | 20.07 |
| Feb 2, 2018 | 24.98 | 23.06 |
| Feb 10, 2017 | 20.47 | 18.06 |
| Jan 29, 2016 | 20.65 | 14.67 |
| Jan 30, 2015 | 15.33 | 9.31 |
| Jan 31, 2014 | 16.90 | 7.64 |
| Jan 30, 2013 | 15.14 | 5.82 |
| Feb 1, 2012 | 10.52 | 4.12 |
| Jan 28, 2011 | 11.25 | 3.84 |
| Jan 29, 2010 | 10.60 | 3.13 |
| Jan 30, 2009 | 9.43 | 3.23 |
| Feb 11, 2008 | 26.19 | 3.70 |
| Feb 16, 2007 | 38.87 | 3.90 |
| Feb 17, 2006 | 66.44 | 4.03 |
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 (Consumer Discretionary)
Amazon.com Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Amazon.com Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 6, 2026 | 5.49 | — |
| Feb 7, 2025 | 8.49 | 31.67 |
| Feb 2, 2024 | 8.84 | 10.06 |
| Feb 3, 2023 | 7.25 | 9.41 |
| Feb 4, 2022 | 11.60 | 13.21 |
| Feb 3, 2021 | 17.86 | 17.99 |
| Jan 31, 2020 | 16.11 | 13.59 |
| Feb 1, 2019 | 18.34 | 11.35 |
| Feb 2, 2018 | 24.98 | 10.74 |
| Feb 10, 2017 | 20.47 | 8.39 |
| Jan 29, 2016 | 20.65 | 7.17 |
| Jan 30, 2015 | 15.33 | 5.83 |
| Jan 31, 2014 | 16.90 | 5.12 |
| Jan 30, 2013 | 15.14 | 4.39 |
| Feb 1, 2012 | 10.52 | 3.84 |
| Jan 28, 2011 | 11.25 | 4.04 |
| Jan 29, 2010 | 10.60 | 4.73 |
| Jan 30, 2009 | 9.43 | 4.98 |
| Feb 11, 2008 | 26.19 | 3.91 |
| Feb 16, 2007 | 38.87 | 4.50 |
| Feb 17, 2006 | 66.44 | 3.49 |
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).