V P/B: current value, 10-year range and year-by-year history
Cash & Leverage
P/B History
Historically priceyAbove avgAround avgBelow avgHistorically cheap
V P/B by year
Yearly range of V’s p/b from 2016 to 2026. Over the full period it ranged from 5.6 to 21.1, averaging 12.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 14.7 | 17.9 | 21.1 | 20.1 |
| 2025 | 15.9 | 17.7 | 19.4 | 17.5 |
| 2024 | 13.0 | 14.3 | 16.4 | 16.4 |
| 2023 | 11.8 | 12.8 | 14.0 | 13.9 |
| 2022 | 10.6 | 12.3 | 14.0 | 12.4 |
| 2021 | 11.0 | 12.9 | 14.5 | 12.9 |
| 2020 | 8.6 | 12.2 | 13.5 | 12.8 |
| 2019 | 8.6 | 11.0 | 12.3 | 11.9 |
| 2018 | 8.0 | 9.2 | 10.5 | 8.9 |
| 2017 | 6.1 | 7.3 | 8.3 | 8.2 |
| 2016 | 5.6 | 5.9 | 6.2 | 5.8 |
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How much the market pays relative to the company's accounting net worth (assets minus liabilities). P/B < 1 means the market values the company below what the books say it owns.
Formula
Price / Book Value Per ShareHow to read this chart
Most useful for asset-heavy businesses: banks, insurers, REITs. A P/B near its historical low suggests the market is paying unusually little for the net assets.
Key caveats
- Goodwill and intangibles from acquisitions can inflate book value significantly — some analysts prefer tangible book value.
- Low P/B in technology or software companies is usually irrelevant: their value is in IP and people, not balance sheet assets.
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