Price-to-Book Ratio (P/B)

The Price-to-Book (P/B) ratio compares a stock's market price to its book value per share (assets minus liabilities on the balance sheet). It is a relative stock valuation metric favored by Graham-style value investors.

公式

範例

A bank stock trading at $45 with a book value per share of $30 has a P/B of 1.5x. Historically, stocks trading below 1x book value have attracted deep-value investors, though book value is less meaningful for asset-light technology companies in stock valuation.

為什麼重要

P/B is particularly relevant in stock valuation for financial companies, real estate, and asset-heavy industries where tangible assets dominate. It complements DCF analysis as a sanity check — a very low P/B may signal undervaluation or distress.

MiniValuator 如何使用 Price-to-Book Ratio (P/B)

While MiniValuator primarily uses DCF for stock valuation, P/B is referenced as a relative benchmark alongside other multiples to provide context for the DCF-derived intrinsic value.

實戰應用

• PE 模型如何評估合理價值
• Financial Services 板塊合理價值分析
• Energy 板塊合理價值分析

相關術語

• Intrinsic Value — Intrinsic value is the estimated true worth of an asset based on its fundamental economic characteri...
• Enterprise Value (EV) — Enterprise Value (EV) represents the total value of a company to all capital providers (equity holde...
• Discounted Cash Flow (DCF) — Discounted Cash Flow (DCF) is a fundamental stock valuation methodology that estimates the present v...
• Book Value — Book value is the net asset value of a company as recorded on its balance sheet — total assets minus...

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