Learn · Explainer
Book value per share
Shareholders' equity per share: how it's calculated, what it leaves out, and the figure for each company.
The short answer
Book value is shareholders' equity: total assets minus total liabilities, as recorded on the balance sheet. Divided by the number of shares outstanding, it's book value per share, the accounting value behind each share. Price-to-book compares the share price with it. Apple's equity of $112.1B spread over 14.53B shares works out to $7.71 a share.
The formulas
Book value per share = shareholders' equity ÷ shares outstanding
Price-to-book = share price ÷ book value per share
Equity is on the balance sheet. Use the shares outstanding from the cover page or the equity statement, not the weighted average used for EPS. Companies with preferred stock subtract it first, since it isn't common shareholders' equity.
What book value leaves out
- Assets at old prices. Property and equipment are carried at cost minus depreciation, so land bought decades ago can be worth far more than its book value.
- Brands and know-how a company built itself. Internally developed intangibles mostly aren't on the balance sheet at all. Only acquired ones are, as intangible assets and goodwill.
- Buybacks. Repurchased shares reduce equity at the price paid. A company that buys back a lot of stock can have a book value far below its market value, or below zero.
- Financial firms are the exception. Banks' and insurers' assets are mostly loans and securities carried near market value, which is why book value is used more for them.
Because of these, book value per share describes the balance sheet, not what a share is worth. Return on equity uses the same equity figure.
The book value calculator divides equity by the share count and, with a price you type, works out price-to-book.
Every company
Equity from each balance sheet at the latest fiscal year end; shares from the 10-K cover page, as of a later date. Companies with zero or negative equity are left out. Companies with more than one share class are shown on the cover count they report, so their figures aren't comparable with the rest.
Common questions
How do you calculate book value per share?
Divide shareholders' equity from the balance sheet by the number of common shares outstanding. Subtract any preferred stock from equity first.
What is price-to-book?
The share price divided by book value per share. A figure of 3 means the market values the company at three times its recorded equity.
Why is book value so low at some large companies?
Mostly buybacks, which reduce equity, and valuable assets the balance sheet doesn't record, such as brands and software built in-house.
Can book value be negative?
Yes, when liabilities exceed assets. At profitable large companies it's usually the result of years of buybacks and dividends.
Why is book value used more for banks?
Most of a bank's assets and liabilities are financial instruments carried near market value, so equity is a closer guide to what the balance sheet is worth.
Disclosures
- Editor holdings
- The editor holds shares of Tesla (TSLA) and SpaceX in a long-term retirement account. The editor holds no position in any other company named on this page. As of Nov 11, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn and Tools · Methodology & Disclosures explains where every number comes from.