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Book value and price-to-book calculator
Divide shareholders' equity by shares outstanding, or load both from a covered company's 10-K. Type a share price to see price-to-book.
An illustration, not a valuation. This calculator divides equity by the share count, and a price you enter by that result. It doesn't say whether any price is high, low or fair, and it doesn't predict anything.
The formulas
Book value per share = (shareholders' equity − preferred stock) ÷ shares outstanding
Price-to-book = share price ÷ book value per share
A worked example: Apple
Apple's shareholders' equity at the end of fiscal 2026 was $112.1B. Spread over 14.53B shares outstanding as of Oct 23, 2026, book value is $7.71 a share. At a share price of $100, a round figure used only to show the arithmetic, not a quoted price, price-to-book would be 13.0.
Source: Apple 10-K for fiscal 2026, filed Nov 3, 2026
Reading the result
Book value per share covers what the figure leaves out. Return on equity uses the same equity number, and the market cap calculator uses the same share count.
Common questions
How do you calculate book value per share?
Divide shareholders' equity by the number of common shares outstanding. Subtract any preferred stock from equity first. Apple's equity of $112.1B spread over 14.53B shares works out to $7.71 a share. Source: Apple 10-K for fiscal 2026.
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. Type a share price to see it. It doesn't say whether that price is high, low or fair.
Why is book value so different from the share price at some companies?
The balance sheet records many assets at old costs, and it leaves out brands and know-how a company built itself. Buybacks also reduce equity at the price paid.
Can book value be negative?
Yes, when liabilities exceed assets. The calculator shows n/m for book value per share and price-to-book in that case, because the figures aren't meaningful.
Which share count should I use?
The shares outstanding on the cover of the latest 10-K or 10-Q, not the weighted average used for earnings per share. The presets use the cover-page count, which can be as of a later date than the year-end equity figure.
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 calculator. No affiliate links on this calculator.
- 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.