Book Value (BVPS) Calculator
From total assets, total liabilities and shares, compute shareholders' equity and book value per share (BVPS).
輸入資料
計算結果
重點速覽：Shareholders' equity = total assets - total liabilities. BVPS = equity / shares. PB (price-to-book) = price / BVPS; PB < 1 means the price is below net asset value. Example: assets HK$5bn, liabilities HK$3bn, shares 1bn → equity HK$2bn, BVPS HK$2.00. Book value suits asset-heavy firms (banks, insurers, property); for light-asset firms PE/PS matter more. WARNING: Book value is at historical cost, not market value; PB < 1 may reflect expected impairment, not a bargain.
計算公式
權益 = 資產 − 負債。
BVPS = 權益 / 股數。
PB = 股價 / BVPS。
使用說明
- Enter total assets and total liabilities.
- Enter shares outstanding.
- View equity and BVPS.
理財情境案例
資產 50 億、負債 30 億、股數 10 億
權益 = 20 億。
BVPS = 20 億/10 億 = 2.00。
常見問題
Is book value the realisable value of a company?
Not necessarily. Accounting book value uses historical cost and depreciation, which may not reflect fair market value (especially property and goodwill). PB < 1 is not automatically cheap — check asset quality.
Which industries is PB useful for?
Asset-intensive ones: banks, insurers, property, heavy industry. Light-asset tech or services carry few book assets, so PB is less meaningful — use PE or PS.
Is PB < 1 always a bargain?
Not always. It may signal the market expects asset impairment (bad debts, lower property prices) or weak earnings. Confirm assets are truly realisable and free of hidden losses.
Do treasury shares affect it?
Yes. Un-cancelled treasury shares still counted in shares dilute BVPS; cancelled shares reduce the count and raise BVPS. Use shares actually outstanding.
How does it relate to market cap and PE?
Market cap = price x shares; ROE = EPS / BVPS. PB links with ROE and PE: high-ROE firms often command high PB. Judge valuation with all three together.
Are intangibles counted as assets?
Yes (goodwill, patents in total assets). But goodwill has high impairment risk; for a more conservative view use tangible book value (excluding goodwill/intangibles).
相關工具
參考資料
內容審核：香港計算器科學團隊。權益與 BVPS 公式驗證。