The price to tangible book value (PTBV) is a valuation ratio expressing the price of a security compared to its hard, or tangible, book value as reported in the company’s balance sheet. The tangible book value number is equal to the company’s total book value less than the value of any intangible assets. Intangible assets can be such items as patents, intellectual property, goodwill, etc. The ratio is calculated as:
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