Price to book: how much of this market is cheap on book
A quarter of the 4,451 US companies with filed statements and a price to book are priced at or under 0.90x book value. The middle of that market sits at 1.83x.
Book value is an accounting total, not an appraisal. It carries the assets at what the rules say rather than at what they would fetch, which is the whole argument of this discipline and the whole risk in it. Nothing below names a company.
The price to book ladder, tonight
- Lowest twentieth (5th percentile)
- 0.17x
- Lowest tenth (10th percentile)
- 0.38x
- Lower quarter (25th percentile)
- 0.90x
- Median (50th percentile)
- 1.83x
- Upper quarter (75th percentile)
- 4.08x
- Companies in the cohortOne row per company, drawn only from companies whose filed statements are on record.
- 4,451
Notes on this count
Clamped to the observed values at p1 and p99 before the breakpoints were computed. Values are clamped, never dropped, so the cohort size is the cohort that produced the breakpoints. The cohort excludes exact zeros as coerced missing data, so a company whose book value we could not read is absent rather than sitting at the bottom of the ladder.
GET /api/public/distribution/pb. Cohort built Oct 15, 2026.
Under book value, small against large
- Under three hundred million53% of the companies in that band that publish a price to book.
- 648 of 1,223
- Ten billion and above4% of the companies in that band that publish a price to book.
- 33 of 824
Notes on this count
Each count is out of the companies in the band that publish the figure at all, and a company with no market value published is in neither band. A company with negative book equity is in neither count either: the catalogue marks its price to book n/m rather than publishing it, and a ratio this page cannot read is never read as cheap.
GET /api/public/companies. Catalogue built Oct 16, 2026. Prices of Oct 15, 2026.
The lines these screens run, and how much of that market each admits
A share is a band and never a point. Seven marks are published per figure, so a line between two of them admits at least the share below the lower mark and at most the share below the upper one. Interpolating between them would be inventing a precision the cohort does not hold.
- Price to bookours: our number or our measure≤ 1
A quarter to a half of the 4,451 ranked companies with a price to book ratio meet it.
1 sits between the 25th percentile, 0.90, and the 50th, 1.83. The level is ours: book value stands in for an appraisal of the business.
Who is counted: Companies with filed statements, one each; exact zeros left out as missing data; extremes capped at the 1st and 99th percentiles.
- F-scoreours: our number or our measure≥ 5
A quarter to a half of the 4,238 ranked companies with an F-score meet it.
5 sits between the 50th percentile, 4, and the 75th, 6. The level is ours. Piotroski classed 8 and 9 as high and 0 and 1 as low, and this sits between them.
Who is counted: Companies with filed statements, one each; exact zeros left out as missing data; banks, capital markets firms, equity REITs, insurers and mortgage REITs left out (775); extremes capped at the 1st and 99th percentiles.
- EV/EBITDAours: our number or our measure≤ 8
A tenth to a quarter of the 1,371 ranked companies with an EV/EBITDA multiple meet it.
8 sits between the 10th percentile, 6.42, and the 25th, 9.68. The level is ours: eight times EBITDA is trade convention, not an estimate of value, and it prices the whole enterprise rather than the shares alone.
Who is counted: Companies with filed statements, one each; exact zeros left out as missing data; banks, capital markets firms, insurers and mortgage REITs left out (625); extremes capped at the 1st and 99th percentiles.
What this page cannot tell you
A low price to book is an accounting fact about tonight, not a finding about a business. Book value can be stale, it can be carrying goodwill from an acquisition that failed, and it can fall faster than a price does. Where a line sits across the market tells you how crowded your own hunting ground is; it tells you nothing about whether any particular company in it is worth owning.
Run your own list through the audit and read which tests each company meets, free. What is sold is the watching, and a discount-to-book case needs it most: the rule watches a price as readily as an accounting line, because that kind of thesis dies quietly rather than loudly.
Every guardrail you have saved is re-tested every night against newly filed accounts, and you get one email the first night one breaks, naming the company, the reading and the filing it came from. What to do about it is yours. It comes with Professional.
The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
The audit needs no account. A new account starts with 30 days of Professional, no card.
Meeting a test is not a reason to buy. Every count above is read from the public endpoints when the page is built, never typed into it: the whole table is at the company catalogue and every formula is at methodology.
Every mark above is computed from filed accounts by a job that ran last night, and the whole set of marks and each sector is at Benchmarks.