What Is Book Value per Share (BPS)?
BPS converts equity attributable to common shareholders into a per-share amount. It represents accounting book value and forms the denominator of the P/B ratio.
BPS formula
BPS = Common equity ÷ period-end shares
Use shares excluding treasury stock and separate any equity attributable to preferred shareholders.
Calculate BPS
Use equity attributable to common shareholders
Result
Book value per share
2,500
This is a simplified calculation. Reported BPS may require adjustments for treasury shares, preferred claims and stock splits.
Current BPS distribution in Japan
Price date: October 20, 2026
BPS median
¥1,151.06
Median split-adjusted BPS
25th percentile
¥452.68
25% of valid stocks are at or below this level
75th percentile
¥2,399.94
75% of valid stocks are at or below this level
Stocks with BPS
3,787 / 3,958
171 stocks missing BPS
BPS distribution
BPS is an absolute per-share amount affected by share structure. Use P/B—not this distribution—to assess valuation.
Stocks with negative BPS
These companies may have negative equity attributable to common shareholders.
15stocks
0.4%
With negative BPS, P/B and ROE can become counter-intuitive. Exclude them from simple ratio comparisons and assess balance-sheet recovery.
Median BPS by sector
Sectors with at least 10 stocks. Share structure can matter more than sector differences.
Examples from large-cap stocks
This is not a recommendation ranking. It connects actual prices, BPS and P/B.
- Price
- ¥3,351-3.65%
- BPS
- ¥2,016.67
- PBR
- 1.66x
- Price
- ¥3,102+0.00%
- BPS
- ¥3,150.6
- PBR
- 0.98x
- Price
- ¥18,800+0.13%
- BPS
- ¥1,274.76
- PBR
- 14.75x
- Price
- ¥5,810+0.64%
- BPS
- ¥1,470.31
- PBR
- 3.95x
- Price
- ¥4,554-6.01%
- BPS
- ¥3,232.37
- PBR
- 1.41x
- Price
- ¥33,870-1.68%
- BPS
- ¥1,440.18
- PBR
- 23.52x
- Price
- ¥3,148-3.85%
- BPS
- ¥2,119.26
- PBR
- 1.49x
- Price
- ¥3,960+0.00%
- BPS
- ¥1,425.17
- PBR
- 2.78x
How to read changes in BPS
What can increase BPS
- Retained earnings
- Share buybacks and cancellation
- Changes in asset valuation reserves
- Capital accumulation without matching dilution
Why the number alone is insufficient
Issuance can raise total equity without lifting BPS because shares also increase. Buybacks can raise BPS without improving operations. Pair BPS with EPS and ROE.
How BPS relates to P/B and ROE
PBR = Price ÷ BPS
P/B converts absolute BPS into a valuation multiple that can be compared more meaningfully.
ROE ≈ EPS ÷ average BPS
When period and share bases align, EPS divided by average beginning-and-ending BPS approximates the return generated on book equity.
Limitations of BPS
How Stock Club calculates and aggregates BPS
- We use BPS from the latest Japanese financial snapshot.
- Split-adjusted BPS is preferred so its share basis matches the current price.
- The measure is based on equity attributable to common shareholders and reflects preferred claims where data allows.
- The universe is active Japanese equities excluding ETFs and REITs.
- Negative BPS remains in the distribution because it conveys negative-equity information.
- We publish medians and quartiles rather than an outlier-sensitive mean.
This page is for information only and does not recommend any security.
BPS FAQ
Does a high BPS mean a stock is cheap?
No. BPS is an absolute per-share amount affected by share structure. Compare price with BPS through the P/B ratio.
What does negative BPS mean?
Equity attributable to common shareholders may be negative. P/B and ROE become difficult to interpret in this situation.
Is BPS the same as total equity?
BPS divides equity attributable to common shareholders by period-end shares. Consolidation, preferred claims and treasury shares can affect the result.
Is rising BPS always positive?
Retained earnings can lift BPS, but new share issuance can also change it. Review EPS, ROE and per-share growth together.
Does a stock split change BPS?
Yes, per-share BPS falls in proportion to the split even though enterprise value does not. Historical comparisons must use an adjusted share basis.
Put BPS into practice
Combine BPS with P/B, ROE and EPS to connect book value, profitability and market valuation.