Question 1

What is Dow's P/B ratio?

Accepted Answer

Dow (DOW) P/B ratio is 1.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Dow?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Dow specifically, the relevant sector benchmark is the current sector median of 2.8×.

Question 5

Is Dow's P/B ratio high or low?

Accepted Answer

Dow's P/B ratio of 1.5× is below its own 5-year average of 1.9× and below the sector median of 2.8×. That places the current reading at the 21th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Dow's historical P/B ratio range?

Accepted Answer

In the available daily series, Dow (DOW) P/B ratio has ranged from a low of 0.8× in 2025 to a high of 3.4× in 2021. The 5-year average is 1.9× and the 5-year median is 1.9×.

Question 7

What was Dow's P/B ratio in 2025?

Accepted Answer

Dow (DOW) P/B ratio at the end of 2025 was 1.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Dow's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$16.8B	$16B	1.0×	-0.6×	Dec 31, 2025
2024	$28.2B	$17.4B	1.6×	-0.4×	Dec 31, 2024
2023	$38.6B	$18.6B	2.1×	+0.3×	Dec 31, 2023
2022	$35.7B	$20.7B	1.7×	-0.6×	Dec 31, 2022
2021	$41.9B	$18.2B	2.3×	-1.0×	Dec 31, 2021
2020	$41.2B	$12.4B	3.3×	+0.3×	Dec 31, 2020
2019	$40.5B	$13.5B	3.0×	+1.6×	Dec 31, 2019
2018	$37.3B	$26.8B	1.4×	—	Dec 31, 2018


Linde (LIN)	6.0×
Freeport-McMoRan (FCX)	4.4×
Vulcan Materials (VMC)	4.3×
Air Products and Chemicals (APD)	4.1×
Agnico Eagle Mines (AEM)	3.9×
CF Industries Holdings (CF)	3.7×
Steel Dynamics (STLD)	3.5×
Newmont (NEM)	3.4×
Martin Marietta Materials (MLM)	3.1×
CRH (CRH)	3.0×
PPG Industries (PPG)	3.0×
LyondellBasell (LYB)	2.6×
Corteva (CTVA)	2.3×
Builders FirstSource (BLDR)	2.3×
Albemarle (ALB)	2.1×
Nucor (NUE)	1.8×
H.B. Fuller (FUL)	1.7×
Eastman Chemical (EMN)	1.4×
Avient (AVNT)	1.4×
Ashland (ASH)	1.4×
DuPont de Nemours (DD)	1.3×
International Flavors & Fragrances (IFF)	1.3×
International Paper (IP)	1.3×
Stepan (SCL)	1.0×
Mosaic (MOS)	0.7×

P/B Ratio for Dow (DOW) 2018-2026

P/B Ratio daily chart for Dow (DOW)

Historical P/B Ratio for Dow (DOW) from 2018 to 2025

About P/B Ratio at Dow (DOW)

Dow P/B Ratio by Year

Dow P/B Ratio 2025: 1.0×

Dow P/B Ratio 2024: 1.6×

Dow P/B Ratio 2023: 2.1×

Dow P/B Ratio 2022: 1.7×

Dow P/B Ratio 2021: 2.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Dow (DOW) Key Financials