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The net asset value of a company, calculated as total assets minus total liabilities, as reported on the balance sheet.
Book value per share is calculated by dividing total shareholders' equity by the number of outstanding shares. It represents the theoretical amount shareholders would receive if the company liquidated all assets and paid off all debts. When a stock trades below book value (price-to-book ratio under 1.0), it may be undervalued, though this can also signal fundamental problems. Growth companies like tech firms often trade well above book value because their most valuable assets (intellectual property, brand) are not fully captured on the balance sheet.