# Tangible Book Value Per Share

Book value excluding goodwill and intangibles, per share.

## Definition

Tangible book value per share (TBVPS) is book value with goodwill and other intangible assets stripped out. It represents the per-share value of the company's hard, tangible net assets.

## Formula

(Total Equity − Goodwill − Intangibles) ÷ Diluted Shares Outstanding

## Why it matters

For banks and insurers, TBVPS is the gold-standard balance-sheet metric — goodwill from acquisitions inflates book value but doesn't represent real loss-absorbing capital. Regulators and credit analysts focus on tangible equity.

## How Standard Equity uses it

Shown in the main table for banks, insurers and broker-dealers, in place of FCF per share. Drives the Price-to-Tangible-Book (P/TBV) multiple.

## The metric

| Category   | Per-Share  |
| ---------- | ---------- |
| Unit       | $          |
| Applies to | Banks only |

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