Financial research concept

Bank Tangible Book Value per Share: Tangible Common Equity per Share

Bank tangible book value per share measures tangible common equity attributable to each common share and is widely used in bank valuation.

By Lee BaileyPublished Sep 21, 2026

Research context

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Research date: Sep 21, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 14 connected conceptsPart of the reviewed Bank Balance Sheet and Returns; issuer definitions remain distinct where disclosed.
Company examples: 2 reviewed companiesRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Why investors use TBVPS
Part of the Bank Balance Sheet and Returns
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Bank tangible book value per share, or TBVPS, measures tangible common equity on a per-common-share basis under the issuer's non-GAAP reconciliation.

Tangible Book Value per Share =
Tangible Common Equity ÷ Common Shares Outstanding

Why investors use TBVPS

TBVPS is often used to evaluate bank valuation, capital compounding, acquisition dilution or accretion, share repurchases, and the relationship between market value and tangible capital.

Book value per share includes goodwill and other accounting intangibles embedded in common equity. TBVPS removes specified intangible balances.

Neither measure represents liquidation value.

JPMorgan and U.S. Bancorp both report tangible book value per share as a non-GAAP measure.

Sources:

TBVPS is a tangible-capital-per-share measure. Pair it with Bank Return on Tangible Common Equity and regulatory capital ratios.

Part of the Bank Balance Sheet and Returns

Connect average loans and deposits, earning-asset yields, deposit pricing and mix, tangible common equity, shareholder returns, and early problem-asset signals to understand bank balance-sheet economics.

Browse the full operating model in Company Analysis →

Where this concept fits

Tangible capital and shareholder returnsCurrent relationship
Tangible common equity removes specified intangible assets from common equity, tangible book value expresses that capital per share, and ROTCE shows profitability relative to average tangible common equity under the issuer's reconciliation. Generic ROA and ROE remain owned by their existing canonical encyclopedia pages rather than duplicated here.
Return on Tangible Common EquityTangible Book Value per ShareCurrent conceptBank Tangible Common Equity
Average balance and spread engine
Average loans, deposits, and interest-earning assets align balance-sheet scale with the period that generated earnings. Asset and loan yields show gross pricing, while interest-bearing deposit rates, noninterest-bearing deposit mix, and interest rate spread show how funding composition and pricing affect the spread engine.
Bank Average Deposits Average Interest-Earning Assets Bank Average Loans Interest-Bearing Deposit Rate Interest-Earning Asset Yield Bank Interest Rate Spread Bank Loan Yield Noninterest-Bearing Deposit Mix
Credit deterioration ladder
Criticized assets can identify elevated weakness before default, classified assets generally represent more severe adverse grades, and nonperforming assets capture loans and other assets that have reached nonperforming status. Issuer definitions and denominators differ, so the three measures form a diagnostic sequence rather than a standardized formula.
Classified Assets Ratio Criticized Asset Ratio Nonperforming Assets Ratio

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

JPMOpen operating-model research →3 of 14 reviewed concepts in Bank Balance Sheet and ReturnsTangible capital and shareholder returns3 of 3 bridge concepts supportedContinue through this bridge:Bank Tangible Common Equity Return on Tangible Common Equity
USBOpen operating-model research →6 of 14 reviewed concepts in Bank Balance Sheet and ReturnsTangible capital and shareholder returns3 of 3 bridge concepts supportedContinue through this bridge:Bank Tangible Common Equity Return on Tangible Common Equity

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These companies are linked to at least two other reviewed concepts in the same operating model, but are not currently linked to this concept. This is broader research navigation, not evidence that the company reports an equivalent metric.

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