Financials
Tangible book value
Book value adjusted to exclude goodwill and certain intangible assets.
What it means
Tangible book value focuses on net assets after removing selected nonphysical assets. It is often discussed for financial companies and acquisition-heavy balance sheets.
Example
If shareholders equity is $10 billion and goodwill plus intangibles are $3 billion, tangible book value is $7 billion under that formula.
What not to infer
Tangible book value is still an accounting measure, not a liquidation estimate or full valuation.