Gol Linhas Aereas Inteligentes (BSP:GOLL54) Cyclically Adjusted PB Ratio: (As of Jul. 26, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BSP:GOLL54 Gol Linhas Aereas Inteligentes SA BSP:GOLL54
36 GF Score
Price R$9.75
GF Value R$43.98
! 5 Warning Signs
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What is Gol Linhas Aereas Inteligentes Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Gol Linhas Aereas Inteligentes  (BSP:GOLL54) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Gol Linhas Aereas Inteligentes Cyclically Adjusted PB Ratio Related Terms


Gol Linhas Aereas Inteligentes Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Gol Linhas Aereas Inteligentes's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Gol Linhas Aereas Inteligentes Cyclically Adjusted PB Ratio Chart

Gol Linhas Aereas Inteligentes Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

Gol Linhas Aereas Inteligentes Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Jun25 Sep25
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

BSP:GOLL54 vs DAL, UAL, LUV: Cyclically Adjusted PB Ratio Comparison

For the Airlines subindustry, Gol Linhas Aereas Inteligentes's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Gol Linhas Aereas Inteligentes Cyclically Adjusted PB Ratio vs Transportation Industry

For the Transportation industry and Industrials sector, Gol Linhas Aereas Inteligentes's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Gol Linhas Aereas Inteligentes's Cyclically Adjusted PB Ratio falls into.


BSP:GOLL54
36GF Score
Gol Linhas Aereas Inteligentes SA BSP:GOLL54
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Gol Linhas Aereas Inteligentes Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Gol Linhas Aereas Inteligentes's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2025 is calculated as:

For example, Gol Linhas Aereas Inteligentes's adjusted Book Value per Share data for the three months ended in Sep. 2025 was:

Adj_Book=Book Value per Share/CPI of Sep. 2025 (Change)*Current CPI (Sep. 2025)
=-1.704/170.7391*170.7391
=-1.704

Current CPI (Sep. 2025) = 170.7391.

Gol Linhas Aereas Inteligentes Quarterly Data

Book Value per Share CPI Adj_Book
201509 -0.174 101.392 -0.293
201512 -0.233 104.247 -0.382
201603 -0.197 106.979 -0.314
201606 -0.185 108.851 -0.290
201609 -0.180 109.986 -0.279
201612 -0.187 110.802 -0.288
201703 -0.178 111.869 -0.272
201706 -0.199 112.115 -0.303
201709 -0.181 112.777 -0.274
201712 -0.300 114.068 -0.449
201803 -0.286 114.868 -0.425
201806 -0.399 117.038 -0.582
201809 -0.426 117.881 -0.617
201812 -0.427 118.340 -0.616
201903 -0.616 120.124 -0.876
201906 -0.641 120.977 -0.905
201909 -0.697 121.292 -0.981
201912 -0.657 123.436 -0.909
202003 -0.945 124.092 -1.300
202006 -1.112 123.557 -1.537
202009 -1.263 125.095 -1.724
202012 -1.233 129.012 -1.632
202103 -1.441 131.660 -1.869
202106 -1.330 133.871 -1.696
202109 -1.541 137.913 -1.908
202112 -1.778 141.992 -2.138
202203 -1.531 146.537 -1.784
202206 -1.692 149.784 -1.929
202209 -1.822 147.800 -2.105
202212 -1.792 150.207 -2.037
202303 -1.765 153.352 -1.965
202306 -1.712 154.519 -1.892
202309 -1.847 155.464 -2.028
202312 -1.943 157.148 -2.111
202403 -1.621 159.372 -1.737
202406 -1.946 161.052 -2.063
202409 -2.014 162.342 -2.118
202412 -2.438 164.740 -2.527
202506 -1.730 169.670 -1.741
202509 -1.704 170.739 -1.704

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Gol Linhas Aereas Inteligentes (BSP:GOLL54) Overvalued in 2026?

Based on GuruFocus' analysis, Gol Linhas Aereas Inteligentes stock appears to be undervalued. The current stock price of R$9.75 is trading 77.8% below its estimated GF Value™ of R$43.98.

Key valuation signals for BSP:GOLL54:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: R$43.98 vs. price of R$9.75 (77.8% below fair value)
  • GF Score™: 36/100 with 5 warning signs

No single metric tells the full story. See the BSP:GOLL54 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Gol Linhas Aereas Inteligentes Business Description

Address Portaria 3, Predio 24, Praca Comandante Linneu Gomes, Jardim Aeroporto, Sao Paulo, SP, BRA, 04630-000
Gol Linhas Aereas Inteligentes SA is a Brazilian airline company. It operates in two segments, flight transportation which offers air transportation services and the smiles loyalty program segment which includes redemption of miles traveled for purchasing flight tickets. The company's revenue derives from transporting passengers on aircraft. The company operates both domestic and international flights from which the majority of revenues come in from domestic operations.
36GF Score

Get the complete analysis for BSP:GOLL54

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$9.75
Price
R$43.98
GF Value