Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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.
Dolby LaboratoriesDLB +0.40%77 Cyclically Adjusted PB Ratio is 2.06 as of Aug. 03, 2026, which is 39% below its 10-year median of 3.37. GuruFocus rates DLB with a GF Score™ of 77/100 and a GF Value™ of $82.07 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 728 Business Services companies, Dolby Laboratories ranks worse than 61.4% on this metric.
The historical rank and industry rank for Dolby Laboratories's Cyclically Adjusted PB Ratio or its related term are showing as below:
DLB'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.71 Med: 3.37 Max: 4.93
Current: 2.05
During the past years, Dolby Laboratories's highest Cyclically Adjusted PB Ratio was 4.93. The lowest was 1.71. And the median was 3.37.
DLB's Cyclically Adjusted PB Ratio is ranked worse than 61.4% of 728
companies
in the Business Services industry
Industry Median: 1.55
vs DLB: 2.05
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Dolby Laboratories's adjusted book value per share data for the three months ended in Jun. 2026 was $27.589. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is $28.72 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Dolby Laboratories (NYSE:DLB) 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.
Dolby Laboratories Cyclically Adjusted PB Ratio Related Terms
Dolby Laboratories Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Dolby Laboratories'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.
Dolby Laboratories Cyclically Adjusted PB Ratio Chart
DLB vs AZZ, UNF, AMTM: Cyclically Adjusted PB Ratio Comparison
For the Specialty Business Services subindustry, Dolby Laboratories'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.
Dolby Laboratories Cyclically Adjusted PB Ratio vs Business Services Industry
For the Business Services industry and Industrials sector, Dolby Laboratories's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Dolby Laboratories's Cyclically Adjusted PB Ratio falls into.
Dolby Laboratories 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.
Dolby Laboratories's Cyclically Adjusted PB Ratio for today is calculated as
* 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.
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.
What does a Cyclically Adjusted PB Ratio of 2.06 mean?
Dolby Laboratories (DLB) has a Cyclically Adjusted PB Ratio of 2.06 as of Aug. 03, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Dolby Laboratories and its competitors. This is 39% below median its historical median of 3.37. Over the past decade, Dolby Laboratories' Cyclically Adjusted PB Ratio has ranged from 1.71 to 4.93. According to the industry distribution chart, Dolby Laboratories ranks #447 out of 728 companies in the Business Services industry, placing it in the top 61.4%.
Is Dolby Laboratories' Cyclically Adjusted PB Ratio too high?
Dolby Laboratories' current Cyclically Adjusted PB Ratio of 2.06 is 39% below median its 10-year median of 3.37. Over the past 10 years, this metric has ranged from a low of 1.71 to a high of 4.93. The Business Services industry median Cyclically Adjusted PB Ratio is 1.55. Dolby Laboratories' value of 2.06 is 32.9% above this industry median. Based on the distribution chart, Dolby Laboratories ranks #447 out of 728 companies in the Business Services industry, which is below the industry midpoint. Overall, Dolby Laboratories has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Dolby Laboratories' Cyclically Adjusted PB Ratio compare to AZZ and UNF?
According to the Business Services industry distribution chart, Dolby Laboratories ranks #447 out of 728 companies for Cyclically Adjusted PB Ratio. This places Dolby Laboratories in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.55. Dolby Laboratories' value of 2.06 is 32.9% above this benchmark. Historically, Dolby Laboratories' own Cyclically Adjusted PB Ratio has ranged from 1.71 to 4.93 over the past decade. While the company's 10-year median is 3.37 vs. the industry median of 1.55, Dolby Laboratories has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Business Services company?
The median Cyclically Adjusted PB Ratio among Business Services companies is 1.55, based on 728 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Dolby Laboratories's current Cyclically Adjusted PB Ratio of 2.06 is 32.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Dolby Laboratories and its competitors. For the Business Services industry, the median Cyclically Adjusted PB Ratio is 1.55 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Dolby Laboratories's current Cyclically Adjusted PB Ratio is 2.06, which is 39% below median its own 10-year median of 3.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dolby Laboratories stock overvalued right now?
Based on GuruFocus' analysis, Dolby Laboratories (DLB) is currently considered Modestly Undervalued. The stock's GF Value™ is $82.07, compared to a current price of $59.05 — trading 28.1% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 2.06, which is 39% below median its 10-year median of 3.37 and 32.9% above the Business Services industry median of 1.55. Dolby Laboratories' overall GF Score™ is 77/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Dolby Laboratories (DLB), the current Cyclically Adjusted PB Ratio is 2.06 as of Aug. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Dolby Laboratories (DLB) Overvalued in 2026?
Based on GuruFocus' analysis, Dolby Laboratories stock appears to be undervalued.
The current stock price of $59.05 is trading 28.1% below its estimated GF Value™ of $82.07.
GuruFocus considers Dolby Laboratories to be Modestly Undervalued.
Key valuation signals for DLB:
Cyclically Adjusted PB Ratio: 2.06 (39% below median its 10-year median of 3.37)
GF Value™: $82.07 vs. price of $59.05 (28.1% below fair value)
Industry Position: 32.9% above the Business Services median (#447 of 728)
No single metric tells the full story. See the DLB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dolby Laboratories Inc. develops technologies that enhance audio and video capture, transmission, and playback, enabling high-quality experiences across movies, TV, music, sports, and more. The company designs and manufactures audio, imaging, accessibility, and related hardware and software mainly for cinema, including digital cinema servers and media encryption and packaging tools. It generates the majority of its revenue by licensing its technology, brand, and patents to device manufacturers and by selling cinema hardware and services. It operates as a single reportable segment, with revenue derived mainly from licensing and, to a lesser extent, from premium cinema technologies, across the United States and international markets.
77GF Score
Get the complete analysis for DLB
Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
DLB has been successfully added to your 
