Definition of Tangible Book Value per Share

Investopedia defines TBVPS to be:

"Tangible book value per share (TBVPS) is the value of a company’s tangible assets divided by its current outstanding shares." [1]

I'm pretty sure this is incorrect. or at best misleading!

Canary Wharf, source: https://commons.wikimedia.org/wiki/User:King_of_Hearts

Tangible book value, should be defined as tangible *net* assets, or tangible *book value*, but not simply tangible *assets*. The difference being net assets have had liabilities subtracted, similarly with book value. Simply using 'tangible assets' does not make this adjustment so would overstate tangible book value.

​I emailed Investopedia in April to let them know, and got a polite response letting me know they'd look into it, but so far, no correction.


[1] https://www.investopedia.com/terms/t/tbvps.asp