In the final chapter of 'The Hobbit', Bilbo Baggins returns to his home in the Shire after a long and transformative adventure. The journey back is marked by a mix of nostalgia and reflection as Bilbo contemplates the profound changes he has undergone during his travels. Throughout the chapter, he grapples with the contrast between his previous quiet life and the excitement and dangers he has faced alongside Gandalf and the company of dwarves.

As Bilbo arrives back in Hobbiton, he finds that much has changed in his absence, although he himself has also changed significantly. His adventure has instilled in him a sense of bravery and confidence that he never knew he possessed. The comforts of home are still present, yet they feel different to him, as he has gained a new perspective on life and the world outside the Shire. He recalls the friendships he formed with the dwarves, particularly with Thorin, and reflects on the trials they faced, including encounters with goblins, trolls, and the fearsome dragon Smaug.

Bilbo’s return is not without its challenges. Upon arriving at his hobbit hole, he discovers that his belongings are being auctioned off. The townsfolk believed him to be dead, as he had been away for so long. This revelation serves to highlight the passage of time and the extent of his journey. Rather than being disheartened, Bilbo approaches the situation with humor and resilience, reclaiming his home and possessions with a sense of pride.

The chapter ends on a contemplative note, as Bilbo reflects on the value of adventure and the treasures he has gained, which are not just material wealth but also wisdom, courage, and a deeper understanding of himself. He realizes that his experiences have enriched his life, making him appreciate both the extraordinary and the ordinary aspects of existence. In many ways, Bilbo has become a bridge between the world of adventure and the peaceful life of a hobbit, embodying the idea that one can return home but still carry the spirit of adventure within.

Ultimately, 'The Last Stage' encapsulates Bilbo's growth as a character, showcasing how the adventure has forever altered him while also emphasizing the theme of homecoming. His journey has taught him that home is not just a physical place, but a state of being that includes the memories and experiences one carries with them.