The treasure has a profound impact on the various members of the company in different ways. For some, like Thorin, the desire for the treasure consumes them, leading to greed and a lust for power. Others, such as Bilbo, are initially drawn to the treasure's allure but later realize the importance of friendship and loyalty. The treasure also tests the unity of the company, creating tensions and conflicts among the dwarves. Ultimately, the treasure serves as a symbol of both wealth and corruption, revealing the true nature of each character as they navigate their journey.