Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Expand Energy Corp., current price multiples
| Expand Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||
| Current share price (P) | $107.47 | ||||||||
| No. shares of common stock outstanding | 237,979,439 | ||||||||
| Earnings per share (EPS) | $-3.00 | ||||||||
| Operating profit per share | $-3.37 | ||||||||
| Sales per share | $17.90 | ||||||||
| Book value per share (BVPS) | $73.81 | ||||||||
| Valuation Ratios (Price Multiples) | |||||||||
| Price to sales (P/S) | 6.01 | 2.32 | 2.79 | 2.13 | 2.19 | 2.18 | |||
| Price to book value (P/BV) | 1.46 | 2.30 | 2.55 | 2.66 | 2.67 | 2.71 | |||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Expand Energy Corp., historical price multiples
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An analysis of the valuation multiples from 2021 through 2024 reveals a general trend of expanding price multiples, particularly in the latter periods, suggesting an increase in market valuation relative to fundamental financial metrics.
- Price to Earnings (P/E)
- A consistent upward trend is observed from 2021 to 2023, with the ratio rising from 1.33 to 4.53. This progression indicates that the market has become willing to pay a higher premium per dollar of earnings over this three-year period.
- Price to Operating Profit (P/OP)
- A significant contraction occurred between 2021 and 2022, where the ratio fell sharply from 11.94 to 2.84. A slight recovery followed in 2023, with the ratio increasing to 3.49, indicating a stabilization of valuation relative to operating performance after the initial drop.
- Price to Sales (P/S)
- The price-to-sales multiple exhibited volatility followed by rapid acceleration. After a dip to 0.76 in 2022, the ratio grew to 1.81 in 2023 and experienced a substantial increase to 5.60 by December 31, 2024. This sharp rise in the final year suggests a significant expansion in the market's valuation of the company's revenue stream.
- Price to Book Value (P/BV)
- A U-shaped pattern is evident in the book value multiple. The ratio declined steadily from 1.48 in 2021 to a low of 1.02 in 2023, before rebounding to 1.36 in 2024. This indicates a period of valuation compression relative to net assets followed by a recent recovery.
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Price to Earnings (P/E)
Expand Energy Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 232,699,939 | 130,794,770 | 134,719,821 | 118,558,307 | |
| Selected Financial Data (US$) | |||||
| Net income (loss) available to common stockholders (in millions) | (714) | 2,419) | 4,869) | 6,328) | |
| Earnings per share (EPS)2 | -3.07 | 18.49 | 36.14 | 53.37 | |
| Share price1, 3 | 102.43 | 83.85 | 79.70 | 70.91 | |
| Valuation Ratio | |||||
| P/E ratio4 | — | 4.53 | 2.21 | 1.33 | |
| Benchmarks | |||||
| P/E Ratio, Competitors5 | |||||
| Chevron Corp. | 15.64 | 13.42 | 8.71 | 16.81 | |
| ConocoPhillips | 13.41 | 11.92 | 7.07 | 14.66 | |
| ExxonMobil Holdings Corp. | 14.21 | 11.49 | 8.01 | 14.11 | |
| P/E Ratio, Sector | |||||
| Oil, Gas & Consumable Fuels | 14.51 | 12.17 | 8.08 | 15.11 | |
| P/E Ratio, Industry | |||||
| Energy | 14.41 | 12.48 | 8.54 | 15.67 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) available to common stockholders ÷ No. shares of common stock outstanding
= -714,000,000 ÷ 232,699,939 = -3.07
3 Closing price as at the filing date of Expand Energy Corp. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 102.43 ÷ -3.07 = —
5 Click competitor name to see calculations.
An analysis of the financial metrics from 2021 through 2024 reveals a significant divergence between market valuation and fundamental earnings performance.
- Share Price Trends
- A consistent upward trajectory is observed in the share price, which increased from 70.91 US$ in 2021 to 102.43 US$ in 2024. This indicates a steady growth in the market's valuation of the equity over the four-year period.
- Earnings Per Share (EPS) Performance
- Conversely, earnings per share experienced a severe and continuous decline. EPS fell from a peak of 53.37 US$ in 2021 to 18.49 US$ in 2023, eventually transitioning into negative territory at -3.07 US$ by the end of 2024.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio expanded from 1.33 in 2021 to 4.53 in 2023. This expansion was driven by the dual impact of rising share prices and diminishing earnings. For the period ending December 31, 2024, the P/E ratio is not applicable due to the reported negative earnings per share.
The observed patterns indicate a decoupling of the stock price from current profitability. While the market price appreciated, the fundamental ability to generate earnings per share deteriorated, culminating in a net loss in the final year of the analysis.
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Price to Operating Profit (P/OP)
Expand Energy Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 232,699,939 | 130,794,770 | 134,719,821 | 118,558,307 | |
| Selected Financial Data (US$) | |||||
| Income (loss) from operations (in millions) | (803) | 3,142) | 3,780) | 704) | |
| Operating profit per share2 | -3.45 | 24.02 | 28.06 | 5.94 | |
| Share price1, 3 | 102.43 | 83.85 | 79.70 | 70.91 | |
| Valuation Ratio | |||||
| P/OP ratio4 | — | 3.49 | 2.84 | 11.94 | |
| Benchmarks | |||||
| P/OP Ratio, Competitors5 | |||||
| Chevron Corp. | 9.76 | 9.48 | 6.12 | 11.40 | |
| ConocoPhillips | 8.50 | 7.61 | 4.57 | 8.66 | |
| ExxonMobil Holdings Corp. | 9.57 | 7.62 | 5.65 | 9.86 | |
| P/OP Ratio, Sector | |||||
| Oil, Gas & Consumable Fuels | 9.46 | 8.17 | 5.60 | 10.13 | |
| P/OP Ratio, Industry | |||||
| Energy | 9.50 | 8.44 | 5.95 | 10.52 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Income (loss) from operations ÷ No. shares of common stock outstanding
= -803,000,000 ÷ 232,699,939 = -3.45
3 Closing price as at the filing date of Expand Energy Corp. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 102.43 ÷ -3.45 = —
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a significant divergence between the company's market valuation and its operational profitability over the observed four-year period. While the market price of the stock has maintained a consistent upward trajectory, the underlying operating profit per share has been characterized by extreme volatility, culminating in an operating loss by the end of 2024.
- Share Price Performance
- The share price demonstrated a steady and uninterrupted increase, rising from 70.91 US$ in 2021 to 102.43 US$ in 2024. This growth indicates a sustained positive market sentiment or an increase in perceived company value regardless of the fluctuations in operating performance.
- Operating Profit per Share Trends
- Operating profit per share exhibited high volatility. A substantial increase occurred between 2021 and 2022, where profit rose from 5.94 US$ to a peak of 28.06 US$. This was followed by a moderate decline to 24.02 US$ in 2023 and a sharp reversal in 2024, resulting in a negative operating profit of -3.45 US$ per share.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio contracted sharply from 11.94 in 2021 to 2.84 in 2022, reflecting a period where operating profit growth vastly outpaced the increase in share price. The ratio remained low in 2023 at 3.49. For the 2024 period, the P/OP ratio is not applicable due to the transition to negative operating profit, rendering the multiple mathematically undefined and indicative of a failure to generate operational earnings during that fiscal year.
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Price to Sales (P/S)
Expand Energy Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 232,699,939 | 130,794,770 | 134,719,821 | 118,558,307 | |
| Selected Financial Data (US$) | |||||
| Revenues (in millions) | 4,259) | 6,047) | 14,123) | 7,301) | |
| Sales per share2 | 18.30 | 46.23 | 104.83 | 61.58 | |
| Share price1, 3 | 102.43 | 83.85 | 79.70 | 70.91 | |
| Valuation Ratio | |||||
| P/S ratio4 | 5.60 | 1.81 | 0.76 | 1.15 | |
| Benchmarks | |||||
| P/S Ratio, Competitors5 | |||||
| Chevron Corp. | 1.43 | 1.46 | 1.31 | 1.69 | |
| ConocoPhillips | 2.26 | 2.33 | 1.68 | 2.58 | |
| ExxonMobil Holdings Corp. | 1.41 | 1.24 | 1.12 | 1.17 | |
| P/S Ratio, Sector | |||||
| Oil, Gas & Consumable Fuels | 1.50 | 1.41 | 1.24 | 1.48 | |
| P/S Ratio, Industry | |||||
| Energy | 1.50 | 1.46 | 1.31 | 1.52 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 4,259,000,000 ÷ 232,699,939 = 18.30
3 Closing price as at the filing date of Expand Energy Corp. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 102.43 ÷ 18.30 = 5.60
5 Click competitor name to see calculations.
The valuation of Expand Energy Corp. from 2021 to 2024 is characterized by a significant divergence between the company's market price and its revenue performance per share.
- Share Price Movement
- A consistent upward trend is observed in the share price over the four-year period. The price increased from 70.91 US$ in 2021 to 102.43 US$ by December 31, 2024, indicating steady growth in market valuation.
- Sales per Share Trends
- Revenue per share exhibited high volatility, peaking at 104.83 US$ in 2022. Following this peak, a sharp decline occurred, with sales per share falling to 46.23 US$ in 2023 and further dropping to 18.30 US$ by the end of 2024.
- Price-to-Sales (P/S) Ratio Expansion
- The P/S ratio experienced a dramatic escalation, particularly in the latter half of the period. After reaching a low of 0.76 in 2022, the ratio climbed to 1.81 in 2023 and surged to 5.60 in 2024. This represents a substantial expansion of the valuation multiple.
The data indicates that while sales per share have contracted significantly since 2022, the market has continued to assign a higher value to the stock. This resulted in a P/S ratio that expanded from 0.76 to 5.60, suggesting that the current market valuation is no longer closely aligned with immediate revenue generation.
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Price to Book Value (P/BV)
Expand Energy Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 232,699,939 | 130,794,770 | 134,719,821 | 118,558,307 | |
| Selected Financial Data (US$) | |||||
| Stockholders’ equity (in millions) | 17,565) | 10,729) | 9,124) | 5,671) | |
| Book value per share (BVPS)2 | 75.48 | 82.03 | 67.73 | 47.83 | |
| Share price1, 3 | 102.43 | 83.85 | 79.70 | 70.91 | |
| Valuation Ratio | |||||
| P/BV ratio4 | 1.36 | 1.02 | 1.18 | 1.48 | |
| Benchmarks | |||||
| P/BV Ratio, Competitors5 | |||||
| Chevron Corp. | 1.81 | 1.78 | 1.94 | 1.89 | |
| ConocoPhillips | 1.91 | 2.65 | 2.75 | 2.61 | |
| ExxonMobil Holdings Corp. | 1.81 | 2.02 | 2.29 | 1.93 | |
| P/BV Ratio, Sector | |||||
| Oil, Gas & Consumable Fuels | 1.83 | 2.00 | 2.21 | 2.00 | |
| P/BV Ratio, Industry | |||||
| Energy | 1.87 | 2.08 | 2.30 | 2.07 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 17,565,000,000 ÷ 232,699,939 = 75.48
3 Closing price as at the filing date of Expand Energy Corp. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 102.43 ÷ 75.48 = 1.36
5 Click competitor name to see calculations.
Between December 31, 2021, and December 31, 2024, the valuation of Expand Energy Corp. exhibited a non-linear trend in its price-to-book relationship. While the share price maintained a consistent upward trajectory throughout the period, the Price to Book Value (P/BV) ratio experienced a period of compression followed by a sharp expansion in the final year.
- Share Price Performance
- The share price demonstrated steady growth over the four-year interval, increasing from 70.91 US$ in 2021 to 102.43 US$ by the end of 2024. This represents a consistent positive market valuation of the equity.
- Book Value per Share (BVPS) Fluctuations
- The BVPS showed significant growth in the first three years, rising from 47.83 US$ in 2021 to a peak of 82.03 US$ in 2023. However, a reversal occurred in 2024, with the BVPS declining to 75.48 US$.
- P/BV Ratio Dynamics
- The P/BV ratio declined from 1.48 in 2021 to a low of 1.02 in 2023. This compression indicates that the growth in book value outpaced the growth in share price during this timeframe, bringing the market value closer to the accounting value. In 2024, the ratio rebounded to 1.36, driven by the simultaneous increase in share price and the decrease in book value per share.
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