Price to Book Value (P/BV)
since 2005
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Chevron Corp. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2005
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Calculation
Chevron Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Chevron Corporation stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Chevron Corp. Annual Report.
The price-to-book value (P/BV) ratio for the period examined exhibits fluctuations, generally remaining within a range of 1.05 to 2.40. Initial values indicate a moderate valuation, increasing from 2.03 in 2006 to 2.40 in 2008. A significant decline is then observed in 2009, falling to 1.46, before a partial recovery through 2011. The ratio then demonstrates relative stability between approximately 1.42 and 1.95 for several years, with a notable increase to 1.89 in 2022 and 1.94 in 2023, before settling at 1.78 in 2024. The most recent projections for 2025 and 2026 show a slight increase to 1.81 and 1.98 respectively.
- Overall Trend
- The P/BV ratio does not demonstrate a consistent long-term trend. Instead, it appears to respond to specific periods, notably the downturn in 2009, which resulted in a substantial decrease. Following this, the ratio largely stabilized, with recent years showing a modest upward movement.
- Volatility
- The period between 2006 and 2011 shows greater volatility in the P/BV ratio compared to the subsequent years. The range of fluctuation narrows after 2011, suggesting a more consistent valuation approach during that timeframe. The recent increases in 2022, 2023, 2025 and 2026 indicate a potential shift towards increased investor confidence or changing market perceptions.
- Relationship to Share Price and BVPS
- The P/BV ratio’s movements correlate with changes in both the share price and book value per share. The decline in 2009 coincides with a decrease in share price and an increase in book value per share, resulting in a lower ratio. Conversely, increases in the ratio often accompany increases in share price, as observed in 2022 and 2023. Book value per share generally increased over the period, but the P/BV ratio did not consistently follow this trend, indicating that market sentiment and share price dynamics play a significant role in the ratio’s valuation.
- Recent Performance
- The P/BV ratio has shown a slight upward trend in the most recent years, moving from 1.54 in 2023 to 1.78 in 2024, with projections of 1.81 and 1.98 for 2025 and 2026. This suggests a potential re-evaluation of the company’s assets by the market, or a positive shift in investor expectations.
Comparison to Competitors
Chevron Corp., P/BV, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|
| Feb 24, 2026 | |||
| Feb 21, 2025 | |||
| Feb 26, 2024 | |||
| Feb 23, 2023 | |||
| Feb 24, 2022 | |||
| Feb 25, 2021 | |||
| Feb 21, 2020 | |||
| Feb 22, 2019 | |||
| Feb 22, 2018 | |||
| Feb 23, 2017 | |||
| Feb 25, 2016 | |||
| Feb 20, 2015 | |||
| Feb 21, 2014 | |||
| Feb 22, 2013 | |||
| Feb 23, 2012 | |||
| Feb 24, 2011 | |||
| Feb 25, 2010 | |||
| Feb 26, 2009 | |||
| Feb 28, 2008 | |||
| Feb 28, 2007 | |||
| Mar 1, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Chevron Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Chevron Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 24, 2026 | ||
| Feb 21, 2025 | ||
| Feb 26, 2024 | ||
| Feb 23, 2023 | ||
| Feb 24, 2022 | ||
| Feb 25, 2021 | ||
| Feb 21, 2020 | ||
| Feb 22, 2019 | ||
| Feb 22, 2018 | ||
| Feb 23, 2017 | ||
| Feb 25, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 23, 2012 | ||
| Feb 24, 2011 | ||
| Feb 25, 2010 | ||
| Feb 26, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 1, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Chevron Corp., P/BV, long-term trends, comparison to industry (energy)
| Chevron Corp. | Energy | |
|---|---|---|
| Feb 24, 2026 | ||
| Feb 21, 2025 | ||
| Feb 26, 2024 | ||
| Feb 23, 2023 | ||
| Feb 24, 2022 | ||
| Feb 25, 2021 | ||
| Feb 21, 2020 | ||
| Feb 22, 2019 | ||
| Feb 22, 2018 | ||
| Feb 23, 2017 | ||
| Feb 25, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 23, 2012 | ||
| Feb 24, 2011 | ||
| Feb 25, 2010 | ||
| Feb 26, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 1, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).