Price to Book Value (P/BV)
since 2005
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 | 1.98 | = | 185.34 | ÷ | 93.44 | 93.44 | = | 186,450 | ÷ | 1,995,385,539 | |
| Feb 21, 2025 | 1.81 | = | 156.92 | ÷ | 86.51 | 86.51 | = | 152,318 | ÷ | 1,760,598,537 | |
| Feb 26, 2024 | 1.78 | = | 154.45 | ÷ | 86.66 | 86.66 | = | 160,957 | ÷ | 1,857,269,160 | |
| Feb 23, 2023 | 1.94 | = | 161.93 | ÷ | 83.54 | 83.54 | = | 159,282 | ÷ | 1,906,674,044 | |
| Feb 24, 2022 | 1.89 | = | 134.85 | ÷ | 71.41 | 71.41 | = | 139,067 | ÷ | 1,947,553,346 | |
| Feb 25, 2021 | 1.50 | = | 102.35 | ÷ | 68.36 | 68.36 | = | 131,688 | ÷ | 1,926,376,764 | |
| Feb 21, 2020 | 1.42 | = | 109.01 | ÷ | 76.74 | 76.74 | = | 144,213 | ÷ | 1,879,324,765 | |
| Feb 22, 2019 | 1.47 | = | 119.39 | ÷ | 81.34 | 81.34 | = | 154,554 | ÷ | 1,900,062,760 | |
| Feb 22, 2018 | 1.42 | = | 109.89 | ÷ | 77.54 | 77.54 | = | 148,124 | ÷ | 1,910,253,256 | |
| Feb 23, 2017 | 1.44 | = | 111.02 | ÷ | 76.89 | 76.89 | = | 145,556 | ÷ | 1,893,102,970 | |
| Feb 25, 2016 | 1.05 | = | 85.30 | ÷ | 81.10 | 81.10 | = | 152,716 | ÷ | 1,883,156,295 | |
| Feb 20, 2015 | 1.32 | = | 108.60 | ÷ | 82.45 | 82.45 | = | 155,028 | ÷ | 1,880,180,422 | |
| Feb 21, 2014 | 1.44 | = | 112.68 | ÷ | 78.11 | 78.11 | = | 149,113 | ÷ | 1,909,130,328 | |
| Feb 22, 2013 | 1.65 | = | 115.96 | ÷ | 70.28 | 70.28 | = | 136,524 | ÷ | 1,942,697,787 | |
| Feb 23, 2012 | 1.76 | = | 108.35 | ÷ | 61.40 | 61.40 | = | 121,382 | ÷ | 1,976,966,530 | |
| Feb 24, 2011 | 1.95 | = | 102.03 | ÷ | 52.35 | 52.35 | = | 105,081 | ÷ | 2,007,449,583 | |
| Feb 25, 2010 | 1.58 | = | 72.11 | ÷ | 45.77 | 45.77 | = | 91,914 | ÷ | 2,008,352,638 | |
| Feb 26, 2009 | 1.46 | = | 63.17 | ÷ | 43.23 | 43.23 | = | 86,648 | ÷ | 2,004,559,279 | |
| Feb 28, 2008 | 2.40 | = | 89.02 | ÷ | 37.12 | 37.12 | = | 77,088 | ÷ | 2,076,680,120 | |
| Feb 28, 2007 | 2.14 | = | 68.52 | ÷ | 31.95 | 31.95 | = | 68,935 | ÷ | 2,157,780,998 | |
| Mar 1, 2006 | 2.03 | = | 57.24 | ÷ | 28.15 | 28.15 | = | 62,676 | ÷ | 2,226,159,801 |
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.
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Comparison to Competitors
Chevron Corp., P/BV, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|
| Feb 24, 2026 | 1.98 | 2.06 | 2.42 |
| Feb 21, 2025 | 1.81 | 1.91 | 1.81 |
| Feb 26, 2024 | 1.78 | 2.65 | 2.02 |
| Feb 23, 2023 | 1.94 | 2.75 | 2.29 |
| Feb 24, 2022 | 1.89 | 2.61 | 1.93 |
| Feb 25, 2021 | 1.50 | 2.22 | 1.53 |
| Feb 21, 2020 | 1.42 | 1.80 | 1.17 |
| Feb 22, 2019 | 1.47 | 2.47 | 1.75 |
| Feb 22, 2018 | 1.42 | 2.10 | 1.71 |
| Feb 23, 2017 | 1.44 | 1.70 | 2.01 |
| Feb 25, 2016 | 1.05 | 1.02 | 1.98 |
| Feb 20, 2015 | 1.32 | 1.59 | 2.16 |
| Feb 21, 2014 | 1.44 | 1.57 | 2.38 |
| Feb 22, 2013 | 1.65 | 1.49 | 2.42 |
| Feb 23, 2012 | 1.76 | 1.45 | 2.67 |
| Feb 24, 2011 | 1.95 | 1.64 | 2.88 |
| Feb 25, 2010 | 1.58 | 1.15 | 2.78 |
| Feb 26, 2009 | 1.46 | 1.03 | 2.97 |
| Feb 28, 2008 | 2.40 | 1.41 | 3.93 |
| Feb 28, 2007 | 2.14 | 1.33 | 3.58 |
| Mar 1, 2006 | 2.03 | 1.62 | 3.26 |
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 | 1.98 | 2.22 |
| Feb 21, 2025 | 1.81 | 1.83 |
| Feb 26, 2024 | 1.78 | 2.00 |
| Feb 23, 2023 | 1.94 | 2.21 |
| Feb 24, 2022 | 1.89 | 2.00 |
| Feb 25, 2021 | 1.50 | 1.58 |
| Feb 21, 2020 | 1.42 | 1.33 |
| Feb 22, 2019 | 1.47 | 1.70 |
| Feb 22, 2018 | 1.42 | 1.62 |
| Feb 23, 2017 | 1.44 | 1.74 |
| Feb 25, 2016 | 1.05 | 1.49 |
| Feb 20, 2015 | 1.32 | 1.74 |
| Feb 21, 2014 | 1.44 | 1.89 |
| Feb 22, 2013 | 1.65 | 1.99 |
| Feb 23, 2012 | 1.76 | 2.11 |
| Feb 24, 2011 | 1.95 | 2.31 |
| Feb 25, 2010 | 1.58 | 1.98 |
| Feb 26, 2009 | 1.46 | 2.04 |
| Feb 28, 2008 | 2.40 | 2.74 |
| Feb 28, 2007 | 2.14 | 2.51 |
| Mar 1, 2006 | 2.03 | 2.54 |
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 | 1.98 | 2.24 |
| Feb 21, 2025 | 1.81 | 1.87 |
| Feb 26, 2024 | 1.78 | 2.08 |
| Feb 23, 2023 | 1.94 | 2.30 |
| Feb 24, 2022 | 1.89 | 2.07 |
| Feb 25, 2021 | 1.50 | 1.61 |
| Feb 21, 2020 | 1.42 | 1.38 |
| Feb 22, 2019 | 1.47 | 1.69 |
| Feb 22, 2018 | 1.42 | 1.74 |
| Feb 23, 2017 | 1.44 | 1.86 |
| Feb 25, 2016 | 1.05 | 1.56 |
| Feb 20, 2015 | 1.32 | 1.83 |
| Feb 21, 2014 | 1.44 | 1.99 |
| Feb 22, 2013 | 1.65 | 2.08 |
| Feb 23, 2012 | 1.76 | 2.21 |
| Feb 24, 2011 | 1.95 | 2.45 |
| Feb 25, 2010 | 1.58 | 2.10 |
| Feb 26, 2009 | 1.46 | 2.10 |
| Feb 28, 2008 | 2.40 | 2.94 |
| Feb 28, 2007 | 2.14 | 2.69 |
| Mar 1, 2006 | 2.03 | 2.76 |
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).