Price to Earnings (P/E)
since 2005
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Chevron Corp. pages available for free this week:
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Calculation
Chevron Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to Chevron Corporation1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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 data reveals distinct fluctuations in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the analyzed period.
- Share Price
- The share price exhibited an overall upward trend from 2006 through 2014, rising from $57.24 to a peak around $115.96 in early 2013. Following this peak, the price experienced some volatility, with a notable dip to $85.30 in early 2016, then recovering to higher levels, reaching a peak of $161.93 by 2023. The share price slightly declined after 2023 but remained relatively high above $150 by 2025, suggesting strong investor confidence in the later years.
- Earnings Per Share (EPS)
- EPS demonstrated considerable volatility across the years. From a base of $6.33 in 2006, earnings generally rose to a high of $13.60 in 2012, before experiencing declines and oscillations. A profound drop occurred around 2016 and 2017, where EPS fell sharply to $2.44 and then turned negative at -$0.26, indicating challenging operational or market conditions. Recovery ensued in subsequent years, culminating in a peak EPS of $18.60 in 2023 before decreasing to $10.03 by 2025. This pattern indicates instability in profitability with periods of strong recovery interspersed with significant downturns.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio presented a mixed pattern lacking a clear directional trend due to notable gaps in the data. Early P/E ratios ranged mostly from about 7.96 to 13.81 between 2006 and 2010, with lows during periods of higher earnings relative to share price and highs when share price outpaced earnings. There was a pronounced spike to 35.02 in 2016 which corresponds with the EPS decline, reflecting high valuation relative to earnings at that time. Extremely high outliers such as 70.06 in 2020 suggest significant market valuation despite depressed earnings. Subsequently, the P/E ratio normalized somewhat to values between 8.71 and 16.81 in later years, indicating a stabilization in valuation metrics.
In summary, the period examined reflected significant volatility in profitability, considerable fluctuations in market valuation, and recovery phases from earnings volatility. The share price trajectory generally improved over the long term despite cyclical downturns in profitability and investor valuation multiples. This suggests that market expectations and investor confidence shifted markedly in response to changing earnings capacity and broader economic conditions.
Comparison to Competitors
Chevron Corp., P/E, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|
| 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: 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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Chevron Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| 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: 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/E, long-term trends, comparison to industry (energy)
| Chevron Corp. | Energy | |
|---|---|---|
| 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: 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).