Price to Earnings (P/E)
since 2005
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 24, 2026 | 30.07 | = | 185.34 | ÷ | 6.16 | 6.16 | = | 12,299 | ÷ | 1,995,385,539 | |
| Feb 21, 2025 | 15.64 | = | 156.92 | ÷ | 10.03 | 10.03 | = | 17,661 | ÷ | 1,760,598,537 | |
| Feb 26, 2024 | 13.42 | = | 154.45 | ÷ | 11.51 | 11.51 | = | 21,369 | ÷ | 1,857,269,160 | |
| Feb 23, 2023 | 8.71 | = | 161.93 | ÷ | 18.60 | 18.60 | = | 35,465 | ÷ | 1,906,674,044 | |
| Feb 24, 2022 | 16.81 | = | 134.85 | ÷ | 8.02 | 8.02 | = | 15,625 | ÷ | 1,947,553,346 | |
| Feb 25, 2021 | — | = | 102.35 | ÷ | -2.88 | -2.88 | = | -5,543 | ÷ | 1,926,376,764 | |
| Feb 21, 2020 | 70.06 | = | 109.01 | ÷ | 1.56 | 1.56 | = | 2,924 | ÷ | 1,879,324,765 | |
| Feb 22, 2019 | 15.30 | = | 119.39 | ÷ | 7.80 | 7.80 | = | 14,824 | ÷ | 1,900,062,760 | |
| Feb 22, 2018 | 22.83 | = | 109.89 | ÷ | 4.81 | 4.81 | = | 9,195 | ÷ | 1,910,253,256 | |
| Feb 23, 2017 | — | = | 111.02 | ÷ | -0.26 | -0.26 | = | -497 | ÷ | 1,893,102,970 | |
| Feb 25, 2016 | 35.02 | = | 85.30 | ÷ | 2.44 | 2.44 | = | 4,587 | ÷ | 1,883,156,295 | |
| Feb 20, 2015 | 10.61 | = | 108.60 | ÷ | 10.23 | 10.23 | = | 19,241 | ÷ | 1,880,180,422 | |
| Feb 21, 2014 | 10.04 | = | 112.68 | ÷ | 11.22 | 11.22 | = | 21,423 | ÷ | 1,909,130,328 | |
| Feb 22, 2013 | 8.61 | = | 115.96 | ÷ | 13.48 | 13.48 | = | 26,179 | ÷ | 1,942,697,787 | |
| Feb 23, 2012 | 7.96 | = | 108.35 | ÷ | 13.60 | 13.60 | = | 26,895 | ÷ | 1,976,966,530 | |
| Feb 24, 2011 | 10.77 | = | 102.03 | ÷ | 9.48 | 9.48 | = | 19,024 | ÷ | 2,007,449,583 | |
| Feb 25, 2010 | 13.81 | = | 72.11 | ÷ | 5.22 | 5.22 | = | 10,483 | ÷ | 2,008,352,638 | |
| Feb 26, 2009 | 5.29 | = | 63.17 | ÷ | 11.94 | 11.94 | = | 23,931 | ÷ | 2,004,559,279 | |
| Feb 28, 2008 | 9.89 | = | 89.02 | ÷ | 9.00 | 9.00 | = | 18,688 | ÷ | 2,076,680,120 | |
| Feb 28, 2007 | 8.63 | = | 68.52 | ÷ | 7.94 | 7.94 | = | 17,138 | ÷ | 2,157,780,998 | |
| Mar 1, 2006 | 9.04 | = | 57.24 | ÷ | 6.33 | 6.33 | = | 14,099 | ÷ | 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-earnings (P/E) ratio, calculated from the provided share price and earnings per share figures, exhibits considerable fluctuation over the observed period. Initial values indicate a relatively stable P/E ratio in the mid to high single digits, followed by periods of both increase and decrease. A significant spike is observed in 2016, followed by a return to more moderate levels.
- Initial Period (2006-2008)
- From 2006 to 2008, the P/E ratio remained relatively consistent, fluctuating between approximately 8.63 and 9.89. This suggests a stable valuation relative to earnings during this timeframe. The share price and EPS both increased during this period, contributing to the stable ratio.
- Volatility and Lows (2009-2011)
- The year 2009 saw a substantial decrease in the P/E ratio to 5.29, coinciding with a period of economic uncertainty. Despite an increase in EPS, the share price decline contributed to this lower valuation. The P/E ratio recovered somewhat in 2010 and 2011, but remained below the levels seen in the initial period. EPS increased significantly in 2011, but the P/E ratio did not increase proportionally, suggesting investor caution.
- Mid-Range Fluctuations (2012-2015)
- Between 2012 and 2015, the P/E ratio fluctuated within a range of approximately 7.96 to 35.02. The dramatic increase to 35.02 in 2016 is notable, driven by a significant drop in earnings per share to a negative value. Prior to this, the ratio remained relatively stable, generally between 8 and 11.
- Recent Trends (2016-2026)
- Following the peak in 2016, the P/E ratio decreased to 22.83 in 2017 and 15.30 in 2018. A substantial increase to 70.06 occurred in 2019, linked to a considerable decline in earnings per share. The ratio then decreased to 16.81 in 2021, increased to 8.71 in 2022, and fluctuated between 13.42 and 30.07 in the subsequent years. The most recent values suggest a moderate P/E ratio, with a slight upward trend towards the end of the period.
Overall, the P/E ratio demonstrates sensitivity to both share price and earnings per share. Periods of low earnings often correlate with higher P/E ratios (or undefined ratios when earnings are negative), while stable or increasing earnings generally lead to more moderate valuations. The observed fluctuations suggest that investor sentiment and broader economic conditions play a significant role in the company’s valuation.
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Comparison to Competitors
Chevron Corp., P/E, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|
| Feb 24, 2026 | 30.07 | 16.65 | 21.77 |
| Feb 21, 2025 | 15.64 | 13.41 | 14.21 |
| Feb 26, 2024 | 13.42 | 11.92 | 11.49 |
| Feb 23, 2023 | 8.71 | 7.07 | 8.01 |
| Feb 24, 2022 | 16.81 | 14.66 | 14.11 |
| Feb 25, 2021 | — | — | — |
| Feb 21, 2020 | 70.06 | 8.77 | 15.64 |
| Feb 22, 2019 | 15.30 | 12.60 | 16.15 |
| Feb 22, 2018 | 22.83 | — | 16.28 |
| Feb 23, 2017 | — | — | 42.80 |
| Feb 25, 2016 | 35.02 | — | 20.96 |
| Feb 20, 2015 | 10.61 | 12.03 | 11.56 |
| Feb 21, 2014 | 10.04 | 8.91 | 12.71 |
| Feb 22, 2013 | 8.61 | 8.49 | 8.94 |
| Feb 23, 2012 | 7.96 | 7.60 | 10.03 |
| Feb 24, 2011 | 10.77 | 9.89 | 13.89 |
| Feb 25, 2010 | 13.81 | 14.78 | 15.92 |
| Feb 26, 2009 | 5.29 | — | 7.42 |
| Feb 28, 2008 | 9.89 | 10.59 | 11.78 |
| Feb 28, 2007 | 8.63 | 7.09 | 10.33 |
| Mar 1, 2006 | 9.04 | 6.31 | 10.03 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Chevron Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 24, 2026 | 30.07 | 23.01 |
| Feb 21, 2025 | 15.64 | 14.51 |
| Feb 26, 2024 | 13.42 | 12.17 |
| Feb 23, 2023 | 8.71 | 8.08 |
| Feb 24, 2022 | 16.81 | 15.11 |
| Feb 25, 2021 | — | — |
| Feb 21, 2020 | 70.06 | 20.13 |
| Feb 22, 2019 | 15.30 | 15.32 |
| Feb 22, 2018 | 22.83 | 21.22 |
| Feb 23, 2017 | — | 162.35 |
| Feb 25, 2016 | 35.02 | 33.10 |
| Feb 20, 2015 | 10.61 | 11.30 |
| Feb 21, 2014 | 10.04 | 11.25 |
| Feb 22, 2013 | 8.61 | 8.78 |
| Feb 23, 2012 | 7.96 | 8.96 |
| Feb 24, 2011 | 10.77 | 12.17 |
| Feb 25, 2010 | 13.81 | 15.12 |
| Feb 26, 2009 | 5.29 | 9.95 |
| Feb 28, 2008 | 9.89 | 11.08 |
| Feb 28, 2007 | 8.63 | 9.23 |
| Mar 1, 2006 | 9.04 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| Chevron Corp. | Energy | |
|---|---|---|
| Feb 24, 2026 | 30.07 | 22.93 |
| Feb 21, 2025 | 15.64 | 14.41 |
| Feb 26, 2024 | 13.42 | 12.48 |
| Feb 23, 2023 | 8.71 | 8.54 |
| Feb 24, 2022 | 16.81 | 15.67 |
| Feb 25, 2021 | — | — |
| Feb 21, 2020 | 70.06 | 37.93 |
| Feb 22, 2019 | 15.30 | 15.94 |
| Feb 22, 2018 | 22.83 | 26.50 |
| Feb 23, 2017 | — | 354.83 |
| Feb 25, 2016 | 35.02 | 33.85 |
| Feb 20, 2015 | 10.61 | 11.97 |
| Feb 21, 2014 | 10.04 | 11.81 |
| Feb 22, 2013 | 8.61 | 9.43 |
| Feb 23, 2012 | 7.96 | 9.63 |
| Feb 24, 2011 | 10.77 | 13.24 |
| Feb 25, 2010 | 13.81 | 15.83 |
| Feb 26, 2009 | 5.29 | 9.90 |
| Feb 28, 2008 | 9.89 | 11.66 |
| Feb 28, 2007 | 8.63 | 9.76 |
| Mar 1, 2006 | 9.04 | 9.78 |
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).