Price to Sales (P/S)
since 2005
Calculation
Chevron Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales and other operating revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2025 | 1.43 | = | 156.92 | ÷ | 109.86 | 109.86 | = | 193,414 | ÷ | 1,760,598,537 | |
| Feb 26, 2024 | 1.46 | = | 154.45 | ÷ | 106.02 | 106.02 | = | 196,913 | ÷ | 1,857,269,160 | |
| Feb 23, 2023 | 1.31 | = | 161.93 | ÷ | 123.63 | 123.63 | = | 235,717 | ÷ | 1,906,674,044 | |
| Feb 24, 2022 | 1.69 | = | 134.85 | ÷ | 79.90 | 79.90 | = | 155,606 | ÷ | 1,947,553,346 | |
| Feb 25, 2021 | 2.09 | = | 102.35 | ÷ | 49.04 | 49.04 | = | 94,471 | ÷ | 1,926,376,764 | |
| Feb 21, 2020 | 1.46 | = | 109.01 | ÷ | 74.42 | 74.42 | = | 139,865 | ÷ | 1,879,324,765 | |
| Feb 22, 2019 | 1.43 | = | 119.39 | ÷ | 83.63 | 83.63 | = | 158,902 | ÷ | 1,900,062,760 | |
| Feb 22, 2018 | 1.56 | = | 109.89 | ÷ | 70.50 | 70.50 | = | 134,674 | ÷ | 1,910,253,256 | |
| Feb 23, 2017 | 1.91 | = | 111.02 | ÷ | 58.22 | 58.22 | = | 110,215 | ÷ | 1,893,102,970 | |
| Feb 25, 2016 | 1.24 | = | 85.30 | ÷ | 68.99 | 68.99 | = | 129,925 | ÷ | 1,883,156,295 | |
| Feb 20, 2015 | 1.02 | = | 108.60 | ÷ | 106.64 | 106.64 | = | 200,494 | ÷ | 1,880,180,422 | |
| Feb 21, 2014 | 0.98 | = | 112.68 | ÷ | 115.32 | 115.32 | = | 220,156 | ÷ | 1,909,130,328 | |
| Feb 22, 2013 | 0.98 | = | 115.96 | ÷ | 118.70 | 118.70 | = | 230,590 | ÷ | 1,942,697,787 | |
| Feb 23, 2012 | 0.88 | = | 108.35 | ÷ | 123.61 | 123.61 | = | 244,371 | ÷ | 1,976,966,530 | |
| Feb 24, 2011 | 1.03 | = | 102.03 | ÷ | 98.73 | 98.73 | = | 198,198 | ÷ | 2,007,449,583 | |
| Feb 25, 2010 | 0.87 | = | 72.11 | ÷ | 83.35 | 83.35 | = | 167,402 | ÷ | 2,008,352,638 | |
| Feb 26, 2009 | 0.48 | = | 63.17 | ÷ | 132.18 | 132.18 | = | 264,958 | ÷ | 2,004,559,279 | |
| Feb 28, 2008 | 0.86 | = | 89.02 | ÷ | 103.09 | 103.09 | = | 214,091 | ÷ | 2,076,680,120 | |
| Feb 28, 2007 | 0.72 | = | 68.52 | ÷ | 94.95 | 94.95 | = | 204,892 | ÷ | 2,157,780,998 | |
| Mar 1, 2006 | 0.66 | = | 57.24 | ÷ | 86.98 | 86.98 | = | 193,641 | ÷ | 2,226,159,801 |
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.
- Share Price Trend
- The share price showed a general upward trajectory over the analyzed period, starting at $57.24 in March 2006 and reaching $156.92 by February 2025. Despite some fluctuations, notable peaks occurred around 2013 at $115.96, 2022 at $134.85, and a significant increase toward 2023 and 2024, peaking at $161.93 in 2023 before slightly declining. A decline was evident during 2009 and 2016, correlating with broader market conditions. The overall growth indicates a strengthening market valuation.
- Sales Per Share
- Sales per share fluctuated over the years, beginning at $86.98 in 2006, peaking notably at $132.18 in 2009 before a steep decline in 2011 and the years following, dipping to its lowest at $49.04 in 2021. After this low, a recovery pattern emerged with sales per share rising sharply to $123.63 in 2023, before experiencing a slight decrease again towards 2025. This volatility suggests varying revenue performance likely influenced by external market or operational factors.
- Price to Sales (P/S) Ratio
- The P/S ratio showed diverse movements throughout the period, initially rising from 0.66 in 2006 to a high of 2.09 in 2021. A significant spike occurred during 2016 to 2017, reaching 1.91, indicating an increase in valuation relative to sales despite declining sales per share. Post-2021, the ratio decreased to values around 1.31 to 1.46, reflecting a normalization of valuation metrics as sales per share recovered. This ratio indicates investor sentiment and perceived growth potential relative to actual sales.
- Relationship and Insights Between Metrics
- The share price increases do not consistently align with increases in sales per share, notably in 2016, where the share price decreased moderately while the P/S ratio peaked, suggesting investor expectations or external factors affecting valuation independently of sales performance. The sales per share volatility reveals sensitivity to market or sector-specific conditions, while the P/S ratio fluctuations highlight changing investor perceptions over time. The recent stabilization of P/S ratios alongside recovering sales per share points toward a more balanced market valuation in the latest years.
Comparison to Competitors
Chevron Corp., P/S, long-term trends, comparison to competitors
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|
| Feb 21, 2025 | 1.43 | 2.26 | 1.41 |
| Feb 26, 2024 | 1.46 | 2.33 | 1.24 |
| Feb 23, 2023 | 1.31 | 1.68 | 1.12 |
| Feb 24, 2022 | 1.69 | 2.58 | 1.17 |
| Feb 25, 2021 | 2.09 | 3.52 | 1.34 |
| Feb 21, 2020 | 1.46 | 1.94 | 0.88 |
| Feb 22, 2019 | 1.43 | 2.16 | 1.20 |
| Feb 22, 2018 | 1.56 | 2.21 | 1.35 |
| Feb 23, 2017 | 1.91 | 2.51 | 1.54 |
| Feb 25, 2016 | 1.24 | 1.38 | 1.30 |
| Feb 20, 2015 | 1.02 | 1.57 | 0.95 |
| Feb 21, 2014 | 0.98 | 1.50 | 0.98 |
| Feb 22, 2013 | 0.98 | 1.23 | 0.89 |
| Feb 23, 2012 | 0.88 | 0.39 | 0.88 |
| Feb 24, 2011 | 1.03 | 0.59 | 1.14 |
| Feb 25, 2010 | 0.87 | 0.48 | 1.02 |
| Feb 26, 2009 | 0.48 | 0.24 | 0.73 |
| Feb 28, 2008 | 0.86 | 0.67 | 1.23 |
| Feb 28, 2007 | 0.72 | 0.60 | 1.12 |
| Mar 1, 2006 | 0.66 | 0.48 | 1.01 |
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/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Chevron Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 21, 2025 | 1.43 | 1.50 |
| Feb 26, 2024 | 1.46 | 1.41 |
| Feb 23, 2023 | 1.31 | 1.24 |
| Feb 24, 2022 | 1.69 | 1.48 |
| Feb 25, 2021 | 2.09 | 1.72 |
| Feb 21, 2020 | 1.46 | 1.15 |
| Feb 22, 2019 | 1.43 | 1.35 |
| Feb 22, 2018 | 1.56 | 1.48 |
| Feb 23, 2017 | 1.91 | 1.72 |
| Feb 25, 2016 | 1.24 | 1.29 |
| Feb 20, 2015 | 1.02 | 1.02 |
| Feb 21, 2014 | 0.98 | 1.02 |
| Feb 22, 2013 | 0.98 | 0.94 |
| Feb 23, 2012 | 0.88 | 0.75 |
| Feb 24, 2011 | 1.03 | 0.98 |
| Feb 25, 2010 | 0.87 | 0.85 |
| Feb 26, 2009 | 0.48 | 0.54 |
| Feb 28, 2008 | 0.86 | 1.00 |
| Feb 28, 2007 | 0.72 | 0.88 |
| Mar 1, 2006 | 0.66 | 0.79 |
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/S, long-term trends, comparison to industry (energy)
| Chevron Corp. | Energy | |
|---|---|---|
| Feb 21, 2025 | 1.43 | 1.50 |
| Feb 26, 2024 | 1.46 | 1.46 |
| Feb 23, 2023 | 1.31 | 1.31 |
| Feb 24, 2022 | 1.69 | 1.52 |
| Feb 25, 2021 | 2.09 | 1.69 |
| Feb 21, 2020 | 1.46 | 1.18 |
| Feb 22, 2019 | 1.43 | 1.38 |
| Feb 22, 2018 | 1.56 | 1.63 |
| Feb 23, 2017 | 1.91 | 1.90 |
| Feb 25, 2016 | 1.24 | 1.37 |
| Feb 20, 2015 | 1.02 | 1.10 |
| Feb 21, 2014 | 0.98 | 1.11 |
| Feb 22, 2013 | 0.98 | 1.02 |
| Feb 23, 2012 | 0.88 | 0.83 |
| Feb 24, 2011 | 1.03 | 1.10 |
| Feb 25, 2010 | 0.87 | 0.93 |
| Feb 26, 2009 | 0.48 | 0.57 |
| Feb 28, 2008 | 0.86 | 1.09 |
| Feb 28, 2007 | 0.72 | 0.96 |
| Mar 1, 2006 | 0.66 | 0.86 |
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).