Price to Sales (P/S)
since 2005
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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 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-sales (P/S) ratio for the period examined exhibits considerable fluctuation. Initially, the ratio demonstrates an increasing trend from 2006 to 2008, followed by a significant decline in 2009. Subsequent years show volatility, with periods of increase and decrease, before stabilizing somewhat in the later part of the observed timeframe.
- Initial Trend (2006-2008)
- From 2006 to 2008, the P/S ratio increased from 0.66 to 0.86. This suggests that the market was willing to pay more for each dollar of sales during this period, potentially reflecting growing investor confidence or expectations of future revenue growth.
- Significant Decline (2009)
- A substantial decrease in the P/S ratio occurred in 2009, falling to 0.48. This sharp decline likely corresponds to a period of economic downturn or company-specific challenges that negatively impacted investor sentiment and sales expectations.
- Volatility and Recovery (2010-2017)
- The years between 2010 and 2017 are characterized by volatility in the P/S ratio. It initially recovered to 1.03 in 2011, then fluctuated, peaking at 1.91 in 2017. This period suggests a dynamic market response to changing economic conditions and company performance.
- Recent Trends (2018-2026)
- From 2018 through 2026, the P/S ratio generally decreased, with a low of 1.31 in 2023, before increasing again to 2.01 in 2026. This suggests a recent shift in market valuation, potentially influenced by factors such as changes in profitability, industry outlook, or broader market trends. The increase in 2026 is notable.
- Relationship to Share Price and Sales per Share
- The P/S ratio is directly influenced by both share price and sales per share. Periods of increasing share price coupled with stable or increasing sales per share generally lead to a higher P/S ratio, and vice versa. The significant fluctuations observed in the P/S ratio correlate with corresponding changes in both share price and sales per share throughout the examined period.
Overall, the P/S ratio demonstrates a lack of consistent directional movement, indicating sensitivity to various internal and external factors. The observed fluctuations suggest that market valuation is subject to change based on evolving economic conditions and company performance.
Comparison to Competitors
Chevron Corp., P/S, 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/S, 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/S, 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).