Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Chevron Corp., current price multiples
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | $189.94 | |||||||
| No. shares of common stock outstanding | 1,995,385,539 | |||||||
| Growth rate (g) | 4.56% | |||||||
| Earnings per share (EPS) | $6.16 | |||||||
| Next year expected EPS | $6.44 | |||||||
| Operating profit per share | $10.66 | |||||||
| Sales per share | $92.43 | |||||||
| Book value per share (BVPS) | $93.44 | |||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | 30.82 | 17.91 | 21.84 | 23.45 | 23.28 | |||
| Price to next year expected earnings | 29.47 | 15.97 | 20.16 | 21.82 | 21.62 | |||
| Price-earnings-growth (PEG) | 6.76 | 1.47 | 2.61 | 3.14 | 3.04 | |||
| Price to operating profit (P/OP) | 17.82 | 10.57 | 14.91 | 14.95 | 15.01 | |||
| Price to sales (P/S) | 2.05 | 2.43 | 1.95 | 2.03 | 2.03 | |||
| Price to book value (P/BV) | 2.03 | 2.22 | 2.43 | 2.26 | 2.28 | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Chevron Corp., historical price multiples
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).
The valuation ratios exhibit varied trends over the five-year period. Generally, ratios decreased from 2021 to 2022, followed by increases in subsequent years, with notable acceleration in 2025. This suggests a shifting perception of the company’s value relative to its underlying financials.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased significantly from 16.81 in 2021 to 8.71 in 2022, indicating a substantial decline in investor willingness to pay for each dollar of earnings. The ratio then experienced a moderate increase to 13.42 in 2023 and 15.64 in 2024, before rising sharply to 30.07 in 2025. This final increase suggests a considerable improvement in earnings expectations or a significant increase in investor confidence.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, Price to Operating Profit decreased from 11.40 in 2021 to 6.12 in 2022. A recovery was observed in 2023 and 2024, reaching 9.48 and 9.76 respectively. The most substantial increase occurred in 2025, with the ratio climbing to 17.38. This mirrors the trend in P/E, indicating a strengthening relationship between price and operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio showed a slight decrease from 1.69 in 2021 to 1.31 in 2022. It fluctuated around 1.46 and 1.43 in 2023 and 2024, respectively, before increasing to 2.01 in 2025. While less dramatic than the earnings-based ratios, the increase in 2025 suggests growing investor optimism regarding revenue generation.
- Price to Book Value (P/BV)
- The Price to Book Value ratio remained relatively stable throughout the period, ranging between 1.78 and 1.98. A slight decrease was observed from 1.89 in 2021 to 1.78 in 2023, followed by a modest increase to 1.98 in 2025. This relative stability suggests that the market’s assessment of the company’s net asset value remained consistent, despite fluctuations in other valuation metrics.
The pronounced increases in P/E, P/OP, and P/S in 2025, contrasted with the relative stability of P/BV, indicate a significant shift in market sentiment. This could be attributable to improved profitability forecasts, increased investor confidence, or a combination of both. The initial decline in valuation ratios in 2022 warrants further investigation to understand the underlying causes.
Price to Earnings (P/E)
Chevron Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,995,385,539 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | |
| Selected Financial Data (US$) | ||||||
| Net income attributable to Chevron Corporation (in millions) | 12,299) | 17,661) | 21,369) | 35,465) | 15,625) | |
| Earnings per share (EPS)2 | 6.16 | 10.03 | 11.51 | 18.60 | 8.02 | |
| Share price1, 3 | 185.34 | 156.92 | 154.45 | 161.93 | 134.85 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 30.07 | 15.64 | 13.42 | 8.71 | 16.81 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| ConocoPhillips | 16.65 | 13.41 | 11.92 | 7.07 | 14.66 | |
| Exxon Mobil Corp. | 21.77 | 14.21 | 11.49 | 8.01 | 14.11 | |
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 23.01 | 14.51 | 12.17 | 8.08 | 15.11 | |
| P/E Ratio, Industry | ||||||
| Energy | 22.93 | 14.41 | 12.48 | 8.54 | 15.67 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to Chevron Corporation ÷ No. shares of common stock outstanding
= 12,299,000,000 ÷ 1,995,385,539 = 6.16
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 185.34 ÷ 6.16 = 30.07
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the five-year period. Initial values decreased significantly before increasing again, suggesting shifts in investor sentiment and earnings expectations.
- Share Price
- The share price demonstrated an initial increase from 2021 to 2022, rising from US$134.85 to US$161.93. A subsequent decline occurred in 2023 to US$154.45, followed by a modest increase in 2024 to US$156.92. The most substantial increase occurred between 2024 and 2025, with the share price reaching US$185.34.
- Earnings Per Share (EPS)
- Earnings per share peaked in 2022 at US$18.60, a substantial increase from the US$8.02 reported in 2021. EPS then decreased significantly in 2023 to US$11.51 and continued to decline in 2024 to US$10.03. The largest decrease in EPS occurred between 2024 and 2025, falling to US$6.16.
- Price to Earnings (P/E) Ratio
- The P/E ratio began at 16.81 in 2021. A marked decrease was observed in 2022, falling to 8.71, likely driven by the significant increase in earnings. The ratio then increased to 13.42 in 2023 and 15.64 in 2024, reflecting a combination of share price and earnings movements. A substantial increase to 30.07 occurred in 2025, primarily attributable to the decline in earnings per share despite the increase in share price. This suggests investors were willing to pay a significantly higher premium for each dollar of earnings in 2025.
The interplay between share price and earnings per share resulted in a dynamic P/E ratio. The substantial increase in the P/E ratio in 2025 warrants further investigation to determine the underlying factors driving investor valuation, particularly given the concurrent decrease in earnings.
Price to Operating Profit (P/OP)
Chevron Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,995,385,539 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | 21,273) | 28,295) | 30,265) | 50,485) | 23,039) | |
| Operating profit per share2 | 10.66 | 16.07 | 16.30 | 26.48 | 11.83 | |
| Share price1, 3 | 185.34 | 156.92 | 154.45 | 161.93 | 134.85 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 17.38 | 9.76 | 9.48 | 6.12 | 11.40 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| ConocoPhillips | 9.82 | 8.50 | 7.61 | 4.57 | 8.66 | |
| Exxon Mobil Corp. | 14.85 | 9.57 | 7.62 | 5.65 | 9.86 | |
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 14.67 | 9.46 | 8.17 | 5.60 | 10.13 | |
| P/OP Ratio, Industry | ||||||
| Energy | 14.78 | 9.50 | 8.44 | 5.95 | 10.52 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 21,273,000,000 ÷ 1,995,385,539 = 10.66
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 185.34 ÷ 10.66 = 17.38
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio decreased significantly before stabilizing and then increasing substantially in the final year. This movement correlates with changes in both share price and operating profit per share.
- Overall Trend
- The P/OP ratio began at 11.40 in 2021, decreased to a low of 6.12 in 2022, experienced a moderate increase to 9.76 by 2024, and then rose sharply to 17.38 in 2025. This indicates a growing premium investors were willing to pay for each dollar of operating profit in the most recent year.
- 2021-2022
- A substantial decline in the P/OP ratio from 2021 to 2022 was observed. This decrease was primarily driven by a significant increase in operating profit per share, which outpaced the increase in share price. The share price increased from US$134.85 to US$161.93, while operating profit per share nearly doubled from US$11.83 to US$26.48.
- 2022-2024
- From 2022 to 2024, the P/OP ratio showed a modest upward trend, moving from 6.12 to 9.76. This period saw a decrease in operating profit per share from US$26.48 to US$16.07, coupled with a relatively stable share price, fluctuating between US$154.45 and US$156.92. The slight increase in the ratio suggests that despite lower profitability, investor valuation remained relatively consistent.
- 2024-2025
- The most pronounced change occurred between 2024 and 2025, with the P/OP ratio increasing dramatically to 17.38. This surge was fueled by a substantial increase in share price, rising from US$156.92 to US$185.34, while operating profit per share decreased from US$16.07 to US$10.66. This indicates a significant shift in investor sentiment, with a greater willingness to pay a premium for the stock despite declining operating profits.
In summary, the P/OP ratio’s trajectory reflects a dynamic interplay between share price performance and operating profitability. The latter portion of the period is characterized by a growing investor premium, even as operating profit per share declined.
Price to Sales (P/S)
Chevron Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,995,385,539 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | |
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenues (in millions) | 184,432) | 193,414) | 196,913) | 235,717) | 155,606) | |
| Sales per share2 | 92.43 | 109.86 | 106.02 | 123.63 | 79.90 | |
| Share price1, 3 | 185.34 | 156.92 | 154.45 | 161.93 | 134.85 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 2.01 | 1.43 | 1.46 | 1.31 | 1.69 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| ConocoPhillips | 2.26 | 2.26 | 2.33 | 1.68 | 2.58 | |
| Exxon Mobil Corp. | 1.94 | 1.41 | 1.24 | 1.12 | 1.17 | |
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.99 | 1.50 | 1.41 | 1.24 | 1.48 | |
| P/S Ratio, Industry | ||||||
| Energy | 2.00 | 1.50 | 1.46 | 1.31 | 1.52 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= 184,432,000,000 ÷ 1,995,385,539 = 92.43
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 185.34 ÷ 92.43 = 2.01
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited fluctuations over the five-year period. Initial observations reveal a decrease followed by an increase in the ratio, suggesting shifts in market valuation relative to revenue generation.
- Overall Trend
- The price-to-sales ratio decreased from 1.69 in 2021 to 1.31 in 2022, indicating a decline in the price investors were willing to pay for each dollar of sales. It then experienced a modest increase to 1.46 in 2023 and remained relatively stable at 1.43 in 2024. A notable increase to 2.01 was observed in 2025, representing the highest ratio value within the observed period.
- Share Price
- The share price increased from US$134.85 in 2021 to US$161.93 in 2022, contributing to the initial decrease in the price-to-sales ratio as sales increased at a faster rate. A subsequent decrease to US$154.45 in 2023, followed by a slight increase to US$156.92 in 2024, occurred alongside fluctuations in sales per share. The share price concluded the period with a substantial increase to US$185.34 in 2025, driving the overall increase in the price-to-sales ratio.
- Sales per Share
- Sales per share demonstrated a significant increase from US$79.90 in 2021 to US$123.63 in 2022. This growth slowed in subsequent years, with a decrease to US$106.02 in 2023 and a slight increase to US$109.86 in 2024. A notable decline to US$92.43 was observed in 2025, which, combined with the increased share price, resulted in the highest price-to-sales ratio of the period.
The interplay between share price and sales per share significantly influenced the price-to-sales ratio. The increase in the ratio in 2025 suggests that investors anticipated future growth despite the decrease in sales per share, or that the market assigned a higher valuation to each dollar of sales.
Price to Book Value (P/BV)
Chevron Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,995,385,539 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | |
| Selected Financial Data (US$) | ||||||
| Total Chevron Corporation stockholders’ equity (in millions) | 186,450) | 152,318) | 160,957) | 159,282) | 139,067) | |
| Book value per share (BVPS)2 | 93.44 | 86.51 | 86.66 | 83.54 | 71.41 | |
| Share price1, 3 | 185.34 | 156.92 | 154.45 | 161.93 | 134.85 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 1.98 | 1.81 | 1.78 | 1.94 | 1.89 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| ConocoPhillips | 2.06 | 1.91 | 2.65 | 2.75 | 2.61 | |
| Exxon Mobil Corp. | 2.42 | 1.81 | 2.02 | 2.29 | 1.93 | |
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 2.22 | 1.83 | 2.00 | 2.21 | 2.00 | |
| P/BV Ratio, Industry | ||||||
| Energy | 2.24 | 1.87 | 2.08 | 2.30 | 2.07 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 186,450,000,000 ÷ 1,995,385,539 = 93.44
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 185.34 ÷ 93.44 = 1.98
5 Click competitor name to see calculations.
The price to book value ratio for the period demonstrates a generally stable valuation, with some fluctuation observed over the five-year span. The share price and book value per share both exhibited increases during the period, contributing to the observed ratio movements.
- Share Price
- The share price increased from US$134.85 in 2021 to US$161.93 in 2022, representing a significant gain. A subsequent decrease to US$154.45 was noted in 2023, followed by a modest increase to US$156.92 in 2024. The most recent year, 2025, shows a further increase, reaching US$185.34.
- Book Value Per Share
- Book value per share consistently increased throughout the period. From US$71.41 in 2021, it rose to US$83.54 in 2022 and continued to US$86.66 in 2023. The increase slowed in 2024, reaching US$86.51, before accelerating again to US$93.44 in 2025.
- Price to Book Value Ratio
- The price to book value ratio began at 1.89 in 2021 and increased slightly to 1.94 in 2022, coinciding with the larger increase in share price. A decrease to 1.78 was observed in 2023, reflecting the share price decline while book value continued to rise. The ratio remained relatively stable at 1.81 in 2024. Finally, the ratio increased to 1.98 in 2025, driven by the share price increase and continued growth in book value per share. The ratio remained within a narrow band, suggesting a consistent market valuation relative to the company’s net asset value.
Overall, the observed trends suggest that the market valuation, as measured by the price to book value ratio, has remained relatively consistent despite fluctuations in share price and the steady growth of book value per share. The increase in the ratio in the final year indicates a potentially strengthening market perception of the company’s value.