Stock Analysis on Net
Stock Analysis on Net
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Chevron Corp. (NYSE:CVX)

Common Stock Valuation Ratios (Price Multiples)

Beginner level

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

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Chevron Corp. Exxon Mobil Corp. Oil & Gas Producers
Selected Financial Data
Current share price (P) $101.33
No. shares of common stock outstanding 1,926,376,764
 
Earnings per share (EPS) $-2.88
Operating profit per share $-3.17
Sales per share $49.04
Book value per share (BVPS) $68.36
Valuation Ratios (Price Multiples)
Price to sales (P/S) 2.07 1.31 1.57
Price to book value (P/BV) 1.48 1.49 1.49

Based on: 10-K (filing date: 2021-02-25).

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

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Price to earnings (P/E) 70.06 15.30 22.83
Price to operating profit (P/OP) 2,048.65 15.70 84.64
Price to sales (P/S) 2.09 1.46 1.43 1.56 1.91
Price to book value (P/BV) 1.50 1.42 1.47 1.42 1.44

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chevron Corp.’s P/S ratio increased from 2018 to 2019 and from 2019 to 2020.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Chevron Corp.’s P/BV ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Price to Earnings (P/E)

Chevron Corp., historical P/E calculation, comparison to benchmarks

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
No. shares of common stock outstanding1 1,926,376,764 1,879,324,765 1,900,062,760 1,910,253,256 1,893,102,970
Selected Financial Data (US$)
Net income (loss) attributable to Chevron Corporation (in millions) (5,543) 2,924  14,824  9,195  (497)
Earnings per share (EPS)2 -2.88 1.56 7.80 4.81 -0.26
Share price1, 3 102.35 109.01 119.39 109.89 111.02
Valuation Ratio
P/E ratio4 70.06 15.30 22.83
Benchmarks
P/E Ratio, Competitors5
Exxon Mobil Corp. 15.64 16.15 16.28 42.80
P/E Ratio, Sector
Oil & Gas Producers 24.86 15.80 18.37 74.32

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 Data adjusted for splits and stock dividends.

2 2020 Calculation
EPS = Net income (loss) attributable to Chevron Corporation ÷ No. shares of common stock outstanding
= -5,543,000,000 ÷ 1,926,376,764 = -2.88

3 Closing price as at the filing date of Chevron Corp.’s Annual Report.

4 2020 Calculation
P/E ratio = Share price ÷ EPS
= 102.35 ÷ -2.88 =

5 Click competitor name to see calculations.


Price to Operating Profit (P/OP)

Chevron Corp., historical P/OP calculation, comparison to benchmarks

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
No. shares of common stock outstanding1 1,926,376,764 1,879,324,765 1,900,062,760 1,910,253,256 1,893,102,970
Selected Financial Data (US$)
Operating income (loss) (in millions) (6,097) 100  14,446  2,480  (6,216)
Operating profit per share2 -3.17 0.05 7.60 1.30 -3.28
Share price1, 3 102.35 109.01 119.39 109.89 111.02
Valuation Ratio
P/OP ratio4 2,048.65 15.70 84.64
Benchmarks
P/OP Ratio, Competitors5
Exxon Mobil Corp. 17.57 15.21 26.58 358.52
P/OP Ratio, Sector
Oil & Gas Producers 33.36 15.41 36.48

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 Data adjusted for splits and stock dividends.

2 2020 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= -6,097,000,000 ÷ 1,926,376,764 = -3.17

3 Closing price as at the filing date of Chevron Corp.’s Annual Report.

4 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 102.35 ÷ -3.17 =

5 Click competitor name to see calculations.


Price to Sales (P/S)

Chevron Corp., historical P/S calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
No. shares of common stock outstanding1 1,926,376,764 1,879,324,765 1,900,062,760 1,910,253,256 1,893,102,970
Selected Financial Data (US$)
Sales and other operating revenues (in millions) 94,471  139,865  158,902  134,674  110,215 
Sales per share2 49.04 74.42 83.63 70.50 58.22
Share price1, 3 102.35 109.01 119.39 109.89 111.02
Valuation Ratio
P/S ratio4 2.09 1.46 1.43 1.56 1.91
Benchmarks
P/S Ratio, Competitors5
Exxon Mobil Corp. 1.34 0.88 1.20 1.35 1.54
P/S Ratio, Sector
Oil & Gas Producers 1.60 1.09 1.29 1.43 1.66

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 Data adjusted for splits and stock dividends.

2 2020 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= 94,471,000,000 ÷ 1,926,376,764 = 49.04

3 Closing price as at the filing date of Chevron Corp.’s Annual Report.

4 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 102.35 ÷ 49.04 = 2.09

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chevron Corp.’s P/S ratio increased from 2018 to 2019 and from 2019 to 2020.

Price to Book Value (P/BV)

Chevron Corp., historical P/BV calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
No. shares of common stock outstanding1 1,926,376,764 1,879,324,765 1,900,062,760 1,910,253,256 1,893,102,970
Selected Financial Data (US$)
Total Chevron Corporation stockholders’ equity (in millions) 131,688  144,213  154,554  148,124  145,556 
Book value per share (BVPS)2 68.36 76.74 81.34 77.54 76.89
Share price1, 3 102.35 109.01 119.39 109.89 111.02
Valuation Ratio
P/BV ratio4 1.50 1.42 1.47 1.42 1.44
Benchmarks
P/BV Ratio, Competitors5
Exxon Mobil Corp. 1.53 1.17 1.75 1.71 2.01
P/BV Ratio, Sector
Oil & Gas Producers 1.51 1.28 1.63 1.58 1.74

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 Data adjusted for splits and stock dividends.

2 2020 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 131,688,000,000 ÷ 1,926,376,764 = 68.36

3 Closing price as at the filing date of Chevron Corp.’s Annual Report.

4 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 102.35 ÷ 68.36 = 1.50

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Chevron Corp.’s P/BV ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.