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).

Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Chevron Corp., historical price multiples (quarterly data)

		Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Chevron Corp.’s P/E ratio decreased from Q1 2019 to Q2 2019 but then increased from Q2 2019 to Q3 2019 exceeding Q1 2019 level.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Chevron Corp.’s P/OP ratio increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
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 Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
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 increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

Chevron Corp., historical P/E calculation (quarterly data)

		Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net income (loss) attributable to Chevron Corporation (in millions)
	Earnings per share (EPS)²
	Share price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	ConocoPhillips
	EOG Resources Inc.
	Exxon Mobil Corp.
	Phillips 66

¹ Data adjusted for splits and stock dividends.

² Q3 2019 Calculation
EPS = (Net income (loss) attributable to Chevron Corporation_{Q3 2019} + Net income (loss) attributable to Chevron Corporation_{Q2 2019} + Net income (loss) attributable to Chevron Corporation_{Q1 2019} + Net income (loss) attributable to Chevron Corporation_{Q4 2018}) ÷ No. shares of common stock outstanding
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³ Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

⁴ Q3 2019 Calculation
P/E ratio = Share price ÷ EPS
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Chevron Corp.’s P/E ratio decreased from Q1 2019 to Q2 2019 but then increased from Q2 2019 to Q3 2019 exceeding Q1 2019 level.

Chevron Corp., historical P/OP calculation (quarterly data)

		Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating income (loss) (in millions)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	ConocoPhillips
	EOG Resources Inc.
	Exxon Mobil Corp.
	Phillips 66

¹ Data adjusted for splits and stock dividends.

² Q3 2019 Calculation
Operating profit per share = (Operating income (loss)_{Q3 2019} + Operating income (loss)_{Q2 2019} + Operating income (loss)_{Q1 2019} + Operating income (loss)_{Q4 2018}) ÷ No. shares of common stock outstanding
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³ Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

⁴ Q3 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Chevron Corp.’s P/OP ratio increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

Chevron Corp., historical P/S calculation (quarterly data)

		Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Sales and other operating revenues (in millions)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	ConocoPhillips
	EOG Resources Inc.
	Exxon Mobil Corp.
	Phillips 66

¹ Data adjusted for splits and stock dividends.

² Q3 2019 Calculation
Sales per share = (Sales and other operating revenues_{Q3 2019} + Sales and other operating revenues_{Q2 2019} + Sales and other operating revenues_{Q1 2019} + Sales and other operating revenues_{Q4 2018}) ÷ No. shares of common stock outstanding
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³ Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

⁴ Q3 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= hidden ÷ hidden = hidden

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 Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

Chevron Corp., historical P/BV calculation (quarterly data)

		Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Total Chevron Corporation stockholders’ equity (in millions)
	Book value per share (BVPS)²
	Share price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	ConocoPhillips
	EOG Resources Inc.
	Exxon Mobil Corp.
	Phillips 66

¹ Data adjusted for splits and stock dividends.

² Q3 2019 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= hidden ÷ hidden = hidden

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

⁴ Q3 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= hidden ÷ hidden = hidden

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 increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

	Chevron Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

Chevron Corp. (CVX)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Chevron Corp. (CVX)

Common Stock Valuation Ratios (Price Multiples)Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data