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)

		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)

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 declined from Q3 2018 to Q4 2018 but then increased from Q4 2018 to Q1 2019 not reaching Q3 2018 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 declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 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 declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 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 declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

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

		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 (USD $)
	Net income (loss) attributable to Chevron Corporation (in millions)
	Earnings per share (EPS)³
	Share price^1, 2
	Ratio
	P/E ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Chevron Corp.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ EPS = (Net income (loss) attributable to Chevron Corporation_{Q1 2019} + Net income (loss) attributable to Chevron Corporation_{Q4 2018} + Net income (loss) attributable to Chevron Corporation_{Q3 2018} + Net income (loss) attributable to Chevron Corporation_{Q2 2018}) ÷ No. shares of common stock outstanding
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⁴ P/E ratio = Share price ÷ EPS
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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 declined from Q3 2018 to Q4 2018 but then increased from Q4 2018 to Q1 2019 not reaching Q3 2018 level.

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

		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 (USD $)
	Operating income (loss) (in millions)
	Operating profit per share³
	Share price^1, 2
	Ratio
	P/OP ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Chevron Corp.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ Operating profit per share = (Operating income (loss)_{Q1 2019} + Operating income (loss)_{Q4 2018} + Operating income (loss)_{Q3 2018} + Operating income (loss)_{Q2 2018}) ÷ No. shares of common stock outstanding
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⁴ P/OP ratio = Share price ÷ Operating profit per share
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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 declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

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

		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 (USD $)
	Sales and other operating revenues (in millions)
	Sales per share³
	Share price^1, 2
	Ratio
	P/S ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Chevron Corp.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ Sales per share = (Sales and other operating revenues_{Q1 2019} + Sales and other operating revenues_{Q4 2018} + Sales and other operating revenues_{Q3 2018} + Sales and other operating revenues_{Q2 2018}) ÷ No. shares of common stock outstanding
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⁴ P/S ratio = Share price ÷ Sales per share
= hidden ÷ hidden = hidden

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 declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

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

		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 (USD $)
	Total Chevron Corporation stockholders’ equity (in millions)
	Book value per share (BVPS)³
	Share price^1, 2
	Ratio
	P/BV ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Chevron Corp.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= hidden ÷ hidden = hidden

⁴ P/BV ratio = Share price ÷ BVPS
= hidden ÷ hidden = hidden

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 declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

	Chevron Corp.	Other companies (not purchased previously)
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Economic Value Added (EVA)
Long-term Trends
Analysis
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Financial Statements
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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