Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Chevron Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio data shows an absence of values in the early 2020 periods. Starting from mid-2021, the P/E ratio initially registers a relatively high figure of 54.58, before undergoing a notable decline through late 2021 and into early 2022, reaching a low point around 8.27 to 8.71. From early 2022 onward, this ratio experiences some fluctuations, rising again to approximately 16.89 in late 2024 before tapering slightly to 15.28 by the first quarter of 2025. This overall trend suggests an initial period of investor caution or lower earnings followed by improved earnings performance and subsequent valuation adjustments trending towards moderation.
- Price to Operating Profit (P/OP) Ratio
- Initially unreported, the P/OP ratio emerges in the latter half of 2021 at 26, indicating a high valuation relative to operating profit at that point. Thereafter, it exhibits a declining trajectory through 2022, reaching a low of around 5.81 to 6.12. Following this low, there is a gradual upward movement in the ratio, peaking near 10.99 in late 2024 before slightly decreasing again towards early 2025. This pattern reflects earlier high market valuations versus operating profit, followed by improved operating profit margins or adjusted market pricing, then moderate valuation stabilization in recent periods.
- Price to Sales (P/S) Ratio
- The P/S ratio is available from mid-2020 and shows relative stability with modest fluctuations. It starts around 2.09 to 2.19, then declines through 2021 and 2022, dipping to a range between 1.27 and 1.54. From 2023 onward, the ratio oscillates mildly within a narrow band of roughly 1.24 to 1.53. This indicates relatively stable sales valuation multiples, with no extreme volatility, suggesting steady sales performance and consistent market valuation of revenue streams during the observed timeframe.
- Price to Book Value (P/BV) Ratio
- Beginning at about 1.17 in early 2020, the P/BV ratio fluctuates upward, reaching a peak close to 2.25 by early 2022. Following this peak, the ratio shows some volatility but generally trends lower towards around 1.6 by early 2025. The intermediate period reflects strong investor confidence relative to book value, while the later decline may imply more conservative valuations or an increase in book value outpacing market price growth. Overall, the P/BV ratio indicates moderate valuation levels with cyclical sensitivity.
Price to Earnings (P/E)
Chevron Corp., historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024
+ Net income (loss) attributable to Chevron CorporationQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displayed significant volatility over the observed periods. Initially, it declined from $90.05 at the end of Q1 2020 to a low of $72.14 in Q3 2020, followed by a strong recovery reaching a peak of $167.59 in Q1 2022. Subsequently, the price experienced fluctuations within a range approximately between $137 and $160 through the end of Q1 2025, showing both upward and downward movements without a clear sustained trend in that interval.
- Earnings Per Share (EPS) Trends
- EPS data became available starting in Q4 2020, where it was negative at -2.88 and further declined to -4.03 in Q1 2021, indicating initial losses. Thereafter, EPS turned positive and demonstrated a steady increase reaching a high of 18.89 in Q4 2022. Post this peak, EPS showed a declining trend with values gradually decreasing through the subsequent quarters, ending at 8.97 in Q1 2025. This pattern indicates an initial recovery followed by a moderation in earnings growth.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio was first reported in Q3 2021 at 54.58, reflecting high investor expectations or lower EPS at that time. This ratio decreased significantly over the next few quarters, dropping to 8.27 in Q4 2022, coinciding with rising EPS levels. After reaching this low, the P/E ratio began to increase again, reaching values around 15-16 in the latest periods, which suggests either diminishing earnings growth or a recalibration of market valuation multiples.
- Overall Observations
- The data indicate that the company experienced a period of earnings losses that transitioned into a strong earnings phase, peaking in late 2022, which likely supported the highest share prices observed. The subsequent decline in earnings and moderate variation in share price caused the P/E multiple to increase again, signaling shifts in market valuation dynamics. This pattern may reflect broader market conditions, operational performance, or investor sentiment changes during the reported timeframe.
Price to Operating Profit (P/OP)
Chevron Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant volatility throughout the observed period. Initially, there was a decline from US$90.05 in the first quarter of 2020 to a low of US$72.14 in the third quarter of 2020. This was followed by a recovery and upward trend reaching a peak of US$181.13 in the third quarter of 2022. Subsequent quarters reflected fluctuations, with values generally ranging between US$137.04 and US$160.73 in 2024 and early 2025, indicating some stabilization at a level lower than the 2022 peak but higher than the early 2020 values.
- Operating Profit per Share (OPPS)
- Operating profit per share showed negative values in early 2020, with losses recorded in the first two quarters of 2021. Starting from the third quarter of 2021, a consistent and robust improvement is evident, rising from US$3.89 to a peak of US$26.87 in the first quarter of 2023. Following this peak, OPPS gradually declined but remained positive, fluctuating between approximately US$14.9 and US$22.91 in 2023 and 2024. The data suggests recovery and growth in profitability following the challenging conditions in early 2020, with a moderation phase in the most recent periods.
- Price to Operating Profit Ratio (P/OP)
- P/OP ratio data is available starting from the third quarter of 2021. It initially showed a higher ratio of 26, likely reflecting market optimism on improving earnings. Over the subsequent quarters, this ratio decreased steadily to a low of 5.81 in the first quarter of 2023, indicating that share prices were growing less relative to operating profit. Post the low point, the P/OP ratio increased again moderately, reaching levels around 9.2 to 10.99 in 2024, signaling a relative increase in share prices compared to operating profit. Overall, this trend in P/OP suggests periods of adjustment between market valuation and earnings visibility.
Price to Sales (P/S)
Chevron Corp., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates notable volatility throughout the analyzed periods. Initially, it decreases from 90.05 US$ on March 31, 2020, to a low of 72.14 US$ by September 30, 2020, before sharply increasing to a peak of 134.85 US$ at the end of 2021. There is a further rise to 181.13 US$ by September 30, 2022, indicating strong upward momentum. However, from that peak, the share price undergoes fluctuations with a general downward trend, ending at 137.04 US$ on March 31, 2025.
Sales per share data is only available from March 31, 2021, onward and exhibits a consistent upward trajectory from 49.04 US$ to a peak of 123.63 US$ by December 31, 2022. Following this peak, there is a mild decline and subsequent stabilization around the 105-110 US$ range through March 31, 2025. This pattern suggests that the company’s sales growth accelerated strongly up to late 2022, followed by a period of relative sales stabilization.
The Price to Sales (P/S) ratio shows a decreasing trend between March 31, 2021 (2.09), and September 30, 2021 (1.69), indicating the company’s share price growth did not keep pace with sales growth during this time. Afterward, the ratio remains relatively volatile but generally hovers between 1.2 and 1.6, with periodic upticks such as 1.86 at June 30, 2022, and 1.53 by December 31, 2024. The decreasing P/S ratio from early 2021 to late 2022 suggests that sales increased faster than the share price, potentially reflecting improving operational performance. The subsequent fluctuations in P/S could indicate changing investor sentiment or variations in market valuation relative to sales.
Overall, the data indicates an environment of considerable share price fluctuations coupled with strong sales growth in the initial periods, followed by sales stabilization. The P/S ratio trends suggest that sales expansion was a primary driver behind share price movements during early periods, while later fluctuations imply a more complex valuation scenario potentially influenced by other factors beyond sales performance.
Price to Book Value (P/BV)
Chevron Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Chevron Corporation stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the observed periods. Initially, there was a decline from $90.05 in the first quarter of 2020 to a low of $72.14 in the third quarter of 2020. This was followed by a recovery that peaked at $134.85 by the end of 2021. Throughout 2022, the share price continued to experience fluctuations, reaching a high of $181.13 in the third quarter before dropping to $161.93 at year-end. In 2023, the share price showed a general downward trend, declining from $156.22 in the first quarter to $148.76 in the third quarter before a slight rebound. In 2024 and the first quarter of 2025, the share price remained relatively stable with moderate fluctuations, ending at $137.04.
- Book Value Per Share (BVPS) Trends
- The book value per share demonstrated a steady upward trend throughout the entire period. Starting at $77.09 in the first quarter of 2020, BVPS decreased slightly in the following quarters of 2020 but then began a consistent increase beginning in 2021. By the end of 2022, BVPS had reached $83.54 and continued rising, peaking at $87.55 in the third quarter of 2023. The value maintained relative stability afterward with minor fluctuation, ending at $85.46 in the first quarter of 2025. This suggests a progressive increase in the company’s net asset value per share over time.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio followed the fluctuations of the share price relative to the book value per share. Initially, the ratio was somewhat stable around 1.17 to 1.21 in early 2020, dipping to 1.02 by the third quarter of 2020, reflecting the share price drop. Then the ratio surged to 1.5 by the end of 2020 and continued rising, peaking at 2.25 in the first quarter of 2022, indicating a market valuation significantly higher than the book value. After this peak, the ratio declined with some volatility, maintaining a range mostly between 1.6 and 1.9 through late 2023 and into 2024. By the first quarter of 2025, the ratio had decreased to 1.6, reflecting a more tempered valuation relative to book value compared to the earlier peak.
- Overall Insights
- The data reveals that while the book value per share steadily increased, indicating growth in intrinsic company value, the share price and P/BV ratio showed more variability, driven by market conditions and investor sentiment. The peak P/BV ratio in early 2022 suggests a period of high market optimism or favorable conditions, whereas subsequent declines indicate more cautious market valuation. The recent stabilization of both share price and P/BV ratio may reflect consolidation or a balanced market view of the company’s future prospects relative to its intrinsic value.