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).
Historical Valuation Ratios (Summary)
Chevron Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
A cyclical valuation trend is evident across all metrics, characterized by an initial compression phase, a period of aggressive expansion peaking in early 2026, and a subsequent correction in the final two quarters of the analyzed period.
- Earnings and Operating Profit Valuations
- The Price to Earnings (P/E) and Price to Operating Profit (P/OP) ratios exhibit a strong positive correlation, both following a similar trajectory of contraction and expansion. The P/E ratio declined from 16.06 in March 2022 to a trough of 8.27 by March 2023. This was followed by a sustained upward trend, reaching a peak of 33.02 in March 2026 before sharply correcting to 15.51 by September 2026. Similarly, the P/OP ratio bottomed at 5.81 in March 2023 and climbed to a peak of 18.41 in March 2026, eventually settling at 10.34. The dramatic increase in these ratios during 2025 suggests either a significant increase in market price expectations or a contraction in quarterly earnings during that period.
- Revenue-Based Valuation
- The Price to Sales (P/S) ratio demonstrated more stability than the earnings-based metrics but still mirrored the general cyclicality. After declining from 1.86 in March 2022 to a low of 1.24 in March 2025, the ratio surged to 2.01 by December 2025. The period ended with a slight moderation to 1.85 in September 2026, indicating that the market's valuation relative to revenue remained more consistent than its valuation relative to profit.
- Asset-Based Valuation
- The Price to Book Value (P/BV) ratio remained the most stable of the four indicators, fluctuating within a narrower range between 1.60 and 2.25. A gradual decline was observed from March 2022 (2.25) to a low in March 2025 (1.60). A subsequent recovery saw the ratio climb back to 2.15 by September 2026. The relative stability of the P/BV ratio suggests that the intrinsic value of the company's assets provided a consistent floor for the stock's valuation, regardless of the volatility seen in earnings-based multiples.
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Price to Earnings (P/E)
Chevron Corp., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,965,421,686 | 1,975,771,274 | 1,991,597,732 | 1,995,385,539 | 2,013,521,597 | 1,727,990,376 | 1,746,393,905 | 1,760,598,537 | 1,797,091,325 | 1,828,917,113 | 1,847,009,033 | 1,857,269,160 | 1,887,748,665 | 1,867,245,218 | 1,894,215,264 | 1,906,674,044 | 1,933,638,546 | 1,957,434,814 | 1,964,813,456 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to Chevron Corporation (in millions) | 9,924) | 12,072) | 2,210) | 2,770) | 3,539) | 2,490) | 3,500) | 3,239) | 4,487) | 4,434) | 5,501) | 2,259) | 6,526) | 6,010) | 6,574) | 6,353) | 11,231) | 11,622) | 6,259) | ||||||
| Earnings per share (EPS)2 | 13.73 | 10.42 | 5.53 | 6.16 | 6.34 | 7.94 | 8.97 | 10.03 | 9.28 | 10.24 | 10.99 | 11.51 | 13.49 | 16.16 | 18.89 | 18.60 | 17.67 | 14.84 | 10.44 | ||||||
| Share price1, 3 | 212.93 | 189.23 | 182.50 | 185.34 | 152.94 | 153.16 | 137.04 | 156.92 | 156.77 | 142.41 | 160.73 | 154.45 | 148.76 | 159.67 | 156.22 | 161.93 | 181.13 | 151.14 | 167.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 15.51 | 18.16 | 33.02 | 30.07 | 24.12 | 19.30 | 15.28 | 15.64 | 16.89 | 13.91 | 14.63 | 13.42 | 11.03 | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| ConocoPhillips | — | 15.11 | 20.93 | 16.65 | 11.96 | 12.59 | 11.75 | 13.41 | 12.68 | 11.78 | 13.50 | 11.92 | 12.94 | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | ||||||
| ExxonMobil Holdings Corp. | 18.04 | 19.46 | 25.17 | 21.77 | 16.02 | 14.76 | 13.42 | 14.21 | 15.47 | 14.93 | 14.38 | 11.49 | 11.00 | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income attributable to Chevron CorporationQ3 2026
+ Net income attributable to Chevron CorporationQ2 2026
+ Net income attributable to Chevron CorporationQ1 2026
+ Net income attributable to Chevron CorporationQ4 2025)
÷ No. shares of common stock outstanding
= (9,924,000,000 + 12,072,000,000 + 2,210,000,000 + 2,770,000,000)
÷ 1,965,421,686 = 13.73
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 212.93 ÷ 13.73 = 15.51
5 Click competitor name to see calculations.
The analysis of valuation metrics between March 2022 and September 2026 reveals a period of significant volatility in earnings and a subsequent divergence between share price and fundamental performance, culminating in a sharp valuation expansion followed by a correction.
- Earnings per Share (EPS) Performance
- Earnings experienced a strong upward trajectory through 2022, rising from 10.44 USD in March to a peak of 18.89 USD by March 2023. This was followed by a prolonged period of decline, with EPS falling consistently through 2023 and 2024, eventually reaching a trough of 5.53 USD in March 2026. A rapid recovery occurred in the subsequent quarters of 2026, with earnings returning to 13.73 USD by September 2026.
- Share Price Movements
- The share price remained relatively range-bound between 142 USD and 181 USD from March 2022 through June 2024. However, a sustained bullish trend emerged starting in late 2024, with the price climbing from 156.92 USD in December 2024 to a peak of 212.93 USD by September 2026. This upward movement persisted even during periods of declining earnings.
- Price-to-Earnings (P/E) Ratio Interpretation
- The P/E ratio exhibited an inverse relationship with earnings during the initial phase, dropping from 16.06 in March 2022 to a low of 8.27 in March 2023 as earnings surged. A critical divergence occurred throughout 2025 and early 2026; as earnings declined to their lowest levels, the share price continued to rise, causing the P/E ratio to expand aggressively from 15.28 in March 2025 to a peak of 33.02 in March 2026. This suggests a period where the market attributed a significant premium to the stock regardless of immediate earnings contraction. The ratio subsequently corrected to 15.51 by September 2026, driven by the sharp recovery in EPS.
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Price to Operating Profit (P/OP)
Chevron Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,965,421,686 | 1,975,771,274 | 1,991,597,732 | 1,995,385,539 | 2,013,521,597 | 1,727,990,376 | 1,746,393,905 | 1,760,598,537 | 1,797,091,325 | 1,828,917,113 | 1,847,009,033 | 1,857,269,160 | 1,887,748,665 | 1,867,245,218 | 1,894,215,264 | 1,906,674,044 | 1,933,638,546 | 1,957,434,814 | 1,964,813,456 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | 13,946) | 17,132) | 4,273) | 5,109) | 5,854) | 4,504) | 5,806) | 6,308) | 6,702) | 7,197) | 8,088) | 3,654) | 8,943) | 7,996) | 9,672) | 9,967) | 15,145) | 16,119) | 9,254) | ||||||
| Operating profit per share2 | 20.59 | 16.38 | 9.91 | 10.66 | 11.16 | 13.50 | 14.90 | 16.07 | 14.27 | 15.25 | 15.53 | 16.30 | 19.38 | 22.91 | 26.87 | 26.48 | 24.69 | 20.91 | 15.06 | ||||||
| Share price1, 3 | 212.93 | 189.23 | 182.50 | 185.34 | 152.94 | 153.16 | 137.04 | 156.92 | 156.77 | 142.41 | 160.73 | 154.45 | 148.76 | 159.67 | 156.22 | 161.93 | 181.13 | 151.14 | 167.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 10.34 | 11.55 | 18.41 | 17.38 | 13.70 | 11.35 | 9.20 | 9.76 | 10.99 | 9.34 | 10.35 | 9.48 | 7.68 | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| ConocoPhillips | — | 9.11 | 12.36 | 9.82 | 7.33 | 7.88 | 7.33 | 8.50 | 7.96 | 7.49 | 8.70 | 7.61 | 8.04 | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | ||||||
| ExxonMobil Holdings Corp. | 12.93 | 13.74 | 16.91 | 14.85 | 10.87 | 9.89 | 9.03 | 9.57 | 10.23 | 9.86 | 9.47 | 7.62 | 7.06 | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= (13,946,000,000 + 17,132,000,000 + 4,273,000,000 + 5,109,000,000)
÷ 1,965,421,686 = 20.59
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 212.93 ÷ 20.59 = 10.34
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits significant volatility over the observed period, characterized by an initial contraction, a sustained period of valuation expansion, and a subsequent correction in 2026. The movements in the ratio are primarily driven by the inverse relationship between the share price and operating profit per share.
- Operating Profit Trends
- Operating profit per share experienced a peak of 26.87 US$ on March 31, 2023, followed by a consistent downward trajectory that reached a low of 9.91 US$ by March 31, 2026. A sharp recovery occurred in the final two quarters of the analysis, with profit per share rising to 20.59 US$ by September 30, 2026.
- Share Price Movement
- The share price remained relatively volatile between 142.41 US$ and 185.34 US$ for the majority of the period. However, a distinct upward trend emerged starting in late 2025, culminating in a peak value of 212.93 US$ on September 30, 2026.
- P/OP Ratio Dynamics
- The P/OP ratio reached its lowest point of 5.81 on March 31, 2023, coinciding with the peak in operating profitability. Following this trough, the ratio entered a phase of steady expansion, peaking at 18.41 on March 31, 2026. This expansion indicates that the share price remained resilient or increased while operating profits declined, leading to a higher valuation multiple.
- Recent Valuation Correction
- A significant compression of the P/OP ratio is observed in the second and third quarters of 2026. The ratio fell from 18.41 to 10.34 by September 30, 2026. This correction was driven by a rapid recovery in operating profit per share, which outpaced the increase in the share price, thereby returning the valuation ratio toward historical averages.
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Price to Sales (P/S)
Chevron Corp., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,965,421,686 | 1,975,771,274 | 1,991,597,732 | 1,995,385,539 | 2,013,521,597 | 1,727,990,376 | 1,746,393,905 | 1,760,598,537 | 1,797,091,325 | 1,828,917,113 | 1,847,009,033 | 1,857,269,160 | 1,887,748,665 | 1,867,245,218 | 1,894,215,264 | 1,906,674,044 | 1,933,638,546 | 1,957,434,814 | 1,964,813,456 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | 65,237) | 67,199) | 47,556) | 45,787) | 48,169) | 44,375) | 46,101) | 48,334) | 48,926) | 49,574) | 46,580) | 48,933) | 51,922) | 47,216) | 48,842) | 54,523) | 63,508) | 65,372) | 52,314) | ||||||
| Sales per share2 | 114.88 | 105.64 | 93.34 | 92.43 | 92.86 | 108.64 | 110.48 | 109.86 | 107.96 | 107.72 | 105.39 | 106.02 | 107.27 | 114.65 | 122.61 | 123.63 | 117.42 | 105.29 | 90.01 | ||||||
| Share price1, 3 | 212.93 | 189.23 | 182.50 | 185.34 | 152.94 | 153.16 | 137.04 | 156.92 | 156.77 | 142.41 | 160.73 | 154.45 | 148.76 | 159.67 | 156.22 | 161.93 | 181.13 | 151.14 | 167.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 1.85 | 1.79 | 1.96 | 2.01 | 1.65 | 1.41 | 1.24 | 1.43 | 1.45 | 1.32 | 1.53 | 1.46 | 1.39 | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| ConocoPhillips | — | 2.21 | 2.63 | 2.26 | 1.77 | 2.00 | 1.95 | 2.26 | 2.28 | 2.23 | 2.59 | 2.33 | 2.42 | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | ||||||
| ExxonMobil Holdings Corp. | 1.89 | 1.77 | 1.95 | 1.94 | 1.48 | 1.39 | 1.31 | 1.41 | 1.53 | 1.50 | 1.42 | 1.24 | 1.21 | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Sales and other operating revenuesQ3 2026
+ Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025)
÷ No. shares of common stock outstanding
= (65,237,000,000 + 67,199,000,000 + 47,556,000,000 + 45,787,000,000)
÷ 1,965,421,686 = 114.88
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 212.93 ÷ 114.88 = 1.85
5 Click competitor name to see calculations.
The valuation of the equity exhibits a cyclical pattern over the analyzed period, characterized by an initial contraction in the price-to-sales (P/S) ratio followed by a significant expansion in the latter stages of the timeline.
- Price to Sales (P/S) Ratio Trend
- The P/S ratio began at 1.86 in March 2022 and experienced a general downward trend, reaching a period low of 1.24 by March 2025. This compression suggests a phase where the market valued each dollar of revenue more conservatively. However, a sharp reversal occurred between March 2025 and December 2025, with the ratio peaking at 2.01, before stabilizing at 1.85 by September 2026.
- Share Price Volatility
- Share prices fluctuated between approximately 142 USD and 181 USD for the majority of the period from 2022 through mid-2025. A distinct bullish trend emerged in late 2025, with the price ascending from 152.94 USD in September 2025 to a peak of 212.93 USD by September 2026, representing the primary driver for the increased valuation multiple.
- Sales per Share Performance
- Revenue efficiency, measured as sales per share, peaked early in the period at 123.63 USD in December 2022. A subsequent gradual decline was observed, bottoming out at 92.43 USD in December 2025. The recovery of sales per share to 114.88 USD by September 2026 coincided with the overall increase in share price, although the valuation multiple remained higher than the 2023-2024 average.
- Valuation Correlation
- A divergence is noted between March 2025 and December 2025, where the P/S ratio rose sharply from 1.24 to 2.01 despite sales per share remaining near historical lows (approximately 92-93 USD). This indicates that the valuation spike during this interval was driven by market sentiment or price appreciation rather than fundamental revenue growth.
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Price to Book Value (P/BV)
Chevron Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,965,421,686 | 1,975,771,274 | 1,991,597,732 | 1,995,385,539 | 2,013,521,597 | 1,727,990,376 | 1,746,393,905 | 1,760,598,537 | 1,797,091,325 | 1,828,917,113 | 1,847,009,033 | 1,857,269,160 | 1,887,748,665 | 1,867,245,218 | 1,894,215,264 | 1,906,674,044 | 1,933,638,546 | 1,957,434,814 | 1,964,813,456 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Chevron Corporation stockholders’ equity (in millions) | 194,327) | 189,883) | 183,715) | 186,450) | 189,843) | 146,417) | 149,244) | 152,318) | 156,202) | 159,233) | 160,625) | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | ||||||
| Book value per share (BVPS)2 | 98.87 | 96.11 | 92.25 | 93.44 | 94.28 | 84.73 | 85.46 | 86.51 | 86.92 | 87.06 | 86.96 | 86.66 | 87.55 | 84.79 | 84.18 | 83.54 | 82.06 | 78.45 | 74.42 | ||||||
| Share price1, 3 | 212.93 | 189.23 | 182.50 | 185.34 | 152.94 | 153.16 | 137.04 | 156.92 | 156.77 | 142.41 | 160.73 | 154.45 | 148.76 | 159.67 | 156.22 | 161.93 | 181.13 | 151.14 | 167.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 2.15 | 1.97 | 1.98 | 1.98 | 1.62 | 1.81 | 1.60 | 1.81 | 1.80 | 1.64 | 1.85 | 1.78 | 1.70 | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| ConocoPhillips | — | 2.15 | 2.37 | 2.06 | 1.63 | 1.76 | 1.72 | 1.91 | 2.53 | 2.53 | 2.90 | 2.65 | 3.03 | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | ||||||
| ExxonMobil Holdings Corp. | 2.76 | 2.46 | 2.50 | 2.42 | 1.84 | 1.74 | 1.69 | 1.81 | 1.94 | 1.90 | 2.30 | 2.02 | 2.10 | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 194,327,000,000 ÷ 1,965,421,686 = 98.87
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 212.93 ÷ 98.87 = 2.15
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a cyclical pattern over the analyzed period, characterized by an initial decline followed by a significant recovery. Starting at 2.25 in March 2022, the ratio entered a general downward trajectory, reaching a periodic low of 1.60 by March 2025. However, a reversal occurred in the subsequent quarters, with the ratio climbing back to 2.15 by September 2026, nearly returning to its initial valuation levels.
- Price to Book Value (P/BV) Trends
- The valuation ratio remained volatile but generally compressed between 2022 and early 2025, frequently oscillating between 1.60 and 1.90. This contraction indicates a period where the market valuation of the equity relative to its accounting value decreased. The sharp recovery observed from December 2025 through September 2026 reflects a renewed expansion in market sentiment or an increase in the perceived value of the company's assets.
- Book Value per Share (BVPS) Progression
- A consistent long-term upward trend in Book Value per Share is evident, rising from 74.42 US$ in March 2022 to 98.87 US$ in September 2026. While the growth was steady through 2023, a period of relative stagnation occurred between December 2023 and June 2025, where values hovered between 84.73 US$ and 87.06 US$. A secondary growth phase began in September 2025, contributing to the overall increase in the underlying asset base per share.
- Share Price Influence
- The fluctuations in the P/BV ratio are primarily driven by volatility in the share price rather than changes in book value. The significant rise in the P/BV ratio toward the end of the period is closely correlated with the share price increasing from 137.04 US$ in March 2025 to a peak of 212.93 US$ in September 2026. This suggests that the valuation expansion in 2026 was a result of market-driven price appreciation outpacing the growth of the book value.
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