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: 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), 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).
The analysis of the financial ratios over the observed periods reveals several notable trends and fluctuations.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows an initial presence starting in Q3 2021 with a relatively high value of 54.58, followed by a significant decline to around 22.09 in Q4 2021. Subsequently, the ratio stabilizes within a range roughly between 8 and 16 throughout 2022 and 2023, indicating a more moderate valuation relative to earnings. Entering 2024, the P/E ratio experiences an upward movement, reaching peaks around 19.3 in Q4 2024, suggesting increased market expectations or earnings volatility near the end of the period.
- Price to Operating Profit (P/OP) Ratio
- This ratio first appears with a notably high value of 26 in Q3 2021, then declines sharply to the range of about 11 to 7 for the subsequent quarters of 2021 and 2022. From 2023 onwards, the P/OP ratio maintains a more moderate level, mostly fluctuating between 5.81 and 10.99. There is a mild upward trend in 2023 and early 2024 with occasional volatility, indicating shifting market valuations relative to operating profits over time.
- Price to Sales (P/S) Ratio
- The P/S ratio begins at 2.09 in Q3 2021, maintains slight fluctuations between approximately 1.3 and 2.2 through 2021 and 2022, and shows a general downward trend toward the end of 2022 and into 2023, reaching lows near 1.24 in Q4 2024. The ratio thereafter shows a recovery trend, oscillating between 1.24 and 1.53 through early 2025. This suggests that market valuation relative to sales experienced some compression before modest recovery during the final quarters.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio is reported from the start of the periods under review, with values starting around 1.17 to 1.21 in early 2020. The ratio trends upward overall, peaking at 2.25 around Q1 2022, indicating a growing market premium over book value during that time. Subsequently, the ratio decreases somewhat but remains relatively elevated and fluctuates between 1.6 and 1.9 over 2023 and 2024. A slight increase is observed in some quarters toward mid-2024, followed by minor oscillations around 1.6 to 1.8 into mid-2025, suggesting sustained investor confidence relative to the company's book value.
Price to Earnings (P/E)
Chevron Corp., historical P/E calculation (quarterly data)
| 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 | 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 | 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 | 1,947,553,346 | 1,927,685,919 | 1,933,911,944 | 1,928,052,179 | 1,926,376,764 | 1,867,323,448 | 1,867,267,832 | 1,866,978,650 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to Chevron Corporation (in millions) | 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) | 5,055) | 6,111) | 3,082) | 1,377) | (665) | (207) | (8,270) | 3,599) | |||||||
| Earnings per share (EPS)2 | 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 | 8.02 | 5.14 | 1.85 | -4.03 | -2.88 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 134.85 | 113.51 | 101.23 | 109.02 | 102.35 | 72.14 | 87.20 | 90.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 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 | 16.81 | 22.09 | 54.58 | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| ConocoPhillips | 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 | 14.66 | 20.66 | 40.48 | 3,758.13 | — | — | — | — | |||||||
| Exxon Mobil Corp. | 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 | 14.11 | — | — | — | — | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to Chevron CorporationQ2 2025
+ Net income (loss) attributable to Chevron CorporationQ1 2025
+ Net income (loss) attributable to Chevron CorporationQ4 2024
+ Net income (loss) attributable to Chevron CorporationQ3 2024)
÷ No. shares of common stock outstanding
= (2,490,000,000 + 3,500,000,000 + 3,239,000,000 + 4,487,000,000)
÷ 1,727,990,376 = 7.94
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= 153.16 ÷ 7.94 = 19.30
5 Click competitor name to see calculations.
The analyzed financial data reveals several key trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods, reflecting the company's performance and market valuation fluctuations over time.
- Share Price
- The share price exhibited notable volatility throughout the periods analyzed. Initially, from March 2020 through the end of 2020, the price declined from $90.05 to a low point near $72.14 before rebounding sharply to $134.85 by December 2021. This recovery trend continued into early 2022, peaking at approximately $181.13 in September 2022. Subsequently, there was a moderate decline and fluctuation within a range of approximately $148.76 to $160.73 during 2023. Moving into 2024 and mid-2025, the share price showed some variability, generally fluctuating between $137.04 and $160.92, indicating periods of both corrections and recoveries but without a clear upward or downward long-term trend.
- Earnings per Share (EPS)
- EPS data, available starting from December 2020, illustrated a significant improvement from a negative value of -$2.88 to consistently positive values through subsequent quarters. In 2021, EPS increased substantially, reaching a peak of $8.02 by December 2021. This positive trajectory continued, peaking at $18.89 in March 2023, indicative of strong earnings growth. However, after this peak, EPS demonstrated a gradual downward trend, declining steadily to $7.94 by June 2025. This post-peak decrease suggests either increased costs, reduced profitability, or other operational challenges impacting earnings in the later periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio, reported from June 2021 onwards, mirrors the relationship between share price and earnings. It started at a relatively high ratio of 54.58 during June 2021, reflecting the market's optimism or high price relative to earnings during the initial recovery phase. The ratio declined steadily through 2022, stabilizing within the range of approximately 8.27 to 10.25, aligned with rising earnings and a strong share price. However, from 2023 onward, the P/E ratio generally increased, reaching 19.3 by June 2025. This increase corresponds with the observed decline in EPS and some share price fluctuations, suggesting a valuation adjustment or market reassessment of future growth prospects.
Overall, the data presents a period of initial recovery from negative earnings and lower share prices in 2020, followed by strong earnings growth and share price appreciation through early 2023. The subsequent decline and stabilization in EPS alongside increased P/E ratios suggest changing market expectations and potential emerging challenges impacting profitability and investor sentiment in the later quarters. Continuous monitoring of these trends will be important for assessing future financial health and market valuation.
Price to Operating Profit (P/OP)
Chevron Corp., historical P/OP calculation (quarterly data)
| 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 | 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 | 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 | 1,947,553,346 | 1,927,685,919 | 1,933,911,944 | 1,928,052,179 | 1,926,376,764 | 1,867,323,448 | 1,867,267,832 | 1,866,978,650 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 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) | 7,226) | 8,329) | 4,772) | 2,712) | (297) | 342) | (10,326) | 4,405) | |||||||
| Operating profit per share2 | 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 | 11.83 | 8.05 | 3.89 | -3.93 | -3.05 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 134.85 | 113.51 | 101.23 | 109.02 | 102.35 | 72.14 | 87.20 | 90.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 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 | 11.40 | 14.10 | 26.00 | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| ConocoPhillips | 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 | 8.66 | 11.68 | 17.96 | 71.79 | — | — | — | — | |||||||
| Exxon Mobil Corp. | 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 | 9.86 | — | — | — | — | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= (4,504,000,000 + 5,806,000,000 + 6,308,000,000 + 6,702,000,000)
÷ 1,727,990,376 = 13.50
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 153.16 ÷ 13.50 = 11.35
5 Click competitor name to see calculations.
The analyzed data reveals several key trends in the company's financial performance over the periods in question. The share price exhibits notable volatility but shows an overall upward trajectory from early 2020 through late 2022, reaching a peak above US$180 per share. Following this peak, the share price experiences a decline and fluctuates in the later quarters, ending around US$153 by mid-2025. This trend suggests periods of strong market confidence followed by some degree of market correction or external influences affecting valuation.
Operating profit per share (OPPS) presents a more distinct pattern. Initially, in the early periods of 2020, available data indicates negative values, reflecting operational challenges or possible impacts of adverse market conditions. From March 2021 onward, OPPS improves significantly, transitioning into positive territory and showing consistent growth through 2022 and into the first quarter of 2023. After reaching a high point near US$27 per share, there is a gradual decline in subsequent quarters. Despite this decline, the operating profit per share remains robust relative to the starting point, suggesting improved operational efficiency and profitability compared to the earliest periods.
The Price to Operating Profit (P/OP) ratio complements the analysis by reflecting market valuation relative to profitability. Early data around mid-2021 shows a high ratio of 26, indicating a premium valuation possibly due to optimism or expected future growth. As operating profits increase, the ratio steadily decreases, reaching a low around 5.81 by late 2022, implying that the market price became more aligned with the company’s earnings power. Subsequently, the ratio begins to rise again, fluctuating above 9 in some later quarters, suggesting changing market perceptions or adjustments in future earnings expectations.
Overall, the data indicates a recovery and strengthening in operational performance after early 2020 setbacks, accompanied by fluctuating market valuations that broadly moved toward alignment with improved profitability in the mid-periods. The latter periods suggest a phase of adjustment with mixed signals about future performance as reflected by the declining operating profits per share and increasing P/OP ratios. This pattern underlines the importance of monitoring both profitability trends and market sentiment to assess the company’s ongoing value and risk profile.
- Share Price
- Experienced significant volatility but initially increased from approximately US$72 to US$181 before declining and stabilizing around US$153 by mid-2025.
- Operating Profit per Share
- Shifted from negative values in early 2020 to strong positive growth through 2022, peaking near US$27, then showing a gradual decline while remaining well above initial negative levels.
- Price to Operating Profit Ratio (P/OP)
- Started very high, reflecting high price relative to profits, decreased as profits increased, hitting a low of about 5.81, before rising again in later periods indicating changing market valuation relative to earnings.
Price to Sales (P/S)
Chevron Corp., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,727,990,376 | 1,746,393,905 | 1,760,598,537 | 1,797,091,325 | 1,828,917,113 | 1,847,009,033 | 1,857,269,160 | 1,887,748,665 | 1,867,245,218 | 1,894,215,264 | 1,906,674,044 | 1,933,638,546 | 1,957,434,814 | 1,964,813,456 | 1,947,553,346 | 1,927,685,919 | 1,933,911,944 | 1,928,052,179 | 1,926,376,764 | 1,867,323,448 | 1,867,267,832 | 1,866,978,650 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | 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) | 45,861) | 42,552) | 36,117) | 31,076) | 24,843) | 23,997) | 15,926) | 29,705) | |||||||
| Sales per share2 | 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 | 79.90 | 69.82 | 60.00 | 49.71 | 49.04 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 134.85 | 113.51 | 101.23 | 109.02 | 102.35 | 72.14 | 87.20 | 90.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 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 | 1.69 | 1.63 | 1.69 | 2.19 | 2.09 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| ConocoPhillips | 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 | 2.58 | 2.67 | 2.56 | 3.35 | 3.52 | — | — | — | |||||||
| Exxon Mobil Corp. | 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 | 1.17 | 1.12 | 1.12 | 1.43 | 1.34 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Sales per share
= (Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024)
÷ No. shares of common stock outstanding
= (44,375,000,000 + 46,101,000,000 + 48,334,000,000 + 48,926,000,000)
÷ 1,727,990,376 = 108.64
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 153.16 ÷ 108.64 = 1.41
5 Click competitor name to see calculations.
The financial data presented reveals several notable trends over the analyzed periods, particularly in share price, sales per share, and price-to-sales (P/S) ratio.
- Share Price
- The share price exhibited notable volatility during the earlier periods, with a decline from US$90.05 in March 2020 to a low of US$72.14 in September 2020. From December 2020, a steady upward trend appeared, peaking at US$181.13 in September 2022. Following this peak, the share price displayed fluctuations with a decreasing tendency until March 2025, where it settled at US$137.04 before a modest recovery to US$153.16 by June 2025.
- Sales per Share
- Sales per share data begins from March 2021 and shows a clear growth trajectory initially, increasing from US$49.04 to a peak of US$123.63 by December 2022. After this peak, sales per share demonstrated a gradual decline and stabilization around the US$106 to US$110 range through to June 2025, indicating potential normalization after a period of rapid growth.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuated considerably throughout the periods. Starting at 2.09 in March 2021, it peaked slightly at 2.19 in June 2021 before declining sharply to around 1.27 by December 2022. After that, the ratio hovered between 1.24 and 1.53, suggesting moderate valuation adjustments relative to sales. The P/S ratio’s decline from earlier highs may imply that the stock price growth outpaced sales at certain points but adjusted as sales stabilized.
Overall, the data reveals that while share price experienced significant volatility with peaks and troughs, sales per share showed strong growth followed by stabilization. The P/S ratio’s movement suggests changing market perceptions of value relative to sales, possibly reflecting broader market conditions and company performance adaptations.
Price to Book Value (P/BV)
Chevron Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,727,990,376 | 1,746,393,905 | 1,760,598,537 | 1,797,091,325 | 1,828,917,113 | 1,847,009,033 | 1,857,269,160 | 1,887,748,665 | 1,867,245,218 | 1,894,215,264 | 1,906,674,044 | 1,933,638,546 | 1,957,434,814 | 1,964,813,456 | 1,947,553,346 | 1,927,685,919 | 1,933,911,944 | 1,928,052,179 | 1,926,376,764 | 1,867,323,448 | 1,867,267,832 | 1,866,978,650 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Chevron Corporation stockholders’ equity (in millions) | 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) | 139,067) | 135,862) | 133,182) | 131,888) | 131,688) | 131,774) | 134,118) | 143,930) | |||||||
| Book value per share (BVPS)2 | 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 | 71.41 | 70.48 | 68.87 | 68.40 | 68.36 | 70.57 | 71.83 | 77.09 | |||||||
| Share price1, 3 | 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 | 134.85 | 113.51 | 101.23 | 109.02 | 102.35 | 72.14 | 87.20 | 90.05 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 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 | 1.89 | 1.61 | 1.47 | 1.59 | 1.50 | 1.02 | 1.21 | 1.17 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| ConocoPhillips | 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 | 2.61 | 2.19 | 1.69 | 1.74 | 2.22 | 1.02 | 1.28 | 1.40 | |||||||
| Exxon Mobil Corp. | 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 | 1.93 | 1.69 | 1.52 | 1.64 | 1.53 | 0.79 | 1.03 | 1.02 | |||||||
Based on: 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), 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 Q2 2025 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 146,417,000,000 ÷ 1,727,990,376 = 84.73
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 153.16 ÷ 84.73 = 1.81
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in key valuation metrics over the period examined.
- Share Price Trends
- The share price exhibited considerable volatility throughout the timeline. Initially, there was a decline from $90.05 in March 2020 to a low of $72.14 in September 2020. Following this dip, the price generally trended upward reaching a peak of $181.13 by September 2022. After this peak, the price experienced fluctuations with a downward trend towards $137.04 reported in March 2025, interspersed with occasional rebounds.
- Book Value Per Share (BVPS)
- BVPS showed a consistent and gradual increase over the entire period. Starting at $77.09 in March 2020, the book value per share rose steadily to reach a high of $87.55 by September 2023. Post this peak, BVPS remained relatively stable, with a slight decline towards $84.73 in June 2025. This reflects a steady build-up of net assets relative to the number of shares outstanding.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio fluctuated significantly, mirroring the changes in the share price more so than BVPS. It started near 1.17 in March 2020, dipped close to 1.02 by September 2020, then increased sharply to reach a peak of 2.25 in March 2022. After this peak, the ratio showed a pattern of volatility with values generally ranging between 1.6 and 1.9. This suggests times of market optimism priced above the book value, as well as intervals of more conservative valuations.
Overall, the data indicates a resilient increase in intrinsic value per share, as demonstrated by the steady BVPS growth, while market perceptions reflected in the share price and P/BV ratio have been more cyclical and sensitive to broader market conditions. The divergence between steady book value growth and more variable share price trends highlights periodic shifts in investor sentiment and market dynamics throughout the periods assessed.