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: 2026-03-31), 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).
The valuation ratios exhibit a distinct cyclical pattern characterized by a compression phase followed by a significant expansion. A notable contraction in multiples occurred between early 2022 and early 2023, after which a steady recovery began, culminating in a sharp increase in valuation multiples through the end of 2025 and into the first quarter of 2026.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) ratio experienced a substantial decline from 16.06 in March 2022 to a trough of 8.27 in March 2023. This was followed by a sustained upward trajectory, accelerating rapidly from June 2025 (19.30) to reach a peak of 33.02 by March 2026. A nearly identical trend is observed in the Price to Operating Profit (P/OP) ratio, which fell from 11.13 in March 2022 to a low of 5.81 in March 2023, before ascending to 18.41 by March 2026. The parallel movement of these two metrics suggests that the valuation expansion is driven by a significant increase in market premium relative to both net income and operating performance.
- Revenue and Asset-Based Multiples
- The Price to Sales (P/S) ratio remained relatively stable compared to earnings multiples, fluctuating within a tighter range. It reached a low of 1.24 in March 2025 before climbing to a period high of 2.01 in December 2025, ending at 1.96 in March 2026. Similarly, the Price to Book Value (P/BV) ratio showed the least volatility of all metrics. After peaking at 2.25 in March 2022, it trended generally downward to a low of 1.60 in March 2025, eventually recovering to 1.98 by the end of the period.
The divergence between the stability of the asset-based multiples and the aggressive expansion of the earnings-based multiples in the final year of the period indicates a shift in investor sentiment. The sharp rise in P/E and P/OP ratios suggests a significant increase in future growth expectations or a substantial decrease in relative earnings per share, leading to a much higher premium paid for each unit of current profit.
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Price to Earnings (P/E)
Chevron Corp., historical P/E calculation (quarterly data)
| 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 | 1,991,597,732 | 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) | 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 | 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 | 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 | 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 | 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 | ||||||
| Exxon Mobil Corp. | 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (Net income attributable to Chevron CorporationQ1 2026
+ Net income attributable to Chevron CorporationQ4 2025
+ Net income attributable to Chevron CorporationQ3 2025
+ Net income attributable to Chevron CorporationQ2 2025)
÷ No. shares of common stock outstanding
= (2,210,000,000 + 2,770,000,000 + 3,539,000,000 + 2,490,000,000)
÷ 1,991,597,732 = 5.53
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 182.50 ÷ 5.53 = 33.02
5 Click competitor name to see calculations.
The valuation metrics indicate a significant divergence between earnings performance and market pricing over the analyzed period. While earnings experienced a sustained contraction, the price-to-earnings multiple expanded substantially, suggesting a shift in market sentiment or expectations.
- Earnings Per Share (EPS) Trends
- EPS reached a peak of 18.89 USD in March 2023 before entering a consistent downward trajectory. By March 2026, earnings fell to 5.53 USD, representing a substantial decline in quarterly profitability per share from the 2023 peak.
- Share Price Performance
- The share price demonstrated volatility, fluctuating between a low of 137.04 USD in March 2024 and a high of 185.34 USD in December 2025. Despite the concurrent decline in earnings, the stock price showed a strong recovery and growth trend in the latter half of the observed timeframe.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio followed a U-shaped pattern followed by an aggressive expansion. From an initial 16.06 in March 2022, the ratio compressed to a low of 8.27 by March 2023. Subsequently, the multiple grew steadily, accelerating sharply after June 2025 to reach a peak of 33.02 by March 2026.
- Valuation Divergence
- A critical divergence is observed between 2024 and 2026. During this window, the P/E ratio increased from 13.91 to 33.02 while EPS simultaneously decreased from 10.24 USD to 5.53 USD. This indicates that the market attributed a significantly higher premium to the stock despite diminishing fundamental earnings.
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Price to Operating Profit (P/OP)
Chevron Corp., historical P/OP calculation (quarterly data)
| 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 | 1,991,597,732 | 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) | 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 | 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 | 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 | 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 | 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 | ||||||
| Exxon Mobil Corp. | 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= (4,273,000,000 + 5,109,000,000 + 5,854,000,000 + 4,504,000,000)
÷ 1,991,597,732 = 9.91
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 182.50 ÷ 9.91 = 18.41
5 Click competitor name to see calculations.
The analysis reveals a significant divergence between operational profitability and market valuation over the observed period. While operating profit per share experienced a sharp increase in 2022, peaking in early 2023, it subsequently entered a consistent downward trajectory. Concurrently, the share price remained relatively resilient and trended upward toward the end of the period, leading to a substantial expansion of the Price to Operating Profit (P/OP) ratio.
- Operating Profitability Trends
- Operating profit per share exhibited a strong upward trend in the first year, rising from 15.06 USD in March 2022 to a peak of 26.87 USD in March 2023. Following this peak, a sustained decline is observed, with profits falling to 9.91 USD by March 2026. This represents a significant contraction in operational earnings over the latter half of the analyzed timeframe.
- Share Price Movement
- The share price demonstrated moderate volatility between March 2022 and December 2024, generally fluctuating between 142.41 USD and 181.13 USD. However, a notable upward shift occurred starting in December 2025, with the price reaching 185.34 USD before settling at 182.50 USD in March 2026.
- P/OP Ratio Dynamics
- The P/OP ratio followed a U-shaped trajectory. Initially, the ratio decreased from 11.13 in March 2022 to a low of 5.81 in March 2023, coinciding with the peak in operating profits. This indicated a period of valuation compression relative to earnings. Subsequently, the ratio climbed steadily, accelerating sharply from December 2024 (9.76) to reach a period high of 18.41 by March 2026.
- Valuation Divergence
- A pronounced inverse correlation is evident between operating profit per share and the P/OP ratio in the final quarters. The simultaneous occurrence of declining operational profits and rising share prices has resulted in a significant valuation premium. The increase in the P/OP ratio from 5.81 to 18.41 suggests that market valuation is no longer being driven by current operating profit levels, but potentially by other external factors or future expectations.
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Price to Sales (P/S)
Chevron Corp., historical P/S calculation (quarterly data)
| 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 | 1,991,597,732 | 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) | 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 | 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 | 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 | 1.96 | 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 | 2.63 | 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 | ||||||
| Exxon Mobil Corp. | 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025)
÷ No. shares of common stock outstanding
= (47,556,000,000 + 45,787,000,000 + 48,169,000,000 + 44,375,000,000)
÷ 1,991,597,732 = 93.34
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 182.50 ÷ 93.34 = 1.96
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibited significant fluctuations between March 2022 and March 2026, moving from an initial 1.86 to a peak of 2.01 before settling at 1.96. The valuation trend is characterized by an initial compression phase, a period of relative stability, and a subsequent expansion in the final analyzed quarters.
- Valuation Compression (March 2022 – March 2023)
- A notable decrease in the P/S ratio occurred during the first year, falling from 1.86 to 1.27. This contraction was primarily driven by a substantial increase in sales per share, which rose from $90.01 to $122.61, thereby expanding the revenue base relative to the market price.
- Stability and Range-Bound Movement (March 2023 – June 2024)
- The P/S ratio entered a period of relative stabilization, fluctuating within a narrow band between 1.24 and 1.53. During this timeframe, share price movements and sales per share trends largely offset one another, maintaining a consistent valuation multiple.
- Valuation Expansion (June 2024 – March 2026)
- A sharp upward trend in the P/S ratio is observed starting in late 2024, culminating in a high of 2.01 by December 2025. This increase resulted from a divergence between share price and revenue performance; the share price rose to a peak of $185.34 while sales per share concurrently declined to $92.43, indicating a higher market premium paid per dollar of revenue generated.
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Price to Book Value (P/BV)
Chevron Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,991,597,732 | 1,995,385,539 | 2,013,521,597 | 1,727,990,376 | 1,746,393,905 | 1,760,598,537 | 1,797,091,325 | 1,828,917,113 | 1,847,009,033 | 1,857,269,160 | 1,887,748,665 | 1,867,245,218 | 1,894,215,264 | 1,906,674,044 | 1,933,638,546 | 1,957,434,814 | 1,964,813,456 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Chevron Corporation stockholders’ equity (in millions) | 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 | 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 | 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 | 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 | 2.37 | 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 | ||||||
| Exxon Mobil Corp. | 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: 2026-03-31), 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 Q1 2026 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 183,715,000,000 ÷ 1,991,597,732 = 92.25
3 Closing price as at the filing date of Chevron Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 182.50 ÷ 92.25 = 1.98
5 Click competitor name to see calculations.
The valuation of common stock between March 2022 and March 2026 is characterized by a general contraction and subsequent stabilization of the Price to Book Value (P/BV) ratio, occurring alongside a consistent expansion in the underlying book value per share.
- P/BV Ratio Trajectory
- The P/BV ratio exhibited a downward trend from a period high of 2.25 in March 2022, transitioning into a range of fluctuation between 1.60 and 1.98. A significant valuation trough was recorded in March 2025, where the ratio reached its minimum of 1.60. Following this low, a recovery trend is observed, with the ratio returning to and stabilizing at 1.98 by the first quarter of 2026.
- Book Value per Share (BVPS) Evolution
- BVPS demonstrated a sustained upward trajectory for the majority of the analyzed period. Starting at 74.42 in March 2022, the value grew steadily to peak at 94.28 in September 2025 before settling at 92.25 by March 2026. This consistent growth indicates a steady increase in the net asset value attributable to each share of common stock.
- Share Price Volatility and Correlation
- Share price fluctuations served as the primary driver for the volatility observed in the P/BV ratio. While the book value grew linearly, the share price experienced significant variance, ranging from a low of 137.04 in March 2025 to a high of 185.34 in December 2025. The compression of the P/BV ratio during 2023 and early 2025 suggests that share price growth lagged behind the growth of the company's book value during those intervals.
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