Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Chevron Corp., historical price multiples (quarterly data)

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
Price to earnings (P/E)	—	—	43.40	70.06	17.38	15.35	16.02	15.30	16.06	19.58	23.72	22.83	33.71	35.57	68.24	—	—	—	147.60	35.02	—	—	—
Price to operating profit (P/OP)	—	—	—	2,048.65	17.34	15.68	15.61	15.70	19.70	30.41	51.05	84.64	171.67	190.60	—	—	—	—	—	—	—	—	—
Price to sales (P/S)	1.29	1.42	1.24	1.46	1.58	1.48	1.41	1.43	1.47	1.62	1.73	1.56	1.71	1.68	1.67	1.91	1.84	1.70	1.58	1.24	—	—	—
Price to book value (P/BV)	1.02	1.21	1.17	1.42	1.48	1.45	1.43	1.47	1.49	1.56	1.60	1.42	1.49	1.42	1.35	1.44	1.36	1.29	1.27	1.05	1.14	1.02	1.30

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Chevron Corp.’s P/S ratio increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020 not reaching Q1 2020 level.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Chevron Corp.’s P/BV ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.

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

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	1,867,323,448	1,867,267,832	1,866,978,650	1,879,324,765	1,890,872,188	1,898,418,471	1,904,726,061	1,900,062,760	1,910,774,369	1,916,147,100	1,910,956,734	1,910,253,256	1,899,373,928	1,895,002,689	1,894,556,806	1,893,102,970	1,887,769,320	1,886,520,448	1,884,702,387	1,883,156,295	1,882,036,704	1,881,734,623	1,880,477,711
Selected Financial Data (US$)
Net income (loss) attributable to Chevron Corporation (in millions)	(207)	(8,270)	3,599	(6,610)	2,580	4,305	2,649	3,730	4,047	3,409	3,638	3,111	1,952	1,450	2,682	415	1,283	(1,470)	(725)	(588)	2,037	571	2,567
Earnings per share (EPS)²	-6.15	-4.66	2.08	1.56	7.01	7.76	7.26	7.80	7.43	6.32	5.31	4.81	3.42	3.08	1.54	-0.26	-0.79	-0.40	0.69	2.44	0.00	0.00	0.00
Share price^1, 3	72.14	87.20	90.05	109.01	121.89	119.10	116.38	119.39	119.36	123.76	126.01	109.89	115.33	109.43	104.81	111.02	105.39	100.39	101.42	85.30	94.03	84.03	107.57
Valuation Ratio
P/E ratio⁴	—	—	43.40	70.06	17.38	15.35	16.02	15.30	16.06	19.58	23.72	22.83	33.71	35.57	68.24	—	—	—	147.60	35.02	—	—	—
Benchmarks
P/E Ratio, Competitors⁵
Exxon Mobil Corp.	42.32	25.86	16.34	15.64	20.65	16.83	17.64	16.15	15.14	16.15	15.92	16.28	27.31	29.21	34.90	42.80	38.80	34.45	28.01	20.96	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
EPS = (Net income (loss) attributable to Chevron Corporation_{Q3 2020} + Net income (loss) attributable to Chevron Corporation_{Q2 2020} + Net income (loss) attributable to Chevron Corporation_{Q1 2020} + Net income (loss) attributable to Chevron Corporation_{Q4 2019}) ÷ No. shares of common stock outstanding
= (-207,000,000 + -8,270,000,000 + 3,599,000,000 + -6,610,000,000) ÷ 1,867,323,448 = -6.15

³ Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= 72.14 ÷ -6.15 = —

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.

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

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	1,867,323,448	1,867,267,832	1,866,978,650	1,879,324,765	1,890,872,188	1,898,418,471	1,904,726,061	1,900,062,760	1,910,774,369	1,916,147,100	1,910,956,734	1,910,253,256	1,899,373,928	1,895,002,689	1,894,556,806	1,893,102,970	1,887,769,320	1,886,520,448	1,884,702,387	1,883,156,295	1,882,036,704	1,881,734,623	1,880,477,711
Selected Financial Data (US$)
Operating income (loss) (in millions)	(112)	(7,894)	2,609	(9,905)	3,030	3,703	3,272	3,290	4,157	3,479	3,520	419	380	398	1,283	(785)	192	(3,429)	(2,194)	(3,443)	1,236	(2,165)	662
Operating profit per share²	-8.19	-6.51	-0.30	0.05	7.03	7.60	7.45	7.60	6.06	4.07	2.47	1.30	0.67	0.57	-1.45	-3.28	-4.70	-4.15	-3.48	-1.97	0.00	0.00	0.00
Share price^1, 3	72.14	87.20	90.05	109.01	121.89	119.10	116.38	119.39	119.36	123.76	126.01	109.89	115.33	109.43	104.81	111.02	105.39	100.39	101.42	85.30	94.03	84.03	107.57
Valuation Ratio
P/OP ratio⁴	—	—	—	2,048.65	17.34	15.68	15.61	15.70	19.70	30.41	51.05	84.64	171.67	190.60	—	—	—	—	—	—	—	—	—
Benchmarks
P/OP Ratio, Competitors⁵
Exxon Mobil Corp.	—	44.02	20.32	17.57	20.01	16.03	16.38	15.21	18.41	21.32	24.53	26.58	43.10	59.66	76.21	358.52	103.99	59.71	39.53	26.28	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
Operating profit per share = (Operating income (loss)_{Q3 2020} + Operating income (loss)_{Q2 2020} + Operating income (loss)_{Q1 2020} + Operating income (loss)_{Q4 2019}) ÷ No. shares of common stock outstanding
= (-112,000,000 + -7,894,000,000 + 2,609,000,000 + -9,905,000,000) ÷ 1,867,323,448 = -8.19

³ Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 72.14 ÷ -8.19 = —

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.

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

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	1,867,323,448	1,867,267,832	1,866,978,650	1,879,324,765	1,890,872,188	1,898,418,471	1,904,726,061	1,900,062,760	1,910,774,369	1,916,147,100	1,910,956,734	1,910,253,256	1,899,373,928	1,895,002,689	1,894,556,806	1,893,102,970	1,887,769,320	1,886,520,448	1,884,702,387	1,883,156,295	1,882,036,704	1,881,734,623	1,880,477,711
Selected Financial Data (US$)
Sales and other operating revenues (in millions)	23,997	15,926	29,705	34,574	34,779	36,323	34,189	40,338	42,105	40,491	35,968	36,381	33,892	32,877	31,524	30,142	29,159	27,844	23,070	28,014	32,767	36,829	32,315
Sales per share²	55.80	61.58	72.51	74.42	77.02	80.57	82.49	83.63	81.09	76.58	72.80	70.50	67.62	65.28	62.64	58.22	57.26	59.21	64.03	68.99	0.00	0.00	0.00
Share price^1, 3	72.14	87.20	90.05	109.01	121.89	119.10	116.38	119.39	119.36	123.76	126.01	109.89	115.33	109.43	104.81	111.02	105.39	100.39	101.42	85.30	94.03	84.03	107.57
Valuation Ratio
P/S ratio⁴	1.29	1.42	1.24	1.46	1.58	1.48	1.41	1.43	1.47	1.62	1.73	1.56	1.71	1.68	1.67	1.91	1.84	1.70	1.58	1.24	—	—	—
Benchmarks
P/S Ratio, Competitors⁵
Exxon Mobil Corp.	0.72	0.87	0.75	0.88	1.16	1.10	1.19	1.20	1.26	1.29	1.32	1.35	1.55	1.51	1.54	1.54	1.59	1.60	1.51	1.30	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
Sales per share = (Sales and other operating revenues_{Q3 2020} + Sales and other operating revenues_{Q2 2020} + Sales and other operating revenues_{Q1 2020} + Sales and other operating revenues_{Q4 2019}) ÷ No. shares of common stock outstanding
= (23,997,000,000 + 15,926,000,000 + 29,705,000,000 + 34,574,000,000) ÷ 1,867,323,448 = 55.80

³ Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 72.14 ÷ 55.80 = 1.29

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Chevron Corp.’s P/S ratio increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020 not reaching Q1 2020 level.

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

	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
No. shares of common stock outstanding¹	1,867,323,448	1,867,267,832	1,866,978,650	1,879,324,765	1,890,872,188	1,898,418,471	1,904,726,061	1,900,062,760	1,910,774,369	1,916,147,100	1,910,956,734	1,910,253,256	1,899,373,928	1,895,002,689	1,894,556,806	1,893,102,970	1,887,769,320	1,886,520,448	1,884,702,387	1,883,156,295	1,882,036,704	1,881,734,623	1,880,477,711
Selected Financial Data (US$)
Total Chevron Corporation stockholders’ equity (in millions)	131,774	134,118	143,930	144,213	155,841	156,395	155,045	154,554	153,575	152,198	150,356	148,124	146,713	146,203	146,592	145,556	146,800	147,163	150,307	152,716	154,912	154,669	155,803
Book value per share (BVPS)²	70.57	71.83	77.09	76.74	82.42	82.38	81.40	81.34	80.37	79.43	78.68	77.54	77.24	77.15	77.38	76.89	77.76	78.01	79.75	81.10	82.31	82.19	82.85
Share price^1, 3	72.14	87.20	90.05	109.01	121.89	119.10	116.38	119.39	119.36	123.76	126.01	109.89	115.33	109.43	104.81	111.02	105.39	100.39	101.42	85.30	94.03	84.03	107.57
Valuation Ratio
P/BV ratio⁴	1.02	1.21	1.17	1.42	1.48	1.45	1.43	1.47	1.49	1.56	1.60	1.42	1.49	1.42	1.35	1.44	1.36	1.29	1.27	1.05	1.14	1.02	1.30
Benchmarks
P/BV Ratio, Competitors⁵
Exxon Mobil Corp.	0.79	1.03	1.02	1.17	1.59	1.56	1.71	1.75	1.85	1.81	1.72	1.71	1.95	1.91	1.98	2.01	2.03	2.13	2.12	1.98	2.10	1.86	2.15

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 131,774,000,000 ÷ 1,867,323,448 = 70.57

³ Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 72.14 ÷ 70.57 = 1.02

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Chevron Corp.’s P/BV ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.

Chevron Corp. (NYSE:CVX)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Chevron Corp. (NYSE:CVX)

Common Stock Valuation Ratios (Price Multiples)Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data