Common Stock Valuation Ratios (Price Multiples)
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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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Current Valuation Ratios
Chevron Corp., current price multiples
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||
| Current share price (P) | |||||||||
| No. shares of common stock outstanding | |||||||||
| Growth rate (g) | |||||||||
| Earnings per share (EPS) | |||||||||
| Next year expected EPS | |||||||||
| Operating profit per share | |||||||||
| Sales per share | |||||||||
| Book value per share (BVPS) | |||||||||
| Valuation Ratios (Price Multiples) | |||||||||
| Price to earnings (P/E) | |||||||||
| Price to next year expected earnings | |||||||||
| Price-earnings-growth (PEG) | |||||||||
| Price to operating profit (P/OP) | |||||||||
| Price to sales (P/S) | |||||||||
| Price to book value (P/BV) | |||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Chevron Corp., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial ratios over the periods present notable trends and fluctuations that reflect changes in valuation metrics relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio is unavailable for 2020 but shows significant variability from 2021 to 2024. It starts at 16.81 in 2021, declines sharply to 8.71 in 2022, then rises again to 13.42 in 2023, continuing an upward trend to 15.64 in 2024. This pattern may suggest fluctuating investor sentiment or earnings performance, with a notable dip in 2022 followed by partial recovery in subsequent years.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio also follows a similar trend to P/E. Starting at 11.40 in 2021, it drops substantially to 6.12 in 2022, then increases to 9.48 in 2023 and slightly to 9.76 in 2024. The declining ratio in 2022 indicates either improved operating profit margins or reduced market valuation relative to operating profit, with recovery in later years signaling changed market dynamics or profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a decreasing trend from 2.09 in 2020 to 1.31 in 2022, indicating a declining market valuation relative to sales over this period. Subsequently, it exhibits a slight increase to 1.46 in 2023 followed by a minor decrease to 1.43 in 2024. The overall lower valuation relative to sales compared to 2020 may point to either decreasing sales prices, changing market expectations, or shifts in revenue quality.
- Price to Book Value (P/BV) Ratio
- Starting at 1.50 in 2020, the P/BV ratio increases to 1.89 in 2021 and peaks slightly higher at 1.94 in 2022. It then declines to 1.78 in 2023 but maintains a relatively stable level, with a slight increase to 1.81 in 2024. This shows a period of increasing valuation relative to book value up to 2022, followed by moderate correction but still at healthier levels than at the start.
Overall, the valuation ratios experienced a low point around 2022, especially evident in the P/E and P/OP metrics, before recovering partially in the following years. The price to sales ratio followed a downward trend initially and stabilized thereafter, while price to book value showed growth up to 2022 and then a modest decline. These patterns suggest fluctuating profitability and market valuation over the observed periods, with the year 2022 marking a notable trough across several key valuation indicators.
Price to Earnings (P/E)
Chevron Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to Chevron Corporation (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/E Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) attributable to Chevron Corporation ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
Analysis of the financial data reveals several notable trends over the five-year period from 2020 to 2024.
- Share Price (US$)
- The share price showed a consistent upward trajectory from 102.35 in 2020 to 161.93 in 2022, indicating strong market performance during these years. Although there was a slight decline to 154.45 in 2023, the price recovered modestly to 156.92 in 2024. Overall, the share price demonstrated substantial growth, with minor fluctuations towards the end of the period.
- Earnings per Share (EPS) (US$)
- The EPS exhibited a significant turnaround beginning in 2020, marked by a negative value of -2.88, reflecting a loss per share. In 2021, the EPS increased sharply to 8.02, denoting a recovery in profitability. This upward trend continued, reaching a peak of 18.6 in 2022, followed by a decline to 11.51 in 2023 and further to 10.03 in 2024. Although the EPS decreased after its peak, it remained positive and considerably higher than the initial loss, indicating sustained profitability.
- Price-to-Earnings (P/E) Ratio
- Data for the P/E ratio begins in 2021 with a value of 16.81. It dropped markedly to 8.71 in 2022, which corresponds with the peak in EPS, suggesting the stock price may have become relatively more attractive or earnings grew faster than price. The ratio then increased again to 13.42 in 2023 and further to 15.64 in 2024. This pattern indicates some market revaluation or shifts in investor expectations regarding future earnings potential, aligning with the decreases observed in EPS after 2022.
Price to Operating Profit (P/OP)
Chevron Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/OP Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data demonstrates several notable trends over the five-year period ending December 31, 2024.
- Share Price
- The share price showed a consistent upward trajectory from 2020 through 2022, starting at $102.35 and rising to $161.93. In 2023 and 2024, the share price experienced a slight decline and stabilization, decreasing to $154.45 and then modestly increasing to $156.92. Overall, the share price grew significantly compared to the initial value in 2020, indicating positive market perception or performance.
- Operating Profit per Share (OP)
- Operating profit per share displayed a considerable turnaround in this period. In 2020, the operating profit per share was negative at -$3.05, suggesting operational challenges or losses. However, it improved substantially in 2021 to $11.83 and peaked in 2022 at $26.48. In the subsequent two years, the operating profit per share declined but remained positive and relatively strong at $16.30 in 2023 and $16.07 in 2024. This pattern reflects a recovery and stabilization following earlier difficulties.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio was unavailable for 2020 due to negative operating profit per share. It was 11.4 in 2021, indicating the share price was trading at a multiple of 11.4 times the operating profit per share. This ratio decreased significantly to 6.12 in 2022, reflecting a stronger operating profit relative to share price. The ratio then increased to 9.48 and 9.76 in 2023 and 2024, respectively, suggesting a moderate rise in valuation multiples or some pressure on operating profits relative to price during these years.
In summary, the data reveals a sharp improvement in operational profitability after 2020, accompanied by an initially strong market response reflected in rising share prices. The peak operating profit per share in 2022 was followed by a decline but remained at healthy levels. The P/OP ratio trends indicate that the valuation was more attractive in 2022, while later years saw a moderate correction. The overall picture is one of recovery and stabilization in both profitability and market valuation.
Price to Sales (P/S)
Chevron Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/S Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the five-year period analyzed. The share price exhibits a general upward trend from 102.35 US$ at the end of 2020 to a peak of 161.93 US$ in 2022, followed by a slight decline and stabilization in the subsequent years, ending at 156.92 US$ in 2024. This suggests overall growth in market valuation with some moderation after 2022.
Sales per share demonstrate a significant and marked increase over the period, rising from 49.04 US$ in 2020 to a peak of 123.63 US$ in 2022. This is followed by a decline in 2023 to 106.02 US$, then a minor recovery to 109.86 US$ in 2024. The initial sharp rise indicates strong revenue growth per share, while the later decrease suggests some pressure or normalization in sales performance.
The price-to-sales (P/S) ratio declines consistently from 2.09 in 2020 to 1.31 in 2022, indicating that the share price did not increase as fast as sales per share during this time. After 2022, the P/S ratio slightly increases to 1.46 in 2023 and remains relatively stable at 1.43 in 2024. This pattern reflects a market valuation correction relative to sales with a modest adjustment upward in more recent years, possibly implying changing investor sentiment or expectations regarding future growth or profitability.
- Share price
- Increased substantially through 2022, then plateaued with minor fluctuations.
- Sales per share
- Experienced strong growth until 2022, followed by a moderate decline and partial recovery.
- Price-to-Sales ratio
- Displayed a steady downward trend through 2022, signaling rising sales outpacing price increases, then stabilized with slight upward adjustments.
Overall, the data suggests robust sales growth driving share price appreciation until 2022, after which market valuations somewhat recalibrated. The stability in both sales per share and P/S ratio in the later years indicates a period of consolidation following rapid growth.
Price to Book Value (P/BV)
Chevron Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 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. | ||||||
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/BV Ratio, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the annual financial data reveals several trends concerning the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the five-year period ending December 31, 2024.
- Share Price
- The share price demonstrated a generally upward trajectory from 2020 to 2022, increasing from $102.35 to a peak of $161.93. However, in 2023, the price experienced a decline to $154.45 before slightly recovering to $156.92 in 2024. This indicates a period of growth followed by some volatility and stabilization.
- Book Value Per Share (BVPS)
- BVPS consistently increased over the entire period, starting at $68.36 in 2020 and rising steadily each year to $86.51 in 2024. The data reflects an overall improvement in the company’s net asset value per share, with growth remaining steady even in years when the share price showed some decline.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio increased from 1.5 in 2020 to a high of 1.94 in 2022, corresponding with the sharp rise in share price relative to book value. Following this, the ratio declined to 1.78 in 2023 and experienced a minor increase to 1.81 in 2024. This suggests a revaluation of the market price relative to book value, with a peak in investor optimism around 2022 followed by a moderation in subsequent years.
Overall, the data indicates steady growth in intrinsic value as measured by BVPS, alongside a more fluctuating market valuation reflected in the share price and P/BV ratio. The company experienced a strong valuation increase culminating in 2022, with some correction and consolidation in 2023 and 2024. This pattern may reflect broader market conditions or company-specific factors impacting investor sentiment and market pricing relative to fundamental book value.