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).
Current Valuation Ratios
Chevron Corp., current price multiples
| Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | $160.60 | |||||||
| No. shares of common stock outstanding | 1,727,990,376 | |||||||
| Growth rate (g) | 6.09% | |||||||
| Earnings per share (EPS) | $10.22 | |||||||
| Next year expected EPS | $10.84 | |||||||
| Operating profit per share | $16.37 | |||||||
| Sales per share | $111.93 | |||||||
| Book value per share (BVPS) | $88.15 | |||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | 15.71 | 13.37 | 14.47 | 14.66 | 14.42 | |||
| Price to next year expected earnings | 14.81 | 12.33 | 13.76 | 13.93 | 13.74 | |||
| Price-earnings-growth (PEG) | 2.58 | 1.59 | 2.81 | 2.79 | 2.88 | |||
| Price to operating profit (P/OP) | 9.81 | 8.47 | 9.75 | 9.57 | 9.51 | |||
| Price to sales (P/S) | 1.43 | 2.26 | 1.44 | 1.51 | 1.50 | |||
| Price to book value (P/BV) | 1.82 | 1.91 | 1.85 | 1.85 | 1.87 | |||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Chevron Corp., historical price multiples
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Price to Earnings (P/E)
Chevron Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | 1,926,376,764 | |
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to Chevron Corporation (in millions) | 17,661) | 21,369) | 35,465) | 15,625) | (5,543) | |
| Earnings per share (EPS)2 | 10.03 | 11.51 | 18.60 | 8.02 | -2.88 | |
| Share price1, 3 | 156.92 | 154.45 | 161.93 | 134.85 | 102.35 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 15.64 | 13.42 | 8.71 | 16.81 | — | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| ConocoPhillips | 13.41 | 11.92 | 7.07 | 14.66 | — | |
| Exxon Mobil Corp. | 14.21 | 11.49 | 8.01 | 14.11 | — | |
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 14.51 | 12.17 | 8.08 | 15.11 | — | |
| P/E Ratio, Industry | ||||||
| Energy | 14.41 | 12.48 | 8.54 | 15.67 | — | |
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
= 17,661,000,000 ÷ 1,760,598,537 = 10.03
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 156.92 ÷ 10.03 = 15.64
5 Click competitor name to see calculations.
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 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | 1,926,376,764 | |
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | 28,295) | 30,265) | 50,485) | 23,039) | (5,876) | |
| Operating profit per share2 | 16.07 | 16.30 | 26.48 | 11.83 | -3.05 | |
| Share price1, 3 | 156.92 | 154.45 | 161.93 | 134.85 | 102.35 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 9.76 | 9.48 | 6.12 | 11.40 | — | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| ConocoPhillips | 8.50 | 7.61 | 4.57 | 8.66 | — | |
| Exxon Mobil Corp. | 9.57 | 7.62 | 5.65 | 9.86 | — | |
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 9.46 | 8.17 | 5.60 | 10.13 | — | |
| P/OP Ratio, Industry | ||||||
| Energy | 9.50 | 8.44 | 5.95 | 10.52 | — | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= 28,295,000,000 ÷ 1,760,598,537 = 16.07
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 156.92 ÷ 16.07 = 9.76
5 Click competitor name to see calculations.
Price to Sales (P/S)
Chevron Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | 1,926,376,764 | |
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenues (in millions) | 193,414) | 196,913) | 235,717) | 155,606) | 94,471) | |
| Sales per share2 | 109.86 | 106.02 | 123.63 | 79.90 | 49.04 | |
| Share price1, 3 | 156.92 | 154.45 | 161.93 | 134.85 | 102.35 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 1.43 | 1.46 | 1.31 | 1.69 | 2.09 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| ConocoPhillips | 2.26 | 2.33 | 1.68 | 2.58 | 3.52 | |
| Exxon Mobil Corp. | 1.41 | 1.24 | 1.12 | 1.17 | 1.34 | |
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.50 | 1.41 | 1.24 | 1.48 | 1.72 | |
| P/S Ratio, Industry | ||||||
| Energy | 1.50 | 1.46 | 1.31 | 1.52 | 1.69 | |
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
= 193,414,000,000 ÷ 1,760,598,537 = 109.86
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 156.92 ÷ 109.86 = 1.43
5 Click competitor name to see calculations.
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 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | 1,926,376,764 | |
| Selected Financial Data (US$) | ||||||
| Total Chevron Corporation stockholders’ equity (in millions) | 152,318) | 160,957) | 159,282) | 139,067) | 131,688) | |
| Book value per share (BVPS)2 | 86.51 | 86.66 | 83.54 | 71.41 | 68.36 | |
| Share price1, 3 | 156.92 | 154.45 | 161.93 | 134.85 | 102.35 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 1.81 | 1.78 | 1.94 | 1.89 | 1.50 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| ConocoPhillips | 1.91 | 2.65 | 2.75 | 2.61 | 2.22 | |
| Exxon Mobil Corp. | 1.81 | 2.02 | 2.29 | 1.93 | 1.53 | |
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.83 | 2.00 | 2.21 | 2.00 | 1.58 | |
| P/BV Ratio, Industry | ||||||
| Energy | 1.87 | 2.08 | 2.30 | 2.07 | 1.61 | |
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
= 152,318,000,000 ÷ 1,760,598,537 = 86.51
3 Closing price as at the filing date of Chevron Corp. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 156.92 ÷ 86.51 = 1.81
5 Click competitor name to see calculations.