Enterprise Value to EBITDA (EV/EBITDA)
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
ConocoPhillips, EBITDA calculation
US$ in millions
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).
- Net income (loss) attributable to ConocoPhillips
- The net income showed a significant turnaround over the period analyzed. Starting with a considerable loss of $2701 million at the end of 2020, the company experienced a substantial increase in profitability in subsequent years. By the end of 2021, net income rose sharply to $8079 million and continued its upward trend in 2022 reaching $18680 million. Despite a decline in 2023 and 2024 to $10957 million and $9245 million respectively, the company maintained positive net income, indicating improved financial health compared to the loss in 2020.
- Earnings before tax (EBT)
- EBT followed a similar upward trajectory as net income. It progressed from a negative value of $3140 million in 2020 to a positive $12712 million by the end of 2021. The peak was observed in 2022 with earnings reaching $28228 million. The figures then decreased to $16288 million in 2023 and $13672 million in 2024, though staying well above the 2020 loss, which suggests sustained operational profitability before tax.
- Earnings before interest and tax (EBIT)
- EBIT data reflected improvement consistent with EBT. An initial loss of $2334 million in 2020 was followed by a rebound to $13596 million in 2021. The highest EBIT was recorded at $29033 million in 2022. The subsequent decline to $17068 million in 2023 and further to $14455 million in 2024 indicates some reduction in operating profit, but the results remain positive, signaling ongoing operational efficiency.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA demonstrated the strongest absolute growth among the earnings metrics. The value rose from $3187 million in 2020 to $20804 million in 2021, and further surged to a peak of $36537 million in 2022. While 2023 and 2024 showed declines to $25338 million and $24054 million respectively, EBITDA remained significantly higher than the initial year, reflecting robust cash flow generation capability. This trend may indicate improved operational performance despite fluctuations in later years.
Enterprise Value to EBITDA Ratio, Current
ConocoPhillips, current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Chevron Corp. | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| EV/EBITDA, Sector | |
| Oil, Gas & Consumable Fuels | |
| EV/EBITDA, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
ConocoPhillips, historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Chevron Corp. | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| EV/EBITDA, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| EV/EBITDA, 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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibits a marked increase from 73,692 million US dollars at the end of 2020 to a peak of 142,912 million in 2023, before experiencing a slight decline to 142,203 million in 2024. This trend indicates significant growth in the market valuation or acquisition of debt and equity components over the observed period, with a stabilization in the last year.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA shows a substantial rise from 3,187 million US dollars in 2020 to 36,537 million in 2022, indicating strong operational performance improvements. However, a decline is observed in 2023 and 2024, with values dropping to 25,338 million and 24,054 million respectively, suggesting either a decrease in operating profitability or external factors impacting earnings.
- EV/EBITDA Ratio
- The EV/EBITDA multiple demonstrates a significant compression from 23.12 times in 2020 to a low of 3.82 times in 2022, reflecting a relative increase in EBITDA compared to enterprise value, potentially representing improved earnings efficiency or market revaluation. The ratio increases moderately in the subsequent years to 5.64 in 2023 and 5.91 in 2024, indicating a slight shift towards higher valuation multiples or reduced earnings.
- Summary
- The overall analysis reveals a period of rapid growth in enterprise value complemented by a surge in EBITDA until 2022, implying enhanced operational profitability and market valuation. Post-2022, the decline in EBITDA alongside a plateau in enterprise value suggests changes in market conditions or company performance. The EV/EBITDA ratio's initial sharp decline followed by a moderate increase further underscores the changing balance between valuation and earnings capacity over time.