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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Current Valuation Ratios
ConocoPhillips, current price multiples
| ConocoPhillips | Chevron Corp. | 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)
ConocoPhillips, 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits notable fluctuation over the periods examined. The data begins with a value missing for the year ending 2020, then shows a rise to 14.66 in 2021, followed by a significant decline to 7.07 in 2022. Subsequently, the ratio increases again to 11.92 in 2023 and slightly rises further to 13.41 in 2024, indicating variability in market valuation relative to earnings over time.
- Price to Operating Profit (P/OP) Ratio
- There is a similar fluctuating trend in the Price to Operating Profit ratio. From an unavailable figure in 2020, the ratio climbs to 8.66 in 2021 before dropping sharply to 4.57 in 2022. It then rises again to 7.61 in 2023 and increases slightly to 8.5 in 2024. This oscillation reflects changing investor perceptions of operating profit value across these years.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio shows an overall decreasing trend from 2020 through 2022, moving from 3.52 down to 1.68. However, this is followed by an increase to 2.33 in 2023, with a marginal decrease to 2.26 in 2024. This pattern suggests an initial decline in valuation relative to sales, followed by partial recovery in the later years.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio initially ascends from 2.22 in 2020 to 2.61 in 2021 and further to 2.75 in 2022. After this peak, the ratio declines to 2.65 in 2023 and decreases more substantially to 1.91 in 2024. This trend indicates a growing premium above book value up to 2022, followed by a notable reduction in valuation relative to the company's net asset value thereafter.
Price to Earnings (P/E)
ConocoPhillips, 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 ConocoPhillips (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| 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 ConocoPhillips ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ConocoPhillips Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a marked upward trend from 2020 to 2023, rising from $48.85 to a peak of $111 in 2023. However, in 2024, the share price declined to $97.45, indicating a reversal after several years of growth. Overall, the company experienced significant value appreciation over the five-year period, with a notable correction in the most recent year.
- Earnings Per Share (EPS)
- The EPS demonstrated considerable volatility and improvement over the period. In 2020, the EPS was negative at -$1.99, reflecting losses. This turned positive in 2021 with $6.22, followed by a substantial increase to $15.33 in 2022. The EPS then decreased in 2023 to $9.31 and further declined to $7.27 in 2024. Despite the downward trend after 2022, the EPS remained positive, indicating sustained profitability compared to the loss recorded in 2020.
- Price to Earnings (P/E) Ratio
- The P/E ratio was not available for 2020 due to negative earnings. In 2021, it started at 14.66, decreased sharply to 7.07 in 2022 reflecting higher earnings relative to price, and then increased again to 11.92 in 2023 and 13.41 in 2024. This pattern suggests that the market's valuation of the company's earnings decreased somewhat after 2022 but rose again in the subsequent years, potentially indicating changing investor sentiment or expectations about future growth and profitability.
Price to Operating Profit (P/OP)
ConocoPhillips, historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| 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 ConocoPhillips Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price has exhibited an overall upward trajectory from 2020 to 2023, increasing from $48.85 to a peak of $111. This represents more than a doubling in value during this period. However, in 2024, the price declined to $97.45, indicating a reversal or correction after several years of price appreciation.
- Operating Profit Per Share Trend
- Operating profit per share showed a significant turnaround between 2020 and 2021, moving from a negative value of -$1.77 to a positive $10.52. This strong recovery continued into 2022, nearly doubling to $23.70. Following this peak, operating profit per share decreased in 2023 and further in 2024, registering $14.59 and $11.46 respectively, suggesting a reduction in profitability after the 2022 high.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio was not available for 2020 but has shown variability over the subsequent years. It stood at 8.66 in 2021, dropped to its lowest of 4.57 in 2022 coinciding with the peak in operating profit per share, then increased again to 7.61 in 2023 and 8.50 in 2024. This pattern indicates that valuation multiples stretched when profits declined and compressed when profits were at their highest.
- Summary
- The financial metrics demonstrate a period of recovery and growth in profitability from 2020 through 2022 followed by a moderation in operating profit and share price in 2023 and 2024. The share price generally reflected operating profit trends but with some lag and sensitivity in valuation multiples, as shown by the changes in the P/OP ratio. Overall, the data suggests that peak performance was achieved in 2022, after which profitability and market valuation aligned with a more conservative outlook.
Price to Sales (P/S)
ConocoPhillips, historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| 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 ConocoPhillips Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a notable upward trajectory from 48.85 US$ in 2020 to a peak of 111 US$ in 2023. However, in 2024 there was a decline, with the share price decreasing to 97.45 US$. Overall, the trend reflects strong growth over the five-year period, albeit with a recent correction.
- Sales Per Share
- Sales per share increased significantly from 13.87 US$ in 2020 to a high of 64.4 US$ in 2022, more than quadrupling within two years. This was followed by a decline to 47.72 US$ in 2023 and further down to 43.03 US$ in 2024. Despite the reduction in recent years, sales per share remain substantially higher than the 2020 level, indicating improved revenue generation capacity over the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed a decreasing trend from 3.52 in 2020 to a low of 1.68 in 2022, suggesting that the share price grew at a slower pace relative to sales or that the market valuation per unit of sales was compressing. The ratio then increased moderately to 2.33 in 2023 and slightly declined to 2.26 in 2024. This pattern indicates a period of valuation re-rating after 2022, reflecting changing market perceptions relative to sales performance.
Price to Book Value (P/BV)
ConocoPhillips, 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$) | ||||||
| Common stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| 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 = Common stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ConocoPhillips Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a substantial increase from 48.85 US dollars at the end of 2020 to a peak of 111 US dollars by the end of 2023. However, in 2024, the share price declined to 97.45 US dollars, indicating a downward adjustment following the previous upward trajectory.
- Book Value Per Share (BVPS) Trends
- The book value per share showed a consistent upward trend across the observed periods. Starting at 22.03 US dollars in 2020, it rose steadily each year, reaching 50.93 US dollars by the end of 2024. This growth signifies an expansion of the company's net asset value on a per-share basis.
- Price-to-Book Value (P/BV) Ratio Trends
- The price-to-book value ratio increased from 2.22 in 2020 to a high of 2.75 in 2022, reflecting that the market price was increasingly higher relative to the company's book value per share during this period. Subsequently, the ratio decreased to 2.65 in 2023 and more notably dropped to 1.91 in 2024, indicating that the market valuation became more aligned or conservative relative to the book value of equity.
- Overall Analysis
- The share price and book value per share both showed significant upward trends over the five-year period, with the book value increasing at a steady pace, and the share price experiencing more volatility. The elevated P/BV ratios in 2021 and 2022 suggest a period where investor sentiment or market conditions valued the shares at a premium compared to the underlying book value. The decline in the P/BV ratio in 2024, alongside the reduced share price despite a higher book value, may imply a market reassessment of the company's future growth prospects or a shift in risk perception.