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
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)

ConocoPhillips, current price multiples

	ConocoPhillips	Chevron Corp.	Devon Energy Corp.	Exxon Mobil Corp.	Marathon Oil Corp.	Occidental Petroleum Corp.	Pioneer Natural Resources Co.	Valero Energy Corp.	Oil, Gas & Consumable Fuels
Selected Financial Data
Current share price (P)	$90.98
No. shares of common stock outstanding	1,293,449,547
Growth rate (g)	5.63%

Earnings per share (EPS)	$6.25
Next year expected EPS	$6.60
Operating profit per share	$8.62
Sales per share	$35.43
Book value per share (BVPS)	$35.10
Valuation Ratios (Price Multiples)
Price to earnings (P/E)	14.57	18.42	12.93	16.01	16.87	37.22	25.58	47.38	17.82
Price to next year expected earnings	13.79	18.66	13.02	15.82	18.50	37.91	24.54	46.56	17.68
Price-earnings-growth (PEG)	2.59	—	—	13.48	—	—	6.02	26.87	22.19
Price to operating profit (P/OP)	10.55	17.79	11.27	15.35	12.20	13.46	16.34	20.69	14.98
Price to sales (P/S)	2.57	1.85	2.98	1.33	2.85	2.18	3.03	0.39	1.50
Price to book value (P/BV)	2.59	2.07	3.93	2.19	1.49	2.79	2.37	2.39	2.26

Based on: 10-K (reporting date: 2021-12-31).

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.

ConocoPhillips, historical price multiples

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Price to earnings (P/E)	14.66	—	8.77	12.60	—
Price to operating profit (P/OP)	10.62	—	9.96	9.00	—
Price to sales (P/S)	2.58	3.52	1.94	2.16	2.21
Price to book value (P/BV)	2.61	2.22	1.80	2.47	2.10

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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.	ConocoPhillips P/S ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return.	ConocoPhillips P/BV ratio increased from 2019 to 2020 and from 2020 to 2021.

ConocoPhillips, historical P/E calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	1,299,526,916	1,354,734,727	1,081,132,415	1,134,404,094	1,174,577,506
Selected Financial Data (US$)
Net income (loss) attributable to ConocoPhillips (in millions)	8,079	(2,701)	7,189	6,257	(855)
Earnings per share (EPS)²	6.22	-1.99	6.65	5.52	-0.73
Share price^1, 3	91.16	48.85	58.30	69.49	54.84
Valuation Ratio
P/E ratio⁴	14.66	—	8.77	12.60	—
Benchmarks
P/E Ratio, Competitors⁵
Chevron Corp.	16.81	—	70.06	15.30	22.83
Devon Energy Corp.	12.71	—	—	4.33	17.91
Exxon Mobil Corp.	14.11	—	15.64	16.15	16.28
Marathon Oil Corp.	16.91	—	16.99	12.46	—
Occidental Petroleum Corp.	23.89	—	—	12.08	39.87
Pioneer Natural Resources Co.	25.60	—	29.80	24.58	36.44
Valero Energy Corp.	37.78	—	12.12	10.91	9.64
P/E Ratio, Sector
Oil, Gas & Consumable Fuels	16.04	—	22.05	14.31	25.35

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
EPS = Net income (loss) attributable to ConocoPhillips ÷ No. shares of common stock outstanding
= 8,079,000,000 ÷ 1,299,526,916 = 6.22

³ Closing price as at the filing date of ConocoPhillips Annual Report.

⁴ 2021 Calculation
P/E ratio = Share price ÷ EPS
= 91.16 ÷ 6.22 = 14.66

⁵ Click competitor name to see calculations.

ConocoPhillips, historical P/OP calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	1,299,526,916	1,354,734,727	1,081,132,415	1,134,404,094	1,174,577,506
Selected Financial Data (US$)
Operating income (loss) (in millions)	11,155	(2,865)	6,330	8,756	(4,658)
Operating profit per share²	8.58	-2.11	5.85	7.72	-3.97
Share price^1, 3	91.16	48.85	58.30	69.49	54.84
Valuation Ratio
P/OP ratio⁴	10.62	—	9.96	9.00	—
Benchmarks
P/OP Ratio, Competitors⁵
Chevron Corp.	16.23	—	2,048.65	15.70	84.64
Devon Energy Corp.	11.08	—	61.70	8.76	11.54
Exxon Mobil Corp.	13.53	—	17.57	15.21	26.58
Marathon Oil Corp.	12.23	—	12.83	8.19	—
Occidental Petroleum Corp.	8.64	—	—	10.96	95.05
Pioneer Natural Resources Co.	16.34	170.14	14.48	10.80	43.00
Valero Energy Corp.	16.50	—	7.65	7.45	10.88
P/OP Ratio, Sector
Oil, Gas & Consumable Fuels	13.48	—	23.45	12.98	46.59

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= 11,155,000,000 ÷ 1,299,526,916 = 8.58

³ Closing price as at the filing date of ConocoPhillips Annual Report.

⁴ 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 91.16 ÷ 8.58 = 10.62

⁵ Click competitor name to see calculations.

ConocoPhillips, historical P/S calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	1,299,526,916	1,354,734,727	1,081,132,415	1,134,404,094	1,174,577,506
Selected Financial Data (US$)
Sales and other operating revenues (in millions)	45,828	18,784	32,567	36,417	29,106
Sales per share²	35.27	13.87	30.12	32.10	24.78
Share price^1, 3	91.16	48.85	58.30	69.49	54.84
Valuation Ratio
P/S ratio⁴	2.58	3.52	1.94	2.16	2.21
Benchmarks
P/S Ratio, Competitors⁵
Chevron Corp.	1.69	2.09	1.46	1.43	1.56
Devon Energy Corp.	2.93	3.03	1.40	1.24	1.15
Exxon Mobil Corp.	1.17	1.34	0.88	1.20	1.35
Marathon Oil Corp.	2.86	2.84	1.61	2.31	2.95
Occidental Petroleum Corp.	1.40	1.39	1.44	2.80	4.18
Pioneer Natural Resources Co.	3.03	4.58	2.33	2.56	5.73
Valero Energy Corp.	0.31	0.48	0.27	0.29	0.42
P/S Ratio, Sector
Oil, Gas & Consumable Fuels	1.35	1.58	1.02	1.22	1.40

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= 45,828,000,000 ÷ 1,299,526,916 = 35.27

³ Closing price as at the filing date of ConocoPhillips Annual Report.

⁴ 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 91.16 ÷ 35.27 = 2.58

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.	ConocoPhillips P/S ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

ConocoPhillips, historical P/BV calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	1,299,526,916	1,354,734,727	1,081,132,415	1,134,404,094	1,174,577,506
Selected Financial Data (US$)
Common stockholders’ equity (in millions)	45,406	29,849	34,981	31,939	30,607
Book value per share (BVPS)²	34.94	22.03	32.36	28.15	26.06
Share price^1, 3	91.16	48.85	58.30	69.49	54.84
Valuation Ratio
P/BV ratio⁴	2.61	2.22	1.80	2.47	2.10
Benchmarks
P/BV Ratio, Competitors⁵
Chevron Corp.	1.89	1.50	1.42	1.47	1.42
Devon Energy Corp.	3.86	5.07	1.50	1.44	1.74
Exxon Mobil Corp.	1.93	1.53	1.17	1.75	1.71
Marathon Oil Corp.	1.50	0.83	0.67	1.13	1.10
Occidental Petroleum Corp.	1.79	1.33	0.86	2.34	2.54
Pioneer Natural Resources Co.	2.37	2.78	1.86	1.98	2.69
Valero Energy Corp.	1.91	1.65	1.35	1.57	1.78
P/BV Ratio, Sector
Oil, Gas & Consumable Fuels	2.03	1.61	1.29	1.71	1.69

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² 2021 Calculation
BVPS = Common stockholders’ equity ÷ No. shares of common stock outstanding
= 45,406,000,000 ÷ 1,299,526,916 = 34.94

³ Closing price as at the filing date of ConocoPhillips Annual Report.

⁴ 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 91.16 ÷ 34.94 = 2.61

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 required rate of return and its actual rate of return.	ConocoPhillips P/BV ratio increased from 2019 to 2020 and from 2020 to 2021.

ConocoPhillips (NYSE:COP)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

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)