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
ConocoPhillips, current price multiples
| ConocoPhillips | Chevron Corp. | Exxon Mobil Corp. | Oil & Gas Producers | |||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Current share price (P) | $43.19 | |||||
| No. shares of common stock outstanding | 1,072,566,210 | |||||
| Growth rate (g) | 0.87% | |||||
| Earnings per share (EPS) | $6.70 | |||||
| Next year expected EPS | $6.76 | |||||
| Operating profit per share | $5.90 | |||||
| Sales per share | $30.36 | |||||
| Book value per share (BVPS) | $32.61 | |||||
| Valuation Ratios (Price Multiples) | ||||||
| Price to earnings (P/E) | 6.44 | 58.76 | 14.19 | 21.73 | ||
| Price to next year expected earnings | 6.39 | 60.07 | 14.11 | 22.16 | ||
| Price-earnings-growth (PEG) | 7.44 | — | 25.83 | — | ||
| Price to operating profit (P/OP) | 7.32 | 1,718.12 | 15.93 | 29.16 | ||
| Price to sales (P/S) | 1.42 | 1.23 | 0.80 | 0.95 | ||
| Price to book value (P/BV) | 1.32 | 1.19 | 1.06 | 1.12 | ||
Based on: 10-K (filing date: 2020-02-18).
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
Based on: 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23).
| 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’s P/S ratio decreased from 2017 to 2018 and from 2018 to 2019. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. | ConocoPhillips’s P/BV ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019. |
Price to Earnings (P/E)
ConocoPhillips, historical P/E calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,081,132,415 | 1,134,404,094 | 1,174,577,506 | 1,235,832,469 | 1,236,202,726 | |
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to ConocoPhillips (in millions) | 7,189 | 6,257 | (855) | (3,615) | (4,428) | |
| Earnings per share (EPS)2 | 6.65 | 5.52 | -0.73 | -2.93 | -3.58 | |
| Share price1, 3 | 58.30 | 69.49 | 54.84 | 48.13 | 32.92 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 8.77 | 12.60 | — | — | — | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | 70.06 | 15.30 | 22.83 | — | 35.02 | |
| Exxon Mobil Corp. | 15.64 | 16.15 | 16.28 | 42.80 | 20.96 | |
| P/E Ratio, Sector | ||||||
| Oil & Gas Producers | 24.86 | 15.80 | 18.37 | 74.32 | 24.07 | |
Based on: 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
EPS = Net income (loss) attributable to ConocoPhillips ÷ No. shares of common stock outstanding
= 7,189,000,000 ÷ 1,081,132,415 = 6.65
3 Closing price as at the filing date of ConocoPhillips’s Annual Report.
4 2019 Calculation
P/E ratio = Share price ÷ EPS
= 58.30 ÷ 6.65 = 8.77
5 Click competitor name to see calculations.
Price to Operating Profit (P/OP)
ConocoPhillips, historical P/OP calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,081,132,415 | 1,134,404,094 | 1,174,577,506 | 1,235,832,469 | 1,236,202,726 | |
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | 6,330 | 8,756 | (4,658) | (4,971) | (7,765) | |
| Operating profit per share2 | 5.85 | 7.72 | -3.97 | -4.02 | -6.28 | |
| Share price1, 3 | 58.30 | 69.49 | 54.84 | 48.13 | 32.92 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 9.96 | 9.00 | — | — | — | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | 2,048.65 | 15.70 | 84.64 | — | — | |
| Exxon Mobil Corp. | 17.57 | 15.21 | 26.58 | 358.52 | 26.28 | |
| P/OP Ratio, Sector | ||||||
| Oil & Gas Producers | 33.36 | 15.41 | 36.48 | — | 54.42 | |
Based on: 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= 6,330,000,000 ÷ 1,081,132,415 = 5.85
3 Closing price as at the filing date of ConocoPhillips’s Annual Report.
4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 58.30 ÷ 5.85 = 9.96
5 Click competitor name to see calculations.
Price to Sales (P/S)
ConocoPhillips, historical P/S calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,081,132,415 | 1,134,404,094 | 1,174,577,506 | 1,235,832,469 | 1,236,202,726 | |
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenues (in millions) | 32,567 | 36,417 | 29,106 | 23,693 | 29,564 | |
| Sales per share2 | 30.12 | 32.10 | 24.78 | 19.17 | 23.92 | |
| Share price1, 3 | 58.30 | 69.49 | 54.84 | 48.13 | 32.92 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 1.94 | 2.16 | 2.21 | 2.51 | 1.38 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.46 | 1.43 | 1.56 | 1.91 | 1.24 | |
| Exxon Mobil Corp. | 0.88 | 1.20 | 1.35 | 1.54 | 1.30 | |
| P/S Ratio, Sector | ||||||
| Oil & Gas Producers | 1.09 | 1.29 | 1.43 | 1.66 | 1.28 | |
Based on: 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= 32,567,000,000 ÷ 1,081,132,415 = 30.12
3 Closing price as at the filing date of ConocoPhillips’s Annual Report.
4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 58.30 ÷ 30.12 = 1.94
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’s P/S ratio decreased from 2017 to 2018 and from 2018 to 2019. |
Price to Book Value (P/BV)
ConocoPhillips, historical P/BV calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,081,132,415 | 1,134,404,094 | 1,174,577,506 | 1,235,832,469 | 1,236,202,726 | |
| Selected Financial Data (US$) | ||||||
| Common stockholders’ equity (in millions) | 34,981 | 31,939 | 30,607 | 34,974 | 39,762 | |
| Book value per share (BVPS)2 | 32.36 | 28.15 | 26.06 | 28.30 | 32.16 | |
| Share price1, 3 | 58.30 | 69.49 | 54.84 | 48.13 | 32.92 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 1.80 | 2.47 | 2.10 | 1.70 | 1.02 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.42 | 1.47 | 1.42 | 1.44 | 1.05 | |
| Exxon Mobil Corp. | 1.17 | 1.75 | 1.71 | 2.01 | 1.98 | |
| P/BV Ratio, Sector | ||||||
| Oil & Gas Producers | 1.28 | 1.63 | 1.58 | 1.74 | 1.54 | |
Based on: 10-K (filing date: 2020-02-18), 10-K (filing date: 2019-02-19), 10-K (filing date: 2018-02-20), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-23).
1 Data adjusted for splits and stock dividends.
2 2019 Calculation
BVPS = Common stockholders’ equity ÷ No. shares of common stock outstanding
= 34,981,000,000 ÷ 1,081,132,415 = 32.36
3 Closing price as at the filing date of ConocoPhillips’s Annual Report.
4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 58.30 ÷ 32.36 = 1.80
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’s required rate of return and its actual rate of return. | ConocoPhillips’s P/BV ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019. |