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 & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | $123.65 | |||||||
| No. shares of common stock outstanding | 1,222,339,152 | |||||||
| Growth rate (g) | 12.18% | |||||||
| Earnings per share (EPS) | $6.54 | |||||||
| Next year expected EPS | $7.33 | |||||||
| Operating profit per share | $11.08 | |||||||
| Sales per share | $48.22 | |||||||
| Book value per share (BVPS) | $52.76 | |||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | 18.92 | 32.22 | 22.77 | 24.51 | 24.22 | |||
| Price to next year expected earnings | 16.87 | 30.82 | 21.01 | 22.80 | 22.50 | |||
| Price-earnings-growth (PEG) | 1.55 | 7.07 | 2.72 | 3.28 | 3.16 | |||
| Price to operating profit (P/OP) | 11.16 | 18.63 | 15.53 | 15.62 | 15.61 | |||
| Price to sales (P/S) | 2.56 | 2.15 | 2.03 | 2.12 | 2.11 | |||
| Price to book value (P/BV) | 2.34 | 2.13 | 2.53 | 2.36 | 2.37 | |||
Based on: 10-K (reporting date: 2025-12-31).
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
Based on: 10-K (reporting date: 2025-12-31), 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).
The valuation ratios exhibit varied trends over the five-year period. Generally, ratios decreased from 2021 to 2022, followed by fluctuations and, in some cases, increases towards 2025. This suggests a dynamic valuation influenced by changing market conditions and company performance.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased significantly from 14.66 in 2021 to 7.07 in 2022, indicating a substantial decline in investor willingness to pay for each dollar of earnings. The ratio then recovered to 11.92 in 2023 and continued to rise to 16.65 by 2025, suggesting improving earnings sentiment or expectations. This represents the largest percentage change of all ratios analyzed.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, Price to Operating Profit experienced a marked decrease from 8.66 in 2021 to 4.57 in 2022. A subsequent increase is observed, reaching 9.82 in 2025, though the recovery is less pronounced than that of the P/E ratio. This suggests that while operating profitability is being more favorably assessed over time, the impact on valuation is comparatively less.
- Price to Sales (P/S)
- The Price to Sales ratio decreased from 2.58 in 2021 to 1.68 in 2022, then stabilized, remaining at 2.26 for both 2024 and 2025. This indicates a relatively consistent valuation relative to revenue generation in the latter part of the period, following an initial decline. The ratio demonstrates the least volatility of those examined.
- Price to Book Value (P/BV)
- The Price to Book Value ratio initially increased slightly from 2.61 in 2021 to 2.75 in 2022, before declining to 1.91 in 2024. It then experienced a modest recovery to 2.06 in 2025. This suggests a shifting perception of the company’s net asset value relative to its market price, with a notable decrease in 2024 followed by a partial rebound.
Overall, the observed trends suggest a period of valuation adjustment followed by stabilization and, in some cases, renewed positive sentiment. The significant changes in the P/E and P/OP ratios warrant further investigation into the underlying drivers of earnings and operating profit.
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Price to Earnings (P/E)
ConocoPhillips, historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,222,339,152 | 1,272,380,205 | 1,176,408,368 | 1,218,776,494 | 1,299,526,916 | |
| Selected Financial Data (US$) | ||||||
| Net income (in millions) | 7,988) | 9,245) | 10,957) | 18,680) | 8,079) | |
| Earnings per share (EPS)2 | 6.54 | 7.27 | 9.31 | 15.33 | 6.22 | |
| Share price1, 3 | 108.78 | 97.45 | 111.00 | 108.36 | 91.16 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 16.65 | 13.41 | 11.92 | 7.07 | 14.66 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | 30.07 | 15.64 | 13.42 | 8.71 | 16.81 | |
| Exxon Mobil Corp. | 21.77 | 14.21 | 11.49 | 8.01 | 14.11 | |
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 23.01 | 14.51 | 12.17 | 8.08 | 15.11 | |
| P/E Ratio, Industry | ||||||
| Energy | 22.93 | 14.41 | 12.48 | 8.54 | 15.67 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 7,988,000,000 ÷ 1,222,339,152 = 6.54
3 Closing price as at the filing date of ConocoPhillips Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 108.78 ÷ 6.54 = 16.65
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the five-year period. Initially, the P/E ratio decreased significantly before stabilizing and then increasing again. This movement correlates with changes in both share price and earnings per share.
- Share Price
- The share price demonstrated an initial increase from 2021 to 2022, followed by a slight decline in 2023, a more substantial decrease in 2024, and a subsequent recovery in 2025. The highest recorded share price was observed at the end of 2022, while the lowest was at the end of 2024.
- Earnings Per Share (EPS)
- Earnings per share increased markedly between 2021 and 2022. However, EPS decreased significantly in 2023 and continued to decline, albeit at a slower rate, through 2025. The peak in EPS occurred in 2022, while the lowest EPS value was recorded in 2025.
- P/E Ratio Trend
- The P/E ratio began at 14.66 in 2021 and fell sharply to 7.07 in 2022. This decrease was driven by a larger percentage increase in EPS compared to the increase in share price. The ratio then rose to 11.92 in 2023, reflecting a decrease in EPS and a slight decrease in share price. A further increase to 13.41 was observed in 2024, despite a more significant decline in share price, due to a proportionally larger decrease in EPS. Finally, the P/E ratio increased to 16.65 in 2025, driven by a recovery in share price and a continued, though smaller, decrease in EPS.
The interplay between share price and EPS suggests a dynamic valuation. The substantial decrease in the P/E ratio in 2022 indicates that the market perceived the increase in earnings as not fully justifying the increase in share price, or potentially anticipated a future decline in earnings. The subsequent fluctuations reflect ongoing adjustments based on evolving earnings and investor sentiment.
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Price to Operating Profit (P/OP)
ConocoPhillips, historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,222,339,152 | 1,272,380,205 | 1,176,408,368 | 1,218,776,494 | 1,299,526,916 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | 13,542) | 14,586) | 17,162) | 28,886) | 13,676) | |
| Operating profit per share2 | 11.08 | 11.46 | 14.59 | 23.70 | 10.52 | |
| Share price1, 3 | 108.78 | 97.45 | 111.00 | 108.36 | 91.16 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 9.82 | 8.50 | 7.61 | 4.57 | 8.66 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | 17.38 | 9.76 | 9.48 | 6.12 | 11.40 | |
| Exxon Mobil Corp. | 14.85 | 9.57 | 7.62 | 5.65 | 9.86 | |
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 14.67 | 9.46 | 8.17 | 5.60 | 10.13 | |
| P/OP Ratio, Industry | ||||||
| Energy | 14.78 | 9.50 | 8.44 | 5.95 | 10.52 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 13,542,000,000 ÷ 1,222,339,152 = 11.08
3 Closing price as at the filing date of ConocoPhillips Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 108.78 ÷ 11.08 = 9.82
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio decreased significantly before increasing again, suggesting shifts in market valuation relative to the company’s operating profitability.
- Overall Trend
- The P/OP ratio began at 8.66 in 2021, decreased substantially to 4.57 in 2022, then increased to 7.61 in 2023. A slight increase to 8.50 was observed in 2024, followed by a further increase to 9.82 in 2025. This indicates a period of declining valuation followed by a recovery and continued, albeit moderate, growth.
- 2021-2022
- A marked decrease in the P/OP ratio occurred between 2021 and 2022. This coincided with a substantial increase in operating profit per share, while the share price experienced a more moderate increase. The decline in the ratio suggests the market did not fully capitalize the increased profitability into the share price during this period.
- 2022-2025
- From 2022 through 2025, the P/OP ratio generally trended upward. While operating profit per share decreased from 2022 to 2023, the share price remained relatively stable, contributing to the ratio’s increase. The subsequent fluctuations in both share price and operating profit per share in 2024 and 2025 continued to influence the P/OP ratio, resulting in further increases.
- Recent Performance
- The P/OP ratio in 2025 (9.82) represents the highest value observed during the analyzed period. This suggests that, relative to operating profit, the market placed a higher valuation on the company’s shares at the end of the period compared to the beginning.
The observed changes in the P/OP ratio warrant further investigation into the underlying factors influencing both the share price and operating profitability, such as broader market conditions, industry trends, and company-specific performance drivers.
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Price to Sales (P/S)
ConocoPhillips, historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,222,339,152 | 1,272,380,205 | 1,176,408,368 | 1,218,776,494 | 1,299,526,916 | |
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenues (in millions) | 58,944) | 54,745) | 56,141) | 78,494) | 45,828) | |
| Sales per share2 | 48.22 | 43.03 | 47.72 | 64.40 | 35.27 | |
| Share price1, 3 | 108.78 | 97.45 | 111.00 | 108.36 | 91.16 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 2.26 | 2.26 | 2.33 | 1.68 | 2.58 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | 2.01 | 1.43 | 1.46 | 1.31 | 1.69 | |
| Exxon Mobil Corp. | 1.94 | 1.41 | 1.24 | 1.12 | 1.17 | |
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.99 | 1.50 | 1.41 | 1.24 | 1.48 | |
| P/S Ratio, Industry | ||||||
| Energy | 2.00 | 1.50 | 1.46 | 1.31 | 1.52 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= 58,944,000,000 ÷ 1,222,339,152 = 48.22
3 Closing price as at the filing date of ConocoPhillips Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 108.78 ÷ 48.22 = 2.26
5 Click competitor name to see calculations.
The price to sales ratio exhibited fluctuations over the five-year period. Initial observations reveal a decrease followed by relative stabilization. Share price and sales per share both experienced volatility during the observed timeframe, influencing the overall P/S ratio.
- Price to Sales Ratio
- The P/S ratio began at 2.58 in 2021, decreasing substantially to 1.68 in 2022. A subsequent increase to 2.33 was noted in 2023, followed by a slight decline to 2.26 in 2024. The ratio remained constant at 2.26 in 2025. This suggests a period of valuation adjustment followed by a period of relative stability.
- Share Price
- The share price increased from US$91.16 in 2021 to US$108.36 in 2022, representing a significant gain. However, the price experienced a decrease in 2024, falling to US$97.45 before recovering to US$108.78 in 2025. This volatility indicates potential responsiveness to market conditions or company-specific events.
- Sales per Share
- Sales per share demonstrated a marked increase from US$35.27 in 2021 to US$64.40 in 2022. This was followed by a decline to US$47.72 in 2023 and a further decrease to US$43.03 in 2024. A modest recovery to US$48.22 was observed in 2025. The fluctuations in sales per share likely contributed to the observed changes in the P/S ratio.
The interplay between share price and sales per share suggests that the P/S ratio is sensitive to both market valuation and underlying revenue generation. The initial decrease in the P/S ratio in 2022 coincided with a substantial increase in sales per share, indicating that the market may not have fully valued the increased revenue at that time. The subsequent fluctuations reflect ongoing adjustments in market perception and company performance.
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Price to Book Value (P/BV)
ConocoPhillips, historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,222,339,152 | 1,272,380,205 | 1,176,408,368 | 1,218,776,494 | 1,299,526,916 | |
| Selected Financial Data (US$) | ||||||
| Equity (in millions) | 64,487) | 64,796) | 49,279) | 48,003) | 45,406) | |
| Book value per share (BVPS)2 | 52.76 | 50.93 | 41.89 | 39.39 | 34.94 | |
| Share price1, 3 | 108.78 | 97.45 | 111.00 | 108.36 | 91.16 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 2.06 | 1.91 | 2.65 | 2.75 | 2.61 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.98 | 1.81 | 1.78 | 1.94 | 1.89 | |
| Exxon Mobil Corp. | 2.42 | 1.81 | 2.02 | 2.29 | 1.93 | |
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 2.22 | 1.83 | 2.00 | 2.21 | 2.00 | |
| P/BV Ratio, Industry | ||||||
| Energy | 2.24 | 1.87 | 2.08 | 2.30 | 2.07 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Equity ÷ No. shares of common stock outstanding
= 64,487,000,000 ÷ 1,222,339,152 = 52.76
3 Closing price as at the filing date of ConocoPhillips Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 108.78 ÷ 52.76 = 2.06
5 Click competitor name to see calculations.
The price to book value ratio exhibited fluctuations over the five-year period. Initially, the ratio increased before declining significantly, then showing a modest recovery.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 2.61 in 2021 and increased to 2.75 in 2022. A slight decrease to 2.65 was observed in 2023. A substantial decline occurred in 2024, with the ratio falling to 1.91. The ratio then partially recovered to 2.06 in 2025.
The share price demonstrated an initial increase followed by a decrease and subsequent partial recovery, mirroring the P/BV trend. The share price rose from US$91.16 in 2021 to US$108.36 in 2022, then peaked at US$111.00 in 2023. A decrease to US$97.45 was recorded in 2024, with a subsequent increase to US$108.78 in 2025.
- Book Value per Share (BVPS) Trend
- Book value per share consistently increased throughout the period. It rose from US$34.94 in 2021 to US$39.39 in 2022, then to US$41.89 in 2023. Further increases were noted in 2024 (US$50.93) and 2025 (US$52.76). This consistent growth in BVPS likely contributed to the overall changes observed in the P/BV ratio.
The decline in the P/BV ratio in 2024, despite the continued growth in book value per share, suggests the market may have reassessed its valuation of the company’s assets relative to its share price during that year. The partial recovery in 2025 indicates a potential stabilization or renewed investor confidence.
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