Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
ConocoPhillips, historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation ratios exhibit varied trends over the observed period. Generally, the ratios demonstrate fluctuations influenced by market conditions and company performance, with a noticeable shift in valuations beginning in the latter half of 2023 and continuing into 2024 and 2025.
- Price to Earnings (P/E)
- The Price to Earnings ratio experienced a decline from March 2022 through December 2022, reaching a low of 7.07. It then increased through September 2023, peaking at 12.94, before stabilizing and fluctuating between 11.75 and 13.50 through December 2024. A further increase is observed in March 2025, reaching 16.65, indicating a potentially higher valuation relative to earnings.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio decreased from March 2022 to December 2022, bottoming out at 4.57. A consistent upward trend is then apparent through September 2023, reaching 8.04. The ratio remained relatively stable between 7.33 and 8.70 from March 2024 through September 2025, with a final increase to 9.82 in December 2025.
- Price to Sales (P/S)
- The Price to Sales ratio followed a similar pattern of decline and subsequent increase. It decreased from 2.47 in March 2022 to 1.68 in December 2022. The ratio then rose, peaking at 2.42 in September 2023, and fluctuated between 1.77 and 2.59 through December 2025. The most recent value, 2.26, suggests a moderate valuation relative to sales.
- Price to Book Value (P/BV)
- The Price to Book Value ratio showed an initial increase from March 2022 to September 2022, followed by a decline to 2.47 by March 2023. A period of relative stability followed, with the ratio fluctuating around 2.5 to 3.0. A notable decrease is observed from December 2023 through September 2025, reaching a low of 1.63, before increasing to 2.06 in December 2025. This suggests a decreasing valuation relative to the company’s net asset value, followed by a slight recovery.
Overall, the observed ratios suggest a period of lower valuations in late 2022 and early 2023, followed by a general increase in valuation multiples through late 2023 and into 2024. The most recent data indicates a continued, albeit moderate, increase in some ratios, while others show signs of stabilization or slight recovery from earlier declines.
Price to Earnings (P/E)
ConocoPhillips, historical P/E calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income (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. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuations over the observed period, generally trending upwards from the end of 2022 through the end of 2025. Initial values demonstrated volatility, followed by a period of relative stability, and then a notable increase in the final reported quarter.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The P/E ratio began at 10.35 and decreased to a low of 7.07 before recovering slightly to 11.92. This period reflects a decrease in the valuation multiple, potentially driven by changes in investor sentiment or earnings expectations relative to the share price.
- Stabilization and Increase (Mar 31, 2023 – Sep 30, 2024)
- From March 2023 through September 2024, the P/E ratio demonstrated a more stable pattern, fluctuating between approximately 7.44 and 12.94. A gradual upward trend is discernible during this timeframe, suggesting increasing investor confidence or a relative increase in earnings expectations. The ratio peaked at 12.94 in September 2023.
- Final Period (Dec 31, 2024 – Dec 31, 2025)
- The P/E ratio experienced a more pronounced increase in the final period, rising from 13.41 to 16.65. This represents the highest valuation multiple observed throughout the entire period, potentially indicating strong positive investor sentiment or expectations of future earnings growth. The share price increased more rapidly than earnings per share during this period, driving the P/E ratio higher.
- Relationship to Underlying Components
- The P/E ratio’s movements correlate with changes in both share price and earnings per share. Periods of decreasing P/E ratios often coincide with increases in earnings per share relative to the share price, and vice versa. The most significant increase in the P/E ratio in the final period occurred despite a decrease in earnings per share, indicating a substantial increase in the share price.
Overall, the P/E ratio demonstrates a dynamic relationship with the underlying share price and earnings per share, reflecting evolving market perceptions and financial performance. The recent increase in the P/E ratio warrants further investigation to determine the sustainability of this valuation level.
Price to Operating Profit (P/OP)
ConocoPhillips, historical P/OP calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited considerable fluctuation over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a decreasing trend through the first half of 2022, followed by a period of relative stability and then an increase into the latter part of 2022 and early 2023. Subsequently, the ratio experienced a decline before rising again towards the end of the observation window.
- Initial Decline (Mar 31, 2022 – Jun 30, 2022)
- The P/OP ratio decreased from 6.75 to 4.72. This suggests a relative decline in investor willingness to pay for each dollar of operating profit during this period, potentially influenced by broader market conditions or company-specific concerns.
- Recovery and Peak (Sep 30, 2022 – Sep 30, 2023)
- Following the initial decline, the P/OP ratio increased, peaking at 8.04 on September 30, 2023. This indicates a renewed investor confidence and a higher valuation placed on operating profit. The increase could be attributed to improved financial performance or positive market sentiment.
- Subsequent Moderation (Oct 01, 2023 – Mar 31, 2025)
- From its peak, the P/OP ratio experienced a moderate decline, reaching 7.33 by March 31, 2025. This suggests a cooling of investor enthusiasm or a reassessment of the company’s future earnings potential.
- Final Increase (Apr 01, 2025 – Dec 31, 2025)
- The ratio concluded the period with an increase to 9.82 on December 31, 2025. This final rise could be a result of short-term market factors or anticipation of future growth. The magnitude of this increase is notable, representing a significant shift in valuation.
Overall, the P/OP ratio demonstrated a cyclical pattern over the analyzed timeframe. The fluctuations suggest sensitivity to both internal performance metrics and external market forces. The final increase in the ratio warrants further investigation to determine its sustainability and underlying drivers.
Price to Sales (P/S)
ConocoPhillips, historical P/S calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales (P/S) ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a decreasing trend through the end of 2022, followed by periods of increase and relative stability before concluding with a final increase.
- Initial Decline (Mar 31, 2022 – Dec 31, 2022)
- The P/S ratio began at 2.47 and generally decreased to 1.68 by December 31, 2022. This decline suggests a decreasing valuation relative to sales during this period. The share price decreased more rapidly than sales per share during this timeframe, contributing to the lower ratio.
- Fluctuation and Stabilization (Mar 31, 2023 – Sep 30, 2023)
- From March 31, 2023, to September 30, 2023, the P/S ratio experienced volatility, increasing from 1.56 to 2.42. This period demonstrates a shift in investor sentiment or a change in the relationship between share price and sales. The share price increased while sales per share decreased, resulting in a higher P/S ratio.
- Subsequent Trends (Dec 31, 2023 – Dec 31, 2025)
- Following September 30, 2023, the P/S ratio decreased to a low of 1.77 by September 30, 2025, before increasing to 2.26 by December 31, 2025. This suggests a renewed investor interest or a positive shift in sales expectations towards the end of the period. The share price experienced a significant decline through the first three quarters of 2025, but recovered in the final quarter, influencing the P/S ratio.
- Sales per Share Trend
- Sales per share generally decreased from a high of 64.40 in December 2022 to a low of 43.03 in March 2024, before stabilizing and increasing slightly to 48.22 by December 2025. This indicates a potential challenge in maintaining sales growth over the observed period.
- Share Price Trend
- The share price demonstrated considerable fluctuation, peaking at 133.82 in September 2022 and reaching a low of 85.66 in September 2025, before recovering to 108.78 by December 2025. This volatility suggests sensitivity to market conditions or company-specific factors.
Overall, the P/S ratio’s movement reflects a dynamic interplay between share price and sales per share. The observed fluctuations suggest changing investor perceptions and potential underlying shifts in the company’s performance or market expectations.
Price to Book Value (P/BV)
ConocoPhillips, historical P/BV calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| 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. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
BVPS = Equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio decreased from 2.70 to a low of 2.28 before increasing to 3.40 by September 30, 2022. Subsequent quarters saw a decline to 2.65 by December 31, 2022, followed by a period of relative stability in the first half of 2023. A notable decrease occurred in the latter half of 2023, reaching a low of 1.91 by December 31, 2023, before experiencing some volatility and concluding at 2.06 on December 31, 2025.
- Initial Period (Mar 31, 2022 – Sep 30, 2022)
- The P/BV ratio demonstrated initial volatility. A decrease was observed from 2.70 to 2.28, potentially indicating a period of market correction or decreased investor confidence relative to the company’s book value. This was followed by a substantial increase to 3.40, suggesting renewed investor optimism or a re-evaluation of the company’s assets.
- Stabilization and Decline (Oct 1, 2022 – Dec 31, 2023)
- From October 1, 2022, through December 31, 2023, the P/BV ratio generally trended downward. While fluctuations existed, the ratio decreased from 2.75 to 1.91. This decline could be attributed to various factors, including changes in market conditions, investor sentiment, or company-specific performance concerns. The book value per share, however, showed a consistent, albeit gradual, increase during this period, suggesting the decline in P/BV was primarily driven by share price movements.
- Recent Period (Jan 1, 2024 – Dec 31, 2025)
- The final period showed some recovery, with the P/BV ratio increasing from 1.91 to 2.06. This suggests a potential stabilization or modest improvement in investor valuation of the company relative to its book value. The book value per share continued its upward trajectory, while the share price also experienced an increase, contributing to the rise in the P/BV ratio.
- Book Value Per Share Trend
- Throughout the entire period, the book value per share consistently increased, moving from US$38.05 to US$52.76. This indicates a steady growth in the company’s net asset value over time. The consistent increase in book value per share provides a foundation for understanding the fluctuations observed in the P/BV ratio.
Overall, the P/BV ratio’s movements suggest a dynamic valuation influenced by both market sentiment and underlying asset growth. The observed trends warrant further investigation into the factors driving share price fluctuations and their relationship to the company’s book value.