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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- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
ConocoPhillips, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 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 multiples exhibit a distinct transition from a period of contraction in 2022 to a significant expansion by early 2026. While revenue and book value multiples show cyclical volatility, the earnings-based multiples demonstrate a sharp upward trajectory in the final quarters of the analyzed period, suggesting a substantial increase in the market premium attributed to the company's profitability.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- These two metrics follow a closely correlated path throughout the period. Following an initial decline to lows of 7.07 (P/E) and 4.57 (P/OP) in December 2022, both ratios entered a phase of steady growth. The P/E ratio reached 13.50 by March 2024 and remained relatively stable before experiencing a sharp acceleration in late 2025, culminating in a peak of 20.93 by March 2026. The P/OP ratio mirrored this trend, rising from its trough to end at 12.36, indicating a marked increase in valuation relative to both net income and operating performance.
- Price to Sales (P/S)
- The P/S ratio displays a cyclical pattern characterized by fluctuations rather than a linear trend. The ratio moved between a low of 1.56 in March 2023 and a high of 2.63 in March 2026. For the majority of the timeframe, the ratio remained range-bound between 1.77 and 2.59, suggesting that the stock price has maintained a more consistent relationship with top-line revenue compared to its relationship with earnings.
- Price to Book Value (P/BV)
- The P/BV ratio exhibited a divergent trend relative to earnings multiples for a significant duration. After peaking at 3.40 in September 2022, the ratio entered a prolonged decline, reaching a low of 1.63 in September 2025. A recovery occurred in the final two quarters of the period, with the ratio rising to 2.37 by March 2026. This downward trend during the mid-period, coinciding with rising P/E ratios, suggests a shift in how the market valued tangible assets relative to earnings potential.
Price to Earnings (P/E)
ConocoPhillips, historical P/E calculation (quarterly data)
| Mar 31, 2026 | 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$) | |||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a diverging trend between earnings performance and market valuation from March 2022 through March 2026.
- Earnings per Share (EPS) Performance
- Earnings exhibited significant volatility, reaching a peak of 15.33 US$ in December 2022. Following this peak, a sustained downward trajectory is observed, with EPS declining to 6.01 US$ by March 2026. This represents a substantial reduction in quarterly profitability over the analyzed period.
- Price-to-Earnings (P/E) Ratio Expansion
- The P/E ratio transitioned from a period of compression to significant expansion. The ratio reached its lowest levels between June and December 2022, dipping as low as 7.07. However, starting in early 2023, the ratio trended upward, culminating in a sharp increase to 20.93 by March 2026. This indicates that the market is assigning a higher valuation multiple to the company's earnings over time.
- Correlation between Share Price and Valuation
- Share price fluctuations initially aligned with earnings peaks, but later decoupled. While the share price hit a low of 85.66 US$ in September 2025, it recovered sharply to 125.78 US$ by March 2026. Because this price recovery occurred simultaneously with continuing declines in EPS, the P/E ratio accelerated rapidly in the final two quarters of the data set.
The overarching trend suggests a shift in market sentiment, where the valuation multiple has expanded significantly despite a consistent decline in fundamental earnings per share.
Price to Operating Profit (P/OP)
ConocoPhillips, historical P/OP calculation (quarterly data)
| Mar 31, 2026 | 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-Q (reporting date: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the financial metrics reveals a significant expansion in the Price to Operating Profit (P/OP) ratio over the observed period, moving from a low of 4.57 in late 2022 to a peak of 12.36 by March 31, 2026. This trend is primarily driven by a steady contraction in operating profit per share, which occurs even as the share price remains volatile but relatively resilient.
- Operating Profit per Share Trends
- A consistent downward trajectory in operating profit per share is observed following a peak of 23.70 USD on December 31, 2022. Profits declined steadily through 2023 and 2024, eventually reaching a period low of 10.18 USD by March 31, 2026. This represents a substantial reduction in the fundamental earning power per share over the analyzed timeframe.
- Share Price Volatility
- The share price exhibited significant fluctuations, with a notable peak of 133.82 USD in September 2022 and a subsequent trough of 88.82 USD in March 2025. However, a strong recovery is observed in the final quarters, with the price climbing to 125.78 USD by March 31, 2026, despite the simultaneous decline in operating profits.
- P/OP Ratio Valuation Dynamics
- The P/OP ratio demonstrates a general upward trend, indicating a valuation expansion. Between December 31, 2022, and March 31, 2024, the ratio nearly doubled from 4.57 to 8.70. The most acute increase occurs in the final two quarters of the data set, where the ratio jumps from 9.82 to 12.36. This suggests that the market is assigning a higher multiple to operating profits as those profits diminish, potentially reflecting investor expectations of future recovery or a shift in valuation premiums.
Price to Sales (P/S)
ConocoPhillips, historical P/S calculation (quarterly data)
| Mar 31, 2026 | 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-Q (reporting date: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits significant volatility over the observed period, fluctuating between a minimum of 1.56 in March 2023 and a maximum of 2.63 in March 2026. This variance reflects a dynamic relationship between market valuation and revenue generation per share.
- P/S Ratio Volatility and Trends
- The ratio experienced an initial decline from 2.47 in March 2022 to its lowest point of 1.56 in March 2023. Following this trough, a recovery trend emerged, peaking at 2.59 in March 2024. A subsequent period of moderation occurred through 2024 and mid-2025, before a sharp increase drove the ratio to its period high of 2.63 by March 2026.
- Relationship Between Share Price and Sales per Share
- The P/S ratio fluctuations are driven by diverging movements between market price and revenue. In late 2022, sales per share reached a peak of 64.40, which coincided with a contraction in the P/S ratio to 1.68, suggesting that revenue growth outpaced share price appreciation. Conversely, the peak P/S ratio in March 2026 was driven by a substantial increase in share price to 125.78, while sales per share remained relatively stagnant at 47.76.
- Revenue Stability and Valuation Shifts
- Following a peak in December 2022, sales per share entered a general downward trend before stabilizing within a narrow range of 43.03 to 48.61 from March 2024 through March 2026. Despite this revenue plateau, the P/S ratio continued to shift, indicating that the market valuation during the latter half of the period was influenced by factors other than immediate top-line growth.
Price to Book Value (P/BV)
ConocoPhillips, historical P/BV calculation (quarterly data)
| Mar 31, 2026 | 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$) | |||||||||||||||||||||||
| Equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
Analysis of the valuation metrics indicates a divergence between the steady growth of book value and the volatility of the share price, resulting in a fluctuating Price to Book Value (P/BV) ratio over the observed period.
- Book Value Per Share (BVPS) Growth
- A consistent upward trajectory is observed in the book value per share, which rose from 38.05 US$ in March 2022 to 52.98 US$ by March 2026. A significant acceleration in this growth occurred between September and December 2024, where the value increased from 43.34 US$ to 50.93 US$, indicating a substantial strengthening of the underlying net asset value per share.
- Price to Book Value (P/BV) Volatility and Compression
- The P/BV ratio exhibited cyclical behavior, peaking at 3.40 in September 2022. Following this peak, a general downward trend was observed, with the ratio entering a period of compression throughout 2024 and 2025. The ratio reached its lowest point of 1.63 in September 2025, suggesting that the market valuation of the shares declined significantly relative to the growth of the book value during this interval.
- Recent Valuation Recovery
- A reversal of the contraction trend is evident in the final quarters of the period. From September 2025 to March 2026, the P/BV ratio expanded from 1.63 to 2.37. This recovery was driven by a sharp increase in the share price, which rose from 85.66 US$ to 125.78 US$, thereby outpacing the more moderate incremental growth in book value during the same timeframe.