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
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
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Historical Valuation Ratios (Summary)
ConocoPhillips, historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio displays significant volatility starting from a very high value of 3758.13 in June 2021, which likely indicates an abnormal earnings figure or other accounting anomaly during that period. Subsequently, the ratio declines sharply to more moderate levels, reaching 40.48 in June 2021 and dropping further to 7.07 by December 2022. From early 2023 onwards, the P/E ratio fluctuates between roughly 7 and 13, displaying moderate variability but no clear long-term trend. This suggests a market perception of earnings stabilizing, but with some cyclical influences affecting valuation multiples quarter-over-quarter.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio begins with very high values, peaking at 71.79 in June 2021, and declining sharply thereafter. By December 2022, the ratio stabilizes in the lower single digits, ranging from 4.57 to 7.61. From 2023 through mid-2025, the ratio exhibits a modest upward trend, oscillating roughly between 7 and 8.7. This pattern indicates an initial period of distorted valuation relative to operating profits, followed by normalization and a somewhat rising price level relative to operating earnings in recent periods.
- Price to Sales (P/S) Ratio
- The P/S ratio shows less dramatic fluctuation compared to earnings and operating profit multiples. Starting at 3.52 in June 2021, it generally trends downward with intermittent upticks, reaching its low point near 1.56 by December 2022. In the period covering 2023 onwards, the ratio fluctuates between 1.95 and 2.59, indicating relatively stable valuation relative to sales, with a slight tendency to increase during some quarters. This possibly reflects steady revenue streams accompanied by market valuation adjustments.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibits moderate variation over the entire timeframe, beginning at 1.4 in March 2020 and moving up to a peak of 3.4 by September 2022. Following this peak, there is a gradual decline with some intermittent rises, settling around values between 1.7 and 2.9 over the later periods. The ratio's movement suggests periods of increased market valuation relative to book value, particularly during mid-2021 to late 2022, followed by a corrective phase toward more moderate multiples in recent quarters.
- Summary
- Overall, the valuation ratios experienced extreme highs around mid-2021, reflecting either significant market optimism or exceptional financial conditions, followed by a swift adjustment toward more normalized valuation levels. Price multiples relative to earnings and operating profit show greater volatility compared to price to sales and price to book value. Since late 2022, all ratios have shown patterns consistent with stabilization, with moderate fluctuations but no clear directional trend. The data suggests an initial period of market uncertainty or earnings distortion, succeeded by a phase where the market assigns more consistent value multiples to the company's earnings, profits, sales, and book value.
Price to Earnings (P/E)
ConocoPhillips, historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to ConocoPhillips (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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to ConocoPhillipsQ2 2025
+ Net income (loss) attributable to ConocoPhillipsQ1 2025
+ Net income (loss) attributable to ConocoPhillipsQ4 2024
+ Net income (loss) attributable to ConocoPhillipsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals significant fluctuations and general trends over the observed periods. The share price shows a varied pattern with marked increases after 2020, peaking notably in the third quarter of 2022 and remaining elevated through 2023. Despite occasional declines, the price maintains a generally higher level compared to early 2020, indicating overall appreciation in market value over the longer term.
Earnings per share (EPS) exhibits a clear recovery and growth trend starting from a negative value at the end of 2020. The EPS rises sharply through 2021 and into 2022, reaching a peak in the fourth quarter of 2022. Following this peak, there is a gradual decline observed through 2023 and into early 2025, suggesting a tapering of earnings growth or higher volatility in profitability thereafter.
The price-to-earnings (P/E) ratio, available from mid-2020 onwards, highlights extreme valuation early on with an unusually high ratio, reflecting very low or negative earnings at that time. As earnings improved, the P/E ratio decreases substantially, reaching more typical industry ranges by late 2021. Subsequently, the P/E ratio remains relatively stable with moderate fluctuations, suggesting a normalization of valuation metrics in response to gaining consistent earnings.
- Share Price Trends
- From early 2020 lows, the share price recovers strongly with peaks in late 2021 and late 2022. Despite some volatility, the price sustains a higher level, indicating improved investor confidence and market valuation over time.
- Earnings per Share (EPS) Trends
- Initial negative earnings shift to strong positive growth through 2021 and 2022, culminating in a peak in the final quarter of 2022. EPS declines moderately afterward, pointing to a possible easing of earnings momentum or greater profit variability in the subsequent years.
- Price-to-Earnings (P/E) Ratio Trends
- P/E starts at an extreme high during the period of negative earnings, then sharply declines as profitability normalizes. It stabilizes into a typical range with mild variations, reflecting consistent earnings and valuation alignment with industry norms.
Price to Operating Profit (P/OP)
ConocoPhillips, historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the provided financial data reveals several notable trends in share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio across the observed periods.
- Share Price
- The share price demonstrates significant volatility over the timeline. Initially, from March 2020 to September 2020, there is a decline, dropping from approximately 40.92 to 29.31. Subsequently, a recovery phase extends through 2021 into early 2022, wherein the share price increases markedly, peaking at 133.82 in September 2022. Following this peak, the share price experiences fluctuations but generally declines, finishing at 92.6 in June 2025. Overall, the share price exhibits a strong rebound after a downturn early on, achieving highs well above the initial levels before settling into a somewhat lower but still elevated range.
- Operating Profit Per Share
- Operating profit per share data is missing for the early periods but becomes available starting December 2020, where it begins at a negative value (-1.77). From that point, there is a consistent upward trajectory through 2022, reaching a peak of 23.7 in December 2022. After this peak, operating profit per share shows a gradual decline with some minor fluctuations, decreasing to approximately 11.76 by June 2025. This trend suggests a recovery and growth phase following initial losses, followed by a gradual reduction in profitability per share in the later periods.
- Price-to-Operating-Profit (P/OP) Ratio
- The P/OP ratio, absent in the earliest periods, starts at a high level of 71.79 in March 2021, indicating a relatively high share price compared to operating profit. This ratio then declines sharply to single-digit values by late 2021, indicating improving alignment between share price and operating profit. Through 2022 and into early 2023, the ratio fluctuates moderately around 4.5 to 6.5, suggesting a period of relatively balanced pricing in relation to profits. However, from mid-2023 onwards, the P/OP ratio increases again, ranging approximately between 7 and 8.5 into mid-2025, denoting a slight premium in share price relative to operating profit during this later period.
In summary, the data indicates an initial period of share price decline coinciding with negative or unavailable operating profit information, followed by a strong recovery in both share price and profitability through 2021 and 2022. Despite peaking in late 2022, both metrics demonstrate a softening trend afterward. The P/OP ratio reflects these dynamics, with a high initial valuation relative to profits, an improvement phase, and a modest rise in recent periods. These patterns suggest variable market confidence and profitability cycles impacting valuation over the periods reviewed.
Price to Sales (P/S)
ConocoPhillips, historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share price trend
- The share price exhibited a decline initially, falling from $40.92 in March 2020 to a low point around $29.31 in September 2020. Subsequently, a steady upward trend was observed, peaking at $133.82 in September 2022. After the peak, the share price experienced volatility, with a downward adjustment to $108.36 in December 2022, followed by fluctuations around the $90 to $122 range through mid-2025, ending at $92.6 by June 2025.
- Sales per share development
- Sales per share data begins from March 2021, showing an increasing pattern starting at $13.87 and rising consistently to reach a high of $64.4 in March 2023. Following this peak, a steady decline ensued, with sales per share decreasing to $43.03 by March 2025. This indicates robust growth initially, succeeded by some contraction in sales per share over the most recent periods.
- Price-to-Sales (P/S) ratio analysis
- The P/S ratio mirrored some of the share price and sales per share dynamics. Initially, it was 3.52 in March 2021 and generally declined to a low near 1.56 by March 2023, indicating that the share price growth was not keeping pace with sales per share increases during that time. Post-March 2023, the P/S ratio climbed again, reaching approximately 2.42 by June 2023 and fluctuating within the range of 1.95 to 2.59 through mid-2025. This reflects changing market valuations in relation to sales and suggests periods where the share price outperformed sales growth and vice versa.
- Overall insights
- The data reveals initial impacts likely linked to external factors in early 2020, followed by substantial recovery and growth in both share price and sales per share through 2022 and early 2023. The subsequent decline in sales per share alongside fluctuating share prices from 2023 onwards suggests changes in market conditions, operational performance, or investor sentiment. The P/S ratio variations reinforce this narrative, illustrating shifts in valuation relative to sales that highlight market adjustments to evolving financial results.
Price to Book Value (P/BV)
ConocoPhillips, historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Common stockholders’ 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Common stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends in share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price demonstrated significant volatility throughout the periods. Starting at $40.92 in March 2020, it experienced a general upward trend with fluctuations, reaching a peak of $133.82 in September 2022. Following this peak, the share price showed a decline in the subsequent quarters, falling to $88.82 by March 2025. This pattern indicates a strong growth phase up to late 2022, followed by a period of correction or declining market valuation.
- Book Value per Share (BVPS)
- BVPS exhibited a more stable and gradual upward trend in comparison to the share price. Beginning at $29.20 in March 2020, it increased steadily with minor fluctuations to reach $52.50 by June 2025. This steady increase in BVPS suggests ongoing growth in company net assets and potentially improved financial position over the time frame, reflecting accumulated retained earnings or asset revaluations.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuated considerably, indicating varying market valuation relative to the company’s net asset value per share. Initially, the ratio declined from 1.40 in March 2020 to a low of 1.02 in September 2020, followed by a sharp increase to 3.40 in September 2022. After this peak, the ratio generally declined to 1.76 by June 2025. These movements highlight periods of market optimism and pessimism affecting the share price relative to the book value, with the highest valuations coinciding with the peak share prices.
Overall, the data suggest a company that saw considerable market value appreciation and an improved asset base over the quarters. The P/BV ratio’s volatility reflects changing investor sentiment and market conditions impacting valuation relative to book value. The divergence between share price volatility and steady BVPS growth points to external factors and market dynamics playing a significant role in price fluctuations beyond intrinsic value changes.