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).
Historical Valuation Ratios (Summary)
ConocoPhillips, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 ratios exhibit a general expansion in earnings-based multiples from 2022 through early 2026, characterized by an initial contraction followed by a sustained period of growth. While earnings and operating profit multiples trended upward, sales and book value multiples displayed greater volatility and a distinct divergence in their long-term trajectories.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios follow a highly correlated path, indicating a consistent relationship between net income and operating performance. After hitting a trough in late 2022 with a P/E of 7.07 and a P/OP of 4.57, valuation multiples entered a steady climb. A significant acceleration is observed between September 2025 and March 2026, where the P/E peaked at 20.93 and the P/OP reached a maximum of 12.36. This suggests a substantial increase in the market's willingness to pay a premium for earnings during this period, although a correction occurred by June 2026, with the P/E retreating to 15.11.
- Price to Sales (P/S)
- The P/S ratio demonstrates a cyclical pattern rather than a linear trend. The ratio fluctuated between a low of 1.56 in March 2023 and a high of 2.63 in March 2026. The lack of a sustained upward trajectory compared to the P/E ratio suggests that the increase in market valuation was driven more by improved profit margins or earnings efficiency than by an increase in the valuation of top-line revenue.
- Price to Book Value (P/BV)
- The P/BV ratio exhibited a notable downward trend throughout 2024 and much of 2025. From a high of 3.40 in September 2022, the ratio declined to a minimum of 1.63 by September 2025. This compression indicates that the stock price grew more slowly than the company's book value, or that the book value increased significantly relative to the price. A recovery phase began in late 2025, with the ratio ascending to 2.37 in March 2026 before stabilizing at 2.15 by June 2026.
Overall, the data indicates a transition from a value-oriented valuation in 2022 to a more aggressive pricing model by early 2026. The divergence between the rising earnings multiples and the fluctuating book value multiple suggests that investor sentiment shifted toward prioritizing income generation and operating efficiency over asset-based valuation.
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Price to Earnings (P/E)
ConocoPhillips, historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,201,337,479 | 1,218,294,007 | 1,222,339,152 | 1,235,718,250 | 1,248,942,311 | 1,262,410,026 | 1,272,380,205 | 1,150,912,478 | 1,161,249,790 | 1,169,533,976 | 1,176,408,368 | 1,187,407,942 | 1,197,490,673 | 1,210,058,689 | 1,218,776,494 | 1,246,071,066 | 1,273,033,365 | 1,293,449,547 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in millions) | 3,931) | 2,183) | 1,442) | 1,726) | 1,971) | 2,849) | 2,306) | 2,059) | 2,329) | 2,551) | 3,007) | 2,798) | 2,232) | 2,920) | 3,249) | 4,527) | 5,145) | 5,759) | ||||||
| Earnings per share (EPS)2 | 7.73 | 6.01 | 6.54 | 7.16 | 7.35 | 7.56 | 7.27 | 8.64 | 9.20 | 9.05 | 9.31 | 9.43 | 10.80 | 13.09 | 15.33 | 14.49 | 12.50 | 9.94 | ||||||
| Share price1, 3 | 116.76 | 125.78 | 108.78 | 85.66 | 92.60 | 88.82 | 97.45 | 109.54 | 108.39 | 122.25 | 111.00 | 122.02 | 114.99 | 97.36 | 108.36 | 133.82 | 89.88 | 102.86 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 15.11 | 20.93 | 16.65 | 11.96 | 12.59 | 11.75 | 13.41 | 12.68 | 11.78 | 13.50 | 11.92 | 12.94 | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 18.16 | 33.02 | 30.07 | 24.12 | 19.30 | 15.28 | 15.64 | 16.89 | 13.91 | 14.63 | 13.42 | 11.03 | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | ||||||
| Exxon Mobil Corp. | 19.46 | 25.17 | 21.77 | 16.02 | 14.76 | 13.42 | 14.21 | 15.47 | 14.93 | 14.38 | 11.49 | 11.00 | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= (3,931,000,000 + 2,183,000,000 + 1,442,000,000 + 1,726,000,000)
÷ 1,201,337,479 = 7.73
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 116.76 ÷ 7.73 = 15.11
5 Click competitor name to see calculations.
The financial data indicates a distinct shift in valuation dynamics between 2022 and 2026, characterized by a contraction in earnings paired with a significant expansion in the price-to-earnings multiple.
- Earnings Performance
- Earnings per share experienced a period of peak performance in late 2022, reaching a maximum of 15.33 USD in December. Following this peak, a prolonged downward trend occurred over the subsequent three years, with earnings steadily declining to a cyclical low of 6.01 USD by March 31, 2026, before showing a modest recovery to 7.73 USD in June 2026.
- Market Pricing Trends
- The share price exhibited substantial volatility throughout the period. After reaching a high of 133.82 USD in September 2022, the price entered a period of fluctuation, hitting a low of 85.66 USD in September 2025. A recovery phase followed in late 2025 and early 2026, with the price ascending to 125.78 USD by December 2025 and remaining above 116 USD through mid-2026.
- P/E Ratio Correlation and Insight
- The P/E ratio remained relatively compressed between 7.07 and 13.50 from March 2022 through December 2024. A sharp valuation expansion is observed starting in 2025, culminating in a peak ratio of 20.93 in March 2026. This peak represents a critical divergence where the valuation reached its highest point precisely as earnings per share reached their lowest point, indicating that the market price was no longer closely aligned with immediate quarterly earnings.
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Price to Operating Profit (P/OP)
ConocoPhillips, historical P/OP calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,201,337,479 | 1,218,294,007 | 1,222,339,152 | 1,235,718,250 | 1,248,942,311 | 1,262,410,026 | 1,272,380,205 | 1,150,912,478 | 1,161,249,790 | 1,169,533,976 | 1,176,408,368 | 1,187,407,942 | 1,197,490,673 | 1,210,058,689 | 1,218,776,494 | 1,246,071,066 | 1,273,033,365 | 1,293,449,547 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | 6,239) | 3,564) | 2,444) | 3,145) | 3,246) | 4,707) | 3,337) | 3,394) | 3,864) | 3,991) | 4,585) | 4,357) | 3,504) | 4,716) | 5,451) | 7,550) | 7,882) | 8,003) | ||||||
| Operating profit per share2 | 12.81 | 10.18 | 11.08 | 11.68 | 11.76 | 12.12 | 11.46 | 13.76 | 14.46 | 14.05 | 14.59 | 15.18 | 17.72 | 21.16 | 23.70 | 22.45 | 19.03 | 15.23 | ||||||
| Share price1, 3 | 116.76 | 125.78 | 108.78 | 85.66 | 92.60 | 88.82 | 97.45 | 109.54 | 108.39 | 122.25 | 111.00 | 122.02 | 114.99 | 97.36 | 108.36 | 133.82 | 89.88 | 102.86 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 9.11 | 12.36 | 9.82 | 7.33 | 7.88 | 7.33 | 8.50 | 7.96 | 7.49 | 8.70 | 7.61 | 8.04 | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 11.55 | 18.41 | 17.38 | 13.70 | 11.35 | 9.20 | 9.76 | 10.99 | 9.34 | 10.35 | 9.48 | 7.68 | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | ||||||
| Exxon Mobil Corp. | 13.74 | 16.91 | 14.85 | 10.87 | 9.89 | 9.03 | 9.57 | 10.23 | 9.86 | 9.47 | 7.62 | 7.06 | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= (6,239,000,000 + 3,564,000,000 + 2,444,000,000 + 3,145,000,000)
÷ 1,201,337,479 = 12.81
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 116.76 ÷ 12.81 = 9.11
5 Click competitor name to see calculations.
An analysis of the financial metrics from March 2022 through June 2026 reveals a divergent relationship between operating profitability and market valuation. While operating profits experienced a significant peak in late 2022 followed by a gradual decline, the Price to Operating Profit (P/OP) ratio exhibited a general upward trajectory, indicating an expansion in the valuation multiple over the observed period.
- Share Price Volatility
- The share price demonstrated significant fluctuations, peaking at 133.82 US$ in September 2022 and reaching another high of 125.78 US$ in March 2026. Periodic contractions are evident, with notable lows occurring in March 2025 at 88.82 US$ and June 2022 at 89.88 US$. This volatility suggests a market sensitive to external commodity cycles or macroeconomic shifts.
- Operating Profit per Share Trends
- Operating profit per share followed a distinct cycle of contraction. A peak was reached in December 2022 at 23.70 US$, followed by a consistent downward trend that lasted through March 2026, where profit per share hit a minimum of 10.18 US$. A slight recovery is noted in the final quarter of the period, with profits rising to 12.81 US$ by June 2026.
- P/OP Ratio Dynamics
- The P/OP ratio transitioned from a period of compression to one of expansion. In 2022, the ratio reached a low of 4.57, driven by exceptionally high operating profits. From 2023 through early 2026, the ratio trended upward, peaking at 12.36 in March 2026. This increase was primarily fueled by the contraction in operating profits occurring while the share price remained relatively elevated, effectively increasing the multiple the market was willing to pay for each dollar of operating profit.
- Valuation Correlation
- The highest valuation multiple coincided with the lowest operating profit per share in March 2026. This inverse correlation indicates a period where the stock price was decoupled from immediate operating performance. The subsequent drop in the P/OP ratio to 9.11 by June 2026 reflects a correction driven by a rebound in operating profitability.
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Price to Sales (P/S)
ConocoPhillips, historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,201,337,479 | 1,218,294,007 | 1,222,339,152 | 1,235,718,250 | 1,248,942,311 | 1,262,410,026 | 1,272,380,205 | 1,150,912,478 | 1,161,249,790 | 1,169,533,976 | 1,176,408,368 | 1,187,407,942 | 1,197,490,673 | 1,210,058,689 | 1,218,776,494 | 1,246,071,066 | 1,273,033,365 | 1,293,449,547 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | 19,161) | 15,761) | 13,392) | 15,031) | 14,004) | 16,517) | 14,236) | 13,041) | 13,620) | 13,848) | 14,729) | 14,250) | 12,351) | 14,811) | 18,558) | 21,013) | 21,161) | 17,762) | ||||||
| Sales per share2 | 52.73 | 47.76 | 48.22 | 48.38 | 46.28 | 45.48 | 43.03 | 47.99 | 48.61 | 47.18 | 47.72 | 50.50 | 55.73 | 62.43 | 64.40 | 60.23 | 51.35 | 41.57 | ||||||
| Share price1, 3 | 116.76 | 125.78 | 108.78 | 85.66 | 92.60 | 88.82 | 97.45 | 109.54 | 108.39 | 122.25 | 111.00 | 122.02 | 114.99 | 97.36 | 108.36 | 133.82 | 89.88 | 102.86 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 2.21 | 2.63 | 2.26 | 1.77 | 2.00 | 1.95 | 2.26 | 2.28 | 2.23 | 2.59 | 2.33 | 2.42 | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 1.79 | 1.96 | 2.01 | 1.65 | 1.41 | 1.24 | 1.43 | 1.45 | 1.32 | 1.53 | 1.46 | 1.39 | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | ||||||
| Exxon Mobil Corp. | 1.77 | 1.95 | 1.94 | 1.48 | 1.39 | 1.31 | 1.41 | 1.53 | 1.50 | 1.42 | 1.24 | 1.21 | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025)
÷ No. shares of common stock outstanding
= (19,161,000,000 + 15,761,000,000 + 13,392,000,000 + 15,031,000,000)
÷ 1,201,337,479 = 52.73
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 116.76 ÷ 52.73 = 2.21
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio demonstrates cyclical volatility over the analyzed period, oscillating between a minimum of 1.56 and a maximum of 2.63. This fluctuation reflects a dynamic relationship between the equity market's valuation of the company and its underlying revenue performance per share.
- Revenue and Valuation Correlation
- Throughout 2022, an inverse relationship is observed where sales per share climbed from 41.57 to a peak of 64.40, while the P/S ratio generally contracted from 2.47 to 1.68. This indicates that during this phase, revenue growth outpaced the appreciation of the share price, resulting in a lower valuation multiple.
- Valuation Expansion Period
- A shift in trend occurs between March 2023 and March 2024. During this interval, sales per share decreased from 62.43 to 47.18, yet the P/S ratio expanded from 1.56 to 2.59. This suggests a period of valuation expansion where the market maintained or increased the share price despite a contraction in quarterly revenue per share.
- Recent Cyclicality and Recovery
- The period between September 2024 and June 2026 shows continued variability. The P/S ratio reached a relative trough of 1.77 in September 2025 before climbing to a peak of 2.63 by March 2026. This recent peak is primarily driven by a sharp increase in share price to 125.78, while sales per share remained relatively flat at 47.76, indicating a spike in market optimism regardless of immediate revenue growth.
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Price to Book Value (P/BV)
ConocoPhillips, historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | 1,201,337,479 | 1,218,294,007 | 1,222,339,152 | 1,235,718,250 | 1,248,942,311 | 1,262,410,026 | 1,272,380,205 | 1,150,912,478 | 1,161,249,790 | 1,169,533,976 | 1,176,408,368 | 1,187,407,942 | 1,197,490,673 | 1,210,058,689 | 1,218,776,494 | 1,246,071,066 | 1,273,033,365 | 1,293,449,547 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Equity (in millions) | 65,349) | 64,541) | 64,487) | 64,923) | 65,572) | 65,238) | 64,796) | 49,881) | 49,745) | 49,325) | 49,279) | 47,745) | 47,531) | 47,783) | 48,003) | 49,079) | 50,202) | 49,218) | ||||||
| Book value per share (BVPS)2 | 54.40 | 52.98 | 52.76 | 52.54 | 52.50 | 51.68 | 50.93 | 43.34 | 42.84 | 42.17 | 41.89 | 40.21 | 39.69 | 39.49 | 39.39 | 39.39 | 39.43 | 38.05 | ||||||
| Share price1, 3 | 116.76 | 125.78 | 108.78 | 85.66 | 92.60 | 88.82 | 97.45 | 109.54 | 108.39 | 122.25 | 111.00 | 122.02 | 114.99 | 97.36 | 108.36 | 133.82 | 89.88 | 102.86 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 2.15 | 2.37 | 2.06 | 1.63 | 1.76 | 1.72 | 1.91 | 2.53 | 2.53 | 2.90 | 2.65 | 3.03 | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 1.97 | 1.98 | 1.98 | 1.62 | 1.81 | 1.60 | 1.81 | 1.80 | 1.64 | 1.85 | 1.78 | 1.70 | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | ||||||
| Exxon Mobil Corp. | 2.46 | 2.50 | 2.42 | 1.84 | 1.74 | 1.69 | 1.81 | 1.94 | 1.90 | 2.30 | 2.02 | 2.10 | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Equity ÷ No. shares of common stock outstanding
= 65,349,000,000 ÷ 1,201,337,479 = 54.40
3 Closing price as at the filing date of ConocoPhillips Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 116.76 ÷ 54.40 = 2.15
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a divergence between the consistent growth of the book value per share and the volatility of the market price, which directly influenced the Price to Book Value (P/BV) ratio over the observed period. While the equity base strengthened steadily, the valuation multiple experienced a cycle of expansion, contraction, and partial recovery.
- Book Value per Share (BVPS) Trend
- The book value per share exhibited a consistent upward trajectory, increasing from 38.05 USD in March 2022 to 54.40 USD by June 2026. A significant acceleration in book value growth occurred between September 30, 2024, and December 31, 2024, where the value rose from 43.34 USD to 50.93 USD, marking a substantial increase in the underlying accounting value of the equity.
- P/BV Ratio Volatility and Contraction
- The P/BV ratio peaked at 3.40 in September 2022, coinciding with a sharp increase in the share price to 133.82 USD. Following this peak, the ratio entered a general period of contraction, reaching a minimum of 1.63 in September 2025. This downward trend was driven by the combination of fluctuating share prices and the simultaneous rise in book value, which reduced the premium the market paid relative to the accounting value.
- Recent Valuation Recovery
- A recovery in the valuation multiple is observed beginning in December 2025, with the P/BV ratio rising from 1.63 to a peak of 2.37 in March 2026. This rebound was primarily fueled by a rapid increase in the share price, which climbed from 85.66 USD in September 2025 to 125.78 USD in March 2026. The period concludes with the ratio moderating to 2.15 by June 2026, reflecting a stabilization of the market price relative to the increased book value.
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