Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Profitability Ratios (Summary)
EOG Resources Inc., profitability ratios (quarterly data)
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Gross Profit Margin
- The gross profit margin shows a consistent upward trend from 2015 through the end of 2019. Starting at approximately 75.13% in the first quarter of 2015, it gradually increased to a peak of 85.95% in the third quarter of 2019 before a slight decrease to 85.01% in the last quarter of 2019. This steady improvement suggests enhanced efficiency in production or a favorable shift in cost structure over the evaluated periods.
- Operating Profit Margin
- The operating profit margin exhibited significant volatility in 2015 and early 2016 with deeply negative values, reaching as low as -105.35%. From late 2016 onwards, a recovery trend is evident as the margin moved gradually into positive territory, attaining a peak of 25.87% in the first quarter of 2019. Thereafter, a mild decline occurred, ending at 21.28% by the last quarter of 2019. The data reflect substantial operational challenges initially, followed by marked improvements in operational profitability.
- Net Profit Margin
- The net profit margin similarly started with large negative values in 2015 and the first half of 2016, bottoming at -72.18%. A pronounced turnaround followed in late 2016, with margins turning positive and climbing to a maximum of 30.9% by the end of 2018. The margin then tapered off somewhat in 2019, finishing at 15.74%. This pattern indicates an initial period of losses, succeeded by strong recovery in net profitability, albeit with some moderation in 2019.
- Return on Equity (ROE)
- Return on equity experienced severe negative returns in 2015 and early 2016, with the lowest point around -42.5%. A recovery commenced in late 2016, passing into positive territory by the fourth quarter of 2016. The ROE peaked at 26.74% by late 2018, reflecting improved shareholder returns, before declining during 2019 to finish at 12.64%. This evolution illustrates a transition from significant equity value erosion to profitable conditions and positive shareholder value creation.
- Return on Assets (ROA)
- Return on assets followed a trend analogous to ROE, with deeply negative values through much of 2015 and early 2016, down to nearly -19.84%. A steady improvement thereafter resulted in positive ROA from the fourth quarter of 2016, reaching a high of 14.74% by the end of 2018. The ratio decreased moderately in 2019, ending at 7.37%. This trajectory mirrors enhanced asset utilization efficiency resulting in stronger earnings relative to asset base.
Return on Sales
Return on Investment
Gross Profit Margin
EOG Resources Inc., gross profit margin calculation (quarterly data)
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Gross profit margin = 100
× (Gross profitQ4 2019
+ Gross profitQ3 2019
+ Gross profitQ2 2019
+ Gross profitQ1 2019)
÷ (Operating revenues and otherQ4 2019
+ Operating revenues and otherQ3 2019
+ Operating revenues and otherQ2 2019
+ Operating revenues and otherQ1 2019)
= 100 × ( + + + )
÷ ( + + + )
=
- Gross Profit
- Gross profit exhibited a mixed trend from March 2015 through December 2019. Initially, it demonstrated notable fluctuations, declining from 1,692,736 thousand USD in March 2015 to a low of 894,506 thousand USD in March 2016. Subsequently, gross profit increased steadily, peaking at 4,149,966 thousand USD in September 2018, before experiencing a moderate decrease and stabilization around the 3.6 to 4.0 million USD range towards the end of 2019.
- Operating Revenues and Other
- Operating revenues and other income followed a broadly upward trajectory across the analyzed periods. Starting at approximately 2.32 million thousand USD in March 2015, revenues decreased to 1.35 million thousand USD by March 2016, mirroring the gross profit trend. Thereafter, revenues consistently increased, reaching a maximum of around 4.78 million thousand USD in September 2018. A slight decline followed, with revenues stabilizing near 4.3 to 4.7 million USD toward the end of 2019.
- Gross Profit Margin
- The gross profit margin, reported as a percentage, was not available before March 2016. From that point onward, it displayed a clear and steady upward trend. Starting at 75.13% in March 2016, the margin improved quarter over quarter, surpassing 80% by June 2017 and continuing to rise to a peak of 85.95% in September 2019. Slight decreases were observed towards the year-end in 2019, ending at around 85.01% in December 2019.
- Overall Insights
- The data reveal a significant recovery and expansion period following the downturn in early 2016, as both gross profit and operating revenues rebounded strongly. The consistent increase in gross profit margin suggests improved cost efficiency or enhanced pricing power over the period. The alignment between rising revenues and increasing margins indicates effective operational management and favorable market conditions during the latter part of the timeline. However, slight declines in late 2018 and 2019 point toward potential market or operational challenges requiring monitoring.
Operating Profit Margin
EOG Resources Inc., operating profit margin calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||||
| Operating revenues and other | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Operating profit margin = 100
× (Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019
+ Operating income (loss)Q2 2019
+ Operating income (loss)Q1 2019)
÷ (Operating revenues and otherQ4 2019
+ Operating revenues and otherQ3 2019
+ Operating revenues and otherQ2 2019
+ Operating revenues and otherQ1 2019)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income (Loss)
- The operating income figures show significant volatility during the earlier periods, with a major loss of approximately -6.2 million USD on September 30, 2015, followed by improvements but still negative results until mid-2016. Starting in early 2017, operating income turned positive and demonstrated a marked upward trend, peaking in September 2018 with over 1.5 million USD. Although fluctuations occurred thereafter, operating income remained positive through to the end of 2019, indicating a recovery and sustained improvement in operating performance.
- Operating Revenues and Other
- Operating revenues exhibited an initial decline from over 2.3 billion USD in the first quarter of 2015 down to approximately 1.35 billion USD by the first quarter of 2016. After this trough, there was a consistent upward trajectory, with revenues peaking at around 4.8 billion USD in the third quarter of 2018. Post-peak, revenue levels showed some variability but generally stayed above 4 billion USD, suggesting stronger sales volume or pricing in the latter periods analyzed.
- Operating Profit Margin
- The operating profit margin data is incomplete for the earliest periods but clearly reflects a challenging environment through 2015 and early 2016, with margins deeply negative and worsening to below -100% in some quarters. Starting in late 2016, the margin moved into positive territory, increasing steadily from near zero to nearly 26% by late 2018. The margin stabilized between 21% and 25% during 2019, indicating improved cost management and operational efficiency alongside revenue growth.
- Summary of Trends and Insights
- Overall, the financial data reflects a turnaround from a period of substantial operating losses and declining revenues in 2015 and early 2016 to a phase of increasing revenue and profitability starting in 2017. The consistent growth in revenues coupled with the expansion of operating margins from negative to more than 20% suggests enhanced operational efficiency and possibly favorable market conditions. Nevertheless, the fluctuations in operating income, especially the decline after the peak in 2018, imply that the company remains subject to market or operational risks that require continuous management attention.
Net Profit Margin
EOG Resources Inc., net profit margin calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net income (loss) | ||||||||||||||||||||||||||
| Operating revenues and other | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Net profit margin = 100
× (Net income (loss)Q4 2019
+ Net income (loss)Q3 2019
+ Net income (loss)Q2 2019
+ Net income (loss)Q1 2019)
÷ (Operating revenues and otherQ4 2019
+ Operating revenues and otherQ3 2019
+ Operating revenues and otherQ2 2019
+ Operating revenues and otherQ1 2019)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data demonstrates significant fluctuations in net income and net profit margin over the analyzed periods. Initially, net income exhibits strong volatility with pronounced losses, notably a substantial loss of approximately $4.08 billion in September 2015, followed by smaller losses till the end of 2016. From early 2017 onwards, net income turns positive and presents a generally upward trend, peaking significantly at around $2.43 billion by the end of 2017. Subsequently, net income maintains a positive trajectory with some variability, reaching values above $600 million in several quarters towards 2019.
Operating revenues and other income show an overall increasing trend throughout the periods, starting at roughly $2.3 billion in early 2015 and growing to over $4.3 billion by the end of 2018. This consistent increase indicates expanding business activity and revenue generation.
Net profit margin reflects the improvement in profitability over time. The margins start deeply negative during the losses in 2015 and early 2016, reaching about -72% at their lowest point, indicative of severe operational or market challenges. However, margins improve steadily after this trough, crossing into positive territory by the end of 2016 and rising to around 30.9% by the end of 2018, signifying enhanced efficiency and profitability. In subsequent quarters, margins remain healthy but show a slight decline toward the end of 2019, stabilizing around 15-17%.
- Net Income Trends
- Marked by significant volatility early on with large losses, transitioning to sustained profitability post-2016.
- Operating Revenues
- Consistent upward growth across the periods, indicating increasing sales and operational scale.
- Profitability
- Net profit margin moves from significant negative values to stable positive levels, reflecting improved financial performance and operational control.
Return on Equity (ROE)
EOG Resources Inc., ROE calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net income (loss) | ||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
ROE = 100
× (Net income (loss)Q4 2019
+ Net income (loss)Q3 2019
+ Net income (loss)Q2 2019
+ Net income (loss)Q1 2019)
÷ Stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals a volatile pattern in net income (loss) during the initial periods followed by a notable recovery and sustained profitability. In 2015, net income experienced extreme fluctuations, including significant losses in the first and third quarters. This trend of negative net income persisted into early 2016 with losses gradually decreasing in magnitude. From the third quarter of 2016 onward, net income turned positive, showing a clear upward trajectory through 2017 and 2018, culminating in strong quarterly performances. The trend continues into 2019, maintaining profitability though with some variation between quarters.
Stockholders’ equity showed a decline from early 2015 to late 2016, reflecting financial stress or asset write-downs during that period. Beginning in late 2016, there is a sustained and steady increase in equity through 2019, indicating capital strengthening and retained earnings accumulation, consistent with the return to positive net income.
Return on equity (ROE) further supports the observed patterns. The early periods (2015 through early 2016) feature negative ROE values, indicating a loss-generating phase with poor returns on invested equity. Starting in late 2016, ROE shifts into positive territory and displays a consistent upward trend into 2018, peaking above 26%. Although ROE moderate slightly in 2019, it remains robust and healthy, underscoring improved operational efficiency and profitability relative to equity.
- Net Income (Loss)
- Highly volatile with significant losses in 2015 and early 2016, followed by gradual improvement and transition to sustained profitability from late 2016 onward.
- Strong net income growth observed in 2017 and 2018, with quarterly results exceeding prior periods consistently.
- Profitability maintained in 2019 with slight fluctuations but positive overall results.
- Stockholders’ Equity
- Declined steadily from March 2015 to December 2016, reflecting adverse financial conditions.
- Rebounded from late 2016 and increased consistently through 2019, signaling restoration of capital strength.
- Return on Equity (ROE)
- Negative throughout 2015 and most of 2016, indicating unprofitable use of shareholders’ equity.
- Improved sharply starting late 2016, reaching peak levels in 2018, denoting effective capital utilization and profitability.
- Remained positive and strong through 2019, albeit with a minor downward adjustment at year-end.
Return on Assets (ROA)
EOG Resources Inc., ROA calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net income (loss) | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
ROA = 100
× (Net income (loss)Q4 2019
+ Net income (loss)Q3 2019
+ Net income (loss)Q2 2019
+ Net income (loss)Q1 2019)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The net income figures exhibit considerable volatility over the examined periods. Initially, there was a significant loss recorded as of March 31, 2015. This was followed by fluctuating net income values, including another substantial loss in September 2015. From late 2016 onward, the company demonstrated a general recovery trend with net income turning positive and increasing substantially, peaking by the end of 2017. Subsequently, the net income remained positive and relatively elevated, with some quarter-to-quarter variability but maintaining a generally upward or stable trajectory through 2019.
Total assets show moderate fluctuations but an overall upward trend over the periods analyzed. Initially, there was a decline in total assets from March 2015 through September 2016. However, starting from December 2016, total assets began to increase steadily and continued growing through to the end of 2019, indicating asset expansion or acquisition during the latter periods.
The return on assets (ROA) values, available from the second quarter of 2015 onwards, indicate significant initial negative returns, which correlate with the reported net losses during that time frame. ROA reached its lowest point around late 2015, reflecting continued poor profitability relative to asset base. Starting in 2017, ROA shifted to positive territory and showed progressive improvement, peaking in late 2018. While some slight declines occurred towards the end of 2019, ROA remained solidly positive, suggesting enhanced efficiency in utilizing assets to generate income.
- Net Income (Loss)
- Highly volatile with initial major losses followed by a strong recovery post-2016, maintaining positive results through 2019.
- Total Assets
- Initial decline through mid-2016, followed by consistent growth until the end of 2019, reflecting asset base expansion.
- Return on Assets (ROA)
- Negative in early periods due to losses, then improving steadily to positive figures by 2017, peaking in late 2018 and remaining healthy through 2019.