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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- Income Statement
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- 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)
EOG Resources Inc., historical price multiples (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).
The analysis of the quarterly financial ratios reveals notable trends and shifts over the examined periods. The Price to Earnings (P/E) ratio exhibited extreme volatility, with a very high value observed in late 2017, followed by a considerable decline and stabilization in subsequent quarters. This indicates that earnings were either very low or unstable during that peak period, leading to inflated valuation multiples, which normalized as earnings improved or market perceptions adjusted.
The Price to Operating Profit (P/OP) ratio shows a similar pattern, with an exceptionally elevated ratio at the end of 2017, implying that the market price was significantly detached from operating profits at that time. Subsequently, the ratio decreased steadily, suggesting an improvement in operating profitability or a correction in market price alignment relative to profits.
The Price to Sales (P/S) ratio demonstrates a clear and consistent downward trend from early 2016 through 2019. This continuous decline signifies either a reduction in market valuation relative to sales or an increase in sales outpacing price appreciation, suggesting a de-escalation in market expectations relative to revenues over time.
Regarding the Price to Book Value (P/BV) ratio, there is an initial climb in the early years, followed by a persistent downward trajectory from around 2018 onward. This shift points to a decline in market capitalization compared to the book value of equity, possibly reflecting changing investor sentiment or adjustments in asset values on the balance sheet.
In summary, the valuation multiples reveal a market that experienced peak valuation disconnects toward the end of 2017, followed by a broad-based normalization and a general trend of decreasing price multiples relative to sales and book value over the subsequent quarters. This pattern might suggest improving fundamental earnings and operating profits combined with more conservative or realistic market pricing levels over time.
- Price to Earnings (P/E) Ratio
- Extremely elevated around Q4 2017, followed by a sharp decline and stabilization in a range between approximately 12.5 and 16 in 2018-2019.
- Price to Operating Profit (P/OP) Ratio
- Very high peak in Q4 2017, then a steady decrease through 2018-2019, reaching less than 10 by the end of 2019.
- Price to Sales (P/S) Ratio
- Consistent downward trend from 5.74 in Q1 2016 to 2.01 at the end of 2019, indicating declining market valuation relative to sales.
- Price to Book Value (P/BV) Ratio
- Increased early on until about 2017, subsequently decreasing steadily from near 4.18 in mid-2018 to approximately 1.61 by Q4 2019.
Price to Earnings (P/E)
EOG Resources Inc., historical P/E 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income (loss) (in thousands) | |||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
EPS
= (Net income (loss)Q4 2019
+ Net income (loss)Q3 2019
+ Net income (loss)Q2 2019
+ Net income (loss)Q1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of EOG Resources Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates an overall upward trend from March 31, 2016, through June 30, 2018, rising from $81.26 to a peak of $125.93. After this peak, the share price declines steadily through December 31, 2019, reaching $60. This pattern indicates a growth phase through mid-2018, followed by a notable decrease in market valuation over the subsequent year and a half.
- Earnings per Share (EPS) Trend
- EPS began in negative territory during 2016, with values ranging from -8.77 to -1.90. It gradually improved and crossed into positive figures by September 30, 2017, starting with a marginal positive EPS of $0.02. From there, EPS continued to rise significantly, achieving a high of $8.55 by September 30, 2018. Following this peak, EPS decreased to $4.70 by December 31, 2019. This improvement from losses to profitability before a moderate decline suggests operational recovery with some recent earnings pressure.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio is absent in early periods likely due to negative or near-zero earnings. It first appears at an extremely elevated level of 6099.77 in December 2017, reflecting very low or volatile earnings combined with high share prices. Subsequently, the P/E ratio normalizes and stabilizes in a range between approximately 12.5 and 21 from March 2018 through December 2019. This stabilization aligns with positive earnings and indicates improved investor confidence in earnings quality, although the share price decline in this period places downward pressure on the ratio.
- Overall Financial Insights
- The data illustrates a company transitioning from losses to profitability between 2016 and 2017, accompanied by a rising share price that peaks in mid-2018. The subsequent decline in share price, coupled with a reduction in EPS after its 2018 peak, may reflect increasing market concerns or operational challenges. The normalization of the P/E ratio after its initial inflation suggests that earnings became more predictable and sustainable in later periods. Investors may interpret the reduction in share price and EPS following strong prior performance as a period requiring closer monitoring of operational risks and market conditions.
Price to Operating Profit (P/OP)
EOG Resources Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (loss) (in thousands) | |||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Operating profit per share
= (Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019
+ Operating income (loss)Q2 2019
+ Operating income (loss)Q1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of EOG Resources Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company demonstrated a generally upward trend from March 2016 to June 2018, increasing from $81.26 to a peak of $125.93. Following this peak, the share price exhibited a noticeable decline, dropping to $60 by December 2019. This pattern indicates a period of growth and investor confidence during the first two years, with a downturn in the final quarters observed.
Operating profit per share showed significant improvement over the observed period. Initially, the figures were negative, starting at -$13 in March 2016 and reaching a low of -$0.11 by the middle of 2017. Starting in late 2017, a transition to positive operating profits per share can be seen, with steady growth through to December 2019, where the value was $6.36. This reflects a consistent recovery and strengthening of operational profitability over time.
The price-to-operating profit (P/OP) ratio, available from the third quarter of 2017 onwards, declined markedly from an exceptionally high level of 172.54 to below 10 by the end of 2019. This indicates that the market initially priced the shares with a high multiple relative to operating profits, which then moderated as operating profits improved, suggesting a reversion to a more sustainable valuation level tied to earnings performance.
- Summary of trends:
- - The initial upward trend and subsequent decline in share price suggest fluctuating market sentiment despite improving operational results.
- - Operating profit per share improved steadily from negative to positive territory, indicating strengthening business fundamentals.
- - The P/OP ratio’s steep decrease reflects a market adjustment aligning share price with improved profitability, highlighting a normalization of valuation.
Price to Sales (P/S)
EOG Resources Inc., historical P/S calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating revenues and other (in thousands) | |||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Sales per share
= (Operating revenues and otherQ4 2019
+ Operating revenues and otherQ3 2019
+ Operating revenues and otherQ2 2019
+ Operating revenues and otherQ1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of EOG Resources Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an overall upward trend from March 2016 to June 2018, rising from $81.26 to a peak of $125.93. Following this peak, a consistent decline is notable, with the price dropping to $60 by December 2019. The period from early 2018 to the end of 2019 shows a pronounced downward trajectory.
- Sales Per Share Trend
- Sales per share consistently increased throughout the entire period, beginning at $14.16 in March 2016 and climbing steadily to $31.19 in June 2019. Despite a slight dip towards the end of the period, declining to $29.86 in December 2019, the overall trend indicates positive growth in sales per share.
- Price-to-Sales (P/S) Ratio
- The P/S ratio illustrates a marked decrease over the reported periods. It started at 5.74 in March 2016 and rose to a short-term peak around 7.53 in September 2016, after which it consistently declined. By December 2019, the ratio had fallen to 2.01. This indicates that while sales per share increased, the market's valuation relative to sales diminished significantly over time, especially during the latter part of the period analyzed.
- Interpretation and Insights
- The data suggests that despite improving operational performance, as evidenced by the rising sales per share, the market valuation of the company’s shares declined notably from mid-2018 onward. This is reflected in both the falling share price and a decreasing P/S ratio. The initial high and increasing P/S ratios imply a phase where investors valued the company highly relative to its sales, whereas the subsequent decrease suggests either a reassessment of future growth prospects or external market conditions impacting investor sentiment. Overall, while business performance improved steadily, market confidence weakened during the final periods.
Price to Book Value (P/BV)
EOG Resources Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EOG Resources Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited an overall upward trend from March 2016 through June 2018, rising from $81.26 to a peak of $125.93. Following this peak, the share price declined steadily, reaching $60 by the end of December 2019. This pattern suggests a period of growth and positive investor sentiment until mid-2018, succeeded by a notable downturn in the subsequent quarters.
In contrast, the book value per share (BVPS) demonstrated consistent growth throughout the entire period under review. Starting at $22.54 in March 2016, the BVPS gradually increased each quarter, culminating at $37.18 by December 2019. This steady increase indicates ongoing accumulation of net assets or retained earnings on a per-share basis, reflecting strengthening underlying shareholder value despite fluctuations in market price.
The price-to-book value ratio (P/BV) reveals a notable change in market valuation relative to the company's book value. Initially, the ratio rose from 3.6 in March 2016 to a peak of 4.5 in September 2016, reflecting high market optimism or expectations relative to book value. Following this peak, the ratio experienced volatility but generally trended downward from mid-2018 onwards, decreasing from 4.18 in June 2018 to 1.61 by December 2019. This decline in P/BV corresponds with the decrease in share price despite the continued increase in BVPS, indicating a market reevaluation of the company's growth prospects or risk profile.
- Summary of trends:
- The initial period was marked by increasing share price and P/BV ratio, suggesting strong market confidence combined with growing book value.
- From mid-2018, despite continued growth in book value, the share price and P/BV ratio declined significantly, highlighting a shift in investor perceptions.
- The persistent increase in book value per share indicates strengthening fundamental asset value over time, even as market valuation became more conservative.