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
- 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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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), 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).
The financial data reveals notable trends in valuation metrics over the analyzed quarters. A key observation is the significant fluctuation and subsequent stabilization in the price to earnings (P/E) ratio starting from late 2017. Initially, this ratio was extremely elevated, peaking at 6099.77, indicating either an anomaly or possibly very low or negative earnings that distorted the ratio. Following this peak, the P/E ratio sharply declined and maintained a downward trajectory with minor fluctuations, reaching 12.77 by the end of 2019, reflecting a normalization or improvement in earnings relative to price.
Similarly, the price to operating profit (P/OP) ratio exhibited a parallel pattern. Its value was exceedingly high at the end of 2017 (172.54), but then showed a consistent decrease, falling to 9.44 by the last quarter of 2019. This downward trend suggests enhanced operating profitability or adjustments in market valuation aligning with the company's current earnings capacity.
The price to sales (P/S) ratio presents a different pattern with gradual changes over the entire period. Starting around 4.3 in the first quarter of 2015, it rose steadily, peaked near 7.53 during the last quarter of 2016, and then progressively declined each quarter thereafter to 2.01 by the end of 2019. This indicates that while sales prices relative to stock price increased initially, there was a marked reduction in market valuation per unit of sales in recent periods, potentially reflecting shifts in revenue growth prospects or market conditions.
The price to book value (P/BV) ratio more clearly demonstrates a declining trend from 2015 to 2019. Beginning at 3.12 in early 2015, it increased somewhat during 2016, reaching near 4.5, but then entered a gradual decline, ending at 1.61 at the close of 2019. This decrease implies a diminished market valuation relative to the book value of assets, possibly signaling increasing conservatism among investors or changes in the underlying asset base and growth expectations.
- Price to Earnings (P/E) Ratio
- Extremely high and volatile through 2017, with a peak at 6099.77; substantial reduction thereafter to stable levels around 12.77 by late 2019, indicating improved earnings visibility and market valuation normalization.
- Price to Operating Profit (P/OP) Ratio
- Mirrors P/E ratio trend with initial high values followed by steady declines to below 10 by the end of 2019, suggesting enhanced profitability or market reassessment of operating income.
- Price to Sales (P/S) Ratio
- Gradual increase from 2015, peaking in late 2016, then a continuous decrease through 2019 down to just above 2, indicating reduced investor valuation relative to sales over time.
- Price to Book Value (P/BV) Ratio
- Fluctuated moderately in early years, increased during 2016, then steadily declined to 1.61 at end of 2019, reflecting a contraction in market valuation relative to net asset value.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||
| 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 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 exhibited considerable volatility over the examined periods. Starting at $99.39 in Q1 2015, it experienced a decline reaching a low point of $68.50 in Q4 2015. Subsequently, the price recovered steadily through 2016 and 2017, peaking at $125.93 in Q2 2018. However, after this peak, a downward trend ensued, with the price dropping consistently each quarter and reaching $60.00 by Q4 2019.
- Earnings Per Share (EPS) Trend
- The EPS data is incomplete for early periods, but available values from Q4 2015 onwards show an initially negative EPS, starting at -8.23 and deepening to -9.31 shortly thereafter. A marked improvement is observed from Q4 2016 onwards, with the EPS moving into positive territory beginning at 0.02 in Q4 2016, and rising steadily to a peak of 8.55 in Q4 2018. Following this peak, EPS has displayed some fluctuations but generally maintains positive values above 4.7 through Q4 2019.
- Price-to-Earnings (P/E) Ratio Pattern
- P/E ratio data is unavailable for much of the earlier periods due to negative or near-zero earnings. It becomes available starting Q4 2017, showing an extremely high and likely anomalous value of 6099.77, possibly reflecting very low positive EPS at that time. After this outlier, the P/E ratio stabilizes and trends downward from 23.96 in Q1 2018 to 12.77 by Q4 2019, suggesting that the market valuation relative to earnings became more reasonable over time.
- Overall Observations
- The data suggests a company that underwent significant financial challenges in 2015 and early 2016, as evidenced by negative EPS and declining share prices. Improvement in profitability from late 2016 onward is reflected in positive EPS and rising share prices through mid-2018. The subsequent decline in share price from mid-2018 to 2019, despite sustained positive earnings, could indicate market concerns unrelated to earnings growth, such as external market conditions or sector-specific risks. The P/E ratios support this view, showing a normalization from extreme highs to more standard valuation levels in recent periods.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||
| 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 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.
- Share Price Trend
- The share price exhibited considerable volatility over the examined periods. Initially, it declined from $99.39 at the end of March 2015 to a low near $68.50 by December 2015. From early 2016, the price showed a recovery and upward trajectory, peaking at $125.93 in June 2018. After this peak, there was a steady decline through 2018 and 2019, reaching a value of $60 by the end of December 2019. This pattern indicates a full cycle of decline, recovery, and then another decrease within the period reviewed.
- Operating Profit Per Share
- Operating profit per share was not reported in the earliest quarters but became available beginning in March 2016, showing negative values initially, indicating operating losses per share during the first half of 2016. This loss gradually diminished, turning positive by the last quarter of 2016. From that point forward, operating profit per share increased steadily, peaking at 7.99 US$ in September 2019 before experiencing a slight decline in the final quarter of 2019. This trend suggests improving operational efficiency and profitability over time after overcoming initial challenges.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio was first recorded in the fourth quarter of 2017 at a very high level of 172.54, reflecting a substantial premium relative to earnings at that time. This ratio then declined sharply through subsequent quarters, indicating an improving relationship between market price and operating profitability. By the end of 2019, the ratio had decreased to 9.44, suggesting that the share price had become more reasonably valued relative to its operating profit per share. This decline in P/OP ratio corresponds with the increase in operating profit per share and the eventual reduction in share price from its peak, implying a trend toward market price stabilization in relation to company profitability.
- Overall Insights
- The data reflect a period of operational recovery and profit growth beginning in 2016, following initial losses. The share price movement aligns loosely with operating profitability trends but also suggests external factors affecting market valuation, especially evident in the share price decline after mid-2018 despite sustained profitability. The substantial reduction in the P/OP ratio over time indicates a market reassessment towards valuation levels more consistent with financial performance. This points to an evolution from previously high valuation multiples to more conservative market expectations aligned with actual profitability gains.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||
| 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 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.
The share price exhibited notable fluctuations over the analyzed periods. Initially, the price declined from $99.39 at the end of the first quarter of 2015 to a low of $68.50 by year-end 2015. This was followed by a recovery phase through 2016 and 2017, reaching a peak of $125.93 in mid-2018. Subsequently, a downward trend was observed starting from this peak, with the share price declining consistently to $60 by the last quarter of 2019.
Sales per share data, available from the first quarter of 2016 onward, showed a steady and consistent increase throughout the observed quarters. Beginning at $15.93, sales per share rose progressively to reach $31.19 by the third quarter of 2019, before a slight decline to $30.31 and then $29.86 through to the end of 2019. This indicates ongoing growth in sales relative to shares over the four-year span.
The Price to Sales (P/S) ratio demonstrated a distinct pattern. From the first data point in early 2016 at 4.3, the ratio increased substantially, peaking at 7.53 during the last quarter of 2016. After this peak, a gradual decline in the P/S ratio was evident, falling steadily to 2.01 by the end of 2019. This decline in the P/S ratio occurred despite rising sales per share, driven by the simultaneous decrease in share price during the latter years.
- Summary of trends:
- The share price showed high volatility, with an initial drop followed by a period of recovery, and then a sustained decline toward the end of the period.
- Sales per share steadily increased, indicative of improved sales performance on a per-share basis over time.
- The P/S ratio peaked in late 2016 and then declined progressively, reflecting the decreasing valuation relative to sales as share prices fell in later years despite sales growth.
Price to Book Value (P/BV)
EOG Resources Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||
| 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 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 data reveals a fluctuating pattern in the share price over the observed periods. Initially, the share price declines from $99.39 to a low of $68.5 by the end of 2015. This is followed by a recovery phase in 2016 and 2017, during which the price increases, peaking at $125.93 in mid-2018. Subsequently, a downward trend resumes from that peak, with the share price dropping steadily to $60 by the end of 2019.
Book value per share (BVPS) exhibits a more stable and gradual upward trend across the timeframe. Starting at $31.83 in early 2015, the BVPS experiences minor fluctuations but maintains an overall slow increase through the years, reaching $37.18 by the end of 2019. This suggests a consistent accumulation of shareholder equity per share despite the volatility in share price.
The price-to-book value ratio (P/BV) shows corresponding fluctuations aligned with the movements in share price relative to the steady rise of BVPS. Starting at 3.12 in early 2015, the ratio decreases during periods when share price falls but spikes notably during the mid to late 2016 period, reaching as high as 4.5. Another significant decrease occurs from mid-2018 onwards, with the ratio declining to 1.61 by the end of 2019, indicating that the market valuation per unit of book value has contracted substantially.
- Share Price Trend
- Initial decline in 2015, recovery through 2016–2017, peak in mid-2018, followed by steady decline through 2019.
- Book Value per Share (BVPS)
- Gradual and consistent increase over the entire period, indicating growing shareholder equity per share.
- Price-to-Book Value Ratio (P/BV)
- Volatile and closely tied to share price movements; peaks correspond with share price highs, followed by a decline toward the end of the period, suggesting decreasing market premiums over book value.
Overall, the analysis shows that while the book value per share has steadily increased, the market valuation as represented by the share price and P/BV ratio has experienced considerable volatility. The declining share price and P/BV towards the end of the timeline may indicate market concerns or reduced investor confidence relative to the company's net asset value.