Price to Book Value (P/BV)
since 2005
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Exxon Mobil Corp. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
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Calculation
Exxon Mobil Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total ExxonMobil share of equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
The price-to-book value (P/BV) ratio exhibited fluctuating behavior over the period examined. Initially, the ratio demonstrated an increasing trend from 2006 to 2008, followed by a significant decline during the 2008-2009 period. Subsequent years showed relative stability with moderate fluctuations, before experiencing another notable decrease in 2020, and a subsequent recovery through 2024.
- Initial Increasing Trend (2006-2008)
- From February 2006 to February 2008, the P/BV ratio increased from 3.26 to 3.93. This suggests that the market valuation of the company’s equity relative to its book value was rising during this period. This could be attributed to positive investor sentiment or expectations of future growth.
- Decline During 2008-2009
- A substantial decrease in the P/BV ratio occurred between February 2008 and February 2009, falling from 3.93 to 2.97. This decline coincided with the global financial crisis and likely reflects a broader market downturn and increased risk aversion, leading to lower valuations across the board.
- Period of Stability and Fluctuation (2009-2019)
- Following the 2009 low, the P/BV ratio generally remained within a range of 1.71 to 3.58 for the next decade. While fluctuations were present, there was no clear sustained upward or downward trend. The ratio averaged approximately 2.5 over this period. This suggests a period of relative stability in market perception of the company’s value relative to its book value.
- Significant Decline in 2020
- The P/BV ratio experienced a sharp decline in February 2020, dropping to 1.17. This coincided with the onset of the COVID-19 pandemic and the resulting economic uncertainty, which likely led to a significant re-evaluation of asset values and future earnings potential.
- Recovery and Recent Trends (2021-2026)
- From 2021 onwards, the P/BV ratio demonstrated a recovery, increasing from 1.53 to 2.42 by February 2026. This recovery suggests improving market conditions and renewed investor confidence. The ratio’s recent increase indicates that the market is placing a higher value on the company’s equity relative to its book value, potentially driven by factors such as increased profitability or positive industry outlook.
The observed fluctuations in the P/BV ratio appear to be influenced by both macroeconomic events and company-specific factors. The ratio’s sensitivity to external shocks, such as the financial crisis and the COVID-19 pandemic, highlights the importance of considering broader economic conditions when interpreting valuation metrics.
Comparison to Competitors
Exxon Mobil Corp., P/BV, long-term trends, comparison to competitors
| Exxon Mobil Corp. | Chevron Corp. | ConocoPhillips | |
|---|---|---|---|
| Feb 18, 2026 | |||
| Feb 19, 2025 | |||
| Feb 28, 2024 | |||
| Feb 22, 2023 | |||
| Feb 23, 2022 | |||
| Feb 24, 2021 | |||
| Feb 26, 2020 | |||
| Feb 27, 2019 | |||
| Feb 28, 2018 | |||
| Feb 22, 2017 | |||
| Feb 24, 2016 | |||
| Feb 25, 2015 | |||
| Feb 26, 2014 | |||
| Feb 27, 2013 | |||
| Feb 24, 2012 | |||
| Feb 25, 2011 | |||
| Feb 26, 2010 | |||
| Feb 27, 2009 | |||
| Feb 28, 2008 | |||
| Feb 28, 2007 | |||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Exxon Mobil Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Exxon Mobil Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 18, 2026 | ||
| Feb 19, 2025 | ||
| Feb 28, 2024 | ||
| Feb 22, 2023 | ||
| Feb 23, 2022 | ||
| Feb 24, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 28, 2018 | ||
| Feb 22, 2017 | ||
| Feb 24, 2016 | ||
| Feb 25, 2015 | ||
| Feb 26, 2014 | ||
| Feb 27, 2013 | ||
| Feb 24, 2012 | ||
| Feb 25, 2011 | ||
| Feb 26, 2010 | ||
| Feb 27, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Exxon Mobil Corp., P/BV, long-term trends, comparison to industry (energy)
| Exxon Mobil Corp. | Energy | |
|---|---|---|
| Feb 18, 2026 | ||
| Feb 19, 2025 | ||
| Feb 28, 2024 | ||
| Feb 22, 2023 | ||
| Feb 23, 2022 | ||
| Feb 24, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 28, 2018 | ||
| Feb 22, 2017 | ||
| Feb 24, 2016 | ||
| Feb 25, 2015 | ||
| Feb 26, 2014 | ||
| Feb 27, 2013 | ||
| Feb 24, 2012 | ||
| Feb 25, 2011 | ||
| Feb 26, 2010 | ||
| Feb 27, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).