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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Historical Valuation Ratios (Summary)
Exxon Mobil Corp., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a clear upward trend starting from March 31, 2022, where it was 14.11, peaking at 15.47 by September 30, 2024. Before this period, the data is unavailable. The lowest P/E observed was 7.58 in June 30, 2023, indicating some fluctuations. Despite these fluctuations, the general direction suggests increasing investor willingness to pay for earnings over time, possibly reflecting improved earnings growth expectations or market optimism.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a similar trajectory to the P/E ratio, with values starting at 9.86 on March 31, 2022. It decreases to its lowest level of 5.28 in June 30, 2023, before climbing again to reach 10.23 by September 30, 2024. The decline followed by a recovery indicates a period where operating profits may have temporarily weakened or market perceptions shifted, followed by renewed confidence or improved operating results.
- Price to Sales (P/S) Ratio
- The P/S ratio remains relatively stable across the periods, with minor fluctuations between 1.08 and 1.53. It begins at 1.34 on March 31, 2020, rises to a peak of 1.53 on September 30, 2024, and ends slightly lower at 1.31 by March 31, 2025. The moderate changes suggest steady revenue valuation by the market with no extreme variances, indicating consistent sales performance or steady investor valuation relative to sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a rising trend from 1.02 on March 31, 2020 to a high of 2.43 on September 30, 2022. Thereafter, it gradually declines to 1.69 by March 31, 2025. This pattern indicates increasing market valuation relative to book value in the earlier periods, followed by a retreat. The initial rise may reflect growing investor confidence or asset revaluations, while the subsequent decline may indicate market corrections, asset write-downs, or shifts in investor sentiment.
Price to Earnings (P/E)
Exxon Mobil Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to ExxonMobil (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to ExxonMobilQ1 2025
+ Net income (loss) attributable to ExxonMobilQ4 2024
+ Net income (loss) attributable to ExxonMobilQ3 2024
+ Net income (loss) attributable to ExxonMobilQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited volatility during the initial quarters of 2020, declining to a low of 33.23 US$ by September 30, 2020, before rebounding significantly by the end of that year to 56.7 US$. From 2021 onward, the price generally increased, reaching a peak of 119.64 US$ on March 31, 2024. After this peak, a moderate decline occurred, with the share price falling to about 103.27 US$ by March 31, 2025. The overall trend over the five-year period shows recovery and growth from the early 2020 lows with some recent weakening.
- Earnings per Share (EPS) Analysis
- EPS data starts from December 31, 2020, showing negative earnings initially, with -5.3 US$ at the end of 2020 and improving gradually to positive territory at 5.44 US$ by March 31, 2021. There was a steady increase in EPS through to December 31, 2022, where it peaked at 14.52 US$. EPS fluctuated thereafter, mostly declining from early 2023, ending at 7.7 US$ by March 31, 2025. The data suggests a recovery from losses in 2020 to strong profitability in 2022, followed by moderation but continued profitability through 2025.
- Price-to-Earnings (P/E) Ratio Trends
- P/E ratios were not available until March 31, 2022. At that point, the P/E was 14.11, then fluctuated around 14 to 15 until June 30, 2022. Subsequently, the P/E ratio declined steadily during late 2022 and through 2023, reaching lows near 7.58 by mid-2023. Afterward, it rose again, peaking at about 15.47 on March 31, 2024, before decreasing to 13.42 by March 31, 2025. The P/E ratio exhibits cyclical behavior reflecting changes in market valuation relative to earnings, with lower valuation ratios in mid-2023 and higher ratios when earnings growth slowed despite price increases.
- Overall Financial Performance Insights
- The data reflects a period of initial financial stress in 2020 with negative earnings and volatile share prices. Thereafter, earnings improved substantially, driving share price growth and lower P/E ratios as profitability increased. The peak in both share price and P/E ratio in early 2024 suggests heightened market optimism, but the subsequent declines indicate a cautious outlook or adjustments in earnings expectations. The consistency of positive EPS since 2021 suggests sustained profitability, while valuation multiples have adjusted to reflect earnings and share price fluctuations over time.
Price to Operating Profit (P/OP)
Exxon Mobil Corp., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends in the financial performance and market valuation over the reported quarters.
- Share Price
- The share price displays a general upward trend from the beginning of 2020 to early 2024, starting at $43.99 in March 2020 and peaking around $119.64 in March 2024. This trajectory includes some volatility with periods of decline, particularly visible towards the end of 2024 and early 2025, where the price decreases from $118.61 in September 2024 to $103.27 in March 2025. The consistent increase over most quarters suggests an overall positive market sentiment and potentially improved company fundamentals during this period.
- Operating Profit per Share (OP)
- Operating profit per share is not reported before December 2020 but shows an initial loss position from -$6.26 in December 2020, improving sequentially each quarter. By early 2022, the company transitions into positive operating profit per share, reaching a peak of $20.85 in March 2023. Following this peak, OP per share experiences a gradual decline, reducing to $11.44 by March 2025. The recovery from losses to profitability reflects a strong turnaround, though the subsequent decrease suggests operational challenges or margin pressures in the later periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio, calculated only from early 2022, starts at 9.86 and demonstrates fluctuations across the quarters. It falls to a low near 5.28 in June 2023, indicating the market price was relatively low compared to the operating profitability at that time. Subsequently, the ratio climbs again, reaching highs around 10.23, before slightly declining to 9.03 in March 2025. The oscillations in this ratio point to varying investor perceptions of value, with periods where the stock appears undervalued relative to profitability and others where valuations become more expensive.
Overall, the data suggests improved profitability starting in 2021, which positively influenced the share price in subsequent quarters. However, the later periods indicate emerging pressures on earnings and some valuation adjustments by the market. The company’s operating efficiency appears to have strengthened initially but requires monitoring due to the declining profit per share trend observed from 2023 onward.
Price to Sales (P/S)
Exxon Mobil Corp., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Sales and other operating revenue (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024
+ Sales and other operating revenueQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and fluctuations in share price, sales per share, and the price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibited initial volatility, decreasing from $43.99 at the end of Q1 2020 to $33.23 by Q3 2020, followed by a significant recovery and growth through 2021 and 2022. The price rose steadily, peaking at $119.64 in Q1 2024. Despite some fluctuations in the latter quarters, the price generally maintained a high level compared to early 2020, ending at $103.27 in Q1 2025, indicating overall strong market performance and investor confidence over the period.
- Sales per Share
- Sales per share data starts from Q1 2021, showing a consistent upward trend through 2022, rising from $42.18 in Q1 2021 to a peak of $97.93 in Q1 2023. After this peak, sales per share began a gradual decline, reaching $76.68 by Q1 2024 but then stabilized around the $78 range towards Q1 2025. This pattern suggests a period of robust sales growth followed by a moderation and stabilization phase.
- Price-to-Sales (P/S) Ratio
- The P/S ratio trends indicate variability with moderate fluctuations around the 1.1 to 1.5 range. Starting at 1.34 in Q1 2021, the ratio fluctuated and reached its highest point of 1.53 in Q3 2024. Thereafter, a slight decrease to 1.31 by Q1 2025 is observed. The increasing P/S ratio during most of the period signifies an expanding market valuation relative to sales, reflecting increasing investor optimism or expectations. The slight downturn towards the end indicates a modest correction or valuation adjustment.
Overall, the data reflects a recovery and growth phase beginning in 2021, with improved sales supporting a rising share price, although recent quarters show signs of stabilization or modest declines in sales per share alongside continued moderate fluctuations in valuation metrics. These patterns may warrant close monitoring for potential shifts in market dynamics.
Price to Book Value (P/BV)
Exxon Mobil Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total ExxonMobil share of equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total ExxonMobil share of equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited fluctuations over the periods analyzed, beginning at $43.99 in March 2020, dipping to a low of $33.23 in September 2020, before recovering and generally trending upward. Notably, from the fourth quarter of 2020 onward, the price showed a substantial increase, reaching a peak above $119 by the first quarter of 2024. However, a decline was observed after this peak, with the price decreasing to $103.27 by March 2025.
- Book Value Per Share (BVPS) Trends
- Book value per share showed a mostly stable and gradually increasing trend over the observed timeframe. Starting at $43.06 in March 2020, it experienced a slight decline towards the end of 2020 but then steadily increased to $60.96 by March 2025. This increase in BVPS suggests an overall enhancement in the company’s net asset value per share during the period.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio demonstrated notable variability, beginning near parity at 1.02-1.03 in early 2020, dropping to a low of 0.79 in September 2020, indicative of the share price being below book value. Subsequently, the ratio increased markedly, peaking at 2.43 in September 2022. After reaching this high, the ratio gradually decreased to 1.69 by March 2025. This pattern indicates that the market valuation relative to book value peaked around late 2022 and moderated afterward.
- Overall Insights
- The data reveals that after a period of market pessimism or volatility in 2020, reflected by low share prices and P/BV ratios below one, the company experienced a significant recovery and growth phase. The steady rise in BVPS alongside the rising share price up to early 2024 signals improvements in underlying company fundamentals or market sentiment. The subsequent decline in share price and P/BV towards early 2025 suggests a revaluation or market adjustment following the peak valuation period. The sustained increase in BVPS throughout reflects continuing asset growth or retention of earnings, highlighting solid balance sheet strength despite market price fluctuations.