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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Exxon Mobil Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The valuation multiples exhibit a cyclical pattern characterized by an initial contraction, a period of stabilization, and a significant expansion in the final quarters of the analyzed period. A notable shift in market valuation is observed starting in late 2025, where all primary ratios trend upward sharply, indicating an increase in the premium the market is willing to pay relative to earnings, sales, and book value.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- A strong correlation is observed between P/E and P/OP ratios. Both metrics experienced a marked decline from early 2022, reaching troughs in March 2023 at 7.58 and 5.28 respectively. Following this low point, a steady recovery occurred throughout 2023 and 2024. However, the most aggressive growth occurred between September 2025 and March 2026, with the P/E ratio accelerating from 16.02 to 25.17 and the P/OP ratio rising from 10.87 to 16.91. This suggests a significant expansion in valuation multiples during the terminal phase of the period.
- Price to Sales (P/S)
- The P/S ratio remained relatively stable for the majority of the timeframe, fluctuating within a narrow range between 1.08 and 1.53 from March 2022 through December 2024. A period of slight contraction was noted in early 2025, with the ratio dipping to 1.31. This was followed by a sharp upward trajectory starting in June 2025, culminating in a peak of 1.95 by March 2026, representing the highest sales multiple in the analyzed sequence.
- Price to Book Value (P/BV)
- The P/BV ratio demonstrated a general downward trend for several years, declining from a high of 2.43 in September 2022 to a low of 1.69 in March 2025. This long-term erosion of the book value premium was abruptly reversed in the final three quarters. The ratio climbed rapidly from 1.69 to 2.50 by March 2026, surpassing all previous levels recorded since early 2022.
Overall, the data indicates a transition from a period of value compression between 2022 and early 2025 to a period of rapid valuation expansion. The simultaneous spike in P/E, P/OP, P/S, and P/BV ratios in late 2025 and early 2026 suggests a fundamental shift in market sentiment or a substantial change in the relationship between the stock price and the company's financial fundamentals.
Price to Earnings (P/E)
Exxon Mobil Corp., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income 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 | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025
+ Net income attributable to ExxonMobilQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-earnings (P/E) ratio exhibits a distinct U-shaped trajectory over the analyzed period, characterized by an initial contraction, a phase of stabilization, and a final period of rapid expansion. This volatility reflects a shifting relationship between the equity market's valuation of the company and its actual earnings performance.
- Earnings-Driven Valuation Compression (March 2022 – March 2023)
- During the first year of the period, a strong inverse correlation is observed between earnings per share (EPS) and the P/E ratio. As EPS grew from 6.12 USD in March 2022 to a peak of 14.52 USD in March 2023, the P/E ratio compressed significantly from 14.98 to a period low of 7.58. This indicates that earnings growth outpaced the appreciation of the share price, leading to a more conservative valuation multiple.
- Stabilization and Moderate Recovery (June 2023 – December 2024)
- Following the peak in earnings, the P/E ratio entered a phase of gradual recovery. While EPS began a steady decline from 12.17 USD in June 2023 to 7.76 USD by December 2024, the share price remained relatively resilient, oscillating between 104 USD and 119 USD. This resulted in the P/E ratio climbing back into a range of 8.76 to 15.47, suggesting a normalization of market expectations relative to declining profitability.
- Aggressive Valuation Expansion (June 2025 – March 2026)
- A significant divergence occurs in the final stages of the period. Despite a continuing downward trend in EPS, which fell from 7.27 USD in June 2025 to 6.11 USD in March 2026, the share price experienced a sharp increase, rising from 107.37 USD to 153.69 USD. Consequently, the P/E ratio accelerated rapidly, increasing from 14.76 to 25.17. This expansion indicates that the market began pricing in future growth or other value drivers independent of current earnings performance.
Price to Operating Profit (P/OP)
Exxon Mobil Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Operating Profit (P/OP) ratio reveals a distinct three-phase cycle characterized by an initial contraction, a period of stabilization, and a subsequent sharp expansion. The valuation metrics indicate a significant divergence between market pricing and operational profitability toward the end of the observed period.
- Operating Profitability Trends
- Operating profit per share exhibited a strong upward trajectory early in the sequence, peaking at 20.85 US$ in March 2023. Following this peak, a consistent and gradual decline was observed, with the value retreating to 9.09 US$ by March 2026. This represents a sustained reduction in operational earnings per share over a three-year window.
- Share Price Dynamics
- The share price remained relatively stable between 91.00 US$ and 120.00 US$ for the majority of the timeline. However, a significant bullish shift occurred after December 2024, where the price accelerated from 110.30 US$ to a peak of 153.69 US$ by March 2026. This price appreciation occurred despite the concurrent decline in operating profit.
- P/OP Ratio Interpretation
- The P/OP ratio underwent a notable compression between March 2022 and March 2023, falling from 10.28 to 5.28 as operating profits grew faster than the share price. From April 2023 through late 2024, the ratio gradually climbed back toward the 10.0 range, reflecting a normalization of earnings. In the final phase, the ratio expanded rapidly, reaching 16.91 by March 2026. This expansion suggests that the market began assigning a higher premium to the stock even as fundamental operating profits per share diminished.
In summary, the data demonstrates an inverse correlation between operating profit per share and the P/OP ratio during the latter half of the period. The substantial increase in the P/OP ratio in 2025 and 2026 indicates a valuation expansion that is not supported by growth in operating profits, suggesting that external market factors or future growth expectations drove the share price increase.
Price to Sales (P/S)
Exxon Mobil Corp., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibits a general upward trajectory over the analyzed period, rising from 1.26 in March 2022 to a peak of 1.95 by March 2026. This progression indicates a significant increase in the market valuation relative to the revenue generated per share, suggesting that investors are willing to pay a higher premium for the company's sales over time.
- Share Price Trends
- The share price demonstrated a consistent growth pattern with periods of volatility. After starting at 91.70 in early 2022, the price climbed to exceed 110.00 by early 2023. A notable acceleration occurred in late 2025 and early 2026, where the price surged from 113.76 in September 2025 to 153.69 by March 2026.
- Sales per Share Performance
- Revenue per share peaked in late 2022 at 97.93 before entering a gradual decline. For much of 2024 and 2025, sales per share remained relatively stagnant, fluctuating within a narrow range between 76.68 and 78.87. This represents a contraction in revenue per share compared to the peaks observed in 2022.
- P/S Ratio Correlation and Divergence
- An inverse relationship is observed between sales per share and the P/S ratio. In 2022, the P/S ratio reached its lowest points (bottoming at 1.08 in June 2022) during the period of highest sales per share. Conversely, the P/S ratio reached its maximum values in late 2025 and early 2026 (1.94 and 1.95) while sales per share remained significantly lower than their 2022 levels. This divergence highlights that the expansion of the P/S ratio is driven primarily by share price appreciation rather than revenue growth.
The transition from a P/S ratio centered around 1.10–1.20 in 2022-2023 to nearly 2.00 by early 2026 reflects a fundamental shift in valuation. The sharp increase in the ratio during the final quarters of the data set corresponds directly with the rapid ascent in share price, occurring despite the relative stability of sales per share.
Price to Book Value (P/BV)
Exxon Mobil Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 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 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through March 2026 reveals a dynamic relationship between share price and book value per share, resulting in a fluctuating Price to Book Value (P/BV) ratio over the observed period.
- Book Value per Share (BVPS) Trends
- A consistent upward trajectory is observed in the book value per share, which rose from 40.17 US$ in March 2022 to a peak of 62.25 US$ by December 2025. This represents a steady accumulation of net assets on a per-share basis, maintaining growth for nearly the entire period before a slight contraction to 61.37 US$ in March 2026.
- Share Price Performance
- The share price exhibited moderate volatility between March 2022 and December 2024, fluctuating within a range of approximately 91.02 US$ to 119.64 US$. A significant shift occurred in the latter half of 2025, where the price accelerated sharply from 113.76 US$ in June 2025 to a closing high of 153.69 US$ by March 2026.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio experienced three distinct phases. From March 2022 to December 2022, the ratio remained relatively stable, oscillating between 2.02 and 2.43. A period of compression followed from March 2023 to March 2024, during which the ratio declined from 2.24 to a low of 1.69; this trend indicates that book value growth outpaced share price appreciation during this timeframe. Finally, an expansion phase began in June 2024, with the ratio climbing to 2.50 by March 2026, driven by the rapid increase in market price relative to the stable book value.