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).
Historical Valuation Ratios (Summary)
Exxon Mobil Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 metrics exhibit a cyclical pattern characterized by a period of significant compression followed by a substantial expansion of multiples. A notable trough in valuation occurred throughout 2022 and early 2023, after which multiples trended upward, peaking in the first quarter of 2026.
- Price to Earnings (P/E) Ratio
- A sharp contraction is observed from March 2022, where the ratio stood at 14.98, falling to a low of 7.58 by March 2023. This compression was followed by a consistent recovery and subsequent expansion, with the ratio escalating to a peak of 25.17 in March 2026 before moderating to 19.46 by June 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely tracks the P/E trend, decreasing from 10.28 in March 2022 to a minimum of 5.28 in March 2023. A strong upward trajectory ensued, leading to a peak of 16.91 in March 2026, which indicates a significant increase in the market premium attributed to operating profitability toward the end of the period.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated relative stability compared to profitability-based ratios but followed a general upward trend. After an initial dip to 1.08 in June 2022, the ratio rose steadily, reaching its highest point of 1.95 in March 2026 before settling at 1.77 in June 2026, suggesting a higher valuation per dollar of revenue over time.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited a divergent pattern relative to the income ratios during the middle of the period. While other ratios were recovering, the P/BV ratio declined to a low of 1.69 in March 2025. This was followed by a rapid correction and expansion, peaking at 2.50 in March 2026 and ending at 2.46 in June 2026.
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Price to Earnings (P/E)
Exxon Mobil Corp., historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income attributable to ExxonMobil (in millions) | 14,525) | 4,183) | 6,501) | 7,548) | 7,082) | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | ||||||
| Earnings per share (EPS)2 | 7.97 | 6.11 | 6.92 | 7.10 | 7.27 | 7.70 | 7.76 | 7.67 | 7.69 | 8.32 | 9.08 | 9.62 | 12.17 | 14.52 | 12.96 | 12.59 | 9.35 | 6.12 | ||||||
| Share price1, 3 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 19.46 | 25.17 | 21.77 | 16.02 | 14.76 | 13.42 | 14.21 | 15.47 | 14.93 | 14.38 | 11.49 | 11.00 | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 18.16 | 33.02 | 30.07 | 24.12 | 19.30 | 15.28 | 15.64 | 16.89 | 13.91 | 14.63 | 13.42 | 11.03 | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | ||||||
| ConocoPhillips | 15.11 | 20.93 | 16.65 | 11.96 | 12.59 | 11.75 | 13.41 | 12.68 | 11.78 | 13.50 | 11.92 | 12.94 | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025)
÷ No. shares of common stock outstanding
= (14,525,000,000 + 4,183,000,000 + 6,501,000,000 + 7,548,000,000)
÷ 4,111,911,960 = 7.97
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 155.06 ÷ 7.97 = 19.46
5 Click competitor name to see calculations.
The valuation metrics for the period between March 31, 2022, and June 30, 2026, reveal a significant divergence between earnings performance and market valuation, characterized by a substantial expansion of the price-to-earnings multiple in the latter half of the period.
- Share Price Trends
- The share price exhibited a general upward trajectory, beginning at 91.70 US$ in March 2022. After a period of relative stability between 104.00 US$ and 119.00 US$ from late 2022 through 2024, a sharp acceleration occurred in 2025. The price increased from 103.27 US$ in March 2025 to a peak of 155.06 US$ by June 30, 2026, representing a significant increase in market capitalization.
- Earnings per Share (EPS) Performance
- Earnings followed a bell-shaped trajectory. A period of rapid growth was observed in 2022, with EPS rising from 6.12 US$ to 12.96 US$. Earnings peaked at 14.52 US$ in March 2023 before entering a sustained decline throughout 2023 and 2024. EPS stabilized between 6.92 US$ and 8.32 US$ from early 2024 through late 2025, with a modest recovery to 7.97 US$ by June 30, 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio demonstrates three distinct phases. Initially, the ratio compressed from 14.98 in March 2022 to a low of 7.58 in March 2023, as earnings growth outpaced share price appreciation. Following this trough, a steady expansion began, with the ratio climbing back to 14.21 by the end of 2024. The most aggressive expansion occurred between March 2025 and March 2026, where the P/E ratio surged from 13.42 to a peak of 25.17, indicating that the market began pricing in significantly higher future growth expectations despite stagnant current earnings.
- Valuation Divergence
- A notable inverse relationship is observed between EPS and the P/E ratio starting in 2023. While earnings declined from their 2023 peak, the market valuation multiple expanded. This divergence culminated in late 2025 and early 2026, where the share price reached its highest levels while earnings remained substantially lower than the 2022-2023 peaks, resulting in the highest valuation multiples of the analyzed period.
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Price to Operating Profit (P/OP)
Exxon Mobil Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | 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 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | 19,683) | 7,324) | 8,272) | 11,141) | 10,940) | 11,918) | 10,141) | 13,266) | 13,970) | 12,613) | 11,114) | 14,034) | 12,069) | 17,129) | 16,149) | 25,785) | 25,247) | 8,852) | ||||||
| Operating profit per share2 | 11.29 | 9.09 | 10.14 | 10.47 | 10.85 | 11.44 | 11.52 | 11.60 | 11.64 | 12.64 | 13.70 | 14.98 | 17.77 | 20.85 | 18.68 | 17.47 | 13.46 | 8.92 | ||||||
| Share price1, 3 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 13.74 | 16.91 | 14.85 | 10.87 | 9.89 | 9.03 | 9.57 | 10.23 | 9.86 | 9.47 | 7.62 | 7.06 | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 11.55 | 18.41 | 17.38 | 13.70 | 11.35 | 9.20 | 9.76 | 10.99 | 9.34 | 10.35 | 9.48 | 7.68 | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | ||||||
| ConocoPhillips | 9.11 | 12.36 | 9.82 | 7.33 | 7.88 | 7.33 | 8.50 | 7.96 | 7.49 | 8.70 | 7.61 | 8.04 | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= (19,683,000,000 + 7,324,000,000 + 8,272,000,000 + 11,141,000,000)
÷ 4,111,911,960 = 11.29
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 155.06 ÷ 11.29 = 13.74
5 Click competitor name to see calculations.
The analysis of the valuation metrics reveals a cyclical progression in the Price to Operating Profit (P/OP) ratio, characterized by an initial contraction followed by a sustained expansion. This trend reflects a shifting relationship between the market valuation of the equity and the underlying operational profitability of the entity.
- Operating Profitability Trends
- Operating profit per share experienced a period of rapid growth between March 2022 and March 2023, peaking at 20.85 US$. Following this peak, a consistent downward trajectory was observed, with profitability declining to 9.09 US$ by March 2026, before a partial recovery to 11.29 US$ in June 2026.
- Share Price Dynamics
- The share price exhibited moderate volatility through 2022 and 2023, maintaining a range between 91.02 US$ and 119.64 US$. A significant bullish trend emerged in the latter part of the period, with the price accelerating sharply from 110.30 US$ in December 2024 to a peak of 155.06 US$ by June 2026.
- P/OP Ratio Interpretation
- The P/OP ratio reached its minimum value of 5.28 in March 2023, driven by the surge in operating profits which outpaced share price appreciation. Conversely, from June 2023 onward, the ratio trended upward as operating profits contracted while the share price remained resilient or increased. This culminated in a valuation peak of 16.91 in March 2026, indicating a substantial expansion in the multiple the market was willing to pay per unit of operating profit.
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Price to Sales (P/S)
Exxon Mobil Corp., historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Sales and other operating revenue (in millions) | 114,529) | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Sales per share2 | 87.81 | 78.65 | 77.74 | 77.05 | 77.26 | 78.87 | 78.18 | 77.33 | 76.68 | 84.06 | 84.35 | 87.35 | 90.96 | 97.60 | 97.93 | 93.93 | 84.51 | 72.85 | ||||||
| Share price1, 3 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 1.77 | 1.95 | 1.94 | 1.48 | 1.39 | 1.31 | 1.41 | 1.53 | 1.50 | 1.42 | 1.24 | 1.21 | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 1.79 | 1.96 | 2.01 | 1.65 | 1.41 | 1.24 | 1.43 | 1.45 | 1.32 | 1.53 | 1.46 | 1.39 | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | ||||||
| ConocoPhillips | 2.21 | 2.63 | 2.26 | 1.77 | 2.00 | 1.95 | 2.26 | 2.28 | 2.23 | 2.59 | 2.33 | 2.42 | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
÷ No. shares of common stock outstanding
= (114,529,000,000 + 83,161,000,000 + 80,039,000,000 + 83,331,000,000)
÷ 4,111,911,960 = 87.81
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 155.06 ÷ 87.81 = 1.77
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio demonstrates a general upward trajectory over the analyzed period, transitioning from a range of 1.08 to 1.26 in 2022 to a peak of 1.95 by the end of 2025. This expansion suggests a significant increase in the market valuation relative to the company's revenue generation capabilities.
- Share Price Trends
- The share price experienced three distinct phases: a period of relative stability between 2022 and 2024, fluctuating between 91.02 and 119.64; a moderate increase during the first half of 2025; and a sharp acceleration in the second half of 2025, culminating in a peak of 155.06 by June 2026.
- Sales per Share Performance
- Revenue per share peaked in December 2022 at 97.93 before entering a period of gradual decline and subsequent stabilization. Throughout 2023 and 2024, sales per share largely remained within the 76.68 to 90.96 range. A recovery in revenue generation is observed in the first half of 2026, with sales per share rising to 87.81.
- Valuation Ratio Analysis
- The P/S ratio remained relatively compressed between 1.08 and 1.24 from March 2022 through December 2023. A valuation expansion began in March 2024, with the ratio climbing to 1.53 by September 2024. The most pronounced shift occurred between June 2025 (1.39) and December 2025 (1.94), indicating that the stock price grew at a rate far exceeding the growth of sales per share during this window.
- Correlation Insights
- The divergence between the share price and sales per share is most evident in late 2025. While sales per share remained nearly flat at 77.74 in September 2025 and 77.74 in December 2025, the share price rose from 113.76 to 150.68. This disconnect drove the P/S ratio to its highest levels, suggesting that market sentiment shifted toward higher valuation multiples independent of immediate revenue growth.
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Price to Book Value (P/BV)
Exxon Mobil Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total ExxonMobil share of equity (in millions) | 259,380) | 254,381) | 259,386) | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | ||||||
| Book value per share (BVPS)2 | 63.08 | 61.37 | 62.25 | 61.79 | 61.59 | 60.96 | 60.77 | 61.11 | 60.41 | 52.05 | 51.62 | 50.39 | 49.72 | 49.14 | 47.91 | 45.19 | 42.55 | 40.17 | ||||||
| Share price1, 3 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 2.46 | 2.50 | 2.42 | 1.84 | 1.74 | 1.69 | 1.81 | 1.94 | 1.90 | 2.30 | 2.02 | 2.10 | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | 1.97 | 1.98 | 1.98 | 1.62 | 1.81 | 1.60 | 1.81 | 1.80 | 1.64 | 1.85 | 1.78 | 1.70 | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | ||||||
| ConocoPhillips | 2.15 | 2.37 | 2.06 | 1.63 | 1.76 | 1.72 | 1.91 | 2.53 | 2.53 | 2.90 | 2.65 | 3.03 | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Total ExxonMobil share of equity ÷ No. shares of common stock outstanding
= 259,380,000,000 ÷ 4,111,911,960 = 63.08
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 155.06 ÷ 63.08 = 2.46
5 Click competitor name to see calculations.
The financial data for Exxon Mobil Corp. from March 31, 2022, to June 30, 2026, reveals a period of consistent growth in underlying book value accompanied by significant fluctuations in market valuation. While the company's asset base per share expanded steadily, the market's premium over that book value experienced a distinct cycle of contraction followed by a sharp expansion.
- Share Price Dynamics
- The share price exhibited a general upward trajectory, rising from 91.70 US$ in March 2022 to a peak of 155.06 US$ by June 2026. This growth was not linear; a period of relative stability and slight volatility occurred between March 2023 and March 2025, where prices fluctuated between approximately 103 US$ and 120 US$. A substantial price acceleration is observed starting in late 2025, with the price jumping from 113.76 US$ in September 2025 to 150.68 US$ by December 2025.
- Book Value per Share (BVPS) Progression
- Book value per share demonstrated a consistent and uninterrupted growth pattern throughout the entire period. Starting at 40.17 US$ in March 2022, the BVPS increased every quarter, reaching 63.08 US$ by June 2026. This steady increase indicates a continuous accumulation of net assets or retained earnings on a per-share basis, providing a rising floor for the stock's intrinsic value.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio reflects three distinct phases of market sentiment. Between March 2022 and December 2023, the ratio remained relatively stable, fluctuating within a range of 2.02 to 2.43. A contraction phase followed from March 2024 to March 2025, during which the ratio declined to a period low of 1.69, suggesting that share price growth lagged behind the growth of the book value. The final phase, beginning in June 2025, shows a valuation expansion, with the ratio climbing to 2.46 by June 2026, driven by the sharp increase in share price that outpaced the growth in BVPS.
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