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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover 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: 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio was not available until the first quarter of 2022, at which point it began at 14.11 and increased slightly to 14.98 in the second quarter of 2022. Subsequently, it declined consistently to reach a low of 7.58 in the second quarter of 2023. After this bottom, the ratio climbed steadily to peak at 15.47 in the fourth quarter of 2024, before experiencing a mild decrease to 13.42 by the second quarter of 2025. This pattern suggests an initial phase of declining market valuation relative to earnings, followed by a recovery and stabilization at a higher valuation level towards the end of the period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a broadly similar trajectory to the P/E ratio. Beginning from 9.86 in the first quarter of 2022, it increased marginally to 10.28 in the second quarter, then decreased steadily to 5.28 in the second quarter of 2023. Thereafter, it showed a consistent rise to 10.23 by the fourth quarter of 2024, with a slight reduction to 9.03 by mid-2025. This indicates fluctuations in market valuation relative to operating profit, with a phase of undervaluation followed by gradual recovery and relative strengthening of market confidence in operating earnings.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits more stability over the observed periods. It started at 1.43 in the first quarter of 2021, decreased to a low around 1.08 in mid-2022, then gradually increased to a peak of 1.53 in the third quarter of 2024. Subsequently, there was a slight decline to 1.31 by mid-2025. This trend reflects moderate market valuation changes relative to sales, indicating relatively stable investor perception of revenue generation capability over time, with minor cycles of increased and decreased valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio has shown an overall decreasing trend since the first quarter of 2022, when it reached a high of 2.43 in the third quarter. Following this peak, it declined gradually to 1.69 by the first quarter of 2025. There is evidence of some short-term fluctuations, but the general direction is downward, suggesting a diminishing market premium over the company’s book value during this period. This could indicate a more conservative market assessment of the company's asset base or slower growth expectations related to net assets.
Price to Earnings (P/E)
Exxon Mobil Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to ExxonMobilQ2 2025
+ Net income (loss) attributable to ExxonMobilQ1 2025
+ Net income (loss) attributable to ExxonMobilQ4 2024
+ Net income (loss) attributable to ExxonMobilQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over the period examined.
- Share Price
- The share price exhibits a notable upward trajectory from early 2021 through early 2023, increasing from approximately $60.97 to a peak near $119.64 in the first quarter of 2024. After reaching this peak, the share price experiences a moderate decline, fluctuating around $103 to $118 between mid-2024 and mid-2025. This pattern suggests significant growth in market valuation initially, followed by some consolidation or correction in the later periods.
- Earnings per Share (EPS)
- The EPS data shows a substantial recovery and growth trend. Initially negative through the first three quarters of 2021, EPS shifts to positive territory by the end of 2021 and continues to rise sharply, peaking around $14.52 in the first quarter of 2023. After this peak, EPS gradually declines but remains positive and relatively stable, ranging from approximately $7.27 to $8.32 through mid-2024 and into early 2025. This pattern indicates a turnaround from losses to profitability, followed by a stabilization of earnings at a strong level.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio is not available for the early periods when EPS was negative. Once positive EPS values begin, the P/E ratio ranges from about 7.58 to 15.47. It shows a low around mid-2022, indicating the stock was relatively undervalued compared to earnings at that time. Subsequently, the P/E ratio increases steadily, reaching over 14 through late 2024 and early 2025. This increase in P/E ratio alongside the moderating EPS implies that the market valuation became more optimistic or anticipated future growth despite the stabilization of earnings.
Overall, the data reflects a strong performance with profitability recovery and share price appreciation, followed by a phase of earnings stabilization and increased market valuation multiples. This suggests cautious optimism from investors with recognition of sustained profitability.
Price to Operating Profit (P/OP)
Exxon Mobil Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in the share price, operating profit per share, and the price-to-operating-profit ratio (P/OP) over the reported periods.
- Share Price
- The share price exhibited an overall upward trajectory from March 2021 through mid-2022, rising from approximately $61 to around $110. After peaking in late 2022, the share price showed some fluctuations but generally remained above $100 throughout 2023 and early 2024. Notably, it reached higher levels around $119 in the first quarter of 2024 before displaying moderate decline into 2025, finishing slightly above $100. This pattern suggests sustained investor confidence with some volatility in share valuation across the periods.
- Operating Profit per Share
- Operating profit per share initially showed negative values in early 2021, indicating operational challenges. Starting in the fourth quarter of 2021, a marked improvement occurred, transitioning to positive and then steadily increasing to a peak near $20.85 in the first quarter of 2023. Following this peak, the operating profit per share has experienced a gradual decline but remained positive throughout 2023 and into 2025, stabilizing around the $10 to $12 range. This trend reflects substantial recovery and profitability growth, followed by a moderate reduction in operational earnings.
- Price-to-Operating-Profit Ratio (P/OP)
- The P/OP ratio was not available for the earliest periods but became calculable from the fourth quarter of 2021 onward. It started relatively high, close to 10, then decreased through most of 2022 and early 2023, reaching lows around 5.28 to 6.0. Subsequently, it increased again, fluctuating between approximately 7 and nearly 10 through 2024 and into mid-2025. This fluctuation indicates changing market expectations and valuation relative to operating profit, with periods of potentially undervaluation followed by renewed investor optimism or valuation adjustments.
In summary, the data highlights a recovery phase with growing operating profitability and rising share prices until early 2023, followed by increased volatility in both metrics as well as in the valuation multiples during 2023 and 2024. The operating profit per share remains positive and substantial relative to early 2021, while the share price maintains levels significantly higher than those at the start of the period. The P/OP ratio movements suggest dynamic market responses to earnings changes and possibly shifting investor sentiment over the report horizon.
Price to Sales (P/S)
Exxon Mobil Corp., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Exxon Mobil Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed an overall upward trend from March 2021 through March 2024, increasing from $60.97 to a peak of $119.64. This represents nearly a doubling in value over the three-year span. However, from March 2024 to June 2025, the share price experienced a general decline, dropping to $107.37 by June 2025. The price exhibited some volatility during this later period, with minor rises and falls but no return to the previous peak level.
- Sales Per Share Analysis
- Sales per share steadily increased from $42.75 in March 2021 to a peak of $97.93 in December 2021, nearly doubling in that period. Following this peak, sales per share remain relatively stable, fluctuating around $84 to $97 through March 2023. Starting from mid-2023, there was a gradual decline in sales per share, decreasing to approximately $77 by June 2025. This indicates a weakening in sales per share after a strong growth phase.
- Price-to-Sales (P/S) Ratio Insights
- The P/S ratio opened at 1.43 in March 2021 but declined to a range around 1.12 to 1.17 through 2021 and 2022, indicating the share price was increasing at a slower pace relative to sales per share during this interval. From early 2023 to early 2024, the ratio rose again to a peak of about 1.53 in September 2024, suggesting that the market valuation relative to sales was becoming more favorable or optimistic. After this peak, the P/S ratio fell back to roughly 1.31 by June 2025, reflecting some moderation of market expectations or relative valuation adjustments.
- Overall Financial Pattern
- The data reveal an initial period characterized by strong growth in both sales per share and share price, leading to generally increasing market valuations. After December 2021, sales per share stabilized before declining gradually starting mid-2023. The share price, however, continued rising until early 2024 before entering a mild downward phase. Changes in the P/S ratio highlight adjustments in market sentiment, with optimism increasing into late 2024 and moderating thereafter. This suggests that while the market valued sales growth initially, recent periods show some caution possibly linked to the observed softness in sales per share.
Price to Book Value (P/BV)
Exxon Mobil Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the reported periods reveals several notable trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio.
- Share Price (US$)
- The share price exhibited an overall upward trend from March 2021 through March 2024, rising from $60.97 to a peak around $119.64. There were periods of volatility, with occasional declines following highs, particularly noticeable in the second half of 2023 and into 2024. Notably, after reaching the peak early in 2024, the share price showed some moderation, decreasing to approximately $103.27 by March 2025, indicating a period of price correction or market adjustment.
- Book Value per Share (BVPS, US$)
- The BVPS showed consistent growth across all reported quarters, increasing steadily from $37.08 in March 2021 to approximately $61.59 by June 2025. This steady rise suggests continuous accumulation of equity value, reflecting potentially positive retained earnings and capital management. The growth in BVPS appears stable without significant volatility, which contrasts with the more fluctuating nature of the share price.
- Price-to-Book Value Ratio (P/BV, ratio)
- The P/BV ratio, which measures market valuation relative to book value, fluctuated notably throughout the periods. Initially, it decreased slightly into mid-2021, then climbed to peaks above 2.4 by late 2022. After this peak, a downtrend ensued through 2023 and into 2025, with the ratio lowering to around 1.69–1.74 by mid-2025. This pattern indicates that the stock's market price, relative to its book value, was highest during late 2022 and early 2023 and has since experienced a decline in valuation multiples.
Overall, the data indicates that while the intrinsic value of the company (as measured by book value per share) has grown steadily, the market has displayed varying sentiment, as evidenced by the share price volatility and the fluctuating P/BV ratio. The peak in market valuation multiples during late 2022 suggests a period of heightened investor enthusiasm or optimism, which subsequently tempered, leading to a more conservative valuation level by mid-2025.