Common Stock Valuation Ratios (Price Multiples)
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).
Current Valuation Ratios
Exxon Mobil Corp., current price multiples
| Exxon Mobil Corp. | Chevron Corp. | ConocoPhillips | Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||
| Current share price (P) | $108.37 | ||||||||
| No. shares of common stock outstanding | 4,309,638,821 | ||||||||
| Growth rate (g) | 5.16% | ||||||||
| Earnings per share (EPS) | $7.82 | ||||||||
| Next year expected EPS | $8.22 | ||||||||
| Operating profit per share | $11.60 | ||||||||
| Sales per share | $78.72 | ||||||||
| Book value per share (BVPS) | $61.19 | ||||||||
| Valuation Ratios (Price Multiples) | |||||||||
| Price to earnings (P/E) | 13.87 | 14.16 | 12.15 | 17.56 | 13.84 | 13.59 | |||
| Price to next year expected earnings | 13.19 | 13.35 | 11.21 | 15.32 | 12.72 | 12.48 | |||
| Price-earnings-growth (PEG) | 2.69 | 2.33 | 1.44 | 1.20 | 1.58 | 1.52 | |||
| Price to operating profit (P/OP) | 9.34 | 8.84 | 7.70 | 9.52 | 8.96 | 8.89 | |||
| Price to sales (P/S) | 1.38 | 1.29 | 2.05 | 1.56 | 1.42 | 1.41 | |||
| Price to book value (P/BV) | 1.77 | 1.64 | 1.73 | 1.22 | 1.69 | 1.71 | |||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Exxon Mobil Corp., historical price multiples
Based on: 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).
The analysis of the financial ratios over the five-year period reveals several notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio was not available for 2020 but shows a downward trend from 14.11 in 2021 to a low of 8.01 in 2022, indicating that the market price relative to earnings decreased significantly during this period. However, the ratio increased again to 11.49 in 2023 and further to 14.21 in 2024, approaching the earlier 2021 level. This fluctuation suggests varying investor sentiment or changes in earnings performance over time.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio started at 9.86 in 2021, declined sharply to 5.65 in 2022, and then rose to 7.62 in 2023 and 9.57 in 2024. The initial decline followed by a recovery mirrors the P/E trend and may indicate cyclical shifts in operating profitability and market valuation.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a gradual decline from 1.34 in 2020 to 1.12 in 2022, suggesting a decreasing market valuation relative to sales. Subsequently, the ratio experienced a moderate increase to 1.24 in 2023 and further to 1.41 in 2024, surpassing the 2020 level. This pattern points to an improvement in market perception or sales growth impacting valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited an upward trend from 1.53 in 2020 to a peak of 2.29 in 2022, indicating rising market valuation relative to book value during this period. However, it declined to 2.02 in 2023 and further to 1.81 in 2024, showing a reversal of this trend and suggesting a diminished premium on book value over the last two years.
In summary, the valuation ratios demonstrate a period of declining price multiples in 2022, followed by a recovery in 2023 and 2024 for most ratios except for the price to book value, which began to decline after peaking in 2022. These movements likely reflect a combination of changing earnings, operating profits, sales performance, and shifts in investor expectations over the five-year period.
Price to Earnings (P/E)
Exxon Mobil Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | 4,233,483,160 | |
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to ExxonMobil (in millions) | 33,680) | 36,010) | 55,740) | 23,040) | (22,440) | |
| Earnings per share (EPS)2 | 7.76 | 9.08 | 13.69 | 5.44 | -5.30 | |
| Share price1, 3 | 110.30 | 104.32 | 109.73 | 76.77 | 56.70 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 14.21 | 11.49 | 8.01 | 14.11 | — | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | 15.64 | 13.42 | 8.71 | 16.81 | — | |
| ConocoPhillips | 13.41 | 11.92 | 7.07 | 14.66 | — | |
| Occidental Petroleum Corp. | 19.28 | 13.36 | 4.24 | 23.89 | — | |
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 14.69 | 12.23 | 7.69 | 15.38 | — | |
| P/E Ratio, Industry | ||||||
| Energy | 14.58 | 12.52 | 8.11 | 15.92 | — | |
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) attributable to ExxonMobil ÷ No. shares of common stock outstanding
= 33,680,000,000 ÷ 4,339,143,313 = 7.76
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 110.30 ÷ 7.76 = 14.21
5 Click competitor name to see calculations.
The financial data reveals several key trends over the observed five-year period.
- Share price
- The share price showed a consistent upward trajectory from 2020 through 2024, increasing from $56.70 in 2020 to $110.30 in 2024. The most significant jump occurred between 2021 and 2022, rising from $76.77 to $109.73, followed by a slight decrease in 2023 to $104.32 before edging up again in 2024.
- Earnings per share (EPS)
- EPS experienced notable volatility. In 2020, EPS was negative at -$5.30, indicating a loss. However, there was a recovery in 2021 where EPS turned positive to $5.44, followed by a substantial increase to $13.69 in 2022. Subsequent years showed a declining trend to $9.08 in 2023 and further down to $7.76 in 2024, suggesting a reduction in profitability despite remaining positive.
- Price-to-Earnings (P/E) ratio
- The P/E ratio was not available for 2020 but appears starting in 2021. It was lowest in 2022 at 8.01, aligning with the peak EPS value, indicating a more attractive valuation that year. The P/E increased afterwards to 11.49 in 2023 and 14.21 in 2024, reflecting a higher market valuation relative to earnings despite EPS declines, which might suggest increasing investor optimism or expectations for future growth.
In summary, the company's stock price appreciated substantially over the period, recovering from early losses in earnings per share. Although EPS peaked in 2022 and then diminished, the rising P/E ratio towards 2024 indicates that the market continued to value the company positively, possibly anticipating improved future performance or reflecting broader market sentiment.
Price to Operating Profit (P/OP)
Exxon Mobil Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | 4,233,483,160 | |
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | 49,990) | 54,346) | 79,033) | 32,967) | (26,520) | |
| Operating profit per share2 | 11.52 | 13.70 | 19.41 | 7.79 | -6.26 | |
| Share price1, 3 | 110.30 | 104.32 | 109.73 | 76.77 | 56.70 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 9.57 | 7.62 | 5.65 | 9.86 | — | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | 9.76 | 9.48 | 6.12 | 11.40 | — | |
| ConocoPhillips | 8.50 | 7.61 | 4.57 | 8.66 | — | |
| Occidental Petroleum Corp. | 10.46 | 7.37 | 3.78 | 7.96 | — | |
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 9.51 | 8.12 | 5.45 | 10.00 | — | |
| P/OP Ratio, Industry | ||||||
| Energy | 9.54 | 8.38 | 5.78 | 10.37 | — | |
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= 49,990,000,000 ÷ 4,339,143,313 = 11.52
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 110.30 ÷ 11.52 = 9.57
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a positive upward trend over the reviewed period. Starting at $56.7 at the end of 2020, it increased significantly to $76.77 by the end of 2021. This growth continued more sharply into 2022, reaching $109.73. Although there was a slight decline in 2023 to $104.32, the price rebounded to $110.3 by the end of 2024, indicating overall strong market performance and shareholder value appreciation.
- Operating Profit Per Share
- The operating profit per share showed substantial improvement from a negative value of -$6.26 in 2020 to a positive $7.79 in 2021. This upward trajectory continued sharply to $19.41 in 2022, demonstrating significant operational profitability growth. However, the subsequent years saw a decline, decreasing to $13.7 in 2023 and further to $11.52 in 2024, though remaining well above the 2020 and 2021 levels. The initial recovery and subsequent decreased profitability suggest varying operational challenges or market conditions post-2022.
- Price to Operating Profit Ratio (P/OP)
- The Price to Operating Profit ratio was not available for 2020 but was calculated from 2021 onwards. The ratio was 9.86 in 2021, indicating the share price was nearly ten times the operating profit per share. This ratio dropped significantly to 5.65 in 2022, reflecting a comparatively higher operating profit relative to share price. It then increased to 7.62 in 2023 and further to 9.57 in 2024, suggesting a relative decline in profitability compared to share price in these latter years. The changing ratio signals fluctuating investor valuation relative to operating earnings.
Price to Sales (P/S)
Exxon Mobil Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | 4,233,483,160 | |
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenue (in millions) | 339,247) | 334,697) | 398,675) | 276,692) | 178,574) | |
| Sales per share2 | 78.18 | 84.35 | 97.93 | 65.36 | 42.18 | |
| Share price1, 3 | 110.30 | 104.32 | 109.73 | 76.77 | 56.70 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 1.41 | 1.24 | 1.12 | 1.17 | 1.34 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.43 | 1.46 | 1.31 | 1.69 | 2.09 | |
| ConocoPhillips | 2.26 | 2.33 | 1.68 | 2.58 | 3.52 | |
| Occidental Petroleum Corp. | 1.72 | 1.78 | 1.45 | 1.40 | 1.39 | |
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.51 | 1.43 | 1.25 | 1.47 | 1.71 | |
| P/S Ratio, Industry | ||||||
| Energy | 1.51 | 1.47 | 1.31 | 1.51 | 1.68 | |
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Sales and other operating revenue ÷ No. shares of common stock outstanding
= 339,247,000,000 ÷ 4,339,143,313 = 78.18
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 110.30 ÷ 78.18 = 1.41
5 Click competitor name to see calculations.
The analysis of the available annual financial data reveals several key trends and shifts over the five-year period.
- Share Price
- The share price exhibited a general upward trend from 56.7 USD in 2020 to 110.3 USD in 2024. There was a particularly notable increase between 2020 and 2022, rising from 56.7 to 109.73 USD. After peaking in 2022, the share price dipped slightly in 2023 to 104.32 USD before recovering to 110.3 USD in 2024. This pattern suggests overall positive market sentiment with some volatility.
- Sales per Share
- Sales per share grew substantially from 42.18 USD in 2020 to a peak of 97.93 USD in 2022, indicating strong revenue growth relative to share count during this period. However, from 2022 to 2024 there was a decline, with sales per share dropping to 78.18 USD by the end of 2024. This decrease may signal challenges in maintaining the sales momentum experienced earlier.
- Price-to-Sales Ratio (P/S)
- The P/S ratio decreased initially from 1.34 in 2020 to a low of 1.12 in 2022, implying that share prices grew at a slower pace relative to sales growth during these years. Subsequently, the ratio rose steadily to 1.41 by 2024, indicating that share prices increased relative to sales, potentially reflecting higher market valuation or expectations despite declining sales per share.
Overall, the data indicate strong share price appreciation accompanied by significant sales growth until 2022, followed by a contraction in sales per share and a recovery in market valuation reflected by the rising P/S ratio after 2022. This combination suggests investor confidence remained strong even as sales growth slowed, potentially due to other positive factors influencing market perception.
Price to Book Value (P/BV)
Exxon Mobil Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | 4,233,483,160 | |
| Selected Financial Data (US$) | ||||||
| Total ExxonMobil share of equity (in millions) | 263,705) | 204,802) | 195,049) | 168,577) | 157,150) | |
| Book value per share (BVPS)2 | 60.77 | 51.62 | 47.91 | 39.82 | 37.12 | |
| Share price1, 3 | 110.30 | 104.32 | 109.73 | 76.77 | 56.70 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 1.81 | 2.02 | 2.29 | 1.93 | 1.53 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.81 | 1.78 | 1.94 | 1.89 | 1.50 | |
| ConocoPhillips | 1.91 | 2.65 | 2.75 | 2.61 | 2.22 | |
| Occidental Petroleum Corp. | 1.34 | 1.67 | 1.76 | 1.79 | 1.33 | |
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.80 | 1.98 | 2.18 | 1.99 | 1.57 | |
| P/BV Ratio, Industry | ||||||
| Energy | 1.83 | 2.05 | 2.27 | 2.06 | 1.60 | |
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Total ExxonMobil share of equity ÷ No. shares of common stock outstanding
= 263,705,000,000 ÷ 4,339,143,313 = 60.77
3 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 110.30 ÷ 60.77 = 1.81
5 Click competitor name to see calculations.
The financial data reveals a positive trajectory in the share price over the five-year period, increasing from $56.7 at the end of 2020 to $110.3 by the end of 2024. This represents a near doubling of the share price, indicating a growing market valuation of the company.
Similarly, the book value per share (BVPS) has shown consistent growth, rising from $37.12 at the end of 2020 to $60.77 at the end of 2024. This steady increase in BVPS suggests an improvement in the company's net asset base on a per-share basis, reflecting strengthening fundamental value.
The price-to-book value ratio (P/BV) displays more variability over the same timeframe. Starting at 1.53 in 2020, it climbed to a peak of 2.29 in 2022, signifying a period where the market price was increasingly trading at a premium relative to the book value. Following this peak, the ratio declined to 1.81 by 2024, indicating a reduction in the market premium despite continuing increases in both share price and book value per share.
Overall, these trends suggest that investor confidence increased substantially until 2022, as evidenced by the rising P/BV ratio, but experienced some moderation thereafter. The continual growth in both share price and book value per share implies sustained improvement in underlying financial strength and shareholder value.
- Share Price Trend
- Nearly doubled over five years, indicating increased market valuation.
- Book Value per Share
- Consistently increased, demonstrating growth in net asset value per share.
- Price-to-Book Value Ratio
- Peaked in 2022 and subsequently declined, reflecting changing investor sentiment or market valuation relative to book value.