Price to Book Value (P/BV)
since 2005
Calculation
ExxonMobil Holdings Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total ExxonMobil share of equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | 2.42 | = | 150.68 | ÷ | 62.25 | 62.25 | = | 259,386 | ÷ | 4,166,763,453 | |
| Feb 19, 2025 | 1.81 | = | 110.30 | ÷ | 60.77 | 60.77 | = | 263,705 | ÷ | 4,339,143,313 | |
| Feb 28, 2024 | 2.02 | = | 104.32 | ÷ | 51.62 | 51.62 | = | 204,802 | ÷ | 3,967,844,307 | |
| Feb 22, 2023 | 2.29 | = | 109.73 | ÷ | 47.91 | 47.91 | = | 195,049 | ÷ | 4,070,984,988 | |
| Feb 23, 2022 | 1.93 | = | 76.77 | ÷ | 39.82 | 39.82 | = | 168,577 | ÷ | 4,233,592,429 | |
| Feb 24, 2021 | 1.53 | = | 56.70 | ÷ | 37.12 | 37.12 | = | 157,150 | ÷ | 4,233,483,160 | |
| Feb 26, 2020 | 1.17 | = | 53.01 | ÷ | 45.28 | 45.28 | = | 191,650 | ÷ | 4,232,190,744 | |
| Feb 27, 2019 | 1.75 | = | 79.47 | ÷ | 45.29 | 45.29 | = | 191,794 | ÷ | 4,234,802,431 | |
| Feb 28, 2018 | 1.71 | = | 75.74 | ÷ | 44.29 | 44.29 | = | 187,688 | ÷ | 4,237,462,159 | |
| Feb 22, 2017 | 2.01 | = | 80.93 | ÷ | 40.35 | 40.35 | = | 167,325 | ÷ | 4,146,513,819 | |
| Feb 24, 2016 | 1.98 | = | 81.52 | ÷ | 41.13 | 41.13 | = | 170,811 | ÷ | 4,152,756,609 | |
| Feb 25, 2015 | 2.16 | = | 89.60 | ÷ | 41.58 | 41.58 | = | 174,399 | ÷ | 4,194,690,266 | |
| Feb 26, 2014 | 2.38 | = | 95.79 | ÷ | 40.27 | 40.27 | = | 174,003 | ÷ | 4,321,238,544 | |
| Feb 27, 2013 | 2.42 | = | 89.53 | ÷ | 37.02 | 37.02 | = | 165,863 | ÷ | 4,480,449,635 | |
| Feb 24, 2012 | 2.67 | = | 87.34 | ÷ | 32.76 | 32.76 | = | 154,396 | ÷ | 4,713,220,567 | |
| Feb 25, 2011 | 2.88 | = | 85.34 | ÷ | 29.61 | 29.61 | = | 146,839 | ÷ | 4,958,598,361 | |
| Feb 26, 2010 | 2.78 | = | 65.00 | ÷ | 23.42 | 23.42 | = | 110,569 | ÷ | 4,721,273,113 | |
| Feb 27, 2009 | 2.97 | = | 67.90 | ÷ | 22.86 | 22.86 | = | 112,965 | ÷ | 4,941,630,490 | |
| Feb 28, 2008 | 3.93 | = | 89.38 | ÷ | 22.76 | 22.76 | = | 121,762 | ÷ | 5,350,027,205 | |
| Feb 28, 2007 | 3.58 | = | 71.68 | ÷ | 20.00 | 20.00 | = | 113,844 | ÷ | 5,693,398,774 | |
| Feb 28, 2006 | 3.26 | = | 59.37 | ÷ | 18.21 | 18.21 | = | 111,186 | ÷ | 6,106,332,510 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Annual Report.
The Price to Book Value (P/BV) ratio over the period from 2006 to 2026 exhibits a cyclical pattern characterized by an initial peak, a prolonged decade of contraction, and a subsequent recovery. While the Book Value per Share (BVPS) maintained a general upward trajectory, increasing from 18.21 in 2006 to 62.25 in 2026, the market premium applied to this value fluctuated significantly.
- Initial Valuation Expansion
- Between 2006 and 2008, a period of valuation expansion is observed, with the P/BV ratio rising from 3.26 to a peak of 3.93. This represents the highest multiple in the observed timeframe, indicating a strong market premium relative to the company's accounting equity.
- Prolonged Multiple Compression
- From 2009 to 2020, the P/BV ratio entered a sustained downward trend. Despite a consistent increase in BVPS—which grew from 22.86 in 2009 to 45.28 in 2020—the share price did not keep pace proportionally. This resulted in a steady decline of the multiple, reaching a historical minimum of 1.17 in February 2020.
- Recent Valuation Recovery
- A recovery phase began after 2020, as the P/BV ratio climbed from 1.17 to 2.42 by February 2026. This rebound was driven by a sharp increase in the share price, which rose from 53.01 in 2020 to 150.68 in 2026, significantly outpacing the growth of the BVPS during the same period.
- Relationship Between Share Price and Book Value
- The divergence between share price and BVPS is most evident during the 2010-2020 period, where book value growth acted as a floor for the share price while the valuation multiple compressed. Conversely, the post-2020 period shows a decoupling where the share price accelerated independently of the steady growth in book value, leading to the expansion of the P/BV ratio.
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Comparison to Competitors
ExxonMobil Holdings Corp., P/BV, long-term trends, comparison to competitors
| ExxonMobil Holdings Corp. | Chevron Corp. | ConocoPhillips | |
|---|---|---|---|
| Feb 18, 2026 | 2.42 | 1.98 | 2.06 |
| Feb 19, 2025 | 1.81 | 1.81 | 1.91 |
| Feb 28, 2024 | 2.02 | 1.78 | 2.65 |
| Feb 22, 2023 | 2.29 | 1.94 | 2.75 |
| Feb 23, 2022 | 1.93 | 1.89 | 2.61 |
| Feb 24, 2021 | 1.53 | 1.50 | 2.22 |
| Feb 26, 2020 | 1.17 | 1.42 | 1.80 |
| Feb 27, 2019 | 1.75 | 1.47 | 2.47 |
| Feb 28, 2018 | 1.71 | 1.42 | 2.10 |
| Feb 22, 2017 | 2.01 | 1.44 | 1.70 |
| Feb 24, 2016 | 1.98 | 1.05 | 1.02 |
| Feb 25, 2015 | 2.16 | 1.32 | 1.59 |
| Feb 26, 2014 | 2.38 | 1.44 | 1.57 |
| Feb 27, 2013 | 2.42 | 1.65 | 1.49 |
| Feb 24, 2012 | 2.67 | 1.76 | 1.45 |
| Feb 25, 2011 | 2.88 | 1.95 | 1.64 |
| Feb 26, 2010 | 2.78 | 1.58 | 1.15 |
| Feb 27, 2009 | 2.97 | 1.46 | 1.03 |
| Feb 28, 2008 | 3.93 | 2.40 | 1.41 |
| Feb 28, 2007 | 3.58 | 2.14 | 1.33 |
| Feb 28, 2006 | 3.26 | 2.03 | 1.62 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
ExxonMobil Holdings Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ExxonMobil Holdings Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 18, 2026 | 2.42 | 2.22 |
| Feb 19, 2025 | 1.81 | 1.83 |
| Feb 28, 2024 | 2.02 | 2.00 |
| Feb 22, 2023 | 2.29 | 2.21 |
| Feb 23, 2022 | 1.93 | 2.00 |
| Feb 24, 2021 | 1.53 | 1.58 |
| Feb 26, 2020 | 1.17 | 1.33 |
| Feb 27, 2019 | 1.75 | 1.70 |
| Feb 28, 2018 | 1.71 | 1.62 |
| Feb 22, 2017 | 2.01 | 1.74 |
| Feb 24, 2016 | 1.98 | 1.49 |
| Feb 25, 2015 | 2.16 | 1.74 |
| Feb 26, 2014 | 2.38 | 1.89 |
| Feb 27, 2013 | 2.42 | 1.99 |
| Feb 24, 2012 | 2.67 | 2.11 |
| Feb 25, 2011 | 2.88 | 2.31 |
| Feb 26, 2010 | 2.78 | 1.98 |
| Feb 27, 2009 | 2.97 | 2.04 |
| Feb 28, 2008 | 3.93 | 2.74 |
| Feb 28, 2007 | 3.58 | 2.51 |
| Feb 28, 2006 | 3.26 | 2.54 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
ExxonMobil Holdings Corp., P/BV, long-term trends, comparison to industry (energy)
| ExxonMobil Holdings Corp. | Energy | |
|---|---|---|
| Feb 18, 2026 | 2.42 | 2.24 |
| Feb 19, 2025 | 1.81 | 1.87 |
| Feb 28, 2024 | 2.02 | 2.08 |
| Feb 22, 2023 | 2.29 | 2.30 |
| Feb 23, 2022 | 1.93 | 2.07 |
| Feb 24, 2021 | 1.53 | 1.61 |
| Feb 26, 2020 | 1.17 | 1.38 |
| Feb 27, 2019 | 1.75 | 1.69 |
| Feb 28, 2018 | 1.71 | 1.74 |
| Feb 22, 2017 | 2.01 | 1.86 |
| Feb 24, 2016 | 1.98 | 1.56 |
| Feb 25, 2015 | 2.16 | 1.83 |
| Feb 26, 2014 | 2.38 | 1.99 |
| Feb 27, 2013 | 2.42 | 2.08 |
| Feb 24, 2012 | 2.67 | 2.21 |
| Feb 25, 2011 | 2.88 | 2.45 |
| Feb 26, 2010 | 2.78 | 2.10 |
| Feb 27, 2009 | 2.97 | 2.10 |
| Feb 28, 2008 | 3.93 | 2.94 |
| Feb 28, 2007 | 3.58 | 2.69 |
| Feb 28, 2006 | 3.26 | 2.76 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).