Price to Earnings (P/E)
since 2005
Calculation
ExxonMobil Holdings Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to ExxonMobil1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | 21.77 | = | 150.68 | ÷ | 6.92 | 6.92 | = | 28,844 | ÷ | 4,166,763,453 | |
| Feb 19, 2025 | 14.21 | = | 110.30 | ÷ | 7.76 | 7.76 | = | 33,680 | ÷ | 4,339,143,313 | |
| Feb 28, 2024 | 11.49 | = | 104.32 | ÷ | 9.08 | 9.08 | = | 36,010 | ÷ | 3,967,844,307 | |
| Feb 22, 2023 | 8.01 | = | 109.73 | ÷ | 13.69 | 13.69 | = | 55,740 | ÷ | 4,070,984,988 | |
| Feb 23, 2022 | 14.11 | = | 76.77 | ÷ | 5.44 | 5.44 | = | 23,040 | ÷ | 4,233,592,429 | |
| Feb 24, 2021 | — | = | 56.70 | ÷ | -5.30 | -5.30 | = | -22,440 | ÷ | 4,233,483,160 | |
| Feb 26, 2020 | 15.64 | = | 53.01 | ÷ | 3.39 | 3.39 | = | 14,340 | ÷ | 4,232,190,744 | |
| Feb 27, 2019 | 16.15 | = | 79.47 | ÷ | 4.92 | 4.92 | = | 20,840 | ÷ | 4,234,802,431 | |
| Feb 28, 2018 | 16.28 | = | 75.74 | ÷ | 4.65 | 4.65 | = | 19,710 | ÷ | 4,237,462,159 | |
| Feb 22, 2017 | 42.80 | = | 80.93 | ÷ | 1.89 | 1.89 | = | 7,840 | ÷ | 4,146,513,819 | |
| Feb 24, 2016 | 20.96 | = | 81.52 | ÷ | 3.89 | 3.89 | = | 16,150 | ÷ | 4,152,756,609 | |
| Feb 25, 2015 | 11.56 | = | 89.60 | ÷ | 7.75 | 7.75 | = | 32,520 | ÷ | 4,194,690,266 | |
| Feb 26, 2014 | 12.71 | = | 95.79 | ÷ | 7.54 | 7.54 | = | 32,580 | ÷ | 4,321,238,544 | |
| Feb 27, 2013 | 8.94 | = | 89.53 | ÷ | 10.02 | 10.02 | = | 44,880 | ÷ | 4,480,449,635 | |
| Feb 24, 2012 | 10.03 | = | 87.34 | ÷ | 8.71 | 8.71 | = | 41,060 | ÷ | 4,713,220,567 | |
| Feb 25, 2011 | 13.89 | = | 85.34 | ÷ | 6.14 | 6.14 | = | 30,460 | ÷ | 4,958,598,361 | |
| Feb 26, 2010 | 15.92 | = | 65.00 | ÷ | 4.08 | 4.08 | = | 19,280 | ÷ | 4,721,273,113 | |
| Feb 27, 2009 | 7.42 | = | 67.90 | ÷ | 9.15 | 9.15 | = | 45,220 | ÷ | 4,941,630,490 | |
| Feb 28, 2008 | 11.78 | = | 89.38 | ÷ | 7.59 | 7.59 | = | 40,610 | ÷ | 5,350,027,205 | |
| Feb 28, 2007 | 10.33 | = | 71.68 | ÷ | 6.94 | 6.94 | = | 39,500 | ÷ | 5,693,398,774 | |
| Feb 28, 2006 | 10.03 | = | 59.37 | ÷ | 5.92 | 5.92 | = | 36,130 | ÷ | 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.
Analysis of the Price-to-Earnings (P/E) ratio reveals a period of significant volatility and several distinct valuation phases between 2006 and 2026. While the share price maintained a general upward trajectory over the long term, the P/E ratio fluctuated sharply, primarily driven by instabilities in annual earnings per share (EPS) rather than consistent shifts in market sentiment.
- Valuation Stability and Early Fluctuations
- From 2006 to 2008, the P/E ratio remained relatively stable, ranging between 10.03 and 11.78. A contraction occurred in 2009, where the ratio dropped to 7.42, reflecting valuation compression despite a rise in EPS to $9.15. Between 2010 and 2015, the ratio exhibited moderate volatility, oscillating between a low of 8.94 in 2013 and a high of 15.92 in 2010.
- Earnings-Driven Valuation Anomalies
- A significant spike in the P/E ratio is observed between 2016 and 2017, peaking at 42.80. This expansion was not the result of share price appreciation, as the price remained stable around $80, but was instead driven by a sharp decline in EPS, which fell from $3.89 in 2016 to $1.89 in 2017. A total disruption in the P/E metric occurred in 2021 due to negative earnings per share (-$5.30), rendering the ratio mathematically inapplicable for that period.
- Recent Recovery and Valuation Expansion
- Following the earnings recovery in 2022, the P/E ratio compressed to 8.01 in 2023, coinciding with a peak EPS of $13.69. However, a new upward trend in valuation is evident from 2024 through 2026. The P/E ratio expanded from 11.49 in 2023 to 21.77 by 2026. This late-period expansion is supported by a substantial increase in the share price, which reached a peak of $150.68 in 2026, outpacing the growth of EPS for the same period.
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Comparison to Competitors
ExxonMobil Holdings Corp., P/E, long-term trends, comparison to competitors
| ExxonMobil Holdings Corp. | Chevron Corp. | ConocoPhillips | |
|---|---|---|---|
| Feb 18, 2026 | 21.77 | 30.07 | 16.65 |
| Feb 19, 2025 | 14.21 | 15.64 | 13.41 |
| Feb 28, 2024 | 11.49 | 13.42 | 11.92 |
| Feb 22, 2023 | 8.01 | 8.71 | 7.07 |
| Feb 23, 2022 | 14.11 | 16.81 | 14.66 |
| Feb 24, 2021 | — | — | — |
| Feb 26, 2020 | 15.64 | 70.06 | 8.77 |
| Feb 27, 2019 | 16.15 | 15.30 | 12.60 |
| Feb 28, 2018 | 16.28 | 22.83 | — |
| Feb 22, 2017 | 42.80 | — | — |
| Feb 24, 2016 | 20.96 | 35.02 | — |
| Feb 25, 2015 | 11.56 | 10.61 | 12.03 |
| Feb 26, 2014 | 12.71 | 10.04 | 8.91 |
| Feb 27, 2013 | 8.94 | 8.61 | 8.49 |
| Feb 24, 2012 | 10.03 | 7.96 | 7.60 |
| Feb 25, 2011 | 13.89 | 10.77 | 9.89 |
| Feb 26, 2010 | 15.92 | 13.81 | 14.78 |
| Feb 27, 2009 | 7.42 | 5.29 | — |
| Feb 28, 2008 | 11.78 | 9.89 | 10.59 |
| Feb 28, 2007 | 10.33 | 8.63 | 7.09 |
| Feb 28, 2006 | 10.03 | 9.04 | 6.31 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ExxonMobil Holdings Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 18, 2026 | 21.77 | 23.01 |
| Feb 19, 2025 | 14.21 | 14.51 |
| Feb 28, 2024 | 11.49 | 12.17 |
| Feb 22, 2023 | 8.01 | 8.08 |
| Feb 23, 2022 | 14.11 | 15.11 |
| Feb 24, 2021 | — | — |
| Feb 26, 2020 | 15.64 | 20.13 |
| Feb 27, 2019 | 16.15 | 15.32 |
| Feb 28, 2018 | 16.28 | 21.22 |
| Feb 22, 2017 | 42.80 | 162.35 |
| Feb 24, 2016 | 20.96 | 33.10 |
| Feb 25, 2015 | 11.56 | 11.30 |
| Feb 26, 2014 | 12.71 | 11.25 |
| Feb 27, 2013 | 8.94 | 8.78 |
| Feb 24, 2012 | 10.03 | 8.96 |
| Feb 25, 2011 | 13.89 | 12.17 |
| Feb 26, 2010 | 15.92 | 15.12 |
| Feb 27, 2009 | 7.42 | 9.95 |
| Feb 28, 2008 | 11.78 | 11.08 |
| Feb 28, 2007 | 10.33 | 9.23 |
| Feb 28, 2006 | 10.03 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| ExxonMobil Holdings Corp. | Energy | |
|---|---|---|
| Feb 18, 2026 | 21.77 | 22.93 |
| Feb 19, 2025 | 14.21 | 14.41 |
| Feb 28, 2024 | 11.49 | 12.48 |
| Feb 22, 2023 | 8.01 | 8.54 |
| Feb 23, 2022 | 14.11 | 15.67 |
| Feb 24, 2021 | — | — |
| Feb 26, 2020 | 15.64 | 37.93 |
| Feb 27, 2019 | 16.15 | 15.94 |
| Feb 28, 2018 | 16.28 | 26.50 |
| Feb 22, 2017 | 42.80 | 354.83 |
| Feb 24, 2016 | 20.96 | 33.85 |
| Feb 25, 2015 | 11.56 | 11.97 |
| Feb 26, 2014 | 12.71 | 11.81 |
| Feb 27, 2013 | 8.94 | 9.43 |
| Feb 24, 2012 | 10.03 | 9.63 |
| Feb 25, 2011 | 13.89 | 13.24 |
| Feb 26, 2010 | 15.92 | 15.83 |
| Feb 27, 2009 | 7.42 | 9.90 |
| Feb 28, 2008 | 11.78 | 11.66 |
| Feb 28, 2007 | 10.33 | 9.76 |
| Feb 28, 2006 | 10.03 | 9.78 |
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).