Price to Sales (P/S)
since 2005
Calculation
ExxonMobil Holdings Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales and other operating revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | 1.94 | = | 150.68 | ÷ | 77.74 | 77.74 | = | 323,905 | ÷ | 4,166,763,453 | |
| Feb 19, 2025 | 1.41 | = | 110.30 | ÷ | 78.18 | 78.18 | = | 339,247 | ÷ | 4,339,143,313 | |
| Feb 28, 2024 | 1.24 | = | 104.32 | ÷ | 84.35 | 84.35 | = | 334,697 | ÷ | 3,967,844,307 | |
| Feb 22, 2023 | 1.12 | = | 109.73 | ÷ | 97.93 | 97.93 | = | 398,675 | ÷ | 4,070,984,988 | |
| Feb 23, 2022 | 1.17 | = | 76.77 | ÷ | 65.36 | 65.36 | = | 276,692 | ÷ | 4,233,592,429 | |
| Feb 24, 2021 | 1.34 | = | 56.70 | ÷ | 42.18 | 42.18 | = | 178,574 | ÷ | 4,233,483,160 | |
| Feb 26, 2020 | 0.88 | = | 53.01 | ÷ | 60.39 | 60.39 | = | 255,583 | ÷ | 4,232,190,744 | |
| Feb 27, 2019 | 1.20 | = | 79.47 | ÷ | 65.96 | 65.96 | = | 279,332 | ÷ | 4,234,802,431 | |
| Feb 28, 2018 | 1.35 | = | 75.74 | ÷ | 55.97 | 55.97 | = | 237,162 | ÷ | 4,237,462,159 | |
| Feb 22, 2017 | 1.54 | = | 80.93 | ÷ | 52.72 | 52.72 | = | 218,608 | ÷ | 4,146,513,819 | |
| Feb 24, 2016 | 1.30 | = | 81.52 | ÷ | 62.49 | 62.49 | = | 259,488 | ÷ | 4,152,756,609 | |
| Feb 25, 2015 | 0.95 | = | 89.60 | ÷ | 93.95 | 93.95 | = | 394,105 | ÷ | 4,194,690,266 | |
| Feb 26, 2014 | 0.98 | = | 95.79 | ÷ | 97.39 | 97.39 | = | 420,836 | ÷ | 4,321,238,544 | |
| Feb 27, 2013 | 0.89 | = | 89.53 | ÷ | 101.13 | 101.13 | = | 453,123 | ÷ | 4,480,449,635 | |
| Feb 24, 2012 | 0.88 | = | 87.34 | ÷ | 99.09 | 99.09 | = | 467,029 | ÷ | 4,713,220,567 | |
| Feb 25, 2011 | 1.14 | = | 85.34 | ÷ | 74.64 | 74.64 | = | 370,125 | ÷ | 4,958,598,361 | |
| Feb 26, 2010 | 1.02 | = | 65.00 | ÷ | 63.86 | 63.86 | = | 301,500 | ÷ | 4,721,273,113 | |
| Feb 27, 2009 | 0.73 | = | 67.90 | ÷ | 93.00 | 93.00 | = | 459,579 | ÷ | 4,941,630,490 | |
| Feb 28, 2008 | 1.23 | = | 89.38 | ÷ | 72.96 | 72.96 | = | 390,328 | ÷ | 5,350,027,205 | |
| Feb 28, 2007 | 1.12 | = | 71.68 | ÷ | 64.19 | 64.19 | = | 365,467 | ÷ | 5,693,398,774 | |
| Feb 28, 2006 | 1.01 | = | 59.37 | ÷ | 58.78 | 58.78 | = | 358,955 | ÷ | 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 Sales (P/S) ratio exhibits significant volatility over the observed period from 2006 to 2026, reflecting a complex relationship between equity market valuation and top-line revenue generation. The ratio has fluctuated between a minimum of 0.73 and a maximum of 1.94, indicating shifting investor sentiment regarding the company's revenue efficiency and future growth prospects.
- Historical Valuation Cycles
- An initial upward trend in the P/S ratio is observed from 2006 to 2008, rising from 1.01 to 1.23. This was followed by a sharp contraction in 2009, where the ratio reached its historical low of 0.73. Notably, this decline occurred despite a peak in sales per share of 93.00 USD, suggesting that the valuation drop was driven primarily by a decrease in share price rather than a loss of revenue.
- Between 2010 and 2015, the ratio remained relatively stable, generally oscillating between 0.88 and 1.14. During this phase, the market valuation closely tracked the revenue per share, maintaining a near-one-to-one relationship.
- Divergence of Price and Revenue
- A notable shift occurred between 2016 and 2019, where the P/S ratio climbed to a peak of 1.54 in 2017. This period is characterized by an inverse relationship: while sales per share declined to a low of 52.72 USD in 2017, the P/S ratio increased, indicating that the market was assigning a higher premium to each dollar of sales despite weakening top-line performance.
- Recent and Projected Trends
- Following a dip to 0.88 in 2020, the P/S ratio entered a period of sustained expansion. From 2023 to 2026, a consistent upward trajectory is evident, moving from 1.12 to 1.94. This terminal increase represents the highest valuation multiple in the entire dataset, driven by a significant rise in share price that outpaces the growth in sales per share.
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Comparison to Competitors
ExxonMobil Holdings Corp., P/S, long-term trends, comparison to competitors
| ExxonMobil Holdings Corp. | Chevron Corp. | ConocoPhillips | |
|---|---|---|---|
| Feb 18, 2026 | 1.94 | 2.01 | 2.26 |
| Feb 19, 2025 | 1.41 | 1.43 | 2.26 |
| Feb 28, 2024 | 1.24 | 1.46 | 2.33 |
| Feb 22, 2023 | 1.12 | 1.31 | 1.68 |
| Feb 23, 2022 | 1.17 | 1.69 | 2.58 |
| Feb 24, 2021 | 1.34 | 2.09 | 3.52 |
| Feb 26, 2020 | 0.88 | 1.46 | 1.94 |
| Feb 27, 2019 | 1.20 | 1.43 | 2.16 |
| Feb 28, 2018 | 1.35 | 1.56 | 2.21 |
| Feb 22, 2017 | 1.54 | 1.91 | 2.51 |
| Feb 24, 2016 | 1.30 | 1.24 | 1.38 |
| Feb 25, 2015 | 0.95 | 1.02 | 1.57 |
| Feb 26, 2014 | 0.98 | 0.98 | 1.50 |
| Feb 27, 2013 | 0.89 | 0.98 | 1.23 |
| Feb 24, 2012 | 0.88 | 0.88 | 0.39 |
| Feb 25, 2011 | 1.14 | 1.03 | 0.59 |
| Feb 26, 2010 | 1.02 | 0.87 | 0.48 |
| Feb 27, 2009 | 0.73 | 0.48 | 0.24 |
| Feb 28, 2008 | 1.23 | 0.86 | 0.67 |
| Feb 28, 2007 | 1.12 | 0.72 | 0.60 |
| Feb 28, 2006 | 1.01 | 0.66 | 0.48 |
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/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ExxonMobil Holdings Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 18, 2026 | 1.94 | 1.99 |
| Feb 19, 2025 | 1.41 | 1.50 |
| Feb 28, 2024 | 1.24 | 1.41 |
| Feb 22, 2023 | 1.12 | 1.24 |
| Feb 23, 2022 | 1.17 | 1.48 |
| Feb 24, 2021 | 1.34 | 1.72 |
| Feb 26, 2020 | 0.88 | 1.15 |
| Feb 27, 2019 | 1.20 | 1.35 |
| Feb 28, 2018 | 1.35 | 1.48 |
| Feb 22, 2017 | 1.54 | 1.72 |
| Feb 24, 2016 | 1.30 | 1.29 |
| Feb 25, 2015 | 0.95 | 1.02 |
| Feb 26, 2014 | 0.98 | 1.02 |
| Feb 27, 2013 | 0.89 | 0.94 |
| Feb 24, 2012 | 0.88 | 0.75 |
| Feb 25, 2011 | 1.14 | 0.98 |
| Feb 26, 2010 | 1.02 | 0.85 |
| Feb 27, 2009 | 0.73 | 0.54 |
| Feb 28, 2008 | 1.23 | 1.00 |
| Feb 28, 2007 | 1.12 | 0.88 |
| Feb 28, 2006 | 1.01 | 0.79 |
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/S, long-term trends, comparison to industry (energy)
| ExxonMobil Holdings Corp. | Energy | |
|---|---|---|
| Feb 18, 2026 | 1.94 | 2.00 |
| Feb 19, 2025 | 1.41 | 1.50 |
| Feb 28, 2024 | 1.24 | 1.46 |
| Feb 22, 2023 | 1.12 | 1.31 |
| Feb 23, 2022 | 1.17 | 1.52 |
| Feb 24, 2021 | 1.34 | 1.69 |
| Feb 26, 2020 | 0.88 | 1.18 |
| Feb 27, 2019 | 1.20 | 1.38 |
| Feb 28, 2018 | 1.35 | 1.63 |
| Feb 22, 2017 | 1.54 | 1.90 |
| Feb 24, 2016 | 1.30 | 1.37 |
| Feb 25, 2015 | 0.95 | 1.10 |
| Feb 26, 2014 | 0.98 | 1.11 |
| Feb 27, 2013 | 0.89 | 1.02 |
| Feb 24, 2012 | 0.88 | 0.83 |
| Feb 25, 2011 | 1.14 | 1.10 |
| Feb 26, 2010 | 1.02 | 0.93 |
| Feb 27, 2009 | 0.73 | 0.57 |
| Feb 28, 2008 | 1.23 | 1.09 |
| Feb 28, 2007 | 1.12 | 0.96 |
| Feb 28, 2006 | 1.01 | 0.86 |
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).