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
ExxonMobil Holdings Corp., current price multiples
| ExxonMobil Holdings Corp. | Chevron Corp. | ConocoPhillips | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | $179.67 | |||||||
| No. shares of common stock outstanding | 4,079,222,444 | |||||||
| Growth rate (g) | 8.37% | |||||||
| Earnings per share (EPS) | $7.07 | |||||||
| Next year expected EPS | $7.66 | |||||||
| Operating profit per share | $10.36 | |||||||
| Sales per share | $79.40 | |||||||
| Book value per share (BVPS) | $63.59 | |||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | 25.41 | 36.59 | 22.08 | 27.67 | 27.36 | |||
| Price to next year expected earnings | 23.45 | 34.99 | 19.69 | 25.74 | 25.41 | |||
| Price-earnings-growth (PEG) | 3.04 | 8.03 | 1.81 | 3.70 | 3.57 | |||
| Price to operating profit (P/OP) | 17.34 | 21.15 | 13.03 | 17.63 | 17.64 | |||
| Price to sales (P/S) | 2.26 | 2.44 | 2.99 | 2.40 | 2.38 | |||
| Price to book value (P/BV) | 2.83 | 2.41 | 2.74 | 2.66 | 2.68 | |||
Based on: 10-K (reporting date: 2025-12-31).
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)
ExxonMobil Holdings Corp., historical price multiples
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).
The valuation multiples demonstrate a general trend of contraction in 2022 followed by a sustained expansion through 2025. A notable synchronization is observed across the earnings, operating profit, and sales multiples, all of which reached a period low in 2022 before climbing to their highest levels by the end of 2025. This suggests a significant increase in market valuation relative to the company's underlying financial performance during the latter half of the period.
- Price to Earnings (P/E)
- The P/E ratio experienced a sharp decline from 14.11 in 2021 to 8.01 in 2022. This was followed by a steady recovery over the next three years, returning to 2021 levels by 2024 (14.21) and expanding aggressively to 21.77 by December 31, 2025.
- Price to Operating Profit (P/OP)
- The P/OP ratio mirrored the trajectory of the P/E ratio, dropping from 9.86 in 2021 to a low of 5.65 in 2022. A consistent upward trend followed, with the ratio increasing to 7.62 in 2023, 9.57 in 2024, and peaking at 14.85 in 2025.
- Price to Sales (P/S)
- The P/S ratio showed relative stability between 2021 and 2022, moving from 1.17 to 1.12. From 2023 through 2025, the ratio entered a phase of continuous growth, rising to 1.24, 1.41, and finally reaching 1.94.
- Price to Book Value (P/BV)
- Unlike the profit-based multiples, the P/BV ratio peaked early in the period at 2.29 in 2022. It then underwent a two-year contraction, falling to 2.02 in 2023 and 1.81 in 2024, before rebounding sharply to a period high of 2.42 in 2025.
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Price to Earnings (P/E)
ExxonMobil Holdings Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,166,763,453 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | |
| Selected Financial Data (US$) | ||||||
| Net income attributable to ExxonMobil (in millions) | 28,844) | 33,680) | 36,010) | 55,740) | 23,040) | |
| Earnings per share (EPS)2 | 6.92 | 7.76 | 9.08 | 13.69 | 5.44 | |
| Share price1, 3 | 150.68 | 110.30 | 104.32 | 109.73 | 76.77 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 21.77 | 14.21 | 11.49 | 8.01 | 14.11 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | 30.07 | 15.64 | 13.42 | 8.71 | 16.81 | |
| ConocoPhillips | 16.65 | 13.41 | 11.92 | 7.07 | 14.66 | |
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 23.01 | 14.51 | 12.17 | 8.08 | 15.11 | |
| P/E Ratio, Industry | ||||||
| Energy | 22.93 | 14.41 | 12.48 | 8.54 | 15.67 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to ExxonMobil ÷ No. shares of common stock outstanding
= 28,844,000,000 ÷ 4,166,763,453 = 6.92
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 150.68 ÷ 6.92 = 21.77
5 Click competitor name to see calculations.
An analysis of the valuation metrics from 2021 to 2025 reveals a divergent trend between earnings performance and market valuation. While the share price has exhibited a general upward trajectory, particularly accelerating in the final year, earnings per share have experienced a consistent decline following a significant peak in 2022.
- Earnings Per Share (EPS) Trend
- EPS reached a peak of 13.69 US$ in 2022, more than doubling the 2021 value of 5.44 US$. However, a sustained downward trend followed, with earnings decreasing to 9.08 US$ in 2023, 7.76 US$ in 2024, and reaching a period low of 6.92 US$ by 2025.
- Share Price Movement
- The share price demonstrated resilience and growth despite falling earnings. After an initial increase from 76.77 US$ in 2021 to 109.73 US$ in 2022, the price remained relatively stable between 2023 and 2024. A substantial increase occurred in 2025, with the price rising to 150.68 US$, marking the highest valuation in the observed period.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio exhibits an inverse relationship with EPS trends. In 2022, the surge in earnings led to a compression of the multiple to 8.01, the lowest in the series. Conversely, the combination of declining earnings and a rising share price resulted in a steady expansion of the P/E ratio, which climbed to 11.49 in 2023, 14.21 in 2024, and peaked at 21.77 in 2025.
The expansion of the P/E ratio to 21.77 in 2025, coinciding with the lowest EPS since 2021, indicates a significant shift in market sentiment. The valuation suggests that the market is attributing a higher premium to the stock regardless of the contraction in current annual earnings.
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Price to Operating Profit (P/OP)
ExxonMobil Holdings Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,166,763,453 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | 42,271) | 49,990) | 54,346) | 79,033) | 32,967) | |
| Operating profit per share2 | 10.14 | 11.52 | 13.70 | 19.41 | 7.79 | |
| Share price1, 3 | 150.68 | 110.30 | 104.32 | 109.73 | 76.77 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 14.85 | 9.57 | 7.62 | 5.65 | 9.86 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | 17.38 | 9.76 | 9.48 | 6.12 | 11.40 | |
| ConocoPhillips | 9.82 | 8.50 | 7.61 | 4.57 | 8.66 | |
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 14.67 | 9.46 | 8.17 | 5.60 | 10.13 | |
| P/OP Ratio, Industry | ||||||
| Energy | 14.78 | 9.50 | 8.44 | 5.95 | 10.52 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 42,271,000,000 ÷ 4,166,763,453 = 10.14
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 150.68 ÷ 10.14 = 14.85
5 Click competitor name to see calculations.
The analysis of valuation multiples between 2021 and 2025 reveals a significant divergence between equity pricing and underlying operating profitability. While the share price exhibits a long-term upward trajectory, operating profit per share has experienced a consistent decline following a peak in 2022, resulting in a substantial expansion of the Price to operating profit (P/OP) ratio.
- Share Price Performance
- The share price demonstrates overall growth, rising from 76.77 US$ in 2021 to 150.68 US$ by the end of 2025. A period of relative stability occurred between 2022 and 2024, where the price fluctuated between 104.32 US$ and 110.30 US$, followed by a sharp appreciation of approximately 36% in the final year of the period.
- Operating Profit Trends
- Operating profit per share peaked in 2022 at 19.41 US$, representing a significant increase from 7.79 US$ in 2021. However, a sustained downward trend followed, with profit per share decreasing annually to 13.70 US$ in 2023, 11.52 US$ in 2024, and reaching a low of 10.14 US$ by 2025. This indicates a contraction in operating efficiency or a reduction in operational revenue relative to the number of outstanding shares.
- P/OP Ratio Dynamics
- The P/OP ratio exhibits high volatility, reflecting the shifting relationship between market valuation and actual earnings. In 2022, the ratio compressed to 5.65, as the surge in operating profit far outpaced the increase in share price. From 2023 onward, the ratio entered a steady climb, reaching 14.85 by 2025. This expansion is driven by the simultaneous occurrence of declining operating profits and a rising share price, suggesting that the market is pricing in future growth expectations or reflecting a higher valuation premium despite weakening current operational performance.
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Price to Sales (P/S)
ExxonMobil Holdings Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,166,763,453 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | |
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenue (in millions) | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) | |
| Sales per share2 | 77.74 | 78.18 | 84.35 | 97.93 | 65.36 | |
| Share price1, 3 | 150.68 | 110.30 | 104.32 | 109.73 | 76.77 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 1.94 | 1.41 | 1.24 | 1.12 | 1.17 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | 2.01 | 1.43 | 1.46 | 1.31 | 1.69 | |
| ConocoPhillips | 2.26 | 2.26 | 2.33 | 1.68 | 2.58 | |
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.99 | 1.50 | 1.41 | 1.24 | 1.48 | |
| P/S Ratio, Industry | ||||||
| Energy | 2.00 | 1.50 | 1.46 | 1.31 | 1.52 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Sales and other operating revenue ÷ No. shares of common stock outstanding
= 323,905,000,000 ÷ 4,166,763,453 = 77.74
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 150.68 ÷ 77.74 = 1.94
5 Click competitor name to see calculations.
A comprehensive review of valuation metrics from 2021 through 2025 reveals a divergence between revenue performance and market valuation. While revenue per share experienced significant volatility and a subsequent decline following a peak in 2022, the market valuation, as expressed through the share price, maintained a strong upward trajectory, resulting in a substantial expansion of the Price to Sales (P/S) multiple.
- Share Price Evolution
- The share price exhibited a consistent upward trend over the analyzed period, rising from 76.77 in 2021 to 150.68 by the end of 2025. A period of relative stability occurred between 2022 and 2024, with prices fluctuating between 104.32 and 110.30, followed by a sharp acceleration in 2025.
- Sales per Share Performance
- Revenue efficiency peaked in 2022 at 97.93 per share, a significant increase from 65.36 in 2021. However, a downward trend followed this peak, with sales per share decreasing to 84.35 in 2023, 78.18 in 2024, and further stabilizing at 77.74 in 2025.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio remained stable in the early part of the period, moving from 1.17 in 2021 to 1.12 in 2022. From 2023 onward, the ratio entered a phase of steady expansion, rising to 1.24 and 1.41 in 2023 and 2024 respectively, before jumping to 1.94 in 2025. This expansion indicates that the market attributed a higher valuation premium to each dollar of revenue despite the declining trend in sales per share since 2022.
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Price to Book Value (P/BV)
ExxonMobil Holdings Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,166,763,453 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | |
| Selected Financial Data (US$) | ||||||
| Total ExxonMobil share of equity (in millions) | 259,386) | 263,705) | 204,802) | 195,049) | 168,577) | |
| Book value per share (BVPS)2 | 62.25 | 60.77 | 51.62 | 47.91 | 39.82 | |
| Share price1, 3 | 150.68 | 110.30 | 104.32 | 109.73 | 76.77 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 2.42 | 1.81 | 2.02 | 2.29 | 1.93 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.98 | 1.81 | 1.78 | 1.94 | 1.89 | |
| ConocoPhillips | 2.06 | 1.91 | 2.65 | 2.75 | 2.61 | |
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 2.22 | 1.83 | 2.00 | 2.21 | 2.00 | |
| P/BV Ratio, Industry | ||||||
| Energy | 2.24 | 1.87 | 2.08 | 2.30 | 2.07 | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total ExxonMobil share of equity ÷ No. shares of common stock outstanding
= 259,386,000,000 ÷ 4,166,763,453 = 62.25
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 150.68 ÷ 62.25 = 2.42
5 Click competitor name to see calculations.
The analysis of the company's price multiples from 2021 through 2025 reveals a general expansion in both market valuation and book value, characterized by a steady growth in intrinsic value and a volatile but ultimately increasing market premium.
- Share Price Evolution
- A significant upward trajectory in the share price is observed over the five-year period, rising from 76.77 US$ in 2021 to 150.68 US$ by 2025. The most substantial growth occurred between 2021 and 2022, followed by a phase of consolidation between 2023 and 2024, and concluding with a sharp increase in 2025.
- Book Value Per Share (BVPS) Trends
- The Book Value Per Share exhibited consistent, uninterrupted growth, increasing from 39.82 US$ in 2021 to 62.25 US$ in 2025. This linear progression indicates a steady accumulation of net assets, suggesting a consistent strengthening of the equity base relative to the number of shares outstanding.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio demonstrated a non-linear pattern, fluctuating between a minimum of 1.81 in 2024 and a maximum of 2.42 in 2025. After an initial increase to 2.29 in 2022, the ratio experienced a downward trend through 2024, implying that the growth in book value temporarily outpaced the growth in market price. This trend reversed sharply in 2025, resulting in the highest valuation multiple of the period, which indicates a significant expansion in the market's valuation of the company's assets.
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