Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
ExxonMobil Holdings Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation metrics demonstrate a distinct cyclical pattern characterized by an initial compression of multiples followed by a significant expansion phase. From early 2022 through early 2023, there was a notable decline in earnings-based multiples, which subsequently reversed into a strong upward trend peaking in early 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios exhibit a highly correlated trajectory. The P/E ratio decreased from 14.98 in March 2022 to a period low of 7.58 in March 2023, while the P/OP ratio fell from 10.28 to 5.28 over the same timeframe. Following this trough, a sustained expansion occurred, with the P/E ratio reaching a peak of 25.17 and the P/OP ratio peaking at 16.91 by March 2026. A moderate correction is observed in the final two quarters of the analysis period, with the P/E ratio settling at 18.04 by September 2026.
- Price to Sales (P/S)
- The P/S ratio remained relatively stable between 1.08 and 1.53 from March 2022 through September 2024. A more pronounced increase began in 2025, with the ratio climbing to 1.94 in December 2025 and peaking at 1.95 in March 2026. The ratio concluded the period at 1.89, indicating a general increase in the market's valuation of revenue generation compared to the start of the period.
- Price to Book Value (P/BV)
- The P/BV ratio showed moderate volatility in the first two years, fluctuating between 2.02 and 2.43. A downward trend emerged in 2024, reaching a low of 1.69 in March 2024. This was followed by a consistent recovery and expansion, with the ratio accelerating upward from 2025 to reach its highest point of 2.76 by September 2026.
Overall, the data indicates a significant shift in valuation sentiment. The period between March 2022 and March 2023 was marked by valuation contraction, whereas the period from 2024 to early 2026 saw a substantial expansion across all measured ratios, suggesting increased market optimism or a fundamental shift in the perceived value of the company's assets and earnings potential.
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Price to Earnings (P/E)
ExxonMobil Holdings Corp., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,079,222,444 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to ExxonMobil (in millions) | 15,413) | 14,525) | 4,183) | 6,501) | 7,548) | 7,082) | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | ||||||
| Earnings per share (EPS)2 | 9.96 | 7.97 | 6.11 | 6.92 | 7.10 | 7.27 | 7.70 | 7.76 | 7.67 | 7.69 | 8.32 | 9.08 | 9.62 | 12.17 | 14.52 | 12.96 | 12.59 | 9.35 | 6.12 | ||||||
| Share price1, 3 | 179.67 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 18.04 | 19.46 | 25.17 | 21.77 | 16.02 | 14.76 | 13.42 | 14.21 | 15.47 | 14.93 | 14.38 | 11.49 | 11.00 | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | — | 18.16 | 33.02 | 30.07 | 24.12 | 19.30 | 15.28 | 15.64 | 16.89 | 13.91 | 14.63 | 13.42 | 11.03 | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | ||||||
| ConocoPhillips | — | 15.11 | 20.93 | 16.65 | 11.96 | 12.59 | 11.75 | 13.41 | 12.68 | 11.78 | 13.50 | 11.92 | 12.94 | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income attributable to ExxonMobilQ3 2026
+ Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025)
÷ No. shares of common stock outstanding
= (15,413,000,000 + 14,525,000,000 + 4,183,000,000 + 6,501,000,000)
÷ 4,079,222,444 = 9.96
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 179.67 ÷ 9.96 = 18.04
5 Click competitor name to see calculations.
The analysis of the period from March 2022 through September 2026 reveals a complex relationship between share price, earnings per share (EPS), and valuation multiples. The trajectory is marked by an initial phase of earnings growth followed by a significant valuation expansion despite a mid-period contraction in earnings.
- Share Price Trajectory
- The share price remained relatively stable with moderate fluctuations between March 2022 and December 2024, trading within a range of approximately 91.02 to 119.64. A pronounced bullish trend emerged starting in 2025, with the price ascending from 103.27 in March 2025 to a period high of 179.67 by September 2026.
- Earnings per Share (EPS) Performance
- EPS showed a sharp increase in the early stages of the period, rising from 6.12 in March 2022 to a peak of 14.52 in March 2023. Following this peak, a consistent downward trend was observed, with earnings declining to a low of 6.11 by March 2026. A recovery trend materialized in the final two quarters of the analysis, with EPS climbing back to 9.96 by September 2026.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio exhibited an inverse relationship with earnings during the 2022 to early 2023 window, contracting from 14.98 to 7.58 as earnings grew rapidly. Subsequently, the ratio entered a phase of significant expansion, peaking at 25.17 in March 2026. This indicates that the market increased the valuation premium of the stock even as EPS declined. The ratio moderated to 18.04 by September 2026, as the recovery in earnings began to align more closely with the elevated share price.
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Price to Operating Profit (P/OP)
ExxonMobil Holdings Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,079,222,444 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | 21,399) | 19,683) | 7,324) | 8,272) | 11,141) | 10,940) | 11,918) | 10,141) | 13,266) | 13,970) | 12,613) | 11,114) | 14,034) | 12,069) | 17,129) | 16,149) | 25,785) | 25,247) | 8,852) | ||||||
| Operating profit per share2 | 13.89 | 11.29 | 9.09 | 10.14 | 10.47 | 10.85 | 11.44 | 11.52 | 11.60 | 11.64 | 12.64 | 13.70 | 14.98 | 17.77 | 20.85 | 18.68 | 17.47 | 13.46 | 8.92 | ||||||
| Share price1, 3 | 179.67 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 12.93 | 13.74 | 16.91 | 14.85 | 10.87 | 9.89 | 9.03 | 9.57 | 10.23 | 9.86 | 9.47 | 7.62 | 7.06 | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | — | 11.55 | 18.41 | 17.38 | 13.70 | 11.35 | 9.20 | 9.76 | 10.99 | 9.34 | 10.35 | 9.48 | 7.68 | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | ||||||
| ConocoPhillips | — | 9.11 | 12.36 | 9.82 | 7.33 | 7.88 | 7.33 | 8.50 | 7.96 | 7.49 | 8.70 | 7.61 | 8.04 | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= (21,399,000,000 + 19,683,000,000 + 7,324,000,000 + 8,272,000,000)
÷ 4,079,222,444 = 13.89
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 179.67 ÷ 13.89 = 12.93
5 Click competitor name to see calculations.
The analysis of the valuation metrics reveals a cyclical relationship between market pricing and operating performance, characterized by a period of valuation compression followed by an aggressive expansion in the Price to Operating Profit (P/OP) ratio.
- Valuation Compression Phase (March 2022 – March 2023)
- A significant downward trend in the P/OP ratio is observed, falling from 10.28 to a period low of 5.28. This contraction was driven by a rapid escalation in operating profit per share, which surged from 8.92 to a peak of 20.85. During this phase, operating profit growth substantially outpaced the increase in share price, leading to a more favorable valuation relative to earnings.
- Normalization and Steady Ascent (June 2023 – December 2024)
- The P/OP ratio entered a recovery phase, climbing from 6.00 to 9.03 by the end of 2024. This trend was primarily influenced by a gradual decline in operating profit per share, which retreated from its 20.85 peak to 11.52 by December 2024. The market maintained share prices in a relatively stable range between 104.32 and 119.64, causing the ratio to rise as the profit denominator diminished.
- Aggressive Valuation Expansion (March 2025 – September 2026)
- A sharp increase in the P/OP ratio is evident starting in 2025, reaching a peak of 16.91 in March 2026. This spike is attributed to a substantial decoupling of share price from operating performance; while the share price accelerated from 103.27 in March 2025 to 179.67 by September 2026, operating profits remained relatively suppressed, dipping to 9.09 in early 2026 before recovering to 13.89.
- Late-Period Stabilization (June 2026 – September 2026)
- The final observed period shows a moderation of the P/OP ratio, declining from 16.91 to 12.93. This correction occurred as operating profit per share grew more rapidly (from 9.09 to 13.89) than the share price during the final two quarters, partially offsetting the previous valuation surge.
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Price to Sales (P/S)
ExxonMobil Holdings Corp., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,079,222,444 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Sales and other operating revenue (in millions) | 110,503) | 114,529) | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Sales per share2 | 95.17 | 87.81 | 78.65 | 77.74 | 77.05 | 77.26 | 78.87 | 78.18 | 77.33 | 76.68 | 84.06 | 84.35 | 87.35 | 90.96 | 97.60 | 97.93 | 93.93 | 84.51 | 72.85 | ||||||
| Share price1, 3 | 179.67 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 1.89 | 1.77 | 1.95 | 1.94 | 1.48 | 1.39 | 1.31 | 1.41 | 1.53 | 1.50 | 1.42 | 1.24 | 1.21 | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | — | 1.79 | 1.96 | 2.01 | 1.65 | 1.41 | 1.24 | 1.43 | 1.45 | 1.32 | 1.53 | 1.46 | 1.39 | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | ||||||
| ConocoPhillips | — | 2.21 | 2.63 | 2.26 | 1.77 | 2.00 | 1.95 | 2.26 | 2.28 | 2.23 | 2.59 | 2.33 | 2.42 | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Sales and other operating revenueQ3 2026
+ Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025)
÷ No. shares of common stock outstanding
= (110,503,000,000 + 114,529,000,000 + 83,161,000,000 + 80,039,000,000)
÷ 4,079,222,444 = 95.17
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 179.67 ÷ 95.17 = 1.89
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits a long-term upward trajectory, expanding from a low of 1.08 in mid-2022 to a peak of 1.95 by early 2026. This trend indicates a significant increase in market valuation relative to the revenue generated per share over the analyzed period.
- Share Price Dynamics
- The share price demonstrated sustained growth, rising from 91.70 in March 2022 to 179.67 by September 2026. A critical inflection point occurred between September 2025 and December 2025, where the price surged from 113.76 to 150.68, serving as the primary driver for the sharp increase in the valuation multiple during the latter half of the period.
- Revenue Performance
- Sales per share followed a non-linear pattern, reaching an initial peak of 97.93 in December 2022. This was followed by a gradual decline and a period of relative stagnation between 76.68 and 78.87 throughout 2024 and 2025. A recovery in revenue performance is observed in 2026, with sales per share climbing back to 95.17 by the third quarter.
- Valuation Ratio Interpretation
- The P/S ratio remained relatively stable and compressed between 1.08 and 1.24 from June 2022 through December 2023. A divergence began to emerge in 2024; as sales per share softened, the share price continued to rise, pushing the ratio above 1.40. The most pronounced valuation expansion occurred in late 2025 and early 2026, where the ratio reached its maximum levels, suggesting that the market began attributing a higher premium to each dollar of sales.
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Price to Book Value (P/BV)
ExxonMobil Holdings Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,079,222,444 | 4,111,911,960 | 4,144,947,162 | 4,166,763,453 | 4,217,165,614 | 4,263,247,021 | 4,309,638,821 | 4,339,143,313 | 4,395,094,536 | 4,442,826,580 | 3,943,006,866 | 3,967,844,307 | 3,962,917,886 | 4,003,192,787 | 4,042,984,946 | 4,070,984,988 | 4,118,293,421 | 4,167,636,295 | 4,212,543,236 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total ExxonMobil share of equity (in millions) | 265,789) | 259,380) | 254,381) | 259,386) | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | ||||||
| Book value per share (BVPS)2 | 65.16 | 63.08 | 61.37 | 62.25 | 61.79 | 61.59 | 60.96 | 60.77 | 61.11 | 60.41 | 52.05 | 51.62 | 50.39 | 49.72 | 49.14 | 47.91 | 45.19 | 42.55 | 40.17 | ||||||
| Share price1, 3 | 179.67 | 155.06 | 153.69 | 150.68 | 113.76 | 107.37 | 103.27 | 110.30 | 118.61 | 114.77 | 119.64 | 104.32 | 105.85 | 106.62 | 110.10 | 109.73 | 109.61 | 91.02 | 91.70 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 2.76 | 2.46 | 2.50 | 2.42 | 1.84 | 1.74 | 1.69 | 1.81 | 1.94 | 1.90 | 2.30 | 2.02 | 2.10 | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | — | 1.97 | 1.98 | 1.98 | 1.62 | 1.81 | 1.60 | 1.81 | 1.80 | 1.64 | 1.85 | 1.78 | 1.70 | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | ||||||
| ConocoPhillips | — | 2.15 | 2.37 | 2.06 | 1.63 | 1.76 | 1.72 | 1.91 | 2.53 | 2.53 | 2.90 | 2.65 | 3.03 | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Total ExxonMobil share of equity ÷ No. shares of common stock outstanding
= 265,789,000,000 ÷ 4,079,222,444 = 65.16
3 Closing price as at the filing date of ExxonMobil Holdings Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 179.67 ÷ 65.16 = 2.76
5 Click competitor name to see calculations.
The analysis reveals a period of sustained growth in the underlying book value per share, contrasted by fluctuating market valuation multiples. While the book value per share maintained a consistent upward trajectory throughout the observed period, the Price to Book Value (P/BV) ratio experienced a distinct cycle of contraction followed by significant expansion.
- Book Value Per Share (BVPS) Progression
- The book value per share exhibited steady and uninterrupted growth, increasing from 40.17 USD in March 2022 to 65.16 USD by September 2026. This consistent rise indicates a steady accumulation of net assets on a per-share basis over the duration of the reporting period.
- P/BV Ratio Contraction Phase
- A period of valuation compression is observed between March 2024 and March 2025, during which the P/BV ratio declined from 2.30 to a period low of 1.69. This contraction occurred despite the continued growth of the book value, suggesting that the market price failed to keep pace with the increase in the company's accounting value during this interval.
- Market Valuation Expansion Phase
- Beginning in June 2025, a sharp upward trend in the P/BV ratio emerged, culminating in a peak of 2.76 by September 2026. This expansion was primarily driven by a substantial surge in the share price, which rose from 107.37 USD in June 2025 to 179.67 USD in September 2026. The rate of price appreciation significantly outpaced the incremental growth in book value, leading to a higher valuation multiple.
- Overall Valuation Correlation
- The relationship between share price and book value shifted from a period of relative stability (2022-2023) to a period of undervaluation relative to historical norms (early 2025), and finally to a period of premium valuation (late 2025-2026). The final P/BV ratio of 2.76 represents the highest valuation multiple in the analyzed period, reflecting increased market confidence or higher expectations of future earnings relative to the current asset base.
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