Price to Sales (P/S)
since 2005
Calculation
Hess Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales and other operating revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2023 | 3.76 | = | 138.95 | ÷ | 36.98 | 36.98 | = | 11,324 | ÷ | 306,180,424 | |
| Mar 1, 2022 | 4.20 | = | 101.40 | ÷ | 24.13 | 24.13 | = | 7,473 | ÷ | 309,745,523 | |
| Mar 1, 2021 | 4.31 | = | 65.53 | ÷ | 15.20 | 15.20 | = | 4,667 | ÷ | 306,986,553 | |
| Feb 20, 2020 | 3.04 | = | 64.72 | ÷ | 21.28 | 21.28 | = | 6,495 | ÷ | 305,214,587 | |
| Feb 21, 2019 | 2.76 | = | 57.68 | ÷ | 20.87 | 20.87 | = | 6,323 | ÷ | 303,034,262 | |
| Feb 21, 2018 | 2.61 | = | 45.23 | ÷ | 17.35 | 17.35 | = | 5,466 | ÷ | 315,053,615 | |
| Feb 23, 2017 | 3.49 | = | 52.52 | ÷ | 15.04 | 15.04 | = | 4,762 | ÷ | 316,523,200 | |
| Feb 26, 2016 | 2.05 | = | 43.07 | ÷ | 21.05 | 21.05 | = | 6,636 | ÷ | 315,240,299 | |
| Feb 27, 2015 | 2.00 | = | 75.08 | ÷ | 37.56 | 37.56 | = | 10,737 | ÷ | 285,834,964 | |
| Feb 28, 2014 | 1.17 | = | 80.03 | ÷ | 68.50 | 68.50 | = | 22,284 | ÷ | 325,314,177 | |
| Feb 28, 2013 | 0.60 | = | 66.50 | ÷ | 110.36 | 110.36 | = | 37,691 | ÷ | 341,527,617 | |
| Feb 27, 2012 | 0.59 | = | 67.00 | ÷ | 113.14 | 113.14 | = | 38,466 | ÷ | 339,975,610 | |
| Feb 25, 2011 | 0.85 | = | 84.80 | ÷ | 100.28 | 100.28 | = | 33,862 | ÷ | 337,680,780 | |
| Feb 26, 2010 | 0.65 | = | 58.80 | ÷ | 90.50 | 90.50 | = | 29,614 | ÷ | 327,229,488 | |
| Feb 27, 2009 | 0.43 | = | 54.69 | ÷ | 126.22 | 126.22 | = | 41,165 | ÷ | 326,132,740 | |
| Feb 27, 2008 | 0.97 | = | 95.49 | ÷ | 98.71 | 98.71 | = | 31,647 | ÷ | 320,599,585 | |
| Mar 1, 2007 | 0.60 | = | 53.19 | ÷ | 89.10 | 89.10 | = | 28,067 | ÷ | 315,017,951 | |
| Mar 9, 2006 | 0.56 | = | 45.48 | ÷ | 81.47 | 81.47 | = | 22,747 | ÷ | 279,196,857 |
Based on: 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 Hess Corp. Annual Report.
The Price-to-Sales (P/S) ratio exhibits a distinct two-phase trajectory over the analyzed period, transitioning from a low-valuation regime to a significantly expanded multiple.
- Early Valuation Phase (2006–2013)
- During this period, the P/S ratio remained consistently below 1.0, fluctuating between a minimum of 0.43 and a peak of 0.97. This phase was characterized by relatively high sales per share, which reached a peak of 126.22 USD in 2009, indicating that the market valuation was closely aligned with, or discounted relative to, the volume of revenue generated.
- Transition and Multiple Expansion (2014–2016)
- A structural shift occurred starting in 2014, as the P/S ratio broke the 1.0 threshold and rose to 2.05 by 2016. This expansion coincided with a sharp decline in sales per share, which fell from 68.50 USD in 2014 to 21.05 USD in 2016, suggesting that the share price did not depreciate in direct proportion to the contraction in revenue.
- High-Valuation Regime (2017–2023)
- The P/S ratio entered a sustained elevated range, remaining above 2.6 throughout this period and peaking at 4.31 in 2021. While sales per share remained subdued compared to the 2006–2013 era—reaching 36.98 USD by 2023—the share price experienced a substantial recovery, climbing to a period high of 138.95 USD. This divergence indicates a significant market re-rating, where the company is valued at a much higher multiple of its sales than in previous decades.
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Comparison to Competitors
Hess Corp., P/S, long-term trends, comparison to competitors
| Hess Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 24, 2023 | 3.76 | 1.31 | 1.68 | 1.12 |
| Mar 1, 2022 | 4.20 | 1.69 | 2.58 | 1.17 |
| Mar 1, 2021 | 4.31 | 2.09 | 3.52 | 1.34 |
| Feb 20, 2020 | 3.04 | 1.46 | 1.94 | 0.88 |
| Feb 21, 2019 | 2.76 | 1.43 | 2.16 | 1.20 |
| Feb 21, 2018 | 2.61 | 1.56 | 2.21 | 1.35 |
| Feb 23, 2017 | 3.49 | 1.91 | 2.51 | 1.54 |
| Feb 26, 2016 | 2.05 | 1.24 | 1.38 | 1.30 |
| Feb 27, 2015 | 2.00 | 1.02 | 1.57 | 0.95 |
| Feb 28, 2014 | 1.17 | 0.98 | 1.50 | 0.98 |
| Feb 28, 2013 | 0.60 | 0.98 | 1.23 | 0.89 |
| Feb 27, 2012 | 0.59 | 0.88 | 0.39 | 0.88 |
| Feb 25, 2011 | 0.85 | 1.03 | 0.59 | 1.14 |
| Feb 26, 2010 | 0.65 | 0.87 | 0.48 | 1.02 |
| Feb 27, 2009 | 0.43 | 0.48 | 0.24 | 0.73 |
| Feb 27, 2008 | 0.97 | 0.86 | 0.67 | 1.23 |
| Mar 1, 2007 | 0.60 | 0.72 | 0.60 | 1.12 |
| Mar 9, 2006 | 0.56 | 0.66 | 0.48 | 1.01 |
Based on: 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)
Hess Corp., P/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Hess Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 24, 2023 | 3.76 | 1.24 |
| Mar 1, 2022 | 4.20 | 1.48 |
| Mar 1, 2021 | 4.31 | 1.72 |
| Feb 20, 2020 | 3.04 | 1.15 |
| Feb 21, 2019 | 2.76 | 1.35 |
| Feb 21, 2018 | 2.61 | 1.48 |
| Feb 23, 2017 | 3.49 | 1.72 |
| Feb 26, 2016 | 2.05 | 1.29 |
| Feb 27, 2015 | 2.00 | 1.02 |
| Feb 28, 2014 | 1.17 | 1.02 |
| Feb 28, 2013 | 0.60 | 0.94 |
| Feb 27, 2012 | 0.59 | 0.75 |
| Feb 25, 2011 | 0.85 | 0.98 |
| Feb 26, 2010 | 0.65 | 0.85 |
| Feb 27, 2009 | 0.43 | 0.54 |
| Feb 27, 2008 | 0.97 | 1.00 |
| Mar 1, 2007 | 0.60 | 0.88 |
| Mar 9, 2006 | 0.56 | 0.79 |
Based on: 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)
Hess Corp., P/S, long-term trends, comparison to industry (energy)
| Hess Corp. | Energy | |
|---|---|---|
| Feb 24, 2023 | 3.76 | 1.31 |
| Mar 1, 2022 | 4.20 | 1.52 |
| Mar 1, 2021 | 4.31 | 1.69 |
| Feb 20, 2020 | 3.04 | 1.18 |
| Feb 21, 2019 | 2.76 | 1.38 |
| Feb 21, 2018 | 2.61 | 1.63 |
| Feb 23, 2017 | 3.49 | 1.90 |
| Feb 26, 2016 | 2.05 | 1.37 |
| Feb 27, 2015 | 2.00 | 1.10 |
| Feb 28, 2014 | 1.17 | 1.11 |
| Feb 28, 2013 | 0.60 | 1.02 |
| Feb 27, 2012 | 0.59 | 0.83 |
| Feb 25, 2011 | 0.85 | 1.10 |
| Feb 26, 2010 | 0.65 | 0.93 |
| Feb 27, 2009 | 0.43 | 0.57 |
| Feb 27, 2008 | 0.97 | 1.09 |
| Mar 1, 2007 | 0.60 | 0.96 |
| Mar 9, 2006 | 0.56 | 0.86 |
Based on: 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).