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
Hess Corp., current price multiples
| Hess Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Marathon Petroleum Corp. | Occidental Petroleum Corp. | Valero Energy Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||
| Current share price (P) | $147.76 | |||||||||||
| No. shares of common stock outstanding | 307,151,680 | |||||||||||
| Growth rate (g) | -6.24% | |||||||||||
| Earnings per share (EPS) | $6.82 | |||||||||||
| Next year expected EPS | $6.40 | |||||||||||
| Operating profit per share | $13.15 | |||||||||||
| Sales per share | $36.87 | |||||||||||
| Book value per share (BVPS) | $25.57 | |||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||
| Price to earnings (P/E) | 21.65 | 14.06 | 12.99 | 13.10 | 6.54 | 14.90 | 6.15 | 7.33 | 7.62 | |||
| Price to next year expected earnings | 23.09 | 14.20 | 11.81 | 12.67 | 6.05 | 16.04 | 5.85 | 7.18 | 7.58 | |||
| Price to operating profit (P/OP) | 11.24 | 9.93 | 8.29 | 8.68 | 4.36 | 8.22 | 4.58 | 5.19 | 5.42 | |||
| Price to sales (P/S) | 4.01 | 1.53 | 2.54 | 1.41 | 0.43 | 1.99 | 0.38 | 0.99 | 1.02 | |||
| Price to book value (P/BV) | 5.78 | 1.87 | 2.89 | 2.30 | 2.59 | 1.86 | 2.06 | 2.25 | 2.31 | |||
Based on: 10-K (reporting date: 2022-12-31).
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)
Hess Corp., historical price multiples
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).
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Hess Corp. P/S ratio decreased from 2020 to 2021 and from 2021 to 2022. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Hess Corp. P/BV ratio increased from 2020 to 2021 and from 2021 to 2022. |
Price to Earnings (P/E)
Hess Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 306,180,424 | 309,745,523 | 306,986,553 | 305,214,587 | 303,034,262 | |
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to Hess Corporation common stockholders (in millions) | 2,096) | 559) | (3,093) | (412) | (328) | |
| Earnings per share (EPS)2 | 6.85 | 1.80 | -10.08 | -1.35 | -1.08 | |
| Share price1, 3 | 138.95 | 101.40 | 65.53 | 64.72 | 57.68 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 20.30 | 56.19 | — | — | — | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | 8.71 | 16.81 | — | 70.06 | — | |
| ConocoPhillips | 7.07 | 14.66 | — | 8.77 | — | |
| Exxon Mobil Corp. | 8.01 | 14.11 | — | 15.64 | — | |
| Marathon Petroleum Corp. | 3.85 | 4.32 | — | 11.68 | — | |
| Occidental Petroleum Corp. | 4.24 | 23.89 | — | — | — | |
| Valero Energy Corp. | 4.26 | 37.78 | — | 12.12 | — | |
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 7.04 | 13.91 | — | 20.39 | — | |
| P/E Ratio, Industry | ||||||
| Energy | 7.41 | 14.40 | — | 34.39 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
EPS = Net income (loss) attributable to Hess Corporation common stockholders ÷ No. shares of common stock outstanding
= 2,096,000,000 ÷ 306,180,424 = 6.85
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= 138.95 ÷ 6.85 = 20.30
5 Click competitor name to see calculations.
Price to Operating Profit (P/OP)
Hess Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 306,180,424 | 309,745,523 | 306,986,553 | 305,214,587 | 303,034,262 | |
| Selected Financial Data (US$) | ||||||
| Income (loss) before interest and income taxes (in millions) | 4,039) | 1,971) | (2,382) | 601) | 672) | |
| Operating profit per share2 | 13.19 | 6.36 | -7.76 | 1.97 | 2.22 | |
| Share price1, 3 | 138.95 | 101.40 | 65.53 | 64.72 | 57.68 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 10.53 | 15.94 | — | 32.87 | 26.01 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | 6.12 | 11.40 | — | 30.35 | — | |
| ConocoPhillips | 4.57 | 8.66 | — | 6.04 | — | |
| Exxon Mobil Corp. | 5.65 | 9.86 | — | 10.14 | — | |
| Marathon Petroleum Corp. | 2.60 | 9.79 | — | 5.52 | — | |
| Occidental Petroleum Corp. | 3.78 | 7.96 | — | 45.37 | — | |
| Valero Energy Corp. | 3.13 | 16.50 | — | 7.65 | — | |
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 4.99 | 10.16 | — | 11.78 | — | |
| P/OP Ratio, Industry | ||||||
| Energy | 5.27 | 10.49 | — | 16.13 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Operating profit per share = Income (loss) before interest and income taxes ÷ No. shares of common stock outstanding
= 4,039,000,000 ÷ 306,180,424 = 13.19
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 138.95 ÷ 13.19 = 10.53
5 Click competitor name to see calculations.
Price to Sales (P/S)
Hess Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 306,180,424 | 309,745,523 | 306,986,553 | 305,214,587 | 303,034,262 | |
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenues (in millions) | 11,324) | 7,473) | 4,667) | 6,495) | 6,323) | |
| Sales per share2 | 36.98 | 24.13 | 15.20 | 21.28 | 20.87 | |
| Share price1, 3 | 138.95 | 101.40 | 65.53 | 64.72 | 57.68 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 3.76 | 4.20 | 4.31 | 3.04 | 2.76 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.31 | 1.69 | 2.09 | 1.46 | — | |
| ConocoPhillips | 1.68 | 2.58 | 3.52 | 1.94 | — | |
| Exxon Mobil Corp. | 1.12 | 1.17 | 1.34 | 0.88 | — | |
| Marathon Petroleum Corp. | 0.32 | 0.35 | 0.51 | 0.25 | — | |
| Occidental Petroleum Corp. | 1.45 | 1.40 | 1.39 | 1.44 | — | |
| Valero Energy Corp. | 0.28 | 0.31 | 0.48 | 0.27 | — | |
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.95 | 1.11 | 1.34 | 0.85 | — | |
| P/S Ratio, Industry | ||||||
| Energy | 0.99 | 1.15 | 1.34 | 0.89 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= 11,324,000,000 ÷ 306,180,424 = 36.98
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= 138.95 ÷ 36.98 = 3.76
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Hess Corp. P/S ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Price to Book Value (P/BV)
Hess Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 306,180,424 | 309,745,523 | 306,986,553 | 305,214,587 | 303,034,262 | |
| Selected Financial Data (US$) | ||||||
| Total Hess Corporation stockholders’ equity (in millions) | 7,855) | 6,300) | 5,366) | 8,732) | 9,629) | |
| Book value per share (BVPS)2 | 25.65 | 20.34 | 17.48 | 28.61 | 31.78 | |
| Share price1, 3 | 138.95 | 101.40 | 65.53 | 64.72 | 57.68 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 5.42 | 4.99 | 3.75 | 2.26 | 1.82 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.94 | 1.89 | 1.50 | 1.42 | — | |
| ConocoPhillips | 2.75 | 2.61 | 2.22 | 1.80 | — | |
| Exxon Mobil Corp. | 2.29 | 1.93 | 1.53 | 1.17 | — | |
| Marathon Petroleum Corp. | 2.02 | 1.61 | 1.60 | 0.91 | — | |
| Occidental Petroleum Corp. | 1.76 | 1.79 | 1.33 | 0.86 | — | |
| Valero Energy Corp. | 2.09 | 1.91 | 1.65 | 1.35 | — | |
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 2.16 | 1.96 | 1.57 | 1.26 | — | |
| P/BV Ratio, Industry | ||||||
| Energy | 2.24 | 2.02 | 1.60 | 1.31 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
BVPS = Total Hess Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 7,855,000,000 ÷ 306,180,424 = 25.65
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= 138.95 ÷ 25.65 = 5.42
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Hess Corp. P/BV ratio increased from 2020 to 2021 and from 2021 to 2022. |