Price to Book Value (P/BV)
since 2005
Calculation
Marathon Oil Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2022 | 1.50 | = | 21.89 | ÷ | 14.62 | 14.62 | = | 10,686 | ÷ | 730,765,163 | |
| Feb 23, 2021 | 0.83 | = | 11.16 | ÷ | 13.38 | 13.38 | = | 10,561 | ÷ | 789,075,988 | |
| Feb 20, 2020 | 0.67 | = | 10.25 | ÷ | 15.27 | 15.27 | = | 12,153 | ÷ | 795,849,999 | |
| Feb 21, 2019 | 1.13 | = | 16.68 | ÷ | 14.82 | 14.82 | = | 12,128 | ÷ | 818,504,459 | |
| Feb 22, 2018 | 1.10 | = | 15.18 | ÷ | 13.78 | 13.78 | = | 11,708 | ÷ | 849,755,866 | |
| Feb 24, 2017 | 0.76 | = | 15.73 | ÷ | 20.70 | 20.70 | = | 17,541 | ÷ | 847,201,196 | |
| Feb 25, 2016 | 0.27 | = | 7.39 | ÷ | 27.41 | 27.41 | = | 18,553 | ÷ | 676,886,641 | |
| Mar 2, 2015 | 0.89 | = | 27.67 | ÷ | 31.14 | 31.14 | = | 21,020 | ÷ | 674,944,619 | |
| Feb 28, 2014 | 1.21 | = | 33.50 | ÷ | 27.76 | 27.76 | = | 19,344 | ÷ | 696,944,638 | |
| Feb 22, 2013 | 1.34 | = | 34.71 | ÷ | 25.83 | 25.83 | = | 18,283 | ÷ | 707,709,281 | |
| Feb 29, 2012 | 1.39 | = | 33.89 | ÷ | 24.37 | 24.37 | = | 17,152 | ÷ | 703,925,642 | |
| Feb 28, 2011 | 1.48 | = | 49.60 | ÷ | 33.47 | 33.47 | = | 23,771 | ÷ | 710,280,842 | |
| Feb 26, 2010 | 0.94 | = | 28.95 | ÷ | 30.95 | 30.95 | = | 21,910 | ÷ | 707,926,768 | |
| Feb 27, 2009 | 0.77 | = | 23.27 | ÷ | 30.26 | 30.26 | = | 21,409 | ÷ | 707,524,845 | |
| Feb 29, 2008 | 1.96 | = | 53.16 | ÷ | 27.11 | 27.11 | = | 19,223 | ÷ | 708,970,468 | |
| Mar 1, 2007 | 2.16 | = | 45.57 | ÷ | 21.12 | 21.12 | = | 14,607 | ÷ | 691,725,904 | |
| Mar 6, 2006 | 2.19 | = | 34.89 | ÷ | 15.96 | 15.96 | = | 11,705 | ÷ | 733,617,340 |
Based on: 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 Marathon Oil Corp. Annual Report.
The Price to Book Value (P/BV) ratio for the period between 2006 and 2022 exhibits significant volatility, reflecting the cyclical nature of the equity valuation and the underlying book value of assets. The ratio has transitioned through several distinct phases: an initial period of high valuation, a series of sharp contractions, and a recent recovery phase.
- High Valuation Phase (2006–2008)
- During this period, the P/BV ratio remained consistently high, peaking at 2.19 in 2006. The market valued the company at more than double its book value, supported by a share price that rose from 34.89 USD in 2006 to a peak of 53.16 USD in 2008.
- First Major Contraction and Recovery (2009–2011)
- A sharp decline is observed in 2009, where the P/BV ratio fell to 0.77, indicating the company was trading below its book value. This was driven by a substantial drop in share price to 23.27 USD. A subsequent recovery occurred by 2011, with the P/BV ratio climbing back to 1.48 as the share price reached 49.60 USD.
- Gradual Erosion and Critical Low (2012–2016)
- From 2012 to 2015, a steady downward trend in the P/BV ratio is evident, moving from 1.39 to 0.89. This trend culminated in a severe contraction in 2016, where the P/BV ratio reached its lowest point in the series at 0.27. This collapse coincided with a significant drop in share price to 7.39 USD, suggesting a period of extreme market devaluation relative to the company's assets.
- Stabilization and Recent Upturn (2017–2022)
- Following the 2016 low, the P/BV ratio entered a period of stabilization, fluctuating between 0.67 and 1.13 from 2017 through 2021. A notable recovery is observed in 2022, with the P/BV ratio rising to 1.50. This increase is attributed to a recovery in the share price to 21.89 USD, while the book value per share remained relatively stable at 14.62 USD.
Over the long term, the book value per share peaked in 2011 at 33.47 USD before experiencing a general decline and subsequent stabilization. The fluctuations in the P/BV ratio are more closely correlated with the volatility of the share price than with changes in the book value, highlighting the impact of market sentiment and external economic factors on the company's valuation.
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Comparison to Competitors
Marathon Oil Corp., P/BV, long-term trends, comparison to competitors
| Marathon Oil Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 17, 2022 | 1.50 | 1.89 | 2.61 | 1.93 |
| Feb 23, 2021 | 0.83 | 1.50 | 2.22 | 1.53 |
| Feb 20, 2020 | 0.67 | 1.42 | 1.80 | 1.17 |
| Feb 21, 2019 | 1.13 | 1.47 | 2.47 | 1.75 |
| Feb 22, 2018 | 1.10 | 1.42 | 2.10 | 1.71 |
| Feb 24, 2017 | 0.76 | 1.44 | 1.70 | 2.01 |
| Feb 25, 2016 | 0.27 | 1.05 | 1.02 | 1.98 |
| Mar 2, 2015 | 0.89 | 1.32 | 1.59 | 2.16 |
| Feb 28, 2014 | 1.21 | 1.44 | 1.57 | 2.38 |
| Feb 22, 2013 | 1.34 | 1.65 | 1.49 | 2.42 |
| Feb 29, 2012 | 1.39 | 1.76 | 1.45 | 2.67 |
| Feb 28, 2011 | 1.48 | 1.95 | 1.64 | 2.88 |
| Feb 26, 2010 | 0.94 | 1.58 | 1.15 | 2.78 |
| Feb 27, 2009 | 0.77 | 1.46 | 1.03 | 2.97 |
| Feb 29, 2008 | 1.96 | 2.40 | 1.41 | 3.93 |
| Mar 1, 2007 | 2.16 | 2.14 | 1.33 | 3.58 |
| Mar 6, 2006 | 2.19 | 2.03 | 1.62 | 3.26 |
Based on: 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)
Marathon Oil Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Marathon Oil Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 17, 2022 | 1.50 | 2.00 |
| Feb 23, 2021 | 0.83 | 1.58 |
| Feb 20, 2020 | 0.67 | 1.33 |
| Feb 21, 2019 | 1.13 | 1.70 |
| Feb 22, 2018 | 1.10 | 1.62 |
| Feb 24, 2017 | 0.76 | 1.74 |
| Feb 25, 2016 | 0.27 | 1.49 |
| Mar 2, 2015 | 0.89 | 1.74 |
| Feb 28, 2014 | 1.21 | 1.89 |
| Feb 22, 2013 | 1.34 | 1.99 |
| Feb 29, 2012 | 1.39 | 2.11 |
| Feb 28, 2011 | 1.48 | 2.31 |
| Feb 26, 2010 | 0.94 | 1.98 |
| Feb 27, 2009 | 0.77 | 2.04 |
| Feb 29, 2008 | 1.96 | 2.74 |
| Mar 1, 2007 | 2.16 | 2.51 |
| Mar 6, 2006 | 2.19 | 2.54 |
Based on: 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)
Marathon Oil Corp., P/BV, long-term trends, comparison to industry (energy)
| Marathon Oil Corp. | Energy | |
|---|---|---|
| Feb 17, 2022 | 1.50 | 2.07 |
| Feb 23, 2021 | 0.83 | 1.61 |
| Feb 20, 2020 | 0.67 | 1.38 |
| Feb 21, 2019 | 1.13 | 1.69 |
| Feb 22, 2018 | 1.10 | 1.74 |
| Feb 24, 2017 | 0.76 | 1.86 |
| Feb 25, 2016 | 0.27 | 1.56 |
| Mar 2, 2015 | 0.89 | 1.83 |
| Feb 28, 2014 | 1.21 | 1.99 |
| Feb 22, 2013 | 1.34 | 2.08 |
| Feb 29, 2012 | 1.39 | 2.21 |
| Feb 28, 2011 | 1.48 | 2.45 |
| Feb 26, 2010 | 0.94 | 2.10 |
| Feb 27, 2009 | 0.77 | 2.10 |
| Feb 29, 2008 | 1.96 | 2.94 |
| Mar 1, 2007 | 2.16 | 2.69 |
| Mar 6, 2006 | 2.19 | 2.76 |
Based on: 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).