Price to Earnings (P/E)
since 2005
Calculation
Marathon Oil Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2022 | 16.91 | = | 21.89 | ÷ | 1.29 | 1.29 | = | 946 | ÷ | 730,765,163 | |
| Feb 23, 2021 | — | = | 11.16 | ÷ | -1.84 | -1.84 | = | -1,451 | ÷ | 789,075,988 | |
| Feb 20, 2020 | 16.99 | = | 10.25 | ÷ | 0.60 | 0.60 | = | 480 | ÷ | 795,849,999 | |
| Feb 21, 2019 | 12.46 | = | 16.68 | ÷ | 1.34 | 1.34 | = | 1,096 | ÷ | 818,504,459 | |
| Feb 22, 2018 | — | = | 15.18 | ÷ | -6.73 | -6.73 | = | -5,723 | ÷ | 849,755,866 | |
| Feb 24, 2017 | — | = | 15.73 | ÷ | -2.53 | -2.53 | = | -2,140 | ÷ | 847,201,196 | |
| Feb 25, 2016 | — | = | 7.39 | ÷ | -3.26 | -3.26 | = | -2,204 | ÷ | 676,886,641 | |
| Mar 2, 2015 | 6.13 | = | 27.67 | ÷ | 4.51 | 4.51 | = | 3,046 | ÷ | 674,944,619 | |
| Feb 28, 2014 | 13.32 | = | 33.50 | ÷ | 2.52 | 2.52 | = | 1,753 | ÷ | 696,944,638 | |
| Feb 22, 2013 | 15.53 | = | 34.71 | ÷ | 2.24 | 2.24 | = | 1,582 | ÷ | 707,709,281 | |
| Feb 29, 2012 | 8.10 | = | 33.89 | ÷ | 4.19 | 4.19 | = | 2,946 | ÷ | 703,925,642 | |
| Feb 28, 2011 | 13.72 | = | 49.60 | ÷ | 3.62 | 3.62 | = | 2,568 | ÷ | 710,280,842 | |
| Feb 26, 2010 | 14.01 | = | 28.95 | ÷ | 2.07 | 2.07 | = | 1,463 | ÷ | 707,926,768 | |
| Feb 27, 2009 | 4.67 | = | 23.27 | ÷ | 4.99 | 4.99 | = | 3,528 | ÷ | 707,524,845 | |
| Feb 29, 2008 | 9.53 | = | 53.16 | ÷ | 5.58 | 5.58 | = | 3,956 | ÷ | 708,970,468 | |
| Mar 1, 2007 | 6.02 | = | 45.57 | ÷ | 7.57 | 7.57 | = | 5,234 | ÷ | 691,725,904 | |
| Mar 6, 2006 | 8.44 | = | 34.89 | ÷ | 4.13 | 4.13 | = | 3,032 | ÷ | 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 financial performance from 2006 to 2022 exhibits significant volatility in share price and earnings per share, resulting in fluctuating valuation multiples over the seventeen-year period.
- Share Price and Earnings Trends
- The share price peaked at 53.16 USD in 2008 before entering a long-term period of instability, eventually reaching a low of 7.39 USD in 2016. Earnings per share (EPS) showed similar volatility, with a peak of 7.57 USD in 2007. A critical downturn occurred between 2016 and 2018, during which the company recorded consistent net losses, with EPS falling to a low of -6.73 USD in 2018.
- Price-to-Earnings (P/E) Ratio Dynamics
- Valuation multiples shifted across three distinct phases. From 2006 to 2009, the P/E ratio remained relatively low, fluctuating between 4.67 and 9.53. A second phase from 2010 to 2014 saw an expansion in multiples, with the ratio frequently exceeding 13.0 and peaking at 15.53 in 2013. A third phase emerged post-2019, where the ratio stabilized at a higher baseline between 12.46 and 16.99.
- Analysis of Valuation Gaps
- P/E ratios are absent for the years 2016, 2017, and 2018, as well as 2021. These gaps correspond directly to periods of negative earnings per share, rendering the P/E ratio mathematically inapplicable. The return to a positive P/E in 2019 at 12.46 suggests a market recovery in valuation despite the share price remaining significantly lower than the 2006-2012 peaks.
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Comparison to Competitors
Marathon Oil Corp., P/E, long-term trends, comparison to competitors
| Marathon Oil Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 17, 2022 | 16.91 | 16.81 | 14.66 | 14.11 |
| Feb 23, 2021 | — | — | — | — |
| Feb 20, 2020 | 16.99 | 70.06 | 8.77 | 15.64 |
| Feb 21, 2019 | 12.46 | 15.30 | 12.60 | 16.15 |
| Feb 22, 2018 | — | 22.83 | — | 16.28 |
| Feb 24, 2017 | — | — | — | 42.80 |
| Feb 25, 2016 | — | 35.02 | — | 20.96 |
| Mar 2, 2015 | 6.13 | 10.61 | 12.03 | 11.56 |
| Feb 28, 2014 | 13.32 | 10.04 | 8.91 | 12.71 |
| Feb 22, 2013 | 15.53 | 8.61 | 8.49 | 8.94 |
| Feb 29, 2012 | 8.10 | 7.96 | 7.60 | 10.03 |
| Feb 28, 2011 | 13.72 | 10.77 | 9.89 | 13.89 |
| Feb 26, 2010 | 14.01 | 13.81 | 14.78 | 15.92 |
| Feb 27, 2009 | 4.67 | 5.29 | — | 7.42 |
| Feb 29, 2008 | 9.53 | 9.89 | 10.59 | 11.78 |
| Mar 1, 2007 | 6.02 | 8.63 | 7.09 | 10.33 |
| Mar 6, 2006 | 8.44 | 9.04 | 6.31 | 10.03 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Marathon Oil Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 17, 2022 | 16.91 | 15.11 |
| Feb 23, 2021 | — | — |
| Feb 20, 2020 | 16.99 | 20.13 |
| Feb 21, 2019 | 12.46 | 15.32 |
| Feb 22, 2018 | — | 21.22 |
| Feb 24, 2017 | — | 162.35 |
| Feb 25, 2016 | — | 33.10 |
| Mar 2, 2015 | 6.13 | 11.30 |
| Feb 28, 2014 | 13.32 | 11.25 |
| Feb 22, 2013 | 15.53 | 8.78 |
| Feb 29, 2012 | 8.10 | 8.96 |
| Feb 28, 2011 | 13.72 | 12.17 |
| Feb 26, 2010 | 14.01 | 15.12 |
| Feb 27, 2009 | 4.67 | 9.95 |
| Feb 29, 2008 | 9.53 | 11.08 |
| Mar 1, 2007 | 6.02 | 9.23 |
| Mar 6, 2006 | 8.44 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| Marathon Oil Corp. | Energy | |
|---|---|---|
| Feb 17, 2022 | 16.91 | 15.67 |
| Feb 23, 2021 | — | — |
| Feb 20, 2020 | 16.99 | 37.93 |
| Feb 21, 2019 | 12.46 | 15.94 |
| Feb 22, 2018 | — | 26.50 |
| Feb 24, 2017 | — | 354.83 |
| Feb 25, 2016 | — | 33.85 |
| Mar 2, 2015 | 6.13 | 11.97 |
| Feb 28, 2014 | 13.32 | 11.81 |
| Feb 22, 2013 | 15.53 | 9.43 |
| Feb 29, 2012 | 8.10 | 9.63 |
| Feb 28, 2011 | 13.72 | 13.24 |
| Feb 26, 2010 | 14.01 | 15.83 |
| Feb 27, 2009 | 4.67 | 9.90 |
| Feb 29, 2008 | 9.53 | 11.66 |
| Mar 1, 2007 | 6.02 | 9.76 |
| Mar 6, 2006 | 8.44 | 9.78 |
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).