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).
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Marathon Oil Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The financial ratios reveal several notable trends and fluctuations over the examined quarters.
- Price to Earnings (P/E) Ratio
- The P/E ratio is not available for the earliest periods but begins at 22.13 around late 2018 and initially declines significantly to a low of 4.69 in mid-2022. This decline suggests that the stock price has decreased relative to earnings or that earnings have increased substantially, indicating potentially improved profitability or market valuation adjustment. There is volatility evident, with intermittent upticks such as a rise to approximately 16.99 and 16.75 in mid to late 2019, before dropping again toward 2022.
- Price to Operating Profit (P/OP) Ratio
- This ratio shows a broadly downward trend from very high values around 43.99 in early 2018 to a much lower ratio close to 4.57 by mid-2022. The sharp decreases imply that, relative to operating profit, the market valuation has compressed, or operating profit has grown, reflecting improved operational efficiency or profitability. There are some fluctuations with peaks over 29.26 and dips to below 10 across the years, indicating variability in operating profit performance or market sentiment.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a general decline from values above 3.0 in early 2018 down to a low near 0.89 around mid-2020. This suggests a decline in market valuation relative to sales, potentially reflecting shrinking sales, reduced investor confidence, or broader market corrections. Post-2020, the ratio recovers and oscillates between approximately 2.3 and 3.17 through 2021 and into mid-2022, indicating some price stabilization or sales growth during this period.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a varied pattern with values near 1.1 to 1.47 in early periods, decreasing sharply to as low as 0.31 by late 2020, which indicates market valuation falling well below book value, possibly due to asset write-downs or negative investor sentiment. Subsequently, this ratio recovers and rises to above 1.7 in mid-2022, suggesting improved investor confidence or asset revaluation in the later stages.
In summary, the financial ratios reveal significant valuation volatility over the period, with marked declines during 2020, likely influenced by adverse market conditions, followed by some recovery into 2021-2022. The patterns suggest fluctuations in profitability, operating performance, sales, and market perception of company value relative to its earnings and book assets.
Price to Earnings (P/E)
Marathon Oil Corp., historical P/E calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
EPS
= (Net income (loss)Q2 2022
+ Net income (loss)Q1 2022
+ Net income (loss)Q4 2021
+ Net income (loss)Q3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Oil Corp. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several key trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the analyzed quarters.
- Share Price
- The share price exhibited noticeable fluctuations during the period. Initially, it hovered in the range of approximately $12 to $20 from early 2017 through late 2018, with peaks around mid-2018. A significant decline occurred starting in early 2019, reaching a low around the end of 2020, where the price dropped below $5 in the third quarter of 2020. Following this low, there was a strong recovery throughout 2021 and into mid-2022, with the share price rising sharply to almost $28 in the second quarter of 2022. This pattern indicates substantial volatility and a recovery phase after a notable downturn.
- Earnings Per Share (EPS)
- EPS data began to be available from the fourth quarter of 2017 and showed generally positive values through most of 2018 and 2019, with peaks around $1.34 in late 2017 and around $1.22 in late 2019. However, EPS deteriorated sharply in 2020, becoming negative across all four quarters, reaching a low near -$1.84 in the fourth quarter of 2020. This downturn in earnings corresponded with the period of lowest share prices. A recovery in EPS took place starting in early 2021, improving progressively and reaching positive values exceeding $4 by the middle of 2022, signaling a strong rebound in profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was first reported from the third quarter of 2018, showing moderate values generally ranging between 10 and 22 through 2019. The ratio increased to nearly 17 by the end of 2019 but was not reported for most of 2020, possibly due to negative earnings in that period. Resuming in 2021 and 2022, the P/E ratio displayed a downward trend from approximately 17 in early 2021 to below 5 in the second quarter of 2022. This decreasing P/E ratio alongside rising share prices and earnings suggests increased investor confidence and valuation adjustments reflecting improved earnings performance.
Overall, the data suggest that after a challenging period characterized by negative earnings and declining share prices in 2020, the company experienced a significant recovery in both profitability and market valuation through 2021 and 2022. The share price movement closely correlates with the EPS trend, underscoring the impact of earnings performance on market perception. The P/E ratio's decrease during the recovery phase may indicate a consolidation of value creation or reduced overvaluation concerns by investors.
Price to Operating Profit (P/OP)
Marathon Oil Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Income (loss) from operations (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2022
+ Income (loss) from operationsQ1 2022
+ Income (loss) from operationsQ4 2021
+ Income (loss) from operationsQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Oil Corp. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reveals several notable trends in the company's financial performance over the periods examined.
- Share Price Trend
- The share price showed an initial increase from $14.29 at the end of March 2017 to a peak of $20.83 in June 2018. Following this peak, there was a gradual decline to a low of $4.29 in September 2020, reflecting significant market challenges during that period. Post-September 2020, the share price demonstrated a strong recovery, rising substantially to reach $27.68 by March 2022 before experiencing a modest decline to $21.47 by June 2022.
- Operating Profit per Share (OPPS)
- Operating profit per share data begins with a negative value of -$0.16 in December 2017, followed by a steady increase up to $2.04 in December 2018. After this peak, the values showed some volatility but generally maintained positive territory until March 2020. Thereafter, the OPPS declined sharply, reaching negative values as low as -$1.50 in December 2020. However, a pronounced recovery is observed from March 2021 onward, culminating at $4.70 by June 2022, the highest point in the dataset.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio exhibits a somewhat erratic pattern, beginning at a relatively high 43.99 in June 2018 and then declining sharply to lows around 8.19 by December 2018. This ratio climbed again in the following periods, showing spikes and troughs consistent with the fluctuations in both share price and operating profit per share. Notably, it reached a peak of 40.44 in March 2021, before dropping to a low of 4.57 in March 2022, which aligns with the substantial increase in operating profit in that period.
In summary, the company underwent considerable volatility in market valuation and profitability between 2017 and 2022. The initial growth period was interrupted by a downturn around 2020, likely influenced by market or operational challenges, followed by a strong recovery phase reflected by rising share prices and operating profits. The fluctuations in the price to operating profit ratio underscore changing investor sentiment relative to underlying profitability during the timeframe.
Price to Sales (P/S)
Marathon Oil Corp., historical P/S calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
Sales per share
= (RevenuesQ2 2022
+ RevenuesQ1 2022
+ RevenuesQ4 2021
+ RevenuesQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Oil Corp. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations throughout the observed periods, initially ranging between approximately $12 and $20 from 2017 to the end of 2018. In 2019 and early 2020, a notable decline occurred, reaching a low near $4.29 per share in September 2020. However, from the last quarter of 2020 onward, the share price demonstrated a strong recovery, peaking around $27.68 in the second quarter of 2022 before experiencing a moderate decrease to approximately $21.47 by mid-2022.
- Sales Per Share Behavior
- Sales per share data began in early 2018 and showed a progressive increase from about $5.15 to $7.21 during 2018, indicating growth in sales. A subsequent gradual decline occurred through 2019 and into late 2020, with sales per share reaching a low near $3.92. From late 2020 onward, sales per share increased consistently, rising above $10.48 by mid-2022, pointing to strengthening revenue generation over recent quarters.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio followed a variable pattern aligned with changes in share price and sales per share. It peaked in mid to late 2018 near 3.37, then declined notably, hitting a trough around 0.89 in the first half of 2020, reflective of decreased investor valuation relative to sales. The P/S ratio rebounded significantly after mid-2020, reaching values around 3.17 in early 2022 before declining again to approximately 2.05 by mid-2022. This dynamic suggests fluctuating market perceptions and valuation multiples in response to company performance and external factors.
- General Insights
- The data indicates resilience and recovery following a period of financial pressure around 2019-2020, likely related to broader market or sector challenges. The subsequent upward trends in both share price and sales per share, along with a recovery in valuation multiples, imply improved operational performance and investor confidence in the more recent quarters.
Price to Book Value (P/BV)
Marathon Oil Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Marathon Oil Corp. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share price trend
- The share price exhibited notable fluctuations over the observed period. Initially, from March 2017 to December 2017, the share price remained relatively stable around the mid-teens with minor rises and falls. In 2018, the price peaked in mid-year, reaching just above 20 US dollars, followed by a gradual decline through 2019. A sharp decline occurred in early 2020, reaching a low point at 4.29 US dollars in September 2020. Subsequently, a recovery phase began, with the share price increasing significantly through 2021 and into mid-2022, reaching a high of 27.68 US dollars before a slight pullback to 21.47 US dollars by June 2022.
- Book value per share (BVPS) trend
- Book value per share showed a generally stable to modestly declining trend from 2017 through late 2020. Initially close to 14.8 US dollars in early 2017, BVPS slowly decreased and fluctuated around the 13.3 to 15.3 US dollars range through this period. Starting from early 2021, there was a steady upward trend in book value per share, rising to 17.02 US dollars by June 2022, which indicates an improving equity base per share over this timeframe.
- Price-to-Book Value Ratio (P/BV) analysis
- The P/BV ratio displayed considerable volatility matching the trends observed in share price and book value per share. From near parity in early 2017, the ratio rose above 1.3 during mid-2018, signifying that the market was valuing the stock at a premium to its book value. This was followed by a significant dip starting in late 2019 into 2020, with the ratio falling to a low of approximately 0.31, indicating the market price was well below the book value during the period coinciding with the share price drop. A recovery in the P/BV ratio took place in 2021 and early 2022, surpassing 1.7 at one point, suggesting renewed market confidence and possibly improved financial performance or outlook.
- Overall insights
- The data reflect a period of volatility and challenge around 2020, likely connected to broader economic or sector-specific factors. The decline in share price and P/BV ratio during this period contrasts with a more resilient book value per share, pointing to market concerns not fully aligned with the company’s underlying equity. The recovery from late 2020 onwards signals regained investor confidence and strengthening fundamentals, as evidenced by rising share prices and book value per share. The elevated P/BV ratio during 2021 and 2022 suggests the market began to price in growth expectations or improved profitability.