Price to Sales (P/S)
since 2005
Calculation
Occidental Petroleum Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2025 | 1.72 | = | 48.84 | ÷ | 28.48 | 28.48 | = | 26,725 | ÷ | 938,500,965 | |
| Feb 14, 2024 | 1.78 | = | 57.30 | ÷ | 32.13 | 32.13 | = | 28,257 | ÷ | 879,499,439 | |
| Feb 27, 2023 | 1.45 | = | 58.96 | ÷ | 40.70 | 40.70 | = | 36,634 | ÷ | 900,072,447 | |
| Feb 24, 2022 | 1.40 | = | 38.92 | ÷ | 27.79 | 27.79 | = | 25,956 | ÷ | 934,063,989 | |
| Feb 26, 2021 | 1.39 | = | 26.61 | ÷ | 19.12 | 19.12 | = | 17,809 | ÷ | 931,554,718 | |
| Feb 28, 2020 | 1.44 | = | 32.74 | ÷ | 22.78 | 22.78 | = | 20,393 | ÷ | 895,224,961 | |
| Feb 21, 2019 | 2.80 | = | 66.60 | ÷ | 23.78 | 23.78 | = | 17,824 | ÷ | 749,546,443 | |
| Feb 23, 2018 | 4.18 | = | 68.32 | ÷ | 16.35 | 16.35 | = | 12,508 | ÷ | 765,148,694 | |
| Feb 23, 2017 | 4.94 | = | 65.25 | ÷ | 13.20 | 13.20 | = | 10,090 | ÷ | 764,291,301 | |
| Feb 26, 2016 | 4.27 | = | 69.80 | ÷ | 16.34 | 16.34 | = | 12,480 | ÷ | 763,845,316 | |
| Feb 23, 2015 | 3.18 | = | 79.80 | ÷ | 25.06 | 25.06 | = | 19,312 | ÷ | 770,550,364 | |
| Mar 3, 2014 | 3.12 | = | 96.05 | ÷ | 30.77 | 30.77 | = | 24,455 | ÷ | 794,747,955 | |
| Feb 26, 2013 | 2.73 | = | 81.78 | ÷ | 30.01 | 30.01 | = | 24,172 | ÷ | 805,515,153 | |
| Feb 23, 2012 | 3.55 | = | 104.67 | ÷ | 29.52 | 29.52 | = | 23,939 | ÷ | 811,055,632 | |
| Feb 24, 2011 | 4.34 | = | 101.76 | ÷ | 23.43 | 23.43 | = | 19,045 | ÷ | 812,849,169 | |
| Feb 25, 2010 | 4.17 | = | 79.03 | ÷ | 18.97 | 18.97 | = | 15,403 | ÷ | 811,955,959 | |
| Feb 24, 2009 | 1.69 | = | 50.47 | ÷ | 29.89 | 29.89 | = | 24,217 | ÷ | 810,294,560 | |
| Feb 22, 2008 | 3.22 | = | 73.57 | ÷ | 22.84 | 22.84 | = | 18,784 | ÷ | 822,567,021 | |
| Feb 27, 2007 | 2.20 | = | 46.29 | ÷ | 21.07 | 21.07 | = | 17,661 | ÷ | 838,100,111 | |
| Mar 1, 2006 | 2.45 | = | 46.32 | ÷ | 18.90 | 18.90 | = | 15,208 | ÷ | 804,566,376 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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 Occidental Petroleum Corp. Annual Report.
The analysis of the Price to Sales (P/S) ratio over the nearly two-decade period reveals a trajectory characterized by significant volatility, a mid-period valuation peak, and a subsequent long-term compression in valuation multiples.
- Valuation Expansion Phase (2006–2017)
- During this period, the P/S ratio exhibited an overall upward trend with intermittent fluctuations. After starting at 2.45 in 2006, the ratio reached an initial peak of 4.34 in 2011. Following a brief correction, the valuation climbed to its historical maximum of 4.94 in 2017. This expansion indicates a period where the market was willing to pay a higher premium for each dollar of revenue generated.
- Valuation Compression Phase (2018–2025)
- A decisive shift in market sentiment is observed starting in 2019, with the P/S ratio dropping from 4.18 in 2018 to 2.80 in 2019, and further collapsing to 1.44 by 2020. From 2020 through 2025, the ratio remained suppressed, fluctuating within a narrow band between 1.39 and 1.78. This suggests a fundamental re-rating of the company's revenue stream by investors.
- Divergence Between Revenue and Market Price
- A significant divergence is noted in the most recent data. In 2023, sales per share reached a period high of 40.70, yet the P/S ratio remained low at 1.45. This contrast highlights that while operational revenue generation increased substantially, the market valuation did not scale proportionally, leading to a lower P/S multiple despite stronger top-line performance.
The overall trend demonstrates that while share prices and sales per share have fluctuated in response to market cycles, the multiple applied to those sales has fundamentally shifted. The transition from a high-multiple environment (averaging above 3.0 between 2010 and 2018) to a low-multiple environment (averaging below 1.6 since 2020) indicates a marked decrease in the valuation premium assigned to the company's sales.
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Comparison to Competitors
Occidental Petroleum Corp., P/S, long-term trends, comparison to competitors
| Occidental Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 18, 2025 | 1.72 | 1.43 | 2.26 | 1.41 |
| Feb 14, 2024 | 1.78 | 1.46 | 2.33 | 1.24 |
| Feb 27, 2023 | 1.45 | 1.31 | 1.68 | 1.12 |
| Feb 24, 2022 | 1.40 | 1.69 | 2.58 | 1.17 |
| Feb 26, 2021 | 1.39 | 2.09 | 3.52 | 1.34 |
| Feb 28, 2020 | 1.44 | 1.46 | 1.94 | 0.88 |
| Feb 21, 2019 | 2.80 | 1.43 | 2.16 | 1.20 |
| Feb 23, 2018 | 4.18 | 1.56 | 2.21 | 1.35 |
| Feb 23, 2017 | 4.94 | 1.91 | 2.51 | 1.54 |
| Feb 26, 2016 | 4.27 | 1.24 | 1.38 | 1.30 |
| Feb 23, 2015 | 3.18 | 1.02 | 1.57 | 0.95 |
| Mar 3, 2014 | 3.12 | 0.98 | 1.50 | 0.98 |
| Feb 26, 2013 | 2.73 | 0.98 | 1.23 | 0.89 |
| Feb 23, 2012 | 3.55 | 0.88 | 0.39 | 0.88 |
| Feb 24, 2011 | 4.34 | 1.03 | 0.59 | 1.14 |
| Feb 25, 2010 | 4.17 | 0.87 | 0.48 | 1.02 |
| Feb 24, 2009 | 1.69 | 0.48 | 0.24 | 0.73 |
| Feb 22, 2008 | 3.22 | 0.86 | 0.67 | 1.23 |
| Feb 27, 2007 | 2.20 | 0.72 | 0.60 | 1.12 |
| Mar 1, 2006 | 2.45 | 0.66 | 0.48 | 1.01 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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)
Occidental Petroleum Corp., P/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 18, 2025 | 1.72 | 1.50 |
| Feb 14, 2024 | 1.78 | 1.41 |
| Feb 27, 2023 | 1.45 | 1.24 |
| Feb 24, 2022 | 1.40 | 1.48 |
| Feb 26, 2021 | 1.39 | 1.72 |
| Feb 28, 2020 | 1.44 | 1.15 |
| Feb 21, 2019 | 2.80 | 1.35 |
| Feb 23, 2018 | 4.18 | 1.48 |
| Feb 23, 2017 | 4.94 | 1.72 |
| Feb 26, 2016 | 4.27 | 1.29 |
| Feb 23, 2015 | 3.18 | 1.02 |
| Mar 3, 2014 | 3.12 | 1.02 |
| Feb 26, 2013 | 2.73 | 0.94 |
| Feb 23, 2012 | 3.55 | 0.75 |
| Feb 24, 2011 | 4.34 | 0.98 |
| Feb 25, 2010 | 4.17 | 0.85 |
| Feb 24, 2009 | 1.69 | 0.54 |
| Feb 22, 2008 | 3.22 | 1.00 |
| Feb 27, 2007 | 2.20 | 0.88 |
| Mar 1, 2006 | 2.45 | 0.79 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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)
Occidental Petroleum Corp., P/S, long-term trends, comparison to industry (energy)
| Occidental Petroleum Corp. | Energy | |
|---|---|---|
| Feb 18, 2025 | 1.72 | 1.50 |
| Feb 14, 2024 | 1.78 | 1.46 |
| Feb 27, 2023 | 1.45 | 1.31 |
| Feb 24, 2022 | 1.40 | 1.52 |
| Feb 26, 2021 | 1.39 | 1.69 |
| Feb 28, 2020 | 1.44 | 1.18 |
| Feb 21, 2019 | 2.80 | 1.38 |
| Feb 23, 2018 | 4.18 | 1.63 |
| Feb 23, 2017 | 4.94 | 1.90 |
| Feb 26, 2016 | 4.27 | 1.37 |
| Feb 23, 2015 | 3.18 | 1.10 |
| Mar 3, 2014 | 3.12 | 1.11 |
| Feb 26, 2013 | 2.73 | 1.02 |
| Feb 23, 2012 | 3.55 | 0.83 |
| Feb 24, 2011 | 4.34 | 1.10 |
| Feb 25, 2010 | 4.17 | 0.93 |
| Feb 24, 2009 | 1.69 | 0.57 |
| Feb 22, 2008 | 3.22 | 1.09 |
| Feb 27, 2007 | 2.20 | 0.96 |
| Mar 1, 2006 | 2.45 | 0.86 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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).