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).
Historical Valuation Ratios (Summary)
Occidental Petroleum Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio displays a clear downward trend starting from a high of 23.89 at the end of the first quarter of 2022, reaching its lowest point at 4.24 in the first quarter of 2023. Following this low, the ratio gradually increases, peaking at 24.33 in the third quarter of 2025. This indicates initial strong earnings growth or increased profitability followed by a phase of valuations becoming more expensive toward the end of the period analyzed.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows significant volatility, starting at 33.61 in the fourth quarter of 2021, then sharply declining to 3.78 in the second quarter of 2023, which implies a considerable improvement in operating profit relative to price or a reduction in valuation multiples. There is a subsequent rise with some fluctuations, ending near 9.86 in the last quarter of 2025, suggesting variability in operational profitability or market sentiment toward operating profits.
- Price to Sales (P/S) Ratio
- The P/S ratio throughout the period is relatively stable with moderate fluctuations, mostly hovering between 1.3 and 2.2. A mild increase is observed from around 1.4 in early 2020 to peaks above 2.1 in mid-2024, followed by a decline trading around 1.5 by mid-2025. This stability suggests consistent sales relative to market capitalization, with some periods reflecting slightly higher valuation compared to sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts very low at 0.39 in the first quarter of 2020, showing a strong upward trend peaking at 2.37 in the third quarter of 2022. Post-peak, the ratio declines steadily, ending close to 1.17 by mid-2025. This trend suggests an initial market revaluation of the book value with increasing investor confidence in assets, followed by a phase of correction or a more conservative valuation approach toward the end of the period.
Price to Earnings (P/E)
Occidental Petroleum Corp., historical P/E calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 984,439,742 | 984,132,678 | 938,500,965 | 938,343,042 | 905,615,720 | 886,636,750 | 879,499,439 | 880,370,837 | 884,681,888 | 891,745,187 | 900,072,447 | 908,914,149 | 931,491,947 | 937,190,982 | 934,063,989 | 933,980,981 | 933,734,637 | 933,418,685 | 931,554,718 | 931,209,495 | 930,142,153 | 900,018,184 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in millions) | 288) | 766) | (297) | 964) | 992) | 718) | 1,029) | 1,156) | 605) | 983) | 1,727) | 2,546) | 3,555) | 4,676) | 1,337) | 628) | (97) | (346) | (1,312) | (3,778) | (8,353) | (2,232) | |||||||
| Earnings per share (EPS)2 | 1.75 | 2.46 | 2.53 | 3.95 | 4.30 | 3.96 | 4.29 | 5.08 | 6.62 | 9.88 | 13.89 | 13.33 | 10.95 | 6.98 | 1.63 | -1.21 | -5.93 | -14.77 | -16.83 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 42.54 | 39.01 | 48.84 | 50.29 | 56.11 | 65.07 | 57.30 | 60.20 | 61.47 | 58.96 | 58.96 | 74.83 | 65.06 | 59.41 | 38.92 | 33.75 | 26.43 | 26.63 | 26.61 | 12.23 | 16.48 | 13.40 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 24.33 | 15.83 | 19.28 | 12.74 | 13.05 | 16.45 | 13.36 | 11.85 | 9.28 | 5.97 | 4.24 | 5.61 | 5.94 | 8.51 | 23.89 | — | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | 19.30 | 15.28 | 15.64 | 16.89 | 13.91 | 14.63 | 13.42 | 11.03 | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | 16.81 | 22.09 | 54.58 | — | — | — | — | — | |||||||
| ConocoPhillips | 12.59 | 11.75 | 13.41 | 12.68 | 11.78 | 13.50 | 11.92 | 12.94 | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | 14.66 | 20.66 | 40.48 | 3,758.13 | — | — | — | — | |||||||
| Exxon Mobil Corp. | 14.76 | 13.42 | 14.21 | 15.47 | 14.93 | 14.38 | 11.49 | 11.00 | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | 14.11 | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ2 2025
+ Net income (loss) attributable to common stockholdersQ1 2025
+ Net income (loss) attributable to common stockholdersQ4 2024
+ Net income (loss) attributable to common stockholdersQ3 2024)
÷ No. shares of common stock outstanding
= (288,000,000 + 766,000,000 + -297,000,000 + 964,000,000)
÷ 984,439,742 = 1.75
3 Closing price as at the filing date of Occidental Petroleum Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= 42.54 ÷ 1.75 = 24.33
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant volatility over the periods observed. Initially, it ranged between approximately $12.23 and $26.61 in 2020, with a notable increase starting in early 2021. The price peaked around mid-2022, reaching as high as $74.83, before experiencing a gradual decline through the end of 2024 and into mid-2025, falling to values near $39.01 to $42.54. This pattern indicates a strong upward movement through 2021 and part of 2022 followed by a downward trend in the last few reported quarters.
- Earnings Per Share (EPS) Development
- The EPS exhibited a marked recovery and improvement from a negative territory in early 2021 to positive figures in subsequent quarters. Starting from a significant loss of approximately -16.83 per share in March 2021, EPS steadily increased, turning positive by December 2021 and climbing to a peak of about 13.89 in December 2022. Following this peak, EPS gradually declined but remained positive, settling around 1.75 to 2.46 in the quarters of 2024 and 2025, which indicates improved but somewhat decreasing profitability over the longer term.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio was only available starting from late 2021, coinciding with the company's return to profitability. It began at approximately 23.89 in December 2021, then declined to a low of about 4.24 in early 2023, reflecting rapid earnings growth relative to share price increases during that period. After this trough, the P/E ratio rose again, reaching levels above 19.28 in mid-2025, suggesting that the share price was decreasing at a slower rate than earnings or that the market was expecting slower future growth or higher risk.
- Overall Financial Performance
- The data reflects a company that transitioned from loss-making to profitability within the span of one year. This improvement in earnings was initially accompanied by increasing stock prices and a corresponding decrease in the P/E ratio, indicative of strengthening financial fundamentals. However, the later part of the data indicates a reversal with declining share prices and earnings, coupled with rising P/E ratios, signaling investor caution and potentially lower market valuation expectations moving forward.
Price to Operating Profit (P/OP)
Occidental Petroleum Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 984,439,742 | 984,132,678 | 938,500,965 | 938,343,042 | 905,615,720 | 886,636,750 | 879,499,439 | 880,370,837 | 884,681,888 | 891,745,187 | 900,072,447 | 908,914,149 | 931,491,947 | 937,190,982 | 934,063,989 | 933,980,981 | 933,734,637 | 933,418,685 | 931,554,718 | 931,209,495 | 930,142,153 | 900,018,184 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 990) | 1,511) | 5) | 1,740) | 1,645) | 993) | 1,663) | 1,933) | 1,372) | 1,872) | 2,468) | 3,667) | 4,772) | 3,130) | 2,275) | 1,529) | 572) | 190) | (1,353) | (3,916) | (7,991) | (968) | |||||||
| Operating profit per share2 | 4.31 | 4.98 | 4.67 | 6.44 | 6.88 | 6.72 | 7.78 | 8.68 | 10.60 | 14.33 | 15.60 | 15.23 | 12.57 | 8.01 | 4.89 | 1.00 | -4.83 | -14.00 | -15.27 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 42.54 | 39.01 | 48.84 | 50.29 | 56.11 | 65.07 | 57.30 | 60.20 | 61.47 | 58.96 | 58.96 | 74.83 | 65.06 | 59.41 | 38.92 | 33.75 | 26.43 | 26.63 | 26.61 | 12.23 | 16.48 | 13.40 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 9.86 | 7.83 | 10.46 | 7.81 | 8.15 | 9.68 | 7.37 | 6.93 | 5.80 | 4.11 | 3.78 | 4.91 | 5.18 | 7.42 | 7.96 | 33.61 | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | 11.35 | 9.20 | 9.76 | 10.99 | 9.34 | 10.35 | 9.48 | 7.68 | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | 11.40 | 14.10 | 26.00 | — | — | — | — | — | |||||||
| ConocoPhillips | 7.88 | 7.33 | 8.50 | 7.96 | 7.49 | 8.70 | 7.61 | 8.04 | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | 8.66 | 11.68 | 17.96 | 71.79 | — | — | — | — | |||||||
| Exxon Mobil Corp. | 9.89 | 9.03 | 9.57 | 10.23 | 9.86 | 9.47 | 7.62 | 7.06 | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | 9.86 | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= (990,000,000 + 1,511,000,000 + 5,000,000 + 1,740,000,000)
÷ 984,439,742 = 4.31
3 Closing price as at the filing date of Occidental Petroleum Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 42.54 ÷ 4.31 = 9.86
5 Click competitor name to see calculations.
The share price exhibited significant fluctuations over the observed periods. Initially, it started at a relatively low level, followed by a notable increase reaching a peak around late 2022 and early 2023. After this peak, the share price demonstrated a declining trend through 2024 and into mid-2025, indicating a reduction in market valuation in the latter periods.
Operating profit per share, which was not reported in the earliest quarters, showed a marked improvement from negative values in 2020 to positive values starting in late 2020. This positive momentum continued through 2022, peaking in the early part of 2023. Subsequently, operating profit per share gradually decreased from mid-2023 onward, suggesting a diminishing operational profitability after this peak period.
The price-to-operating-profit (P/OP) ratio was available beginning late 2021 and showed variability throughout the periods. Initially, the ratio was very high, indicative of low operating profit relative to share price or market overvaluation. Over time, the ratio declined significantly and remained relatively lower through much of 2022 and early 2023, reflecting improved operational performance or share price adjustment. However, starting mid-2023, there was an increase in the P/OP ratio, suggesting either a rising share price relative to operating profit or declining profitability, consistent with the trends observed in the other metrics.
- Share Price
- Displayed strong growth from 2020 through early 2023, reaching its peak near the end of 2022 and early 2023, followed by a steady decline through 2024 and into 2025.
- Operating Profit per Share
- Transitioned from negative to positive territory around late 2020, increased steadily to a high in early 2023, then exhibited a gradual downward trend thereafter.
- Price-to-Operating-Profit (P/OP) Ratio
- Started at high levels, decreased notably with improving profitability and share price balance through 2022 and early 2023, then increased again reflecting deteriorating profit relative to share price in the later periods.
In summary, the data reveals a period of recovery and growth in operational profitability and share price culminating in early 2023, followed by a phase of declining profitability and decreasing share price, with valuation ratios increasing, indicating cautious market sentiment or operational challenges in the most recent periods.
Price to Sales (P/S)
Occidental Petroleum Corp., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 984,439,742 | 984,132,678 | 938,500,965 | 938,343,042 | 905,615,720 | 886,636,750 | 879,499,439 | 880,370,837 | 884,681,888 | 891,745,187 | 900,072,447 | 908,914,149 | 931,491,947 | 937,190,982 | 934,063,989 | 933,980,981 | 933,734,637 | 933,418,685 | 931,554,718 | 931,209,495 | 930,142,153 | 900,018,184 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in millions) | 6,414) | 6,803) | 6,760) | 7,173) | 6,817) | 5,975) | 7,172) | 7,158) | 6,702) | 7,225) | 8,219) | 9,390) | 10,676) | 8,349) | 7,913) | 6,792) | 5,958) | 5,293) | 4,160) | 4,108) | 2,928) | 6,613) | |||||||
| Sales per share2 | 27.58 | 28.00 | 28.48 | 28.92 | 29.95 | 30.46 | 32.13 | 33.29 | 35.65 | 39.82 | 40.70 | 39.97 | 36.21 | 30.96 | 27.79 | 23.77 | 20.90 | 17.67 | 19.12 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 42.54 | 39.01 | 48.84 | 50.29 | 56.11 | 65.07 | 57.30 | 60.20 | 61.47 | 58.96 | 58.96 | 74.83 | 65.06 | 59.41 | 38.92 | 33.75 | 26.43 | 26.63 | 26.61 | 12.23 | 16.48 | 13.40 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 1.54 | 1.39 | 1.72 | 1.74 | 1.87 | 2.14 | 1.78 | 1.81 | 1.72 | 1.48 | 1.45 | 1.87 | 1.80 | 1.92 | 1.40 | 1.42 | 1.26 | 1.51 | 1.39 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | 1.41 | 1.24 | 1.43 | 1.45 | 1.32 | 1.53 | 1.46 | 1.39 | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | 1.69 | 1.63 | 1.69 | 2.19 | 2.09 | — | — | — | |||||||
| ConocoPhillips | 2.00 | 1.95 | 2.26 | 2.28 | 2.23 | 2.59 | 2.33 | 2.42 | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | 2.58 | 2.67 | 2.56 | 3.35 | 3.52 | — | — | — | |||||||
| Exxon Mobil Corp. | 1.39 | 1.31 | 1.41 | 1.53 | 1.50 | 1.42 | 1.24 | 1.21 | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | 1.17 | 1.12 | 1.12 | 1.43 | 1.34 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ No. shares of common stock outstanding
= (6,414,000,000 + 6,803,000,000 + 6,760,000,000 + 7,173,000,000)
÷ 984,439,742 = 27.58
3 Closing price as at the filing date of Occidental Petroleum Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 42.54 ÷ 27.58 = 1.54
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced significant volatility over the observed periods. It initially ranged between approximately $12 and $26 from March to December 2020, showing a sharp rise in the final quarter of 2020. Through 2021, the share price showed a general upward trend, peaking near $39 by December 2021. The upward momentum continued strongly into early 2022, reaching highs above $74 by the third quarter of that year, followed by a decline toward the end of 2022 and fluctuating around the $58–$61 range in early to mid-2023. A downward trend resumed from mid-2023 through early 2025, with the share price falling from around $65 to near $39–$42 levels.
- Sales per Share Trend
- Sales per share data are available starting from March 2021. There was an initial increase in sales per share from $19.12 to a peak of approximately $40.7 by December 2022, indicating strong growth. Thereafter, a gradual decline is evident, with sales per share dropping steadily each subsequent quarter to around $27.58 by June 2025. This pattern suggests a period of robust revenue generation followed by a moderate reduction in sales intensity over the most recent quarters.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio fluctuated between approximately 1.26 and 2.14 throughout the periods with available data. Starting from 1.39 in March 2021, the ratio increased to high points around 1.92 to 1.87 in mid to late 2022. Subsequently, it showed variable behavior with values generally above 1.4 and peaking at 2.14 in mid-2024, before trending downward toward the 1.39–1.54 range by mid-2025. This indicates that while the market price relative to sales per share expanded during periods of share price strength, it contracted during times of share price decline or slowing sales growth, reflecting changes in investor valuation sentiment relative to revenue performance.
- Overall Observations
- The data reveal a correlation between share price and sales per share performance, with both peaking in late 2022 and declining thereafter. The P/S ratio's variability suggests the market's reevaluation of the company’s sales growth prospects and profitability over time. The downward trends in share price and sales are notable post-2022, signaling potential challenges or market conditions impacting financial performance or investor confidence. Continuous monitoring of these metrics is recommended to assess ongoing financial health and market perception.
Price to Book Value (P/BV)
Occidental Petroleum Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 984,439,742 | 984,132,678 | 938,500,965 | 938,343,042 | 905,615,720 | 886,636,750 | 879,499,439 | 880,370,837 | 884,681,888 | 891,745,187 | 900,072,447 | 908,914,149 | 931,491,947 | 937,190,982 | 934,063,989 | 933,980,981 | 933,734,637 | 933,418,685 | 931,554,718 | 931,209,495 | 930,142,153 | 900,018,184 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 35,722) | 34,712) | 34,159) | 34,674) | 32,053) | 30,811) | 30,250) | 29,312) | 29,111) | 29,559) | 30,085) | 28,720) | 27,830) | 24,907) | 20,327) | 18,873) | 18,244) | 18,300) | 18,573) | 19,860) | 23,346) | 31,295) | |||||||
| Book value per share (BVPS)2 | 36.29 | 35.27 | 36.40 | 36.95 | 35.39 | 34.75 | 34.39 | 33.30 | 32.91 | 33.15 | 33.43 | 31.60 | 29.88 | 26.58 | 21.76 | 20.21 | 19.54 | 19.61 | 19.94 | 21.33 | 25.10 | 34.77 | |||||||
| Share price1, 3 | 42.54 | 39.01 | 48.84 | 50.29 | 56.11 | 65.07 | 57.30 | 60.20 | 61.47 | 58.96 | 58.96 | 74.83 | 65.06 | 59.41 | 38.92 | 33.75 | 26.43 | 26.63 | 26.61 | 12.23 | 16.48 | 13.40 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 1.17 | 1.11 | 1.34 | 1.36 | 1.59 | 1.87 | 1.67 | 1.81 | 1.87 | 1.78 | 1.76 | 2.37 | 2.18 | 2.24 | 1.79 | 1.67 | 1.35 | 1.36 | 1.33 | 0.57 | 0.66 | 0.39 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | 1.81 | 1.60 | 1.81 | 1.80 | 1.64 | 1.85 | 1.78 | 1.70 | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | 1.89 | 1.61 | 1.47 | 1.59 | 1.50 | 1.02 | 1.21 | 1.17 | |||||||
| ConocoPhillips | 1.76 | 1.72 | 1.91 | 2.53 | 2.53 | 2.90 | 2.65 | 3.03 | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | 2.61 | 2.19 | 1.69 | 1.74 | 2.22 | 1.02 | 1.28 | 1.40 | |||||||
| Exxon Mobil Corp. | 1.74 | 1.69 | 1.81 | 1.94 | 1.90 | 2.30 | 2.02 | 2.10 | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | 1.93 | 1.69 | 1.52 | 1.64 | 1.53 | 0.79 | 1.03 | 1.02 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 35,722,000,000 ÷ 984,439,742 = 36.29
3 Closing price as at the filing date of Occidental Petroleum Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 42.54 ÷ 36.29 = 1.17
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed period. Initially, it ranged between approximately $12.23 and $26.63 during 2020 and early 2021, followed by a notable upward trend peaking around $74.83 in the third quarter of 2022. Post this peak, a decline was observed, with values decreasing steadily to about $39.01 by the first quarter of 2025. The fluctuation illustrates a phase of growth followed by a gradual reduction, indicating potential market adjustments or changes in company performance expectations over the latter periods.
- Book Value Per Share (BVPS) Movement
- BVPS showed an overall increasing trend throughout the periods, starting at roughly $34.77 in early 2020, dropping to a low near $19.54 to $21.76 during 2020 and early 2021, then recovering and gradually rising to approximately $36.29 by the first quarter of 2025. The steady increase from late 2020 onward suggests an improvement in the company’s net asset value relative to its outstanding shares, reflecting strengthening fundamentals or asset growth.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio demonstrated considerable variation aligned with the share price and book value movements. Initially, it was below 1.0, starting at 0.39 and increasing to above 1.3 during 2020 and early 2021. The ratio peaked near 2.37 in late 2022, coinciding with the share price peak, and then decreased steadily to values around 1.11 by mid-2025. This pattern indicates the market was valuing the shares at a premium relative to book value during the peak periods, followed by a normalization or market correction phase in later years.
- Overall Insights
- The data reveals an initial period of value compression with low share prices and book values dropping during 2020, possibly linked to external economic factors or sector-specific challenges. Recovery and growth followed, with both share price and book value increasing significantly, peaking in late 2022. Subsequently, a market reassessment appears evident as share prices declined while book value maintained a modest upward trend, resulting in diminishing valuation multiples. This suggests that while intrinsic company value improved, market sentiment and share pricing became more conservative over time.