Price to Sales (P/S)
since 2005
Calculation
Pioneer Natural Resources Co., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2024 | 2.82 | = | 233.92 | ÷ | 82.93 | 82.93 | = | 19,374 | ÷ | 233,623,121 | |
| Feb 23, 2023 | 1.98 | = | 205.06 | ÷ | 103.76 | 103.76 | = | 24,384 | ÷ | 235,004,153 | |
| Feb 22, 2022 | 3.03 | = | 223.20 | ÷ | 73.57 | 73.57 | = | 17,870 | ÷ | 242,884,015 | |
| Mar 1, 2021 | 4.58 | = | 148.47 | ÷ | 32.43 | 32.43 | = | 7,024 | ÷ | 216,580,280 | |
| Feb 24, 2020 | 2.33 | = | 135.97 | ÷ | 58.36 | 58.36 | = | 9,671 | ÷ | 165,714,771 | |
| Feb 26, 2019 | 2.56 | = | 142.76 | ÷ | 55.70 | 55.70 | = | 9,379 | ÷ | 168,369,523 | |
| Feb 20, 2018 | 5.73 | = | 178.25 | ÷ | 31.09 | 31.09 | = | 5,294 | ÷ | 170,300,825 | |
| Feb 17, 2017 | 8.25 | = | 192.00 | ÷ | 23.27 | 23.27 | = | 3,951 | ÷ | 169,796,963 | |
| Feb 19, 2016 | 6.39 | = | 122.99 | ÷ | 19.24 | 19.24 | = | 3,142 | ÷ | 163,266,510 | |
| Feb 19, 2015 | 5.52 | = | 160.16 | ÷ | 29.03 | 29.03 | = | 4,325 | ÷ | 148,963,753 | |
| Feb 27, 2014 | 7.99 | = | 195.00 | ÷ | 24.42 | 24.42 | = | 3,490 | ÷ | 142,916,619 | |
| Feb 13, 2013 | 5.56 | = | 126.76 | ÷ | 22.79 | 22.79 | = | 2,812 | ÷ | 123,360,341 | |
| Feb 29, 2012 | 5.89 | = | 109.64 | ÷ | 18.61 | 18.61 | = | 2,294 | ÷ | 123,260,358 | |
| Feb 25, 2011 | 6.64 | = | 102.86 | ÷ | 15.48 | 15.48 | = | 1,803 | ÷ | 116,452,149 | |
| Feb 26, 2010 | 3.35 | = | 46.65 | ÷ | 13.93 | 13.93 | = | 1,610 | ÷ | 115,550,322 | |
| Feb 25, 2009 | 0.75 | = | 14.77 | ÷ | 19.70 | 19.70 | = | 2,277 | ÷ | 115,616,236 | |
| Feb 21, 2008 | 3.03 | = | 44.14 | ÷ | 14.58 | 14.58 | = | 1,741 | ÷ | 119,389,995 | |
| Feb 20, 2007 | 3.09 | = | 39.56 | ÷ | 12.81 | 12.81 | = | 1,582 | ÷ | 123,502,029 | |
| Feb 17, 2006 | 2.58 | = | 44.40 | ÷ | 17.22 | 17.22 | = | 2,216 | ÷ | 128,642,016 |
Based on: 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 Pioneer Natural Resources Co. Annual Report.
The Price-to-Sales (P/S) ratio for Pioneer Natural Resources exhibits significant volatility over the analyzed period, reflecting shifting market valuations and fluctuations in revenue generation.
- Early Volatility and Valuation Floor (2006–2009)
- The P/S ratio remained relatively stable between 2.58 and 3.09 from 2006 to 2008. However, a sharp contraction occurred in 2009, where the ratio fell to a period low of 0.75. This decline was primarily driven by a substantial drop in share price to 14.77 US$, despite sales per share increasing to 19.70 US$.
- Expansionary Valuation Phase (2010–2017)
- A period of significant valuation expansion is observed between 2010 and 2017. The P/S ratio climbed steadily, peaking at 8.25 in 2017. During this window, share price appreciation significantly outpaced the growth in sales per share, indicating increased market optimism and a higher premium attributed to each dollar of revenue.
- Valuation Compression and Stabilization (2018–2024)
- From 2018 onward, the P/S ratio underwent a marked compression. Despite a dramatic increase in sales per share—which rose from 31.09 US$ in 2018 to a peak of 103.76 US$ in 2023—the P/S ratio remained consistently lower, fluctuating between 1.98 and 4.58. The period concluded with a P/S ratio of 2.82 in 2024.
The long-term trajectory indicates a decoupling of share price and revenue growth in the latter half of the series. While the company achieved substantially higher sales per share in the 2020s than in the 2000s, the market applied a more conservative multiple to those revenues compared to the peak valuations seen in 2017.
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Comparison to Competitors
Pioneer Natural Resources Co., P/S, long-term trends, comparison to competitors
| Pioneer Natural Resources Co. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 22, 2024 | 2.82 | 1.46 | 2.33 | 1.24 |
| Feb 23, 2023 | 1.98 | 1.31 | 1.68 | 1.12 |
| Feb 22, 2022 | 3.03 | 1.69 | 2.58 | 1.17 |
| Mar 1, 2021 | 4.58 | 2.09 | 3.52 | 1.34 |
| Feb 24, 2020 | 2.33 | 1.46 | 1.94 | 0.88 |
| Feb 26, 2019 | 2.56 | 1.43 | 2.16 | 1.20 |
| Feb 20, 2018 | 5.73 | 1.56 | 2.21 | 1.35 |
| Feb 17, 2017 | 8.25 | 1.91 | 2.51 | 1.54 |
| Feb 19, 2016 | 6.39 | 1.24 | 1.38 | 1.30 |
| Feb 19, 2015 | 5.52 | 1.02 | 1.57 | 0.95 |
| Feb 27, 2014 | 7.99 | 0.98 | 1.50 | 0.98 |
| Feb 13, 2013 | 5.56 | 0.98 | 1.23 | 0.89 |
| Feb 29, 2012 | 5.89 | 0.88 | 0.39 | 0.88 |
| Feb 25, 2011 | 6.64 | 1.03 | 0.59 | 1.14 |
| Feb 26, 2010 | 3.35 | 0.87 | 0.48 | 1.02 |
| Feb 25, 2009 | 0.75 | 0.48 | 0.24 | 0.73 |
| Feb 21, 2008 | 3.03 | 0.86 | 0.67 | 1.23 |
| Feb 20, 2007 | 3.09 | 0.72 | 0.60 | 1.12 |
| Feb 17, 2006 | 2.58 | 0.66 | 0.48 | 1.01 |
Based on: 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)
Pioneer Natural Resources Co., P/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Pioneer Natural Resources Co. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 22, 2024 | 2.82 | 1.41 |
| Feb 23, 2023 | 1.98 | 1.24 |
| Feb 22, 2022 | 3.03 | 1.48 |
| Mar 1, 2021 | 4.58 | 1.72 |
| Feb 24, 2020 | 2.33 | 1.15 |
| Feb 26, 2019 | 2.56 | 1.35 |
| Feb 20, 2018 | 5.73 | 1.48 |
| Feb 17, 2017 | 8.25 | 1.72 |
| Feb 19, 2016 | 6.39 | 1.29 |
| Feb 19, 2015 | 5.52 | 1.02 |
| Feb 27, 2014 | 7.99 | 1.02 |
| Feb 13, 2013 | 5.56 | 0.94 |
| Feb 29, 2012 | 5.89 | 0.75 |
| Feb 25, 2011 | 6.64 | 0.98 |
| Feb 26, 2010 | 3.35 | 0.85 |
| Feb 25, 2009 | 0.75 | 0.54 |
| Feb 21, 2008 | 3.03 | 1.00 |
| Feb 20, 2007 | 3.09 | 0.88 |
| Feb 17, 2006 | 2.58 | 0.79 |
Based on: 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)
Pioneer Natural Resources Co., P/S, long-term trends, comparison to industry (energy)
| Pioneer Natural Resources Co. | Energy | |
|---|---|---|
| Feb 22, 2024 | 2.82 | 1.46 |
| Feb 23, 2023 | 1.98 | 1.31 |
| Feb 22, 2022 | 3.03 | 1.52 |
| Mar 1, 2021 | 4.58 | 1.69 |
| Feb 24, 2020 | 2.33 | 1.18 |
| Feb 26, 2019 | 2.56 | 1.38 |
| Feb 20, 2018 | 5.73 | 1.63 |
| Feb 17, 2017 | 8.25 | 1.90 |
| Feb 19, 2016 | 6.39 | 1.37 |
| Feb 19, 2015 | 5.52 | 1.10 |
| Feb 27, 2014 | 7.99 | 1.11 |
| Feb 13, 2013 | 5.56 | 1.02 |
| Feb 29, 2012 | 5.89 | 0.83 |
| Feb 25, 2011 | 6.64 | 1.10 |
| Feb 26, 2010 | 3.35 | 0.93 |
| Feb 25, 2009 | 0.75 | 0.57 |
| Feb 21, 2008 | 3.03 | 1.09 |
| Feb 20, 2007 | 3.09 | 0.96 |
| Feb 17, 2006 | 2.58 | 0.86 |
Based on: 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).