Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Profitability Ratios (Summary)
Pioneer Natural Resources Co., profitability ratios (quarterly data)
Based on: 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), 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).
- Operating Profit Margin
- The operating profit margin demonstrates a notable cyclical pattern with overall growth from the first observed periods in 2019 through the end of 2023. The initial margins start moderately in early 2019, with values around 16.09% in March 2020, followed by a consistent decline reaching a negative margin by mid-2021 (-0.36%). After this trough, there is a strong recovery and substantial improvement throughout late 2021 into 2022, peaking above 42% by December 2022. The margin remains robust though showing a slight downward moderation to approximately 33.71% by December 2023.
- Net Profit Margin
- The net profit margin follows a trend broadly similar to operating profit margin but with overall lower values and greater volatility. Margins remain positive but modest through early 2020, followed by a steep decline into negative territory in early to mid-2021, reaching a nadir of -6.94% in June 2021. Subsequently, there is a significant rebound exceeding 30% by late 2022. Although a gradual decrease occurs towards the end of 2023, net profit margin maintains healthy positive levels, ending near 25.26%.
- Return on Equity (ROE)
- Return on equity exhibits patterns coherent with previous profitability measures, showing initial growth until early 2020, followed by deterioration, including negative returns between late 2020 and mid-2021, with the lowest point around -3.09%. Thereafter, ROE recovers strongly, peaking above 34% in December 2022, and declines gradually to approximately 21.12% by the end of 2023. This indicates an improvement in the company’s effectiveness in generating returns from shareholders’ equity after an adverse period.
- Return on Assets (ROA)
- Return on assets mirrors the trends observed in ROE but with generally lower figures, reflecting asset efficiency dynamics. Starting positive in early 2019, ROA falls into negative territory during 2020 and early 2021, hitting a low of approximately -1.85%. Following this period, notable recovery occurs, with ROA increasing markedly into late 2022, reaching nearly 22%. A mild declining trend is again visible in 2023, finishing around 13.37%, implying some moderation in asset profitability though performance remains solid relative to earlier lows.
- Summary of Trends
- The financial indicators collectively illustrate a period of volatility punctuated by a significant downturn coinciding with early to mid-2021. This phase is characterized by compressions in margins and returns, dipping into negative values, likely indicating operational and financial challenges during that time. Subsequently, a strong recovery phase is visible across all metrics throughout late 2021 and continuing in 2022, reaching peak profitability and return levels not previously seen in the dataset. The slight declines in all measures toward the end of 2023 suggest a normalization or stabilization following the recovery peak. Overall, the analysis reflects resilience and improved efficiency in profitability and capital utilization after a challenging period.
Return on Sales
Return on Investment
Operating Profit Margin
Pioneer Natural Resources Co., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||||
| Revenue from contracts with purchasers | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 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).
1 Q4 2023 Calculation
Operating profit margin = 100
× (Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023)
÷ (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data indicate several notable trends in operating income, revenue, and profitability over the examined periods.
- Operating Income (Loss)
- The operating income exhibited considerable volatility from 2019 through mid-2020, with values swinging from positive to negative territory. The first quarter of 2020 and second quarter of 2020 notably show a sharp decline, reaching a loss of 435 million US dollars. However, from late 2020 onwards, the operating income demonstrates a strong recovery and consistent growth, peaking during the first quarter of 2022 at 2,675 million US dollars. Although there is some decrease in subsequent quarters, the levels remain significantly higher than the initial years, indicating improved operational performance.
- Revenue from Contracts with Purchasers
- Revenue figures display a general upward trend from 2019 through 2022, increasing from around 2,244 million US dollars in the first quarter of 2019 to a peak of 7,005 million US dollars in the second quarter of 2022. A contraction occurs beginning in the third quarter of 2022, with revenues declining consistently into 2023, leveling off around 5,000 million US dollars. This pattern suggests strong growth over the initial period followed by a moderation or possible market adjustment in more recent quarters.
- Operating Profit Margin
- Profitability, as measured by the operating profit margin, shows a marked improvement over the period for which data is available. Starting at approximately 16% in the third quarter of 2019, margins initially declined into early 2020 with a low point just below zero in the second quarter of 2020. From the third quarter of 2020 onward, margins steadily increase, reaching a high of over 42% in the fourth quarter of 2022. Although there is a slight decrease in margin percentages in 2023, profitability remains robust and substantially higher than in the earlier period.
In summary, the data reveal a period of early instability followed by strong growth in revenue and operating income, accompanied by an improving operating profit margin. Recent quarters suggest some stabilization or mild decline in revenue and margins, but overall financial health and operational efficiency appear significantly enhanced compared to the earlier years reported.
Net Profit Margin
Pioneer Natural Resources Co., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | ||||||||||||||||||||||||||
| Revenue from contracts with purchasers | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 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).
1 Q4 2023 Calculation
Net profit margin = 100
× (Net income (loss) attributable to common stockholdersQ4 2023
+ Net income (loss) attributable to common stockholdersQ3 2023
+ Net income (loss) attributable to common stockholdersQ2 2023
+ Net income (loss) attributable to common stockholdersQ1 2023)
÷ (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's financial performance over the observed periods. The key metrics examined include net income attributable to common stockholders, revenue from contracts with purchasers, and the net profit margin.
- Net Income (Loss) Attributable to Common Stockholders
- The net income figures demonstrate considerable volatility in 2019 and 2020, including negative results in some quarters, such as -169 million in June 2019 and -449 million in June 2020. Starting from 2021, a marked improvement is visible with positive net income in all quarters and a significant upward trend, peaking at 2,371 million in March 2022. Following this peak, the income level stabilizes but shows a moderate decline into the end of 2023, settling around 1,269 million in December 2023. This pattern indicates recovery and growth post-2020, despite some fluctuations in the latter quarters of the observed period.
- Revenue from Contracts with Purchasers
- Revenue presents an overall increasing trend with some disruptions. A decline is seen in 2020, most notably in the second quarter with revenue dropping to 1,141 million from previous quarters exceeding 2,000 million. From 2021 onward, revenue experiences significant growth with a high point at 7,005 million in June 2022. However, subsequent quarters reflect a downward adjustment, with revenue decreasing gradually to 5,076 million by December 2023. The data suggests that the company managed to expand its sales notably after mid-2020 but faced challenges sustaining this growth beyond mid-2022.
- Net Profit Margin
- The net profit margin data, available initially from the third quarter of 2019, corresponds with the fluctuations in net income. The margin falls below zero during 2020, reaching -6.94% in June 2020, indicating profitability challenges. A steady and substantial improvement is noted from 2021, climbing sharply to over 30% in the quarters of 2022 and 2023. This strong margin performance corresponds with the higher net incomes and revenues recorded in the same period, highlighting improved operational efficiency and/or favorable market conditions.
Overall, the data depicts a company that experienced a challenging 2020 with losses and reduced revenue, followed by a recovery phase beginning in 2021 characterized by robust income growth and improved profitability. Despite some tapering in revenue and net income in late 2022 and through 2023, the profit margins remain elevated, suggesting sustained operational strength relative to sales.
Return on Equity (ROE)
Pioneer Natural Resources Co., ROE calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | ||||||||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 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).
1 Q4 2023 Calculation
ROE = 100
× (Net income (loss) attributable to common stockholdersQ4 2023
+ Net income (loss) attributable to common stockholdersQ3 2023
+ Net income (loss) attributable to common stockholdersQ2 2023
+ Net income (loss) attributable to common stockholdersQ1 2023)
÷ Equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Common Stockholders
- The net income exhibits significant volatility throughout the observed periods. From 2019 to early 2020, there were fluctuations with intermittent losses, notably in the second quarter of 2019 (-169 million) and mid-2020 (-449 million). Starting in late 2020, there is a clear trend of recovery and growth, with net income turning positive again and increasing substantially through 2021 and into 2022, peaking at 2,371 million in the first quarter of 2022. After this peak, net income displays a gradual decline each quarter but remains positive and at a relatively high level compared to the earlier periods, stabilizing around the 1,200 to 1,300 million range by the end of 2023.
- Equity
- Equity levels show moderate fluctuations but generally maintain a relatively stable range across the years. From around 12,200 million in early 2019, equity saw a slight decrease through mid-2020, with a notable dip to approximately 11,569 million by the end of 2020. However, starting in early 2021, equity increased significantly, reaching a peak of nearly 23,193 million in the third quarter of 2021. After reaching this high, equity levels plateau and show minor decreases and increases but remain generally within the 21,800 to 23,200 million range through 2023, suggesting a period of relative stability in the company’s capital base.
- Return on Equity (ROE)
- ROE shows a clear trend of improvement over time, with data beginning in early 2019. Early values around 5-6% in 2019 decreased to negative values in late 2019 and early 2020, reaching as low as -3.09% mid-2020. Starting in the third quarter of 2020, ROE returned to positive and increased steadily through 2021 into 2022, reaching a peak of 34.8% by the fourth quarter of 2022. Subsequently, ROE declines gradually but remains robust, settling in the low 20% range by the end of 2023. The upward trend in ROE corresponds with the period of rising net income and increased equity, indicating improved profitability and efficiency in generating returns on shareholders’ equity during these years.
- Overall Trends and Insights
- The financial data reveals a company that experienced a challenging phase through 2019 and mid-2020, characterized by losses and declining equity. This period was followed by a strong recovery and sustained growth phase from late 2020 onward, with significant improvements in net income and returns on equity. Equity levels recovered and increased sharply in 2021, stabilizing afterward. Despite a downward adjustment in net income and ROE in 2023, both metrics remain at elevated levels compared to the earlier years, demonstrating enhanced financial performance and operational resilience.
Return on Assets (ROA)
Pioneer Natural Resources Co., ROA calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 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).
1 Q4 2023 Calculation
ROA = 100
× (Net income (loss) attributable to common stockholdersQ4 2023
+ Net income (loss) attributable to common stockholdersQ3 2023
+ Net income (loss) attributable to common stockholdersQ2 2023
+ Net income (loss) attributable to common stockholdersQ1 2023)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Common Stockholders
- The net income exhibits notable volatility over the observed quarters. Initially, income rose to 350 million USD in March 2019, then plunged to a loss of 169 million USD in June 2019, followed by a recovery with positive values through the end of 2019. The year 2020 saw another downturn, highlighted by a significant loss of 449 million USD in the second quarter, before a gradual recovery in subsequent quarters. Beginning in 2021, net income improved markedly, reaching a peak of 1,045 million USD in the third quarter. The upward trend continued into 2022, with net income peaking at 2,371 million USD in the first quarter, followed by moderate declines but sustaining high profitability levels relative to prior years. The latter part of 2023 shows a gradual decrease from 1,301 million to 1,269 million USD, still indicating strong positive earnings compared to earlier periods.
- Total Assets
- Total assets remained relatively stable from 2019 through early 2020, fluctuating between approximately 18 to 19 billion USD. A remarkable increase was observed beginning in 2021, with assets rising sharply to over 30 billion USD in the first quarter and peaking near 37.5 billion USD in the third quarter of 2021. This elevated asset base has largely sustained through 2022 and 2023, with minor fluctuations around the mid-to-high 35 billion USD range. The significant asset growth in 2021 likely reflects substantial investments or acquisitions, contributing to a larger asset footprint and enhanced capacity.
- Return on Assets (ROA)
- ROA data is not available for the early periods but starts at 3.96% in September 2019, followed by a decline through 2020, reaching a negative low of -1.85% in mid-2020, indicating asset use inefficiencies or losses during that period. From late 2020 onward, a consistent and strong upward trajectory is evident, with ROA reaching double digits from Q2 2021 (11.39%), peaking at 21.95% in Q1 2023. This trend suggests improved asset efficiency and profitability, reflecting a successful operational performance and effective use of the company's asset base.
- Summary of Trends
- The financial data depicts a company that encountered operational and market challenges during 2019 and especially 2020, marked by net losses and negative returns on assets. However, starting in late 2020 and gaining momentum through 2021 and 2022, financial performance strengthened significantly, illustrated by rising net income, expanding asset base, and enhanced ROA. The asset growth corresponds with improved earnings, indicating strategic asset deployment. While net income and ROA showed slight decreases in late 2023, they remain substantially higher than the pre-2021 periods, indicating sustained profitability and efficient asset utilization. Overall, the data suggest a strong recovery and growth phase following a challenging period, reflecting effective management and favorable market conditions.