Enterprise Value to EBITDA (EV/EBITDA)
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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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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Pioneer Natural Resources Co., EBITDA calculation
US$ in millions
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).
- Net income (loss) attributable to common stockholders
- The net income displayed significant volatility over the analyzed periods. Starting with a positive figure of 756 million USD at the end of 2019, it dropped sharply to a loss of 200 million USD in 2020. Subsequent years showed strong recovery and growth with net income reaching 2,118 million USD in 2021 and peaking at 7,845 million USD in 2022. However, in 2023, net income declined to 4,894 million USD, indicating a reduction from the previous year but remaining well above earlier figures.
- Earnings before tax (EBT)
- EBT followed a pattern similar to net income, starting at 987 million USD in 2019, then turning negative to -261 million USD in 2020. Afterward, EBT rebounded dramatically, reaching 2,746 million USD in 2021 and sharply increasing to 9,951 million USD in 2022. It declined again in 2023 to 6,247 million USD but remained considerably higher than the initial years.
- Earnings before interest and tax (EBIT)
- EBIT figures reflected the volatility observed in the previous metrics. The company reported 1,108 million USD at the end of 2019, fell into negative territory at -132 million USD in 2020, then surged to 2,907 million USD in 2021. EBIT peaked strongly at 10,079 million USD in 2022, followed by a decline to 6,400 million USD in 2023, mirroring the pattern of EBT and net income but with a less pronounced drop in the final year.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA exhibited a generally upward trend despite some fluctuations. Starting from 2,819 million USD in 2019, it decreased to 1,507 million USD in 2020, which marks the lowest point. A strong recovery followed with EBITDA reaching 5,405 million USD in 2021 and peaking at 12,609 million USD in 2022. The latest figure for 2023 fell to 9,262 million USD, still maintaining a high level compared to earlier years.
- Summary of trends
- Overall, the financial data indicates significant volatility in earnings and profitability metrics from 2019 through 2023. The year 2020 marked a substantial downturn across all earnings measures, reflecting potentially adverse business conditions. From 2021 to 2022, there was notable growth, with all metrics reaching their peak values, suggesting strong operational performance and profitability. The decline in 2023, although material, still represents performance levels well above the lows experienced in 2020 and the medium-range levels of 2019. This pattern may indicate resilience and recovery post-downturn, with some moderation in recent performance levels.
Enterprise Value to EBITDA Ratio, Current
Pioneer Natural Resources Co., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| EV/EBITDA, Sector | |
| Oil, Gas & Consumable Fuels | |
| EV/EBITDA, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Pioneer Natural Resources Co., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| EV/EBITDA, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| EV/EBITDA, Industry | ||||||
| Energy | ||||||
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).
3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value depicted a significant upward trend from 2019 to 2021, rising from approximately $24.5 billion to $57.6 billion. This was followed by a decrease in 2022 to around $52.4 billion, before increasing again in 2023 to about $59.6 billion. Overall, the EV nearly doubled over the five-year period, indicating increased market valuation or changes in capital structure.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA experienced a substantial fluctuation during the period. It decreased sharply from about $2.8 billion in 2019 to $1.5 billion in 2020, reflecting operational challenges or adverse market conditions. However, from 2020 onward, EBITDA grew markedly, reaching a peak of approximately $12.6 billion in 2022, before declining to around $9.3 billion in 2023. This pattern suggests a strong recovery followed by a moderate contraction in earnings.
- EV/EBITDA Ratio
- The EV/EBITDA ratio exhibited considerable volatility, starting at 8.69 in 2019 and rising sharply to 22.82 in 2020, primarily driven by the drop in EBITDA while EV increased. Subsequently, the ratio decreased steadily to 10.66 in 2021 and further to 4.16 in 2022, reflecting the rapid increase in EBITDA relative to EV. In 2023, the ratio rose to 6.44, indicating a partial reversal of the previous trend. Overall, the ratio swings highlight significant variability in both valuation multiples and operating profitability.