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).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Pioneer Natural Resources Co., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The P/E ratio displayed significant volatility during the observed periods. It started at 21.29, sharply increased to a peak of 125.89 by September 2020, indicating heightened market valuation relative to earnings or possibly diminished earnings. Following a period of unreported values, the ratio remained elevated at 138.17 in March 2021 before declining steadily thereafter. From mid-2021 onward, the ratio trended downwards to reach values between approximately 6 and 11 by the end of 2023, suggesting a normalization in earnings valuation or improved earnings performance during this time frame.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored a similar pattern of early volatility. Initially at 10.54, it rose to 170.14 by December 2020, indicating a potentially overvalued share price relative to operating profit or a sharp drop in operating profit. After some missing data points, the ratio decreased to more moderate levels around 16 to 37 during much of 2021. From early 2022 onwards, there was a clear and steady decline to values below 10 by December 2022, followed by a slight uptick yet maintaining relatively moderate levels around 8 by the end of 2023. This suggests an improving relationship between price and operating profitability over time.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited less dramatic fluctuations compared to earnings-based multiples. Starting at 1.57 in early 2020, it increased to a high of approximately 5.06 by March 2021, indicating an elevated valuation relative to sales. Subsequently, the ratio declined steadily into early 2022, with a low near 1.98 by December 2022. Thereafter, a gradual increase occurred through 2023, reaching around 2.95 in the third quarter before slightly decreasing again. The data reflect periodic adjustments in market pricing relative to the company's sales but no extreme volatility.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated moderate fluctuations with a general upward trend over the observed quarters. Beginning near 1.21 in the first quarter of 2020, it rose to approximately 2.78 by December 2020, suggesting increased market valuation relative to book value. Following some variability in 2021, including a slight dip, the ratio increased again, reaching values above 2.6 during parts of 2022. Through 2023, the ratio stabilized mostly between 2.2 and 2.5 levels, indicating a consistent market appraisal relative to the company's net asset value over the longer term.
Price to Earnings (P/E)
Pioneer Natural Resources Co., historical P/E 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in millions) | |||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (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)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pioneer Natural Resources Co. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company has exhibited significant volatility and an overall upward trend over the analyzed quarters. Starting at approximately $90 at the end of the first quarter of 2020, the share price increased to above $148 by the end of 2020. Subsequently, there was a notable rise reaching over $256 in the first quarter of 2022, followed by fluctuations with peaks and troughs but maintaining relatively high levels between $200 and $250 through 2023.
Earnings per share (EPS) displayed substantial variability during the timeframe. Initially, EPS declined sharply from $4.23 in early 2020 to negative values towards the end of the year, reflecting a challenging period. Following this downturn, EPS recovered strongly and demonstrated a marked upward trajectory throughout 2021 and into 2022, peaking at around $33.38 in the last quarter of 2022. However, after this peak, EPS has shown a gradual decline but remained at robust levels above $20 by the end of 2023.
The price-to-earnings (P/E) ratio data reveals a pattern consistent with the movements seen in EPS and share price. During 2020, the P/E ratio was highly elevated in some quarters, reaching values exceeding 125, indicative of low or negative earnings coupled with relatively stable share prices. This high valuation ratio reflects market uncertainty or expectations of future earnings growth during the downturn. As earnings improved dramatically from 2021 onward, the P/E ratio decreased notably, reaching single digits in several quarters of 2022 and early 2023. Towards the end of the period, the P/E ratio slightly increased again but remained moderate, indicating a balance between share price and earnings growth.
- Summary of Trends and Insights
- The company experienced a volatile share price with an overall upward trend from 2020 through 2023, reflecting market optimism amid periods of uncertainty.
- EPS showed a trough in 2020 followed by a strong recovery and high profitability in 2021 and 2022, then a modest decline in late 2023, signaling improving operational performance but recent softening earnings.
- P/E ratios were extremely high during periods of negative or low earnings, then normalized as earnings recovered, suggesting investor confidence grew in alignment with improved financial results.
- The convergence of moderate P/E ratios with elevated EPS and steady share prices towards the end of the timeline suggests a more stable valuation environment and potentially renewed investor confidence.
Price to Operating Profit (P/OP)
Pioneer Natural Resources Co., historical P/OP 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pioneer Natural Resources Co. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits notable fluctuations and overall trends in key performance indicators over the observed periods.
- Share Price
- The share price has shown a general upward trend over the period. Starting at $89.99 in the first quarter of 2020, it experienced some volatility, including a dip to $77.34 in the third quarter of 2020. From the fourth quarter of 2020 onward, the share price predominantly increased, reaching a peak of $257.31 in the third quarter of 2022. Although some fluctuations occurred afterward, the price remained elevated above $200, closing at $233.92 by the last quarter of 2023.
- Operating Profit Per Share (OPPS)
- The operating profit per share displayed a declining trend in early 2020, dropping sharply from $8.53 in the first quarter to $0.87 by the end of 2020, even turning slightly negative (-$0.12) in the first quarter of 2021. However, from the second quarter of 2021, there was a strong recovery and consistent increase, peaking at $43.62 in the fourth quarter of 2022. Subsequently, there was a gradual decrease in operating profit per share, settling near $27.96 by the fourth quarter of 2023.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio showed substantial volatility throughout the timeframe. In 2020, the ratio was elevated, especially in the last quarter when it skyrocketed to 170.14, reflecting depressed operating profit per share amid relatively stable share prices. The ratio fell sharply in 2021, fluctuating between 16.34 and 37.25, indicating partial normalization in profitability. From 2022 onward, the P/OP ratio trended downward overall, reaching a low of approximately 4.7 in the fourth quarter of 2022, which suggests the operating profit growth began to outpace share price increases. However, a moderate rise in the ratio occurred toward the end of 2023, reaching levels around 8.4, consistent with the observed reduction in operating profit per share during that period.
In summary, the data demonstrates a recovery phase after an initial downturn in operating profitability, accompanied by a strong rise in share price. The fluctuating P/OP ratio reflects changing market valuations and profitability dynamics. The peak operating profits and high share price periods during 2022 correspond with the lowest P/OP ratios, indicative of improved earnings relative to price. Toward the end of the observed period, the slight decline in operating profit per share and corresponding increase in valuation multiples suggest a possible moderation in performance expectations.
Price to Sales (P/S)
Pioneer Natural Resources Co., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Revenue from contracts with purchasers (in millions) | |||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pioneer Natural Resources Co. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations and trends in the share price, sales per share, and the price-to-sales (P/S) ratio over the examined periods.
- Share Price Trends
- The share price exhibited moderate volatility with a general upward trend from March 2020 to March 2023. Initially, the share price increased from $89.99 to $148.47 by December 2020, indicating strong market performance despite fluctuations in the earlier quarters. The price continued to rise significantly during 2021, reaching a high of $256.48 in March 2022. Subsequently, the share price demonstrated some variability, dropping to $205.06 by December 2022 and then recovering to $245.84 in September 2023 before a slight decline to $233.92 in December 2023. This pattern suggests periods of profit-taking or external market influences impacting share valuation.
- Sales Per Share Patterns
- Sales per share showed an overall increasing trend from March 2020 through December 2022, rising from $57.24 to a peak of $104.31 in September 2022. This steady growth indicates improving revenue generation on a per-share basis. However, after this peak, sales per share declined somewhat to $82.93 by December 2023, reflecting a possible slowdown in sales growth or seasonal impacts towards the end of the analyzed time frame.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio experienced significant fluctuations during the period. It peaked at 5.06 in March 2021, suggesting a high valuation relative to sales at that time. Following this peak, the ratio declined fairly steadily to around 1.98 by December 2022, indicating that the share price growth was not keeping pace with the increase in sales per share. In 2023, the P/S ratio trended upwards again, reaching approximately 2.95 in September before a slight decline to 2.82 in December. This suggests renewed investor confidence or changes in market sentiment contributing to higher valuations relative to sales.
- Overall Insights
- The data points to an initial phase of share price strength coinciding with relatively moderate sales performance, followed by a period where sales growth outpaced share price appreciation, reducing the P/S ratio. The latter quarters show a balancing act with sales per share peaking and then declining, while the P/S ratio rebounds, indicating complex interactions between market valuation and operational performance. These patterns may reflect external market conditions, operational cycles, or investor sentiment shifts influencing the company's financial metrics.
Price to Book Value (P/BV)
Pioneer Natural Resources Co., historical P/BV calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Equity (in millions) | |||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Pioneer Natural Resources Co. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and developments over the examined period.
- Share Price
- The share price exhibited considerable volatility while demonstrating a general upward trend. Starting at $89.99 in March 2020, the price initially increased, peaking at $148.47 in December 2020. This was followed by fluctuations with a rise to $223.20 by December 2021. Subsequently, there was further growth reaching a high of $257.31 in September 2022, before experiencing some decline and recovery, ending at $233.92 in December 2023. The overall movement indicates strong market confidence with periods of heightened valuation.
- Book Value per Share (BVPS)
- BVPS showed relative stability with gradual growth over the period. From $74.07 in March 2020, it declined to a low of $53.42 in December 2020, suggesting some asset revaluations or impairments during that time. However, a recovery ensued, climbing steadily to $94.02 by December 2021 and maintaining a generally stable range around mid-90s through 2022 and 2023. This pattern points to sustained underlying asset value and steady equity growth.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio displayed significant fluctuation, reflecting changes in market valuation relative to book value. Initially modest at 1.21 in March 2020, it elevated sharply to 2.78 by December 2020, indicating growing investor optimism or increased market premiums. The ratio then oscillated, reaching around 2.6 during late 2021 and late 2022, before stabilizing slightly above 2.3 towards the end of 2023. This suggests that the market consistently valued the company’s shares at more than twice their book value, underscoring a strong market perception relative to the company's net asset value.
In summary, the financial data reflects a company experiencing market-driven share price appreciation with sustained book value growth. The elevated and somewhat fluctuating P/BV ratios confirm a market tendency to price the shares at premiums relative to book value, influenced by external market factors and internal performance confidence.