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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- 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)
Apache Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
The financial ratios over the examined period reveal several notable trends and fluctuations. The Price to Earnings (P/E) ratio data is absent for earlier periods but from March 2012 onwards, it exhibits a general upward trend until March 2014, peaking at 31.6. Subsequently, the P/E ratio data becomes unavailable again, preventing further analysis beyond that point.
The Price to Operating Profit (P/OP) ratio, available from March 2012, similarly shows an upward trajectory. Starting at 5.08, it gradually increases over time, reaching 9.07 by December 2014. After this point, no further data is provided for this ratio, limiting trend analysis.
The Price to Sales (P/S) ratio presents a more continuous dataset and displays variability throughout the periods. It starts at 2.47 in March 2012, drops to a low of 1.7 in March 2013, and then fluctuates moderately between approximately 1.75 and 2.48 for the next two years. Notably, it experiences a sharp increase from 2.34 in December 2015 to 3.49 in March 2016 and further to 3.62 in June 2016, indicating a rising valuation relative to sales in the most recent quarters.
The Price to Book Value (P/BV) ratio presents interesting shifts over the entire time frame. It starts at a higher level of 1.94 in March 2011 but declines steadily to a low of 0.92 in December 2012, indicating the market value approaching the book value at that time. Following this, the ratio oscillates moderately around the range of approximately 0.9 to 1.2 until September 2015. Beginning in December 2015, the ratio exhibits a significant increase to 5.82, followed by a decline to around 2.7 by mid-2016. This recent spike suggests a notable revaluation, possibly due to changes in market perception, asset base, or profitability expectations.
Overall, the data suggests a general increase in market valuation ratios such as P/E, P/OP, and P/S until around 2014, followed by some missing data instance and marked volatility in later periods, particularly from late 2015 onwards. The sharp increases in Price to Sales and Price to Book Value ratios in the last two reported quarters highlight significant changes in market sentiment or company fundamentals during this time.
Price to Earnings (P/E)
Apache Corp., historical P/E calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common stock (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. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
EPS
= (Net income (loss) attributable to common stockQ2 2016
+ Net income (loss) attributable to common stockQ1 2016
+ Net income (loss) attributable to common stockQ4 2015
+ Net income (loss) attributable to common stockQ3 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the presented periods reveals several notable trends and changes in the company's performance and market valuation.
- Share Price
- The share price exhibited considerable fluctuations throughout the timeline. Starting at a high point of $127.33 on March 31, 2011, it experienced a downward trend with intermittent recoveries, reaching lows around the mid-60s by late 2014. Thereafter, a more pronounced decline occurred, dropping to the mid-40s by mid-2015 and further to below $40 by late 2015. A slight recovery is observed in the first half of 2016, with prices stabilizing around the $50 mark. This overall pattern suggests a period of volatility and weakening investor confidence, particularly from 2014 onwards.
- Earnings Per Share (EPS)
- EPS data becomes available starting from March 31, 2012, where it was reported at $11.73. Subsequent quarters show a consistent decline, dropping steadily to negative values by the end of 2014. The negative trend accelerates with EPS falling to -$14.34 by June 2015 and reaching a nadir of approximately -$61.11 in the December 2015 period. By mid-2016, although EPS is still negative at -$35.54, there appears to be a slight improvement compared to the previous quarter. This decline in EPS indicates deteriorating profitability, with sustained losses impacting earnings significantly over time.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio is only reported for certain quarters, beginning at 9.2 in March 2012. Following this, it fluctuates but generally trends upwards, peaking at an elevated ratio of approximately 31.6 in June 2014. After this peak, the P/E ratio data becomes unavailable, which likely coincides with the incidence of negative EPS values, making the ratio non-computable or irrelevant. The rise in P/E prior to its absence may reflect increasing market expectations or inflated valuations despite decreasing earnings.
In summary, the data indicates a period marked by declining earnings, weakening share price, and volatile market valuation metrics. The sustained negative earnings in the later years correspond with diminished share price levels, reflecting challenges in operational profitability and market confidence. The temporary rise in the P/E ratio before earnings turned negative suggests possible investor optimism that was eventually undermined by the actual financial results.
Price to Operating Profit (P/OP)
Apache Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Operating profit per share
= (Operating income (loss)Q2 2016
+ Operating income (loss)Q1 2016
+ Operating income (loss)Q4 2015
+ Operating income (loss)Q3 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed financial data exhibits several notable trends across the periods from March 31, 2011, to June 30, 2016, focusing on share price, operating profit per share, and the price-to-operating profit (P/OP) ratio.
- Share Price
- The share price shows a generally declining trend over the time frame observed. Initially starting at $127.33 in March 2011, the price decreases significantly with intermittent fluctuations. By June 2016, the share price reaches $50.18, representing a substantial decline relative to the start. Some short-term rebounds are noted, such as the increase from $65.54 in December 2014 to $100.38 in June 2014, but the overall trajectory remains downward. The decline accelerates particularly from mid-2014 onward, dropping from $88.89 in March 2014 to as low as $39.47 in December 2015.
- Operating Profit Per Share (OPPS)
- Operating profit per share data is unavailable until March 31, 2012. At that point, OPPS is $21.27 and generally declines throughout subsequent quarters. The decrease continues steadily into negative territory starting in mid-2015, with values such as -$7.64 in March 2015 and reaching -$73.78 by December 2015. The latest available figure, $-40.21 in June 2016, indicates persistent operating losses. This downward trend suggests deteriorating operational profitability during the examined period.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio is available from March 31, 2012, and reflects the relationship between share price and operating profit per share. It begins at 5.08 and rises gradually over the subsequent quarters, peaking at 9.07 by December 2014. The increase in this ratio implies that the share price is not declining as rapidly as the operating profit per share, or operating profits are diminishing faster than share prices. The absence of P/OP ratio data in later periods corresponds with negative operating profits, making this valuation metric inapplicable. The rising P/OP ratio prior to the negative period signals increasing valuation relative to operating earnings, which may reflect market expectations or other external factors during the period.
Price to Sales (P/S)
Apache Corp., historical P/S calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Oil and gas production revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Sales per share
= (Oil and gas production revenuesQ2 2016
+ Oil and gas production revenuesQ1 2016
+ Oil and gas production revenuesQ4 2015
+ Oil and gas production revenuesQ3 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed financial data reveals several notable trends regarding share price, sales per share, and the price-to-sales (P/S) ratio over the period from March 2011 to June 2016.
- Share Price
- The share price exhibits significant volatility throughout the timeframe. Initially, in early 2011, the share price was relatively high, peaking at $127.33. However, from mid-2011 onward, there is an overall declining trend, with intermittent fluctuations. Notably, the share price decreases substantially starting in 2014, dropping from $100.38 in June 2014 to $39.47 by December 2015. Although some recovery is observed in early 2016 reaching around $53.84 in March, the price declines slightly again by June 2016 to $50.18.
- Sales Per Share
- Sales per share data starts from March 2012, showing a consistent downward trend over the entire period. Initially around $43.74 in March 2012, sales per share decrease steadily and markedly, reaching $13.88 by June 2016. This decline indicates decreasing revenue generated on a per-share basis, signifying potential challenges in sales growth or volume.
- Price-to-Sales (P/S) Ratio
- The P/S ratio illustrates variability but generally trends sideways with fluctuations. Beginning at 2.47 in March 2012, the ratio dips to lows near 1.7 to 1.8 multiple times but also rises above 2.0 at several points, peaking at 3.62 in June 2016. The increase in the P/S towards the end of the period, despite declining sales per share and relatively low share prices, suggests market valuation adjustments possibly influenced by factors other than immediate sales, such as expectations or investor sentiment.
Overall, while share price and sales per share have mostly declined over the period, the fluctuating P/S ratio indicates changing market perceptions of the company’s value relative to its sales. The sharp decreases in sales per share juxtaposed with the fluctuating market prices highlight potential operational or market challenges faced by the company during the analyzed quarters.
Price to Book Value (P/BV)
Apache Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Apache shareholders’ 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. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
BVPS = Total Apache shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals fluctuations in share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the specified quarterly periods. The analysis highlights key trends and patterns observed across these metrics.
- Share Price
- The share price demonstrates a downward trend from March 2011 to December 2012, declining from $127.33 to $73.75. This decrease is gradual with some intermittent recoveries, such as in September 2011. Subsequently, there is a modest recovery through June 2013 where the price reaches approximately $89.80 before declining again through the end of 2014 and sharply falling during 2015, bottoming out near $39.47 in December 2015. A slight rebound is observable in early 2016, with the share price climbing to roughly $53.84 by March 31, 2016, though it then dips slightly to $50.18 by June 30, 2016.
- Book Value Per Share (BVPS)
- The BVPS shows a general upward trajectory from March 2011 ($65.71) to December 2013 ($84.61), indicating growth in the company's net asset value per share. After peaking in this period, BVPS exhibits a significant decline beginning in 2014, dropping from $85.77 in March 2014 to a low of $6.78 in December 2015. The sudden reduction signals a considerable deterioration in net assets or equity value. By mid-2016, there is a minor recovery with BVPS rising to $18.82, although it remains substantially lower than the earlier peak.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio initially decreases from 1.94 in March 2011 to 0.92 in December 2012, reflecting a declining market valuation relative to book value. The ratio mostly remains near or below 1 until late 2014, indicating that the share price was often trading at or below the company's book value. However, a marked increase occurs starting in late 2014, with the ratio escalating dramatically to 5.82 in December 2015. This surge corresponds with the sharp decline in BVPS and suggests that the market price was disproportionately higher relative to the severely diminished book value. Thereafter, the ratio declines to around 2.67 by mid-2016 but remains elevated compared to the earlier period.
In summary, the data indicates a period of decreasing market confidence and asset value through 2014 and 2015, highlighted by a steep decline in BVPS and share price. The pronounced spike in the P/BV ratio during late 2015 reflects a divergence between market price and book value, potentially signaling market expectations of recovery or other valuation anomalies. The slight improvements in mid-2016 suggest early signs of stabilization, although metrics have not yet returned to previous levels.