Common Stock Valuation Ratios (Price Multiples)
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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Current Valuation Ratios
Hess Corp., current price multiples
| Hess Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2022-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Hess Corp., historical price multiples
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 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).
- Price to earnings (P/E) ratio
- The P/E ratio is only available for 2021 and 2022. It shows a significant decrease from 56.19 in 2021 to 20.3 in 2022. This decline indicates that the stock became relatively cheaper compared to earnings in 2022, suggesting either an improvement in earnings or a reduction in stock price relative to earnings during this period.
- Price to operating profit (P/OP) ratio
- The P/OP ratio exhibits a downward trend over the years with available data. Starting at 26.01 in 2018, it rose to 32.87 in 2019, then fell sharply to 15.94 in 2021 and further to 10.53 in 2022. The missing data in 2020 prevents a continuous analysis. The overall decrease from 2019 to 2022 suggests operating profits increased relative to the stock price, or the market adjusted the valuation multiples downward.
- Price to sales (P/S) ratio
- The P/S ratio showed an upward trend from 2.76 in 2018 to a peak of 4.31 in 2020, followed by a slight decline to 4.2 in 2021 and 3.76 in 2022. This pattern indicates an increasing valuation relative to sales until 2020, with a moderate correction in subsequent years, potentially reflecting changing investor expectations or sales growth dynamics.
- Price to book value (P/BV) ratio
- The P/BV ratio increased consistently over the period from 1.82 in 2018 to 5.42 in 2022. This continuous upward trend suggests investors were willing to pay increasingly higher prices relative to the company's book value, implying growing market confidence, improvements in future outlook, or other factors enhancing equity valuation.
Price to Earnings (P/E)
Hess Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to Hess Corporation 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. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/E Ratio, Industry | ||||||
| Energy | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
EPS = Net income (loss) attributable to Hess Corporation common stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company demonstrated a consistent upward trend over the five-year period. Starting at $57.68 at the end of 2018, it increased steadily each year to reach $138.95 by the end of 2022, reflecting significant appreciation in market value.
Earnings per share (EPS) showed considerable volatility during the same period. From a negative EPS of -$1.08 in 2018 and worsening to -$1.35 in 2019, the EPS sharply declined to -$10.08 in 2020, indicating a substantial loss. However, a notable recovery occurred in 2021 with a positive EPS of $1.80, followed by a further increase to $6.85 in 2022. This transition from negative to positive earnings suggests an improvement in profitability and operational performance starting in 2021.
The price-to-earnings (P/E) ratio was recorded only for 2021 and 2022, showing values of 56.19 and 20.3, respectively. The high P/E ratio in 2021 aligns with the low positive EPS that year, indicating the market was pricing in expectations of future growth. The decrease in the P/E ratio in 2022 to 20.3, despite an increase in share price, reflects the improved earnings, resulting in a valuation more closely aligned with earnings.
Price to Operating Profit (P/OP)
Hess Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Income (loss) before interest and income taxes (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. | ||||||
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/OP Ratio, Industry | ||||||
| Energy | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Operating profit per share = Income (loss) before interest and income taxes ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a consistent upward trend over the five-year period. Starting at $57.68 at the end of 2018, it increased moderately in 2019 and 2020 to $64.72 and $65.53 respectively. A significant acceleration occurred from 2020 to 2021, with the price rising sharply to $101.40. This positive momentum continued into 2022, with the share price reaching $138.95.
- Operating Profit per Share
- Operating profit per share displayed volatility throughout the period. It decreased slightly from $2.22 in 2018 to $1.97 in 2019. A substantial decline followed in 2020, leading to a negative value of -$7.76, indicating operating losses per share during that year. However, a recovery phase ensued in 2021, with operating profit per share rebounding to $6.36. This positive trend continued into 2022, reaching a peak value of $13.19, which more than doubled the previous year's figure.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio showed variability influenced by fluctuations in both share price and operating profit per share. The ratio started at 26.01 in 2018 and increased to 32.87 in 2019, reflecting a higher share price relative to operating profit. In 2020, the ratio is not reported, likely due to the operating profit being negative, which invalidates this metric. The ratio then decreased significantly to 15.94 in 2021, correlating with the recovery in operating profit and increased share price. It further declined to 10.53 in 2022, indicating that the share price was becoming more attractive relative to operating profits, suggesting improved valuation metrics.
- Overall Analysis
- The data reveals a period marked by initial moderate growth, a sharp operating profit downturn in 2020, and a strong subsequent recovery. Despite the operating profit loss in 2020, the share price remained relatively stable before surging in the following years. The declining P/OP ratio in 2021 and 2022 suggests improving profitability relative to the share price, enhancing valuation appeal. The substantial increase in operating profit per share and share price in 2022 points to a robust financial recovery and strengthened market confidence.
Price to Sales (P/S)
Hess Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales and other operating 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. | ||||||
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/S Ratio, Industry | ||||||
| Energy | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the analyzed period. Beginning at $57.68 at the end of 2018, it increased slightly in 2019 to $64.72 and remained relatively stable in 2020 at $65.53. A notable acceleration occurred in 2021, with the price rising to $101.40, followed by a further significant increase to $138.95 in 2022.
- Sales per Share
- Sales per share showed some variability during the period. From 2018 to 2019, sales per share increased marginally from $20.87 to $21.28. However, there was a marked decline in 2020 to $15.20. In the subsequent years, sales per share rebounded strongly, rising to $24.13 in 2021 and then surging to $36.98 in 2022, surpassing the levels from previous years.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displayed some fluctuations across the five years. Starting at 2.76 in 2018, the ratio increased to 3.04 in 2019, indicating a higher valuation relative to sales. The ratio rose further in 2020 to 4.31, despite the decline in sales per share, suggesting increased market valuation. Subsequently, the P/S ratio slightly decreased to 4.20 in 2021 and further to 3.76 in 2022, signaling a moderation in valuation relative to sales growth in these years.
- General Insights
- The share price growth outpaced sales per share growth until 2020, when sales per share temporarily declined. The rebound in sales per share in 2021 and 2022 was accompanied by continued share price appreciation, indicating improving financial performance and positive market sentiment. The fluctuation of the P/S ratio suggests periods of market reassessment of valuations relative to sales, with a peak valuation in 2020 followed by a gradual normalization. Overall, the financial data reflects a strong recovery and growth phase after the challenges evident in 2020.
Price to Book Value (P/BV)
Hess Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Hess Corporation stockholders’ 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. | ||||||
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/BV Ratio, Industry | ||||||
| Energy | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
BVPS = Total Hess Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hess Corp. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the five-year period. Starting at $57.68 at the end of 2018, it increased modestly to $64.72 in 2019 and $65.53 in 2020. From 2020 onwards, the share price showed significant acceleration, reaching $101.40 at the end of 2021 and further rising to $138.95 by the end of 2022. This pattern suggests growing investor confidence and potentially improving market conditions or company fundamentals during the later years.
- Book Value Per Share (BVPS)
- BVPS experienced a decline from $31.78 in 2018 to $28.61 in 2019, followed by a sharp decrease to $17.48 in 2020. After bottoming out in 2020, BVPS showed signs of recovery, rising to $20.34 in 2021 and further to $25.65 in 2022. Despite the recovery, the BVPS in 2022 remains below the 2018 level, indicating that the company's net asset value per share had diminished significantly but was gradually improving.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio followed an increasing trend throughout the period, starting at 1.82 in 2018. It rose to 2.26 in 2019, then accelerated sharply to 3.75 in 2020. This upward momentum continued, reaching 4.99 in 2021 and 5.42 in 2022. The steadily rising P/BV ratio, particularly the sharp increases in 2020 onward, suggest that the market valued the shares at a progressively higher premium relative to their book value, possibly reflecting growth expectations, improved profitability, or other intangible assets not captured in the book value.
- Overall Interpretation
- The data reveal a dynamic situation where the market valuation, as evidenced by the rising share price and P/BV ratio, improved significantly post-2020. Meanwhile, the book value per share initially declined sharply, indicating potential challenges to the company’s asset base or earnings capacity during 2019 and 2020. The subsequent partial recovery in BVPS coupled with the continued rise in share price and P/BV suggests enhanced market optimism and possibly improved operational performance or prospects starting from 2021. This divergence between market valuation and book value may imply that investors priced in anticipated growth or favorable changes not yet fully reflected in the company’s book value.