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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Hess Corp., historical price multiples (quarterly data)
Based on: 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).
The analysis of the quarterly financial ratios reveals several notable trends in valuation metrics over the observed periods.
- Price to Earnings (P/E) Ratio
- The P/E ratio data shows values only from late 2021 onward. From December 31, 2021, there is a pronounced decline from an initial very high level of 129.13 down to a range between approximately 19.85 and 31.59 in subsequent quarters through September 30, 2023. This trend suggests an initial market skepticism or earnings volatility followed by more stabilized but lower relative earnings valuations.
- Price to Operating Profit (P/OP) Ratio
- Examining the P/OP ratio from March 31, 2019, to September 30, 2023, shows significant fluctuation. Early ratios ranged widely, with some elevated peaks such as 32.87 on December 31, 2019. After missing data for a few quarters, there is a clear downward trend starting in early 2021, with ratios moving from 47.67 down to a lower band around 9.75 to 14.47 in the latest observations. This indicates improving operating profit relative to price, signaling possibly enhanced operating earnings or market adjusting valuations to more reasonable levels.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits moderate volatility but remains relatively steady between approximately 2.3 and 4.8 across the entire timeframe. Initial values start in the lower 3s, dip into the low 2s Mid-2020, then gradually rise to a high of 4.81 in March 2021, followed by a slight downtrend and stabilization around 3.5 to 4.3 in recent quarters. This pattern suggests the market valuation relative to sales has fluctuated but stayed within a consistent valuation band without extreme shifts.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays an upward trend overall, starting at about 2.06 in early 2019 and rising steadily through the years to peak values above 5.80 in late 2022. Slight declines and oscillations under 5.5 occur in 2023 quarters, but the ratio remains elevated compared to earlier periods. This persistent increase implies that the market values the company at a substantial premium to its book value, reflecting expectations of growth, intangible asset value, or favorable market perceptions.
In summary, the company’s valuation ratios indicate a trajectory from higher earnings valuation uncertainty toward more consistent levels, while valuation relative to operating profit has generally improved. Sales valuations have remained stable with some fluctuations, and the premium over book value has markedly increased, suggesting growing investor confidence or asset revaluation over the review period.
Price to Earnings (P/E)
Hess Corp., historical P/E calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
Based on: 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 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
EPS
= (Net income (loss) attributable to Hess Corporation common stockholdersQ3 2023
+ Net income (loss) attributable to Hess Corporation common stockholdersQ2 2023
+ Net income (loss) attributable to Hess Corporation common stockholdersQ1 2023
+ Net income (loss) attributable to Hess Corporation common stockholdersQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends in the company's share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the examined periods.
- Share Price
- The share price displayed significant volatility over the timeframe. Initially, it showed a moderate fluctuation around the 60 US$ mark in 2019, peaking in the third quarter before a dip towards the end of the year. In the first half of 2020, the price dropped markedly, reaching a low of 37 US$ in the third quarter, likely reflecting adverse market or company-specific conditions.
- From late 2020 onward, the share price trended upward noticeably, moving from about 65 US$ at the end of 2020 to over 140 US$ in the third quarter of 2022. This robust increase suggests improved investor confidence or better financial performance.
- Following the peak, the share price slightly decreased but remained relatively high, stabilizing around the 130-150 US$ range through mid-2023. This indicates sustained market interest despite minor corrections.
- Earnings Per Share (EPS)
- The EPS data indicate varying profitability levels. Throughout 2019 and into 2020, the company experienced negative earnings per share, reaching substantial losses from the first quarter of 2020 to the end of that year. EPS values during this period ranged approximately between -9.35 US$ to -10.48 US$, pointing to significant financial difficulties or extraordinary expenses impacting earnings.
- Starting in 2021, EPS improved consistently from negative values toward positive territory, turning positive by mid-2021 and continuing to increase steadily through to early 2023. The EPS rose from 0.64 US$ in the third quarter of 2021 to a peak of 6.85 US$ in the last quarter of 2022, reflecting marked operational recovery and enhanced profitability.
- The last data points from 2023 reveal a slight decline in EPS compared to the late 2022 peak but maintain relatively high positive values near 4.8 US$, indicating stable earnings despite some recent moderation.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio is only reported from the third quarter of 2021 onward. Initially, the P/E ratio was very high at approximately 129x, consistent with the emergence from negative to low positive earnings, reflecting elevated market valuation relative to earnings.
- Subsequently, the P/E ratio decreased consistently through 2022, moving to around 20x by the end of that year, which suggests that earnings growth outpaced share price increases, normalizing valuation metrics.
- In 2023, the P/E ratio slightly rebounded to levels around 31x, possibly indicating some moderation in earnings growth or renewed investor optimism affecting the share price relative to earnings.
In summary, the data shows that the company transitioned from a period of significant losses and share price decline in early 2020 to improved financial performance and robust share price growth from 2021 onwards. The positive earnings momentum coupled with fluctuating but generally elevated valuation multiples underscores a recovery phase, marked by growing investor confidence and operational improvements. Recent small declines in EPS and share price suggests some caution or external factors influencing performance in 2023, but overall financial health appears significantly stronger compared to the earlier years.
Price to Operating Profit (P/OP)
Hess Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||
Based on: 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 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Operating profit per share
= (Income (loss) before interest and income taxesQ3 2023
+ Income (loss) before interest and income taxesQ2 2023
+ Income (loss) before interest and income taxesQ1 2023
+ Income (loss) before interest and income taxesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited variability over the periods analyzed. Initially, it experienced fluctuations ranging between approximately $57.5 and $70.7 in 2019, followed by a downward trend reaching a low point around $37 by September 2020. Thereafter, a recovery and subsequent growth phase became evident, with the price climbing to a peak near $142 in September 2022 before settling somewhat lower in 2023, maintaining values above $130.
Operating profit per share (OPPS) showed considerable volatility during the timeline. A positive yet declining trend was notable in early 2019, with values reducing from $2.63 to $1.97. A pronounced dip occurred in 2020, marked by sustained negative figures, reaching as low as approximately -$8.19. Following this period, a strong recovery emerged, with OPPS rising progressively to reach double-digit values exceeding $13 by late 2022. This positive momentum persisted into 2023, although with a slight moderating trend toward the end of the period.
The price-to-operating profit ratio (P/OP) correlated inversely with the operating profit per share trends. The ratio was relatively moderate in 2019 but data for some quarters in 2020 is absent, likely due to the negative operating profits which preclude a meaningful ratio calculation. Starting in 2021, the ratio displayed a declining trend from a high near 47.67 to roughly the mid-teens by 2023, reflecting improved profitability relative to share price. Notably, the P/OP ratio showed some variability within 2022 and 2023, but overall stabilized at lower levels compared to earlier years.
In summary, the data reveals a period of financial stress during 2020, with depressed share prices and negative operating profits. The subsequent recovery is marked by increasing profitability and rising share prices, coupled with a normalization of valuation multiples as reflected in the decreasing P/OP ratio. This suggests an improving underlying operational performance and market confidence over the most recent periods analyzed.
Price to Sales (P/S)
Hess Corp., historical P/S calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||
Based on: 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 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Sales per share
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 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 distinct trends in share price, sales per share, and the price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price showed considerable volatility across the quarters. Initially, it declined from 63.11 to 46.4 between the first quarter of 2019 and the first quarter of 2020, indicating a notable decrease. Subsequently, the share price exhibited a recovery with fluctuations, reaching a peak in the fourth quarter of 2021 at 101.4 US$. Afterward, it demonstrated further growth, peaking near 151.94 in the third quarter of 2023, although with minor dips near the end of the timeline.
- Sales Per Share
- Sales per share exhibited a generally upward trajectory despite some dips. Early values declined modestly from approximately 21.52 to 15.2 US$ between early 2019 and late 2020. A reversal occurred afterward, with a consistent increase reaching a high of 37.2 in the third quarter of 2022. A slight decrease followed near the end of the dataset, with sales per share settling near 33.97 in the third quarter of 2023.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displayed fluctuations indicative of market valuation changes relative to the company's sales performance. Initially, the ratio decreased to a low around 2.26 during the third quarter of 2020, signaling a period when share price declined more than sales per share. Subsequently, it rose significantly to levels above 4.0 from the fourth quarter of 2020 onward, peaking intermittently around 4.81 in the first quarter of 2021. The ratio slightly oscillated but remained elevated, ending near 4.35 in the third quarter of 2023.
Overall, the data shows that despite early declines in both share price and sales per share, there was a recovery and growth phase starting in late 2020. The share price recovered strongly and the company’s sales per share improved markedly in the same period. The persistent increase and relatively high P/S ratio in the latter periods suggest a favorable market valuation relative to sales, reflecting possibly enhanced investor confidence or expectations of future growth.
Price to Book Value (P/BV)
Hess Corp., historical P/BV calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Hess Corporation stockholders’ equity (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
BVPS = Total Hess Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hess Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly data reveals several notable trends regarding the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed period.
- Share Price Trend
- The share price exhibited significant volatility across the quarters. Initially, from March 2019 to March 2020, the share price declined from 63.11 US$ to 46.4 US$, reflecting a downward trend. This was followed by a recovery phase where the price oscillated but generally increased, reaching a peak of 101.4 US$ in December 2021. Subsequently, the price continued to rise with some fluctuations, notably reaching its highest at 151.94 US$ in June 2023 before a slight decrease to 147.76 US$ by September 2023. Overall, the share price demonstrated a recovery and growth trajectory after the initial decline.
- Book Value per Share (BVPS) Trend
- The BVPS showed a declining trend from 30.7 US$ in March 2019 to a low of 17.48 US$ in December 2020, indicating a reduction in the company's net asset value per share during this period. However, from December 2020 onward, BVPS showed a steady upward trend, increasing to 28.1 US$ by September 2023. This recovery suggests an improvement in the company's net asset base or retained earnings over the recent periods.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio fluctuated notably during the entire period. Initially, the ratio hovered around 2.0 in early 2019 but began to increase sharply by the end of 2020, peaking at 5.41 in March 2022 and further reaching 5.8 in September 2022, reflecting a market valuation increasingly above the book value. Although some variation exists, the P/BV ratio generally stayed elevated above 4.0 after late 2020, indicating strong market confidence or elevated investor expectations relative to the company’s book value.
- Insight on Relationships among Indicators
- The divergence between the declining BVPS up to late 2020 and the strong increase in the P/BV ratio during the same period suggests that the share price movements were driven more by market sentiment or growth expectations than by underlying net asset value. After the lowest point in BVPS at the end of 2020, the combination of improving BVPS and high P/BV ratios implies both improving fundamentals and sustained investor optimism.
- Summary
- In summary, the share price recovery from early 2020 onwards aligns with a turnaround in BVPS starting at the end of 2020. The elevated and increasing P/BV ratios post-2020 denote high market valuation relative to book value, highlighting investor optimism. However, prior quarters showed substantial volatility and a temporary decline in book value, which should be considered in assessing the company's financial position and market perception.