Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 3.3x · ROE 0.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $116.6B | $92.1B | $82.9B | $104.7B | $110.5B | $89.9B | $69.2B | $128.3B | $127.0B | $138.8B | $117.5B |
| Enterprise Value | $164.3B | $139.8B | $120.0B | $140.1B | $142.7B | $133.8B | $121.9B | $185.0B | $170.4B | $176.5B | $152.3B |
| P/E Ratio → | 12.93 | 1702.45 | 211.14 | 6.87 | — | 11.89 | — | 31.98 | 13.54 | 40.81 | 1038.33 |
| P/S Ratio | 0.49 | 0.49 | 0.44 | 0.50 | 0.46 | 0.57 | 0.65 | 0.81 | 0.43 | 0.58 | 0.64 |
| P/B Ratio | 1.60 | 1.24 | 1.06 | 1.22 | 1.33 | 0.99 | 0.81 | 1.27 | 1.25 | 1.38 | 1.21 |
| P/FCF | 4.99 | 8.17 | 6.90 | 5.90 | 3.83 | 7.07 | — | 12.40 | 20.60 | 58.60 | — |
| P/OCF | 4.76 | 3.76 | 3.04 | 3.27 | 2.70 | 3.81 | 5.69 | 4.98 | 5.55 | 7.33 | 10.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.74 | 0.63 | 0.67 | 0.59 | 0.85 | 1.15 | 1.16 | 0.57 | 0.73 | 0.83 |
| EV / EBITDA | 3.28 | 4.20 | 4.07 | 2.98 | 2.56 | 5.25 | 8.51 | 5.44 | 5.36 | 7.51 | 15.10 |
| EV / EBIT | 10.62 | 10.84 | 10.58 | 5.08 | 7.92 | 7.54 | — | 15.89 | 8.85 | 20.44 | — |
| EV / FCF | — | 12.40 | 10.00 | 7.89 | 4.94 | 10.51 | — | 17.87 | 27.63 | 74.49 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.7% | 17.7% | 16.0% | 22.9% | 22.8% | 14.5% | 9.6% | 17.3% | 9.7% | 7.9% | 3.6% |
| Operating Margin | 8.2% | 8.2% | 6.8% | 14.8% | 17.2% | 6.8% | -0.5% | 10.2% | 5.5% | 3.3% | -2.4% |
| Net Profit Margin | 0.0% | 0.0% | 0.2% | 7.3% | -1.0% | 4.8% | -19.2% | 2.5% | 3.1% | 1.4% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.1% | 0.1% | 0.5% | 18.1% | -2.9% | 8.6% | -21.8% | 4.0% | 9.3% | 3.4% | 0.1% |
| ROA | 0.0% | 0.0% | 0.1% | 5.4% | -0.9% | 2.7% | -7.2% | 1.4% | 3.4% | 1.3% | 0.0% |
| ROIC | 9.8% | 9.8% | 8.2% | 19.7% | 24.9% | 5.9% | -0.3% | 8.0% | 8.7% | 4.4% | -2.6% |
| ROCE | 7.8% | 7.8% | 6.5% | 16.2% | 20.9% | 5.1% | -0.3% | 7.4% | 7.7% | 3.8% | -2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.14 | 0.91 | 0.74 | 0.67 | 0.77 | 0.96 | 0.77 | 0.65 | 0.63 | 0.60 |
| Debt / EBITDA | 2.53 | 2.53 | 2.43 | 1.34 | 1.00 | 2.74 | 5.72 | 2.28 | 2.07 | 2.69 | 5.78 |
| Net Debt / Equity | — | 0.64 | 0.47 | 0.41 | 0.39 | 0.48 | 0.62 | 0.56 | 0.43 | 0.37 | 0.36 |
| Net Debt / EBITDA | 1.43 | 1.43 | 1.26 | 0.75 | 0.58 | 1.72 | 3.68 | 1.67 | 1.36 | 1.60 | 3.45 |
| Debt / FCF | — | 4.23 | 3.10 | 1.99 | 1.11 | 3.45 | — | 5.47 | 7.03 | 15.89 | — |
| Interest Coverage | 2.50 | 2.50 | 2.49 | 7.21 | 6.87 | 7.05 | -10.16 | 4.82 | 7.62 | 4.16 | -0.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.25 | 1.21 | 1.09 | 1.15 | 1.22 | 1.12 | 1.05 | 1.16 | 1.16 |
| Quick Ratio | 0.98 | 0.98 | 0.97 | 0.94 | 0.80 | 0.86 | 0.94 | 0.83 | 0.78 | 0.86 | 0.86 |
| Cash Ratio | 0.46 | 0.46 | 0.42 | 0.33 | 0.24 | 0.33 | 0.49 | 0.28 | 0.33 | 0.40 | 0.40 |
| Asset Turnover | — | 0.68 | 0.67 | 0.75 | 0.84 | 0.55 | 0.40 | 0.54 | 1.06 | 0.87 | 0.70 |
| Inventory Turnover | 6.93 | 6.93 | 6.84 | 7.10 | 6.63 | 5.69 | 5.68 | 6.31 | 15.00 | 11.64 | 10.00 |
| Days Sales Outstanding | — | 53.25 | 50.52 | 52.69 | 50.33 | 61.00 | 61.49 | 54.85 | 24.50 | 29.60 | 28.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 5.5% | 6.0% | 4.6% | 3.9% | 4.8% | 9.2% | 5.4% | 5.3% | 4.4% | 3.9% |
| Payout Ratio | 9196.4% | 9196.4% | 1312.9% | 31.6% | — | 56.9% | — | 172.5% | 71.4% | 181.5% | 4008.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 0.1% | 0.5% | 14.5% | — | 8.4% | — | 3.1% | 7.4% | 2.5% | 0.1% |
| FCF Yield | 20.1% | 12.2% | 14.5% | 17.0% | 26.1% | 14.2% | — | 8.1% | 4.9% | 1.7% | — |
| Buyback Yield | 3.8% | 4.9% | 8.6% | 7.6% | 9.0% | 3.5% | 1.1% | 1.2% | 0.3% | 0.2% | 0.0% |
| Total Shareholder Yield | 8.1% | 10.4% | 14.6% | 12.2% | 13.0% | 8.3% | 10.3% | 6.6% | 5.6% | 4.7% | 3.9% |
| Shares Outstanding | — | $2.7B | $2.8B | $3.0B | $3.2B | $3.4B | $3.4B | $3.4B | $3.4B | $3.3B | $3.1B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BP stock.
BP p.l.c.'s current P/E ratio is 12.9x. The historical average is 20.2x. This places it at the 48th percentile of its historical range.
BP p.l.c.'s current EV/EBITDA is 3.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.9x.
BP p.l.c.'s return on equity (ROE) is 0.1%. The historical average is 10.9%.
Based on historical data, BP p.l.c. is trading at a P/E of 12.9x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BP p.l.c.'s current dividend yield is 4.28% with a payout ratio of 9196.4%.
BP p.l.c. has 17.7% gross margin and 8.2% operating margin.
BP p.l.c.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Earnings disconnected from operating profit
Low Multiples Reflect Transition Discount
Based on reported figures, BP trades at 4.90 times EV/EBITDA and 0.62 times sales, well below US supermajor peers Exxon at 11.98 and Chevron at 12.50, suggesting the market prices in persistent uncertainty about legacy cash flow durability.
The trailing P/E of 2191 is distorted by near-zero net income and is not analytically meaningful, while the forward P/E of 5.62 implies the market expects earnings to normalize. The discount to Shell (7.11x EV/EBITDA) and TotalEnergies (6.90x) is narrower but persistent, which may indicate that investors apply a higher risk premium to BP's transition capital allocation. Investors should monitor whether the 4.3% dividend yield is supported by free cash flow rather than balance sheet adjustments.
Margin Recovery Stalls at Net Line
As reported in financial statements, BP's gross margin rose from 12.7% in 2024Q4 to 25.5% in 2026Q3 and operating margin reached 17.9%, yet net margin fell to 6.9% against a 0.0% latest figure, a gap that warrants investigation.
Operating margin recovery appears driven by commodity and refining spread dynamics rather than a demonstrated structural cost reset. The persistent gap between operating and net margins suggests impairments, tax effects, or non-operating charges are absorbing a large share of operating earnings. Until that gap narrows, the earning power attributable to shareholders remains uncertain relative to peers such as Shell, whose 6.7% net margin is comparable despite a smaller operating margin base.
ROIC Recovering From Depressed Base
Based on EDBL's reported figures, BP's ROIC climbed from 1.0% in 2024Q4 to 8.4% in 2026Q3, approaching Shell's 8.8% and TotalEnergies' 9.9%, though ROE of 6.0% remains far below Exxon's 15.2%.
The ROIC improvement suggests operating capital is being deployed more productively, but the 2025Q4 negative ROE of -4.5% shows how fragile recent returns have been. The gap between ROIC and ROE implies that financing structure and below-the-line items are eroding returns to equity holders. Whether this recovery is durable depends on sustaining margins through a normalized commodity cycle, which the ten-quarter window cannot confirm.
Deleveraging Improves Coverage Comfort
As reported in financial statements, BP's debt-to-equity fell from 1.14 to 0.87 and interest coverage recovered from -0.17 to 10.91 between 2025Q4 and 2026Q3, lowering near-term debt service pressure.
Debt-to-EBITDA improved from 11.15 to 4.20, which appears to reflect both lower debt and stronger earnings, a combination that suggests deleveraging is partly operational. Debt service comfort is improving but remains dependent on sustained operating income given the thin trailing net earnings base. Refinancing risk is not assessable from the supplied data, and investors should monitor maturity profiles before concluding leverage has normalized relative to Exxon's 0.16 debt-to-equity.
Liquidity Adequate but Not Abundant
According to recent SEC filings, BP's current ratio held between 1.19 and 1.29 and quick ratio between 0.87 and 0.99 across ten quarters, indicating coverage of short-term obligations without a wide margin of safety.
The quick ratio near 1.0 suggests BP can meet current liabilities without relying on inventory liquidation, which is a meaningful strength for an integrated operator with large refining stocks. Under severe stress such as a sharp crude price collapse, however, the thin cushion could tighten if receivables or trading exposures unwind quickly. Investors should note that working capital swings of up to $10.5B in a single quarter, as observed in the cash flow data, can move liquidity meaningfully over short periods.
Misapplied Metric Obscures Earnings Quality
Based on reported figures, the trailing P/E of 2191 is the ratio most commonly misapplied to BP, since it is inflated by near-zero net income that reflects impairments and inventory effects rather than durable earning power.
For an integrated major, headline IFRS net income swings with inventory holding gains and non-cash charges, so a trailing P/E becomes unstable and overstates the apparent valuation problem. Replacement cost profit, EV/DACF, or free cash flow yield better capture the cash generation underlying the dividend and buyback program. Investors should monitor whether these adjusted measures converge with the 4.90x EV/EBITDA multiple before concluding the discount to peers is fundamental rather than accounting-driven.