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As of today, Chevron Corp's current share price is $103.31. Chevron Corp's E10 for the quarter that ended in Dec. 2015 was $9.98. Chevron Corp's Shiller P/E Ratio for today is 10.35.
During the past 13 years, Chevron Corp's highest Shiller P/E Ratio was 20.56. The lowest was 7.26. And the median was 12.43.
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.
Chevron Corp's adjusted earnings per share data for the three months ended in Dec. 2015 was $-0.315. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $9.98 for the trailing ten years ended in Dec. 2015.
For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.
The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.
Chevron Corp's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Chevron Corp's E10 for the fiscal year that ended in Dec14 is calculated as:
For example, Chevron Corp's adjusted earnings per share data for the three months ended in Dec. 2015 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Dec. 2015 (Change)||*||Current CPI (Dec. 2015)|
Current CPI (Dec. 2015) = 236.525.
Chevron Corp Quarterly Data
|per share eps||2.571||2.360||2.980||2.950||1.842||1.370||0.300||1.090||-0.315||-0.390|
|per share eps||3.850||3.920||2.577||3.270||3.660||2.690||3.709||3.180||2.770||2.570|
|per share eps||2.435||0.920||0.870||1.920||1.532||2.270||2.700||1.870||2.633||3.090|
|per share eps||1.970||2.290||1.739||2.180||2.520||1.750||2.316||2.480||2.900||3.850|
Add all the adjusted EPS together and divide 10 will get our E10.
Compared with the regular P/E ratio, which works poorly for cyclical businesses, the Shiller P/E smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Shiller P/E should give similar results to regular P/E.
Compared with the P/S ratio, the Shiller P/E makes the comparison between different industries more meaningful.
The Shiller P/E assumes that over the long term, businesses and profitability revert to their means. If a companys business model does not work in the future compared with the past, the Shiller P/E and P/S ratio will give false valuations.
Chevron Corp Annual Data
Chevron Corp Quarterly Data