A Business at a Glance
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CHEVRON CORP
CVX
$361.3B
Mkt Cap
$194.79
+0.19%
CHEVRON CORP (CVX) has a current P/E ratio of 29.4, compared to its historical median P/E of 13.1. The stock is currently considered Expensive based on its historical valuation range.
CHEVRON CORP (CVX) has a 5-year average return on invested capital (ROIC) of 10.9%. This indicates solid capital allocation.
CHEVRON CORP (CVX) has a market capitalization of $387.9B. It is classified as a mega-cap stock.
Yes, CHEVRON CORP (CVX) pays a dividend with a trailing twelve-month yield of 3.43%. The company also returns capital through share buybacks, with a buyback yield of 2.77%.
Based on historical P/E analysis, CHEVRON CORP (CVX) appears expensive. The current P/E of 29.4 is 123% above its historical median of 13.1. The estimated fair value CAGR (P/E method) is 26.8%.
CHEVRON CORP (CVX) operates in the Petroleum Refining industry, within the Energy sector.
CHEVRON CORP (CVX) reported annual revenue of $189.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Chevron Corporation is an integrated energy company engaged in upstream exploration, development, production and transportation of crude oil, natural gas, and liquefied natural gas (LNG), as well as downstream refining, marketing of petroleum products and lubricants, renewable fuels manufacturing, and petrochemical production. The company operates a geographically diversified portfolio spanning North America, South America, Europe, Africa, Asia and Australia, with proved reserves of approximately 10.6 billion barrels of oil-equivalent as of year-end 2025, concentrated in the United States (43%), Australia (15%), and Kazakhstan (11%). Chevron's business model combines capital-intensive upstream development projects with downstream refining and marketing operations, generating returns through commodity price realization and operational efficiency; the company pursues a disciplined capital allocation strategy focused on high-return projects, cost reduction, and free cash flow generation to support shareholder distributions. The company competes with fully integrated major petroleum companies, independent operators, and national petroleum companies across all segments, leveraging its technical capabilities, established infrastructure, customer relationships, and scale advantages to maintain competitive positioning in a commodity-driven industry influenced by global supply-demand dynamics, government policies, and energy transition considerations.
【Production growth and cost discipline】 Management expects worldwide oil-equivalent production to increase 7 to 10 percent in 2026 over 2025, driven by a full-year contribution from Hess assets, project ramp-ups in Guyana and the Gulf of Mexico, and continued efficiency gains in the Permian and other shale portfolios. The company is on track to deliver a structural cost reduction target of $3 billion to $4 billion by year-end 2026, with more than 60% of savings coming from durable efficiency gains, supporting continued free cash flow growth and capital discipline across the portfolio. Management remains focused on maintaining capital and cost discipline regardless of commodity price environment, with 2030 targets announced including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROACE at $70 Brent. The company expects continued operational momentum from recently completed and upcoming project startups, including optimization work at Tengizchevroil and capacity expansions in LNG partnerships, positioning the portfolio to deliver predictable, visible cash flow growth through the remainder of the decade.
| Metric | Target | Period |
|---|---|---|
| Oil-equivalent production growth | 7 to 10 percent | 2026 vs 2025 |
| Structural cost reduction target | $3 billion to $4 billion | By end of 2026 |
| Free cash flow from TCO | $6 billion | Full year 2026 |
| Adjusted free cash flow growth | Over 10 percent | 2030 targets at $70 Brent |
| Earnings per share growth | Over 10 percent | 2030 targets at $70 Brent |
| ROACE improvement | 3 percent | 2030 targets at $70 Brent |
Oil-equivalent production growth (2026 vs 2025): “The company estimates its average worldwide oil-equivalent production in 2026 to increase 7 to 10 percent over 2025, assuming a Brent crude oil price of $60 per barrel and excluding the impact of asset sales.”
Structural cost reduction target (By end of 2026): “We expect this momentum to continue as we aim to deliver on our expanded target of $3 billion-$4 billion by the end of 2026, with more than 60% of savings coming from durable efficiency gains.”
Free cash flow from TCO (Full year 2026): “Our full year 2026 guidance of $6 billion of Chevron share free cash flow from TCO at $70 Brent is unchanged.”
Adjusted free cash flow growth (2030 targets at $70 Brent): “This consistency underpins our 2030 targets announced in November, including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROACE, all at $70 Brent.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 190.0B | 189.0B | 202.8B | 200.9B | 246.3B | 162.5B |
| Net Income | 11.0B | 12.3B | 17.7B | 21.4B | 35.5B | 15.6B |
| EPS | $5.44 | $6.63 | $9.72 | $11.36 | $18.28 | $8.14 |
| Free Cash Flow | 13.8B | 16.6B | 15.0B | 19.8B | 37.6B | 21.1B |
| ROIC | 0.0% | 6.6% | 10.2% | 12.5% | 17.6% | 7.7% |
| Gross Margin | - | 13.9% | 16.4% | 17.2% | 22.2% | 16.4% |
| Debt/Equity | 0.25 | 0.26 | 0.22 | 0.17 | 0.19 | 0.29 |
| Dividends/Share | $6.67 | $6.84 | $6.52 | $6.04 | $5.68 | $5.31 |
| Operating Income | 0 | 20.8B | 28.0B | 30.0B | 50.0B | 22.3B |
| Operating Margin | 0.0% | 11.0% | 13.8% | 14.9% | 20.3% | 13.7% |
| ROE | 6.0% | 7.3% | 11.3% | 13.3% | 23.8% | 11.5% |
| Shares Outstanding | 1,992M | 1,855M | 1,817M | 1,881M | 1,940M | 1,920M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 212.0B | 138.5B | 114.5B | 141.7B | 166.3B | 146.5B | 94.7B | 162.5B | 246.3B | 200.9B | 202.8B | 189.0B | 190.0B |
| Gross Margin | 17.1% | 7.2% | 2.4% | 9.8% | 15.4% | 7.5% | -2.2% | 16.4% | 22.2% | 17.2% | 16.4% | 13.9% | N/A |
| R&D | 707M | 601M | 476M | 433M | 453M | 500M | 435M | 268M | 268M | 320M | 353M | 427M | 427M |
| SG&A | 4.5B | 4.4B | 4.3B | 4.1B | 3.8B | 4.1B | 4.2B | 4.0B | 4.3B | 4.1B | 4.8B | 5.1B | 5.0B |
| EBIT | 31.1B | 4.9B | -2.0B | 9.3B | 21.3B | 6.4B | -6.7B | 22.3B | 50.0B | 30.0B | 28.0B | 20.8B | 0 |
| Op. Margin | 14.7% | 3.5% | -1.8% | 6.6% | 12.8% | 4.4% | -7.1% | 13.7% | 20.3% | 14.9% | 13.8% | 11.0% | 0.0% |
| Net Income | 19.2B | 4.6B | -497M | 9.2B | 14.8B | 2.9B | -5.5B | 15.6B | 35.5B | 21.4B | 17.7B | 12.3B | 11.0B |
| Net Margin | 9.1% | 3.3% | -0.4% | 6.5% | 8.9% | 2.0% | -5.9% | 9.6% | 14.4% | 10.6% | 8.7% | 6.5% | 5.8% |
| Non-Recurring | 4.3B | 6.7B | 4.0B | 2.8B | 1.4B | 12.3B | 4.4B | 1.2B | 1.3B | 2.3B | 1.5B | 888M | 888M |
| Returns on Capital | |||||||||||||
| ROIC | 11.9% | 2.7% | -0.3% | 4.9% | 8.2% | 2.2% | -3.2% | 7.7% | 17.6% | 12.5% | 10.2% | 6.6% | 0.0% |
| ROE | 12.7% | 3.0% | -0.3% | 6.3% | 9.8% | 2.0% | -4.0% | 11.5% | 23.8% | 13.3% | 11.3% | 7.3% | 6.0% |
| ROA | 7.4% | 1.7% | -0.2% | 3.6% | 5.8% | 1.2% | -2.3% | 6.5% | 14.3% | 8.2% | 6.8% | 4.2% | 3.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 31.5B | 19.5B | 12.7B | 20.3B | 30.6B | 27.3B | 10.6B | 29.2B | 49.6B | 35.6B | 31.5B | 33.9B | 31.3B |
| Free Cash Flow | -4.3B | -10.1B | -5.4B | 6.9B | 16.8B | 13.0B | 1.6B | 21.1B | 37.6B | 19.8B | 15.0B | 16.6B | 13.8B |
| Owner Earnings | 14.5B | -1.7B | -6.8B | 802M | 11.0B | -2.0B | -9.0B | 11.1B | 33.3B | 18.3B | 14.1B | 13.7B | 8.4B |
| CapEx | 35.7B | 29.6B | 18.1B | 13.4B | 13.9B | 14.3B | 9.0B | 8.1B | 12.0B | 15.8B | 16.4B | 17.3B | 17.5B |
| Maint. CapEx | 16.8B | 21.0B | 19.5B | 19.3B | 19.4B | 29.2B | 19.5B | 17.9B | 16.3B | 17.3B | 17.3B | 20.1B | 21.8B |
| Growth CapEx | 18.9B | 8.5B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 16.8B | 21.0B | 19.5B | 19.3B | 19.4B | 29.2B | 19.5B | 17.9B | 16.3B | 17.3B | 17.3B | 20.1B | 21.8B |
| CapEx/OCF | 112.5% | 151.6% | 141.0% | 65.9% | 45.0% | 51.7% | 84.4% | 27.6% | 24.1% | 44.5% | 52.2% | 51.1% | 55.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 7.9B | 8.0B | 8.0B | 8.1B | 8.5B | 9.0B | 9.7B | 10.2B | 11.0B | 11.3B | 11.8B | 12.8B | 13.3B |
| Dividend Yield | 5.7% | 7.0% | 6.6% | 5.6% | 5.2% | 5.3% | 7.5% | 6.2% | 4.2% | 4.2% | 4.6% | 4.7% | 3.4% |
| Share Buybacks | 5.0B | 2.0M | 2.0M | 1.0M | 1.8B | 4.0B | 1.8B | 1.4B | 11.3B | 14.9B | 15.2B | 12.1B | 10.7B |
| Buyback Yield | 3.8% | 0.0% | 0.0% | 0.0% | 1.2% | 2.3% | 1.4% | 0.7% | 3.8% | 5.8% | 6.1% | 4.4% | 2.8% |
| Stock-Based Comp | 204M | 104M | 82M | 187M | 157M | 119M | 95M | 163M | 0 | 0 | 145M | 146M | 1.1B |
| Debt Repayment | 4.6B | 16.4B | 12.6B | 6.3B | 6.7B | 5.0B | 5.5B | 7.4B | 8.7B | 4.3B | 1.8B | 4.5B | 4.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 14.5B | 28.6B | 45.3B | 40.6B | 30.1B | 28.9B | 45.2B | 34.1B | 12.2B | 19.5B | 25.4B | 41.8B | 38.1B |
| Cash & Equiv. | 12.8B | 11.0B | 7.0B | 4.8B | 9.3B | 6.9B | 5.6B | 5.6B | 17.7B | 8.2B | 8.3B | 7.3B | 7.3B |
| Long-Term Debt | 24.0B | 33.5B | 35.2B | 33.5B | 28.7B | 23.7B | 42.8B | 31.1B | 21.4B | 20.3B | 20.1B | 39.8B | 39.6B |
| Debt/Equity | 0.18 | 0.26 | 0.36 | 0.31 | 0.26 | 0.25 | 0.39 | 0.29 | 0.19 | 0.17 | 0.22 | 0.26 | 0.25 |
| Interest Coverage | 7784.3 | 25.2 | -10.1 | 57.8 | 28.5 | 8.0 | -9.7 | 31.3 | 97.0 | 64.0 | 47.2 | 17.1 | 17.1 |
| Equity | 155.0B | 152.7B | 145.6B | 148.1B | 154.6B | 144.2B | 131.7B | 139.1B | 159.3B | 161.0B | 152.3B | 186.4B | 183.7B |
| Total Assets | 266.0B | 264.5B | 260.1B | 253.8B | 253.9B | 237.4B | 239.8B | 239.5B | 257.7B | 261.6B | 256.9B | 324.0B | 329.6B |
| Total Liabilities | 109.8B | 110.7B | 113.4B | 104.5B | 98.2B | 92.2B | 107.1B | 99.6B | 97.5B | 99.7B | 103.8B | 131.8B | 140.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 185.0B | 181.6B | 173.0B | 174.1B | 181.0B | 174.9B | 160.4B | 165.5B | 190.0B | 200.0B | 205.9B | 205.4B | 204.0B |
| Working Capital | 10.3B | 9.0B | -2.2B | 823M | 6.8B | 1.8B | 3.9B | 6.9B | 16.1B | 8.9B | 2.4B | 5.2B | 4.0B |
| Current Assets | 42.2B | 34.4B | 29.6B | 28.6B | 34.0B | 28.3B | 26.1B | 33.7B | 50.3B | 41.1B | 40.9B | 38.6B | 46.2B |
| Current Liabilities | 31.9B | 25.5B | 31.8B | 27.7B | 27.2B | 26.5B | 22.2B | 26.8B | 34.2B | 32.3B | 38.6B | 33.4B | 42.2B |
| Per Share Data | |||||||||||||
| EPS | 10.14 | 2.45 | -0.27 | 4.85 | 7.74 | 1.54 | -2.96 | 8.14 | 18.28 | 11.36 | 9.72 | 6.63 | 5.44 |
| Owner EPS | 7.63 | -0.90 | -3.72 | 0.42 | 5.77 | -1.07 | -4.82 | 5.78 | 17.16 | 9.72 | 7.74 | 7.36 | 4.20 |
| Book Value | 81.70 | 81.57 | 79.07 | 78.13 | 80.70 | 75.95 | 70.32 | 72.45 | 82.10 | 85.57 | 83.83 | 100.51 | 92.25 |
| Cash Flow/Share | 16.59 | 10.39 | 6.89 | 10.73 | 15.99 | 14.39 | 5.65 | 15.21 | 25.57 | 18.93 | 17.33 | 18.30 | 16.48 |
| Dividends/Share | 4.18 | 4.27 | 4.36 | 4.29 | 4.44 | 4.76 | 5.16 | 5.31 | 5.68 | 6.04 | 6.52 | 6.84 | 6.67 |
| Shares Out. | 1.9B | 1.9B | 1.8B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.8B | 1.9B | 2.0B |
| Valuation | |||||||||||||
| P/E Ratio | 6.9 | 23.8 | N/A | 18.2 | 10.2 | 59.2 | N/A | 12.3 | 8.5 | 12.0 | 14.0 | 22.4 | 35.8 |
| P/FCF | N/A | N/A | N/A | 24.1 | 9.0 | 13.3 | 79.5 | 9.1 | 8.0 | 12.9 | 16.5 | 16.6 | 28.2 |
| EV/EBIT | 33.6 | 35.6 | 120.1 | 79.5 | 163.6 | 74.3 | 243.3 | 185.0 | 157.9 | N/A | 56.3 | 195.4 | N/A |
| Price/Book | 0.9 | 0.7 | 1.0 | 1.1 | 1.0 | 1.2 | 1.0 | 1.4 | 1.9 | 1.6 | 1.6 | 1.5 | 2.1 |
| Price/Sales | 0.7 | 0.8 | 1.1 | 1.0 | 1.0 | 1.2 | 1.4 | 1.0 | 1.1 | 1.3 | 1.3 | 1.4 | 2.0 |
| FCF Yield | -3.2% | -9.2% | -3.7% | 4.1% | 11.1% | 7.5% | 1.3% | 11.0% | 12.6% | 7.7% | 6.1% | 6.0% | 3.6% |
| Market Cap | 132.7B | 109.2B | 146.4B | 166.9B | 151.5B | 173.1B | 127.3B | 191.8B | 299.8B | 255.6B | 247.6B | 275.6B | 387.9B |
| Avg. Price | 73.19 | 60.87 | 65.85 | 76.67 | 85.93 | 88.79 | 68.80 | 85.32 | 135.81 | 142.59 | 141.88 | 146.27 | 194.79 |
| Year-End Price | 69.94 | 58.34 | 79.51 | 88.05 | 79.12 | 91.16 | 67.98 | 99.91 | 154.51 | 135.89 | 136.29 | 148.57 | 194.79 |
CHEVRON CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
CHEVRON CORP trades at 29.4x trailing earnings, compared to its 15-year median P/E of 13.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 23.4x vs a median of 13.3x. The company's 5-year average ROIC is 10.9% with a gross margin of 17.2%. Total shareholder yield (dividends + buybacks) is 6.2%. At current prices, the estimated annualized return to fair value is +14.4%.
CHEVRON CORP (CVX) has a net profit margin of 6.5%. This is a modest margin.
CHEVRON CORP (CVX) generated $16.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CHEVRON CORP (CVX) has a debt-to-equity ratio of 0.26. This indicates a conservatively financed balance sheet.
CHEVRON CORP (CVX) reported earnings per share (EPS) of $6.63 in its most recent fiscal year.
CHEVRON CORP (CVX) has a return on equity (ROE) of 7.3%. This indicates moderate shareholder returns.
CHEVRON CORP (CVX) has a 5-year average gross margin of 17.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for CHEVRON CORP (CVX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CHEVRON CORP (CVX) has a book value per share of $100.51, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects worldwide oil-equivalent production to increase 7 to 10 percent in 2026 over 2025, driven by a full-year contribution from Hess assets, project ramp-ups in Guyana and the Gulf of Mexico, and continued efficiency gains in the Permian and other shale portfolios. The company is on track to deliver a structural cost reduction target of $3 billion to $4 billion by year-end 2026, with more than 60% of savings coming from durable efficiency gains, supporting continued free cash flow growth and capital discipline across the portfolio. Management remains focused on maintaining capital and cost discipline regardless of commodity price environment, with 2030 targets announced including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROACE at $70 Brent. The company expects continued operational momentum from recently completed and upcoming project startups, including optimization work at Tengizchevroil and capacity expansions in LNG partnerships, positioning the portfolio to deliver predictable, visible cash flow growth through the remainder of the decade.
Based on recent SEC filings and earnings calls, CHEVRON CORP (CVX) has provided the following forward guidance: Oil-equivalent production growth: 7 to 10 percent (2026 vs 2025); Structural cost reduction target: $3 billion to $4 billion (By end of 2026); Free cash flow from TCO: $6 billion (Full year 2026); Adjusted free cash flow growth: Over 10 percent (2030 targets at $70 Brent); Earnings per share growth: Over 10 percent (2030 targets at $70 Brent), plus 1 additional metric.
Earnings per share growth (2030 targets at $70 Brent): “This consistency underpins our 2030 targets announced in November, including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROACE, all at $70 Brent.”
ROACE improvement (2030 targets at $70 Brent): “This consistency underpins our 2030 targets announced in November, including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROACE, all at $70 Brent.”