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Chevron Corporation

Rank #287Value

CVX · NYSE · Energy

Chevron Corporation (CVX) — Rank #287 by gross profitability (GP/assets 0.24) · ROE 6.5% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0000093410 · all metrics point-in-time as of the filing date.

About

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations.

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It operates through Upstream and Downstream segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. The Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The company operates in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005.

Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.

Industry
Oil & Gas Integrated
Sector
Energy
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

CVX+168.3% · +21.8% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$424.03B

P/E (annual)

32.6

P/S (annual)

2.2

P/B

2.2

P/OCF (annual)

12.5

Shareholder Yield

0.9%

Employees

43,039

Industry

Oil & Gas Integrated

Exchange

NYSE

Signal Flags

1 green1 yellow2 red
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Revenue declining YoYRevenue contracted year over year
Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass
GP / assets
0.24
Return on equity
6.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.69
Current ratio
1.25×
Net cash
-$1.34B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
—

Growth

0/2 pass
Revenue growth
-6.8%
Piotroski F-Score
N/A
Share dilution
2.1%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

3 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

10.3%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 2.1% — per-share value needs a total required return of 12.4% once share-count change is priced in.

vs. own 6-year median revenue growth: -2.9%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

5.8%

r = 10% (base)

10.3%

r = 12%

14.2%

Net debt / market cap: 0.3%

Base FCF: $16.6B3Y mean FCF: $17.1B

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

28.0xExpensive
8.9xmed 16.4x70.8x

P / S

Price / revenue per share

1.8xExpensive
1.3xmed 1.5x2.0x

P / B

Price / book value per share

1.8xFair
1.4xmed 1.6x2.0x

P / GP

Price / gross profit per share

4.3xExpensive
3.1xmed 3.5x4.3x

P / FCF

Price / free cash flow per share

20.7xExpensive
8.3xmed 15.7x115.6x

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.24

Primary signal (Novy-Marx).

1st of 5 SIC 2911 peers

Return on equity

6.5%

Gross margin

42.8%

1st of 5 SIC 2911 peers

Revenue growth (YoY)

-6.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-8.4%

Revenue CAGR (5Y)

14.8%

Earnings CAGR (3Y)

-29.7%

FCF CAGR (3Y)

-23.9%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.69

Current ratio

1.25×

5th of 5 SIC 2911 peers

Quick ratio

0.80×

Net cash

-$1.34B

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 19 years of history

Weak
2008-2009 (GFC)
-37.1%Significant decline
2020 (COVID)
-35.4%Significant decline
Worst year on record(any fiscal year, not recession-limited)
-37.1%Significant decline

Cash-flow health

Free cash flow

$16.59B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.35

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

—

Stock-based comp intensity.

Dividend safety

Composite score

2.2 / 5

Fair
Payout ratio
103.7%0/5 Weak
FCF coverage
1.30×2/5 Fair
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 0.69 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Decline
Hypergrowth
Value
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