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Chevron Corporation

Rank #277ValueWatchlistCompare with other stocks

CVX · NYSE · Energy

Chevron Corporation (CVX) — Rank #277 by gross profitability (GP/assets 0.24) · ROE 6.5% · Piotroski F-Score N/A.

As-of 2026-10-30 · 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

Company Snapshot

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

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

43,039

Industry

Oil & Gas Integrated

Exchange

NYSE

7/10

Flags passed

CVX fails 2 critical flags

Passes 7 of 10 quality flags, 1 caution

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • FAIL
    Valuation convergence

    EPS declining, shares diluting, and revenue growth decelerating simultaneously

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat

Strengths Sequential beat (rev + EPS)

No data Operating margin · SBC and margin — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

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%

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

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.24

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%

Cash Flow Health

Is the cash real?

No warning flags · FCF 35% above net income

Free cash flow

$16.59B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

34.9%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

—

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net debt $1.34B

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.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

Warning: Valuation convergence

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

Capital allocation quality

Composite score

3.3 / 5

Good
Share count trend
2.1%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency
10 yr5/5 Strong
Net debt trajectory(deleveraging)
1.5%3/5 Good

Lifecycle Phase History

20202025
Decline
Hypergrowth
Value

Price History

CVX+161.3% · +21.1% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports