CHEVRON CORP (CVX) Fundamental Analysis & Valuation

NYSE:CVX • US1667641005

Current stock price

198.97 USD
+1.56 (+0.79%)
At close:
199.308 USD
+0.34 (+0.17%)
After Hours:

This CVX fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

3

1. CVX Profitability Analysis

1.1 Basic Checks

  • CVX had positive earnings in the past year.
  • In the past year CVX had a positive cash flow from operations.
  • In the past 5 years CVX has always been profitable.
  • CVX had a positive operating cash flow in each of the past 5 years.
CVX Yearly Net Income VS EBIT VS OCF VS FCFCVX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B 40B

1.2 Ratios

  • With a Return On Assets value of 3.80%, CVX perfoms like the industry average, outperforming 52.63% of the companies in the same industry.
  • CVX has a Return On Equity (6.60%) which is in line with its industry peers.
  • CVX's Return On Invested Capital of 3.96% is on the low side compared to the rest of the industry. CVX is outperformed by 61.72% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for CVX is significantly below the industry average of 23.14%.
Industry RankSector Rank
ROA 3.8%
ROE 6.6%
ROIC 3.96%
ROA(3y)6.28%
ROA(5y)7.82%
ROE(3y)10.49%
ROE(5y)12.99%
ROIC(3y)6.06%
ROIC(5y)7.07%
CVX Yearly ROA, ROE, ROICCVX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15 20

1.3 Margins

  • CVX's Profit Margin of 6.67% is in line compared to the rest of the industry. CVX outperforms 48.80% of its industry peers.
  • CVX's Profit Margin has declined in the last couple of years.
  • CVX has a Operating Margin (9.77%) which is in line with its industry peers.
  • CVX's Operating Margin has declined in the last couple of years.
  • CVX's Gross Margin of 41.33% is in line compared to the rest of the industry. CVX outperforms 49.76% of its industry peers.
  • In the last couple of years the Gross Margin of CVX has declined.
Industry RankSector Rank
OM 9.77%
PM (TTM) 6.67%
GM 41.33%
OM growth 3Y-17.89%
OM growth 5YN/A
PM growth 3Y-23.76%
PM growth 5YN/A
GM growth 3Y2.56%
GM growth 5Y-2.36%
CVX Yearly Profit, Operating, Gross MarginsCVX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30 40

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5

2. CVX Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so CVX is destroying value.
  • The number of shares outstanding for CVX has been increased compared to 1 year ago.
  • CVX has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, CVX has a worse debt to assets ratio.
CVX Yearly Shares OutstandingCVX Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B
CVX Yearly Total Debt VS Total AssetsCVX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100B 200B 300B

2.2 Solvency

  • CVX has an Altman-Z score of 3.39. This indicates that CVX is financially healthy and has little risk of bankruptcy at the moment.
  • CVX has a better Altman-Z score (3.39) than 81.82% of its industry peers.
  • The Debt to FCF ratio of CVX is 2.46, which is a good value as it means it would take CVX, 2.46 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of CVX (2.46) is better than 81.82% of its industry peers.
  • CVX has a Debt/Equity ratio of 0.21. This is a healthy value indicating a solid balance between debt and equity.
  • CVX's Debt to Equity ratio of 0.21 is fine compared to the rest of the industry. CVX outperforms 72.73% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 2.46
Altman-Z 3.39
ROIC/WACC0.47
WACC8.41%
CVX Yearly LT Debt VS Equity VS FCFCVX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50B 100B 150B

2.3 Liquidity

  • A Current Ratio of 1.15 indicates that CVX should not have too much problems paying its short term obligations.
  • CVX's Current ratio of 1.15 is in line compared to the rest of the industry. CVX outperforms 49.76% of its industry peers.
  • A Quick Ratio of 0.86 indicates that CVX may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.86, CVX is in line with its industry, outperforming 42.58% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.15
Quick Ratio 0.86
CVX Yearly Current Assets VS Current LiabilitesCVX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. CVX Growth Analysis

3.1 Past

  • The earnings per share for CVX have decreased strongly by -27.16% in the last year.
  • The earnings per share for CVX have been decreasing by -27.02% on average. This is quite bad
  • The Revenue has decreased by -4.64% in the past year.
  • Measured over the past years, CVX shows a quite strong growth in Revenue. The Revenue has been growing by 14.32% on average per year.
EPS 1Y (TTM)-27.16%
EPS 3Y-27.02%
EPS 5YN/A
EPS Q2Q%-26.21%
Revenue 1Y (TTM)-4.64%
Revenue growth 3Y-7.85%
Revenue growth 5Y14.32%
Sales Q2Q%-10.25%

3.2 Future

  • The Earnings Per Share is expected to grow by 14.67% on average over the next years. This is quite good.
  • The Revenue is expected to decrease by -1.16% on average over the next years.
EPS Next Y-8.16%
EPS Next 2Y12.04%
EPS Next 3Y14.2%
EPS Next 5Y14.67%
Revenue Next Year2.24%
Revenue Next 2Y2.95%
Revenue Next 3Y2.3%
Revenue Next 5Y-1.16%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
CVX Yearly Revenue VS EstimatesCVX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 50B 100B 150B 200B
CVX Yearly EPS VS EstimatesCVX Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 5 10 15

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2

4. CVX Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 27.18 indicates a quite expensive valuation of CVX.
  • CVX's Price/Earnings ratio is in line with the industry average.
  • CVX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 25.60, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 29.60, the valuation of CVX can be described as expensive.
  • CVX's Price/Forward Earnings ratio is in line with the industry average.
  • CVX is valuated rather expensively when we compare the Price/Forward Earnings ratio to 22.84, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 27.18
Fwd PE 29.6
CVX Price Earnings VS Forward Price EarningsCVX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of CVX is on the same level as its industry peers.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of CVX is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 23.93
EV/EBITDA 11.31
CVX Per share dataCVX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • CVX's earnings are expected to grow with 14.20% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y12.04%
EPS Next 3Y14.2%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. CVX Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 3.43%, CVX has a reasonable but not impressive dividend return.
  • CVX's Dividend Yield is a higher than the industry average which is at 3.20.
  • CVX's Dividend Yield is rather good when compared to the S&P500 average which is at 1.88.
Industry RankSector Rank
Dividend Yield 3.43%

5.2 History

  • The dividend of CVX has a limited annual growth rate of 5.97%.
  • CVX has paid a dividend for at least 10 years, which is a reliable track record.
  • CVX has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.97%
Div Incr Years23
Div Non Decr Years23
CVX Yearly Dividends per shareCVX Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • 103.68% of the earnings are spent on dividend by CVX. This is not a sustainable payout ratio.
  • CVX's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP103.68%
EPS Next 2Y12.04%
EPS Next 3Y14.2%
CVX Yearly Income VS Free CF VS DividendCVX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B
CVX Dividend Payout.CVX Dividend Payout, showing the Payout Ratio.CVX Dividend Payout.PayoutRetained Earnings

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CVX Fundamentals: All Metrics, Ratios and Statistics

CHEVRON CORP

NYSE:CVX (4/2/2026, 8:17:17 PM)

After market: 199.308 +0.34 (+0.17%)

198.97

+1.56 (+0.79%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)01-30
Earnings (Next)04-24
Inst Owners67.65%
Inst Owner Change-0.01%
Ins Owners0.05%
Ins Owner Change3.53%
Market Cap397.02B
Revenue(TTM)184.43B
Net Income(TTM)12.30B
Analysts76.25
Price Target198.56 (-0.21%)
Short Float %1.32%
Short Ratio1.94
Dividend
Industry RankSector Rank
Dividend Yield 3.43%
Yearly Dividend6.78
Dividend Growth(5Y)5.97%
DP103.68%
Div Incr Years23
Div Non Decr Years23
Ex-Date02-17
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6.42%
Min EPS beat(2)3.91%
Max EPS beat(2)8.92%
EPS beat(4)3
Avg EPS beat(4)3.61%
Min EPS beat(4)-1.2%
Max EPS beat(4)8.92%
EPS beat(8)5
Avg EPS beat(8)0.09%
EPS beat(12)8
Avg EPS beat(12)-0.56%
EPS beat(16)11
Avg EPS beat(16)0.92%
Revenue beat(2)1
Avg Revenue beat(2)-0.54%
Min Revenue beat(2)-1.54%
Max Revenue beat(2)0.46%
Revenue beat(4)2
Avg Revenue beat(4)-0.45%
Min Revenue beat(4)-1.97%
Max Revenue beat(4)1.27%
Revenue beat(8)4
Avg Revenue beat(8)0.78%
Revenue beat(12)7
Avg Revenue beat(12)0.66%
Revenue beat(16)10
Avg Revenue beat(16)2.23%
PT rev (1m)5.89%
PT rev (3m)12.8%
EPS NQ rev (1m)17.06%
EPS NQ rev (3m)-0.6%
EPS NY rev (1m)-1.19%
EPS NY rev (3m)-10.18%
Revenue NQ rev (1m)6.05%
Revenue NQ rev (3m)5.77%
Revenue NY rev (1m)1.37%
Revenue NY rev (3m)0.36%
Valuation
Industry RankSector Rank
PE 27.18
Fwd PE 29.6
P/S 2.15
P/FCF 23.93
P/OCF 11.7
P/B 2.13
P/tB 2.18
EV/EBITDA 11.31
EPS(TTM)7.32
EY3.68%
EPS(NY)6.72
Fwd EY3.38%
FCF(TTM)8.32
FCFY4.18%
OCF(TTM)17.01
OCFY8.55%
SpS92.43
BVpS93.44
TBVpS91.15
PEG (NY)N/A
PEG (5Y)N/A
Graham Number124.06
Profitability
Industry RankSector Rank
ROA 3.8%
ROE 6.6%
ROCE 6.2%
ROIC 3.96%
ROICexc 4.05%
ROICexgc 4.11%
OM 9.77%
PM (TTM) 6.67%
GM 41.33%
FCFM 9%
ROA(3y)6.28%
ROA(5y)7.82%
ROE(3y)10.49%
ROE(5y)12.99%
ROIC(3y)6.06%
ROIC(5y)7.07%
ROICexc(3y)6.26%
ROICexc(5y)7.43%
ROICexgc(3y)6.39%
ROICexgc(5y)7.59%
ROCE(3y)9.5%
ROCE(5y)11.08%
ROICexgc growth 3Y-32.22%
ROICexgc growth 5YN/A
ROICexc growth 3Y-32.06%
ROICexc growth 5YN/A
OM growth 3Y-17.89%
OM growth 5YN/A
PM growth 3Y-23.76%
PM growth 5YN/A
GM growth 3Y2.56%
GM growth 5Y-2.36%
F-Score6
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 2.46
Debt/EBITDA 1.05
Cap/Depr 86.17%
Cap/Sales 9.41%
Interest Coverage 19.13
Cash Conversion 88.97%
Profit Quality 134.91%
Current Ratio 1.15
Quick Ratio 0.86
Altman-Z 3.39
F-Score6
WACC8.41%
ROIC/WACC0.47
Cap/Depr(3y)90.9%
Cap/Depr(5y)78.2%
Cap/Sales(3y)8.65%
Cap/Sales(5y)7.24%
Profit Quality(3y)104.22%
Profit Quality(5y)110.8%
High Growth Momentum
Growth
EPS 1Y (TTM)-27.16%
EPS 3Y-27.02%
EPS 5YN/A
EPS Q2Q%-26.21%
EPS Next Y-8.16%
EPS Next 2Y12.04%
EPS Next 3Y14.2%
EPS Next 5Y14.67%
Revenue 1Y (TTM)-4.64%
Revenue growth 3Y-7.85%
Revenue growth 5Y14.32%
Sales Q2Q%-10.25%
Revenue Next Year2.24%
Revenue Next 2Y2.95%
Revenue Next 3Y2.3%
Revenue Next 5Y-1.16%
EBIT growth 1Y-27%
EBIT growth 3Y-24.34%
EBIT growth 5YN/A
EBIT Next Year107.48%
EBIT Next 3Y35.86%
EBIT Next 5Y21.66%
FCF growth 1Y10.29%
FCF growth 3Y-23.89%
FCF growth 5Y58.57%
OCF growth 1Y7.77%
OCF growth 3Y-11.88%
OCF growth 5Y26.26%

CHEVRON CORP / CVX Fundamental Analysis FAQ

What is the fundamental rating for CVX stock?

ChartMill assigns a fundamental rating of 4 / 10 to CVX.


Can you provide the valuation status for CHEVRON CORP?

ChartMill assigns a valuation rating of 2 / 10 to CHEVRON CORP (CVX). This can be considered as Overvalued.


How profitable is CHEVRON CORP (CVX) stock?

CHEVRON CORP (CVX) has a profitability rating of 3 / 10.


Can you provide the PE and PB ratios for CVX stock?

The Price/Earnings (PE) ratio for CHEVRON CORP (CVX) is 27.18 and the Price/Book (PB) ratio is 2.13.


How financially healthy is CHEVRON CORP?

The financial health rating of CHEVRON CORP (CVX) is 5 / 10.