Chevron (CVX)
Energy · $403B market cap · SEC CIK 0000093410
fundamentals score out of 100
Next reports on Oct 23, 2026, before the open, with analysts expecting $4.79 in earnings per share.
The case for CVX
- Revenue growing 11.2% year over year.
- Earnings per share up 34.6%.
- Pays a 4.2% dividend while you wait.
- A PEG of 0.57: a P/E of 19.6× is low for EPS growing 35%.
- Has compounded revenue at 14.3% a year over five years.
- Barely leveraged. Debt is 0.20× equity.
The case against
- Return on equity of 11% is lower than 95% of Energy companies.
- Weakest against its peers: free-cash-flow yield of 4.1% is lower than 77% of Energy companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Energy companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 56 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 68 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 52 |
| Momentumhow the price has behaved lately | 79 |
| Stabilityhow violently it moves, what it owes and what it pays you | 88 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 19.6× |
|---|---|
| Price / book | 1.74× |
| Price / sales | 1.9× |
| Revenue growth (YoY) | +11.2% |
| EPS growth (YoY) | +34.6% |
| Gross margin | 44% |
| Operating margin | 13% |
| Net margin | 10% |
| Return on equity | 11% |
| Debt / equity | 0.20× |
| Current ratio | 1.25 |
| Dividend yield | 4.17% |
| Beta | 0.50 |
| 52-week range | $146.49 – $217.78 |
| Position in that range | 78% of the way up |
| 3-month return | +17.3% |
| 1-year return | +30.4% |
Five years of financials, as filed
Pulled from Chevron's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $184B | $193B | $197B | $236B | $156B |
| Net income | $12.3B | $17.7B | $21.4B | $35.5B | $15.6B |
| Operating cash flow | $33.9B | $31.5B | $35.6B | $49.6B | $29.2B |
| Capital expenditure | $17.3B | $16.4B | $15.8B | $12.0B | $8.1B |
| Total assets | $324B | $257B | $262B | $258B | $240B |
| Total liabilities | $132B | $104B | $99.7B | $97.5B | $99.6B |
| Shareholder equity | $186B | $152B | $161B | $159B | $139B |
| Cash | $7.3B | $8.3B | $8.2B | $17.7B | $5.6B |
| Long-term debt | — | — | — | — | $25.7B |
| Free cash flow | $16.6B | $15.0B | $19.8B | $37.6B | $21.1B |
| Net margin | 6.7% | 9.2% | 10.9% | 15.1% | 10.0% |
| Diluted shares | 1.9B | 1.8B | 1.9B | 1.9B | 1.9B |
Share count is down 3.3% over 4 years. Buybacks have been shrinking the pie.
What Chevron says it does
Information required by Subpart 1200 of Regulation S-K ("Disclosure by Registrants Engaged in Oil and Gas Producing Activities") is also contained in Item 1 and in Tables I through VII on pages 108 through 120 and Note 18 Properties, Plant and Equipment . Item 3. Legal Proceedings The following is a description of legal proceedings that involve governmental authorities as a party and that the company reasonably believes would result in $1.0 million or more of monetary sanctions, exclusive of interest and costs, under federal, state and local laws that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment. As previously disclosed, on May 20, 2024, the New Mexico Environment Department issued a Notice of Violation (NOV) for alleged violations of state and federal regulations of air quality between October 2022 and September 2023 at different…
Risk factors CVX lists in its 10-K
- Critical Accounting Estimates and Assumptions
- Impairment of Properties, Plant and Equipment and Investments in Affiliates
- Pension and Other Post-Employment Benefit Plans
- Business Combinations – Purchase-Price Allocation Accounting
- Income (Loss) Before Income Tax Expense
- Net Income (Loss) Attributable to Chevron Corporation
- Management’s Responsibility for Financial Statements
- To the Stockholders of Chevron Corporation
- Management’s Report on Internal Control Over Financial Reporting
- Internal Control – Integrated Framework
- Report of Independent Registered Public Accounting Firm
- Board of Directors and Stockholders of Chevron Corporation
- Opinions on the Financial Statements and Internal Control over Financial Reporting
- Definition and Limitations of Internal Control over Financial Reporting