CHEVRON CORP
$219.89
+3.54 (+1.64%) · delayed · Nov 13, 2026
Five-year price
52w $146.49 to $236.48
- Market cap
- $432.2B
- Enterprise value
- $467.0B
- P/E
- 33.2×
- 23.8× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 3.8%
- ROIC
- —
- Debt / equity
- 0.23
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 13.0%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 111% (5y avg)
- ●Growing revenueRevenue CAGR 5y 14.3%
- ●Shrinking share countDiluted shares -0.7% over 5y
Value
25
- ○P/E below 15P/E 33.2
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 3.8%
- ○Price below Graham NumberGraham Number $118.96
- ●P/B below 3P/B 2.3
Safety
50
- ●Debt / equity below 0.5D/E 0.23
- ●Debt payable in < 4 yrs of earningsNet debt $34.8B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.15
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $184.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.15
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 125%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 23.8
- ○P/E × P/B ≤ 22.5Product 55.2
Valuation lab
What do you have to believe?
At $219.89, the market is pricing in about 10.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $34.8B · 1965M shares · 5y revenue CAGR 14.3%
Intrinsic value
$299.68
Price
$219.89
Margin of safety
27%
What the price implies
The market is paying for 10.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
66% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 114,472 | 141,722 | 158,902 | 139,865 | 94,471 | 155,606 | 235,717 | 196,913 | 193,414 | 184,432 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | (2,160) | 9,221 | 20,575 | 5,536 | (7,453) | 21,639 | 49,674 | 29,584 | 27,506 | 19,743 |
| Income tax | (1,729) | (48) | 5,715 | 2,691 | (1,892) | 5,950 | 14,066 | 8,173 | 9,757 | 7,258 |
| Net income | (497) | 9,195 | 14,824 | 2,924 | (5,543) | 15,625 | 35,465 | 21,369 | 17,661 | 12,299 |
| EPS (diluted) | -0.27 | 4.85 | 7.74 | 1.54 | -2.96 | 8.14 | 18.28 | 11.36 | 9.72 | 6.63 |
| Diluted shares | 1,873 | 1,898 | 1,914 | 1,895 | 1,870 | 1,920 | 1,940 | 1,880 | 1,817 | 1,856 |
Who owns it