How Does Chevron Stock Stack Up Against Its Peers?
As of January 6, 2026, Chevron (CVX) stock has delivered an 11% return over the past year, lagging many peers like Valero and Marathon Petroleum. While boasting a solid free cash flow margin, a closer look reveals a higher P/E ratio and lower operating margin than integrated rivals ExxonMobil and ConocoPhillips. Despite a less negative revenue trend compared to several peers, CVX traded down on January 6, 2026, suggesting limited upside if market sentiment continues to favor refiners or if concerns about its Venezuela exposure persist.
- CVX’s 8.1% operating margin, below COP’s 21.0%, signals less pure-play upstream exposure than COP.
- CVX’s -3.6% revenue, below COP but above peers, reflects commodity price volatility, outperforming refining exposure.
- CVX’s 11.2% gain and 23.8 PE, below peers’ stronger returns, suggests investor preference for their growth/refining leverage.
Here’s how Chevron stacks up across size, valuation, and profitability versus key peers.
| CVX | XOM | COP | MPC | VLO | PSX | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 303.5 | 518.7 | 120.9 | 51.6 | 55.1 | 55.3 |
| Revenue ($ Bil) | 187.0 | 324.9 | 59.8 | 133.3 | 123.1 | 132.0 |
| PE Ratio | 23.8 | 17.3 | 13.7 | 17.9 | 36.8 | 36.7 |
| LTM Revenue Growth | -3.6% | -4.4% | 8.2% | -6.1% | -8.5% | -10.7% |
| LTM Operating Margin | 8.1% | 11.0% | 21.0% | 3.6% | 2.5% | 1.3% |
| LTM FCF Margin | 8.2% | 7.3% | 11.9% | 3.2% | 3.2% | 1.0% |
| 12M Market Return | 11.2% | 16.5% | 0.5% | 24.0% | 50.6% | 23.1% |
For more details on Chevron, read Buy or Sell CVX Stock. Below we compare CVX’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| CVX | -3.6% | -1.8% | -16.5% | 51.5% |
| XOM | -4.4% | 1.4% | -16.0% | 44.1% |
| COP | 8.2% | -2.5% | -28.5% | 71.3% |
| MPC | -6.1% | -6.4% | -16.4% | 47.9% |
| VLO | -8.5% | -10.3% | -17.9% | 54.8% |
| PSX | -10.7% | -2.9% | -13.3% | 52.5% |
Operating Margin Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| CVX | 8.1% | 9.8% | 13.3% | 16.9% |
| XOM | 11.0% | 11.7% | 13.3% | 16.1% |
| COP | 21.0% | 23.4% | 26.8% | 32.4% |
| MPC | 3.6% | 3.8% | 8.5% | 10.7% |
| VLO | 2.5% | 2.9% | 8.2% | 8.9% |
| PSX | 1.3% | 1.2% | 5.4% | 5.7% |
PE Ratio Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| CVX | 23.8 | 15.6 | 12.7 | 8.1 |
| XOM | 17.3 | 15.4 | 12.1 | 7.5 |
| COP | 13.7 | 11.9 | 10.9 | 7.9 |
| MPC | 17.9 | 16.1 | 5.9 | 5.2 |
| VLO | 36.8 | 18.9 | 4.9 | 4.5 |
| PSX | 36.7 | 25.6 | 7.3 | 5.7 |
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