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Chevron (CVX)

Market Price (9/18/2025): $160.4 | Market Cap: $275.8 Bil
Sector: Energy | Industry: Integrated Oil & Gas

Chevron (CVX)

Market Price (9/18/2025): $160.4
Market Cap: $275.8 Bil
Sector: Energy
Industry: Integrated Oil & Gas

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 5.9%		 Trading close to highs
Dist 52W High is -2.8%, Dist 3Y High is -4.4%		 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -10%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 32 Bil, FCF LTM is 16 Bil		 Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -49%		 
2 Low stock price volatility
Vol 12M is 25%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 5.9%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 32 Bil, FCF LTM is 16 Bil
2 Low stock price volatility
Vol 12M is 25%
3 Trading close to highs
Dist 52W High is -2.8%, Dist 3Y High is -4.4%
4 Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -49%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -10%

Market Valuation

 9/18/252024202320222021
Share Price CYE$160.40$139.97$138.19$160.00$100.97
Market Cap CYE ($ Bil)275.8248.0257.4305.4193.4
Total Debt ($ Bil)29.524.520.823.331.4
Total Cash ($ Bil)4.16.88.217.95.7
Enterprise Value ($ Bil)301.2272.5278.2328.7224.8
Valuation Ratios     
P/S TTM1.51.41.41.51.4
P/EBIT TTM11.99.39.36.910.1
P/E TTM20.114.813.19.814.4
Sector Ratios     
P/S TTM (Sector)1.41.51.51.21.3
P/EBIT TTM (Sector)7.26.55.34.14.1
P/E TTM (Sector)10.09.58.05.53.2
 9/18/2520242023
Share Price CYE$160.40$139.97$138.19
Market Cap CYE ($ Bil)275.8248.0257.4
Total Debt ($ Bil)29.524.520.8
Total Cash ($ Bil)4.16.88.2
Enterprise Value ($ Bil)301.2272.5278.2
Valuation Ratios   
P/S TTM1.51.41.4
P/EBIT TTM11.99.39.3
P/E TTM20.114.813.1
Sector Ratios   
P/S TTM (Sector)1.41.51.5
P/EBIT TTM (Sector)7.26.55.3
P/E TTM (Sector)10.09.58.0

Market Cap Chart

Business Description

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
CVX Return-26%46%58%-14%1%14%68%
Peers Return-36%26%70%3%-6%30%72%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PSX, DK, XOM, CVX. See CVX Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Interactive Breakdown

Chevron Interactive Breakdown Analysis

Better Bets than Chevron (CVX)

 CVXBetter Performance than CVX
MetricValueIndustry (Integrated Oil & Gas)
Rev Chg LTM-4.7%XOM (-3.3%), SU (-2.1%), CVE (3.0%), SLNG (-3.0%), VIVK (98.8%)
Rev Chg 3Y Avg-2.9%XOM (-2.1%), BP (-2.4%), SU (0.1%), IMO (-2.1%), CVE (2.6%)
Op Mgn LTM8.4%XOM (11.4%), SU (15.2%), IMO (12.6%)
CFO/Rev LTM17.1%SU (26.9%)
FCF/Rev LTM8.6%XOM (8.8%), SU (15.7%), IMO (9.5%)
Total Yield9.2%XOM (9.7%), SU (16.1%), IMO (12.5%), CVE (13.8%)
 CVXBetter Performance than CVX
MetricValueAll Other Sectors
Rev Chg LTM-4.7%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg-2.9%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM8.4%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM17.1%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM8.6%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield9.2%BABA (37.9%), UNH (9.4%), WFC (9.7%), TM (2077.1%), RY (9.3%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Chevron Earnings Notes  
2Chevron vs T-Mobile US: Which Is A Better Investment?Counter-Intuitive Comparisons 
3Chevron vs ConocoPhillips: Which Is A Better Investment?Counter-Intuitive Comparisons 
4How Does CVX Stack Up Against Its Peers?Peer Comparison 
5Better Bet Than CVX Stock: Pay Less Than Chevron To Get More From UNH, DIS   
6Better Bet Than CVX Stock: Pay Less Than Chevron To Get More From OKE, SLB   
7Why Chevron Stock Moved: CVX Stock Has Gained 56% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues  
8Better Bet Than CVX Stock: Pay Less Than Chevron To Get More From YPF Actionable 
9CVX Dip Buy Analysis  
10Chevron (CVX) Valuation Ratios ComparisonFinancials 
11ARTICLES  
12What To Expect From Chevron’s Q2 Earnings Report? July 30th, 2025
13Better Bet Than Chevron Stock: Pay Less To Get More From YPF July 29th, 2025
14Better Bet Than Chevron Stock: Pay Less To Get More From HES, YPF July 17th, 2025
15How Will Chevron Stock React To Its Upcoming Q1 Earnings? May 1st, 2025
16What’s Next For Chevron’s Stock? December 12th, 2024
Title
0DASHBOARDS
1What To Expect From Chevron’s Q2 Earnings Report?
2Better Bet Than Chevron Stock: Pay Less To Get More From YPF
3Better Bet Than Chevron Stock: Pay Less To Get More From HES, YPF
4How Will Chevron Stock React To Its Upcoming Q1 Earnings?
5What’s Next For Chevron’s Stock?
6ARTICLES
7Chevron Earnings Notes
8Chevron vs T-Mobile US: Which Is A Better Investment?
9Chevron vs ConocoPhillips: Which Is A Better Investment?
10How Does CVX Stack Up Against Its Peers?
11Better Bet Than CVX Stock: Pay Less Than Chevron To Get More From UNH, DIS 
12Better Bet Than CVX Stock: Pay Less Than Chevron To Get More From OKE, SLB 
13Why Chevron Stock Moved: CVX Stock Has Gained 56% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues
14Better Bet Than CVX Stock: Pay Less Than Chevron To Get More From YPF 
15CVX Dip Buy Analysis
16Chevron (CVX) Valuation Ratios Comparison

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More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Chevron

Financials

CVXPSXDKXOMMedian
NameChevron Phillips.Delek US Exxon Mo. 
Mkt Price160.09133.1431.16115.29124.22
Mkt Cap275.254.21.9499.3164.7
Rev LTM187,736132,96610,823329,385160,351
Op Inc LTM15,729798-48437,5728,264
FCF LTM16,1021,488-81629,1238,795
FCF 3Y Avg20,6284,660-18235,95812,644
CFO LTM32,1343,362-19654,30117,748
CFO 3Y Avg36,2106,71525858,98021,463

Growth & Margins

CVXPSXDKXOMMedian
NameChevron Phillips.Delek US Exxon Mo. 
Rev Chg LTM-4.7%-12.4%-27.9%-3.3%-8.6%
Rev Chg 3Y Avg-2.9%-3.2%-12.0%-2.1%-3.0%
Rev Chg Q-10.5%-12.6%-16.4%-11.7%-12.1%
QoQ Delta Rev Chg LTM-2.7%-3.5%-4.8%-3.1%-3.3%
Op Mgn LTM8.4%0.6%-4.5%11.4%4.5%
Op Mgn 3Y Avg12.1%3.5%-1.0%13.4%7.8%
QoQ Delta Op Mgn LTM-0.6%0.2%-0.7%-0.2%-0.4%
CFO/Rev LTM17.1%2.5%-1.8%16.5%9.5%
CFO/Rev 3Y Avg18.1%4.5%1.4%17.1%10.8%
FCF/Rev LTM8.6%1.1%-7.5%8.8%4.8%
FCF/Rev 3Y Avg10.2%3.1%-1.9%10.4%6.7%

Valuation

CVXPSXDKXOMMedian
NameChevron Phillips.Delek US Exxon Mo. 
Mkt Cap275.254.21.9499.3164.7
P/S1.50.40.21.50.9
P/EBIT11.917.2-3.110.911.4
P/E20.131.5-2.416.118.1
P/CFO8.616.1-9.69.28.9
Total Yield9.2%6.7%-37.4%9.7%8.0%
Dividend Yield4.3%3.5%3.4%3.5%3.5%
FCF Yield 3Y Avg7.4%9.7%-15.6%7.8%7.6%
D/E0.10.41.70.10.2
Net D/E0.10.41.40.00.2

Returns

CVXPSXDKXOMMedian
NameChevron Phillips.Delek US Exxon Mo. 
1M Rtn3.1%8.4%36.2%8.0%8.2%
3M Rtn9.2%7.7%47.8%2.8%8.5%
6M Rtn-0.1%5.2%87.3%1.8%3.5%
12M Rtn16.7%7.7%64.3%4.6%12.2%
3Y Rtn15.7%83.9%37.6%37.0%37.3%
1M Excs Rtn0.7%6.0%33.8%5.7%5.9%
3M Excs Rtn-1.6%-2.4%28.2%-8.3%-2.0%
6M Excs Rtn-15.7%-11.8%79.6%-14.2%-13.0%
12M Excs Rtn1.7%-8.3%53.0%-9.8%-3.3%
3Y Excs Rtn-49.2%5.2%-38.5%-29.7%-34.1%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/7/20255/8/20252/21/202511/7/20248/7/20245/2/20242/26/202411/2/20238/3/20235/4/20232/23/202311/3/2022
Key Financials Quarterly            
Total Revenue44,37546,10148,33448,92649,57446,58048,93351,92247,21648,84254,52363,508
Ebitda8,83010,03010,34910,88311,33412,1597,21213,04911,51613,26513,41619,159
Operating Income4,0574,2972,4164,9595,5905,9525,4076,7856,3167,7218,01712,009
Net Income2,4903,5003,2394,4874,4345,5012,2596,5266,0106,5746,35311,231
EPS1.452.011.852.492.432.991.233.483.223.483.345.81
Key Financials TTM            
Total Revenue TTM187,736192,935193,414194,013197,009194,651196,913202,503214,089232,245235,717227,055
Ebitda TTM40,09242,59644,72541,58843,75443,93645,04251,24657,35665,77165,48563,055
Operating Income TTM15,72917,26218,91721,90823,73424,46026,22928,83934,06340,47639,95036,891
Net Income TTM13,71615,66017,66116,68118,72020,29621,36925,46330,16835,78035,46534,167
Growth Rates Quarterly            
Total Revenue Growth-10.5%-1.0%-1.2%-5.8%5.0%-4.6%-10.3%-18.2%-27.8%-6.6%18.9%49.2%
EBITDA Growth-22.1%-17.5%43.5%-16.6%-1.6%-8.3%-46.2%-31.9%-42.2%2.2%22.1%52.4%
Operating Income Growth-27.4%-27.8%-55.3%-26.9%-11.5%-22.9%-32.6%-43.5%-50.4%7.3%61.7%94.6%
Net Income Growth-43.8%-36.4%43.4%-31.2%-26.2%-16.3%-64.4%-41.9%-48.3%5.0%25.7%83.8%
Margins Quarterly            
EBITDA Margin19.9%21.8%21.4%22.2%22.9%26.1%14.7%25.1%24.4%27.2%24.6%30.2%
Operating Income Margin9.1%9.3%5.0%10.1%11.3%12.8%11.0%13.1%13.4%15.8%14.7%18.9%
Net Income Margin5.6%7.6%6.7%9.2%8.9%11.8%4.6%12.6%12.7%13.5%11.7%17.7%
Cash & Debt            
Total Cash4,0664,6436,7854,7034,0086,2788,2235,9389,61015,79817,90115,431
Total Debt29,46729,68124,54125,84123,18421,83520,83620,55921,51423,20623,33923,641
Net Debt / (Cash)25,40125,03817,75621,13819,17615,55712,61314,62111,9047,4085,4388,210
Cash Flows Quarterly            
FCF from Operations8,5765,1898,6959,6746,2956,82812,4349,6736,2977,20512,49815,267
Cash Flows TTM            
FCF from Operations TTM32,13429,85331,49235,23135,23035,23235,60935,67341,26748,75249,60246,562
Returns to Shareholders Quarterly            
Dividends2,9342,9842,8872,9332,9783,0032,8092,8522,8182,8572,7132,743
Share Repurchases2,5983,9174,5004,7503,0012,9783,4213,3904,3753,7533,7503,750
Return on Invested Capital (ROIC) Quarterly            
ROIC38.7%43.2%29.3%65.0%73.6%107.2%110.2%139.2%162.7%289.3%383.5%444.0%
Return on Invested Capital (ROIC) TTM            
ROIC TTM38.3%43.0%68.7%69.5%85.6%114.4%150.5%140.3%206.1%391.6%526.6%329.1%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Downstream161,625179,565115,30768,083107,912
Upstream83,920106,97870,14026,31131,707
All Other59751850877246
Intersegment Elimination-49,229-51,344-30,349  
Total196,913235,717155,60694,471139,865


Net Income by Segment
$ Mil20242023202220212020
Upstream17,43830,28415,818-2,4332,576
Downstream6,1378,1552,914472,481
All Other-2,206-2,974-3,107-3,157-2,133
Total21,36935,46515,625-5,5432,924


Assets by Segment
$ Mil20242023202220212020
Upstream194,805    
Downstream54,488    
All Other12,339    
Total261,632    


Price Behavior

CVX Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.350.460.130.770.680.65
Up Beta0.590.850.450.640.620.65
Down Beta0.060.34-0.201.221.050.92
Up Capture77%74%54%49%38%18%
Bmk +ve Days10223571142415
Stock +ve Days13243770140407
Down Capture-30%-39%-67%65%55%82%
Bmk -ve Days11192754106334
Stock -ve Days8182656109344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity18,117,914
Short Interest: % Change Since 8152025-0.4%
Average Daily Volume7,965,624
Days-to-Cover Short Interest2.27
Basic Shares Quantity1,719,184,000
Short % of Basic Shares1.1%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/1/2025-0.2%1.0%7.1%
5/2/20251.6%0.6%2.4%
1/31/2025-4.6%-2.8%-1.0%
11/1/20242.9%5.3%10.1%
8/2/2024-2.7%-5.3%-2.0%
4/26/20240.4%-2.8%-3.6%
2/2/20242.9%4.2%1.8%
10/27/2023-6.7%-3.9%-5.7%
...
SUMMARY STATS   
# Positive111415
# Negative13109
Median Positive1.2%1.6%2.7%
Median Negative-3.5%-2.8%-3.6%
Max Positive8.9%5.3%28.6%
Max Negative-6.7%-10.0%-12.5%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025807202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024221202510-K 12/31/2024
93020241107202410-Q 9/30/2024
6302024807202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023226202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021224202210-K 12/31/2021
93020211104202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0HESS JOHN B 8262025Sell158.30375,00059,363,550222,105,952Form

Industry Resources

External Quote Links


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