Chevron Corp (CVX)
Energy · Integrated Oil & Gas · US stock · S&P 500 component
$226.68
▼ -0.10 (0.04%)
Fair valueFair
$246 +8.5% to fair value
$123fair band $209–$298$369
Day's range
$222.86 – $229.04
52-week range
$146.49 – $229.04
About Chevron Corp
Chevron is one of the world's largest integrated energy companies. It explores for and produces crude oil and natural gas, and it also refines oil into fuels and chemicals, operates pipelines and markets petroleum products. Revenue comes from selling crude oil, natural gas and refined products, so earnings are strongly linked to commodity prices, refining margins and production volumes in many countries.
Chevron Corp generated $215.3 billion of revenue in the last twelve months, with sales that fell 8.4% a year over the past three years. Net debt to EBITDA is -0.2 times, which means cash exceeds debt. The operating margin is 14.9% and the return on invested capital is 12%. Shareholders receive a dividend, yielding 3.1%. Its X-Ray Score is 50 out of 100.
CVX news
Crude oil in focus as stockpile draw, export data and warning reports collideCrude oil in focus as export and stockpile reports divergeCrude oil reports diverge as diplomacy hopes meet supply riskCrude oil slips as traders watch Middle East diplomacy
All CVX news →Price chart
52-wk range $146.49 – $229.04Volume 6,581,137Daily, split-adjusted
Vitals
Market cap$447.7B
52-week range$146.49 – $229.04
Volume (last day)6,581,137
P/E (TTM)21.4
EBIT / EV yield7.2%
Free-cash-flow yield6.0%
Dividend yield3.1%
Revenue (TTM)$215.3B
Net income (TTM)$20.6B
Operating margin14.9%
Return on capital12.4%
Debt incl. leases$401M
Cash & securities$9.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$246middle half of models $209 – $256
Fair
+8.5% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $227
Undervalued < $209Fair $209 – $298Overvalued > $298
P/E multiple
$216
P/B multiple
$202
P/S multiple
$172
EV/EBITDA multiple
$227
EV/EBIT multiple
$200
EV/revenue multiple
$190
10-year DCF, EBITDA exit
$256
5-year DCF, EBITDA exit
$241
10-year DCF, revenue exit
$253
5-year DCF, revenue exit
$236
10-year DCF, growth exit
$256
5-year DCF, growth exit
$242
Dividend discount, stable
$289
Dividend discount, multi-stage
$403
Earnings power value
$305
Growth the price implies
8.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
41/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield7.2%
Free-cash-flow yield6.0%
Fair value vs price1.1×
Growth
Weak
26/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-8.4%
EPS growth (3y)-28.7%
Growth consistency40%
Profitability
Fair
61/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital12.4%
Operating margin14.9%
Gross profitability29.6%
Financial health
Fair
61/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA-0.2×
Interest cover22.5×
Dividends
Fair
67/100
Dividend is typical for its sector.
See the numbers →
Dividend yield3.1%
Dividends vs free cash flow52%
Dividend growth5.1%
Quarterly results: last 6 quarters
-2.3%
Mar '25
-12.4%
Jun '25
-1.9%
Sep '25
-10.2%
Dec '25
+2.1%
Mar '26
+56.3%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $70.1B, diluted EPS $6.11.
Compare with peers
XOM ExxonMobil Holdings Co...42Other Integrated Oil & Gas companies by X-Ray Score.
SWOT analysis: Chevron Corp
Strengthsinside the company
- Free cash flow equals 6.0% of the market value, which funds dividends, buybacks or debt paydown.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Operating profit covers interest 22x, so debt costs are a small drag.
Weaknessesinside the company
- Revenue has fallen 8.4% a year over three years (median -5.2% for sector peers).
- Earnings per share have declined 28.7% a year over three years.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Energy as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Integrated Oil & Gas follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare CVX with peers and sector
Medians of 19 Energy peers and of 19 Energy stocks in our universe.
Largest peers (X-Ray Score): XOM 42, COP 58, MPC 50, VLO 41, PSX 52, WMB 38.
| Metric | CVX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 50 | 50 | 50 |
| Valuation | 41 | 60 | 60 |
| Growth | 26 | 53 | 53 |
| Profitability | 61 | 49 | 49 |
| Financial health | 61 | 48 | 48 |
| Dividends | 67 | 49 | 49 |
Sector leaders: highest X-Ray Score in Energy
CVX ranks #11 of 20 in Energy by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for CVX
Each factor is rated by where CVX stands among the 20 Energy stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 15 Average · 4 Bad of 23
Growth: 0 · 1 · 2
Profitability: 0 · 4 · 1
Financial strength: 1 · 3 · 0
Valuation: 1 · 3 · 1
Cash flow: 1 · 3 · 0
Efficiency: 1 · 1 · 0
| Factor | CVX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −8.4% | Bad beats 29% | −5.7% | – | – |
| Revenue growth, last year | −6.8% | Bad beats 8% | +3.9% | +0.9% | ▼ Worse |
| EPS growth, 3 years a year | −28.7% | Average beats 34% | −22.6% | – | – |
| Profitability | |||||
| Gross margin | 45.4% | Average beats 47% | 47.1% | 41.2% | ▲ Better |
| Operating margin | 14.9% | Average beats 36% | 23.0% | 13.9% | ≈ In line |
| Net margin | 9.6% | Average beats 45% | 13.5% | 9.6% | ≈ In line |
| Return on invested capital | 12.4% | Average beats 55% | 12.3% | – | – |
| Return on equity | 10.8% | Bad beats 18% | 15.2% | 11.6% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | -0.2x | Good beats 97% | 1.1x | 0.6x | ▲ Better |
| Interest cover | 22.5x | Average beats 50% | 22.5x | 47.3x | ▼ Worse |
| Current ratio | 1.25 | Average beats 57% | 1.19 | 1.26 | ≈ In line |
| Piotroski F-score | 5 / 9 | Average beats 38% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 21.7x | Bad beats 33% | 17.4x | 14.4x | ▼ Worse |
| Price / book | 2.4x | Good beats 73% | 2.6x | 1.7x | ▼ Worse |
| Price / sales | 2.1x | Average beats 55% | 2.3x | 1.4x | ▼ Worse |
| EV / EBITDA | 8.0x | Average beats 61% | 9.4x | 6.4x | ▼ Worse |
| Free cash flow yield | 6.0% | Average beats 42% | 6.2% | 7.1% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 12.5% | Average beats 45% | 13.2% | 9.8% | ▲ Better |
| Cash from operations / net income | 2.20 | Good beats 73% | 1.95 | 1.78 | ▲ Better |
| Free cash flow growth, 3 years a year | −23.9% | Average beats 35% | −17.7% | – | – |
| Accruals (lower is better) | −7.5% | Average beats 63% | −6.6% | – | – |
| Efficiency | |||||
| Inventory turnover | 11.2x | Good beats 82% | 4.2x | 13.6x | ▼ Worse |
| Days sales outstanding | 37 days | Average beats 62% | 43 days | 32 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 11 Average · ● 2 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 50/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $162.5B | $246.3B | $200.9B | $202.8B | $189.0B |
| Operating income | $22.4B | $50.2B | $30.1B | $28.1B | $21.0B |
| Net income | $15.6B | $35.5B | $21.4B | $17.7B | $12.3B |
| Operating cash flow | $29.2B | $49.6B | $35.6B | $31.5B | $33.9B |
| Operating margin | 13.8% | 20.4% | 15.0% | 13.9% | 11.1% |
| Free cash flow | $21.1B | $37.6B | $19.8B | $15.0B | $16.6B |
| Diluted EPS | $8.14 | $18.28 | $11.36 | $9.72 | $6.63 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 221.5 | Bullish |
| EMA 10 | 221.6 | Bullish |
| SMA 20 | 213.9 | Bullish |
| EMA 20 | 216.9 | Bullish |
| SMA 50 | 209.6 | Bullish |
| EMA 50 | 209.0 | Bullish |
| SMA 100 | 195.8 | Bullish |
| EMA 100 | 200.5 | Bullish |
| SMA 200 | 189.0 | Bullish |
| EMA 200 | 188.8 | Bullish |
Oscillators (daily)
| RSI (14) | 71.52 | Bearish |
| MACD (12, 26) | 5.43 | Bullish |
| Momentum (12) | 9.20 | Bullish |
| Stochastic %K (14) | 91.29 | Bearish |
| Williams %R (14) | -8.71 | Bearish |
| CCI (20) | 109.4 | Bearish |
Pivot points (classic, last session)
S3 217.2 | S2 220.0 | S1 223.3 | Pivot 226.2 | R1 229.5 | R2 232.4 | R3 235.7 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
7.05 USD
Yield on today's price
3.11%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.7800 | |
| 1.7800 | |
| 1.7800 | |
| 1.7100 | |
| 1.7100 | |
| 1.7100 | |
| 1.7100 | |
| 1.6300 | |
| 1.6300 | |
| 1.6300 | |
| 1.6300 | |
| 1.5100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold CVX
| ETF | Share of the fund |
|---|---|
| XLE Energy Select Sector SPDR | 16.09% |
| IYE iShares U.S. Energy | 16.01% |
| VDE Vanguard Energy | 14.46% |
| FENY Fidelity MSCI Energy Index | 14.38% |
| ERX Direxion Daily Energy Bull 2X | 10.81% |
| IXC iShares Global Energy | 9.63% |
| FDL First Trust Morningstar Dividend Leade... | 7.43% |
| HDV iShares Core High Dividend | 6.13% |
The eight funds with the largest weight in CVX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
CVX stock splits
CVX has split its stock 2 times since 1994. The latest was a 2-for-1 split on 13 Sep 2004.
Full CVX stock split history →CVX SEC filings
8-KSEC EDGAR
Regulation FD disclosure; Other events
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.