CHEVRON CORP (CVX) Fundamental Analysis & Valuation

NYSE:CVX • US1667641005

191.79 USD
+5.5 (+2.95%)
At close: Mar 11, 2026
191.5 USD
-0.29 (-0.15%)
After Hours: 3/11/2026, 4:48:10 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This CVX fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall CVX gets a fundamental rating of 4 out of 10. We evaluated CVX against 207 industry peers in the Oil, Gas & Consumable Fuels industry. The financial health of CVX is average, but there are quite some concerns on its profitability. CVX does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

3

1. CVX Profitability Analysis

1.1 Basic Checks

  • In the past year CVX was profitable.
  • In the past year CVX had a positive cash flow from operations.
  • Each year in the past 5 years CVX has been profitable.
  • In the past 5 years CVX always reported a positive cash flow from operatings.
CVX Yearly Net Income VS EBIT VS OCF VS FCFCVX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B 40B

1.2 Ratios

  • The Return On Assets of CVX (3.80%) is comparable to the rest of the industry.
  • CVX's Return On Equity of 6.60% is in line compared to the rest of the industry. CVX outperforms 47.34% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 3.96%, CVX is doing worse than 63.77% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for CVX is significantly below the industry average of 22.52%.
Industry RankSector Rank
ROA 3.8%
ROE 6.6%
ROIC 3.96%
ROA(3y)6.28%
ROA(5y)7.82%
ROE(3y)10.49%
ROE(5y)12.99%
ROIC(3y)6.06%
ROIC(5y)7.07%
CVX Yearly ROA, ROE, ROICCVX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15 20

1.3 Margins

  • CVX has a Profit Margin (6.67%) which is comparable to the rest of the industry.
  • In the last couple of years the Profit Margin of CVX has declined.
  • With a Operating Margin value of 9.77%, CVX perfoms like the industry average, outperforming 43.00% of the companies in the same industry.
  • In the last couple of years the Operating Margin of CVX has declined.
  • The Gross Margin of CVX (41.33%) is comparable to the rest of the industry.
  • CVX's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 9.77%
PM (TTM) 6.67%
GM 41.33%
OM growth 3Y-17.89%
OM growth 5YN/A
PM growth 3Y-23.76%
PM growth 5YN/A
GM growth 3Y2.56%
GM growth 5Y-2.36%
CVX Yearly Profit, Operating, Gross MarginsCVX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30 40

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. CVX Health Analysis

2.1 Basic Checks

  • CVX has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • The number of shares outstanding for CVX has been increased compared to 1 year ago.
  • The number of shares outstanding for CVX has been increased compared to 5 years ago.
  • Compared to 1 year ago, CVX has a worse debt to assets ratio.
CVX Yearly Shares OutstandingCVX Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B
CVX Yearly Total Debt VS Total AssetsCVX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100B 200B 300B

2.2 Solvency

  • An Altman-Z score of 3.28 indicates that CVX is not in any danger for bankruptcy at the moment.
  • With an excellent Altman-Z score value of 3.28, CVX belongs to the best of the industry, outperforming 82.13% of the companies in the same industry.
  • The Debt to FCF ratio of CVX is 2.46, which is a good value as it means it would take CVX, 2.46 years of fcf income to pay off all of its debts.
  • With an excellent Debt to FCF ratio value of 2.46, CVX belongs to the best of the industry, outperforming 80.68% of the companies in the same industry.
  • CVX has a Debt/Equity ratio of 0.21. This is a healthy value indicating a solid balance between debt and equity.
  • CVX has a better Debt to Equity ratio (0.21) than 72.46% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 2.46
Altman-Z 3.28
ROIC/WACC0.48
WACC8.2%
CVX Yearly LT Debt VS Equity VS FCFCVX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50B 100B 150B

2.3 Liquidity

  • CVX has a Current Ratio of 1.15. This is a normal value and indicates that CVX is financially healthy and should not expect problems in meeting its short term obligations.
  • With a Current ratio value of 1.15, CVX perfoms like the industry average, outperforming 51.21% of the companies in the same industry.
  • A Quick Ratio of 0.86 indicates that CVX may have some problems paying its short term obligations.
  • The Quick ratio of CVX (0.86) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 1.15
Quick Ratio 0.86
CVX Yearly Current Assets VS Current LiabilitesCVX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

More info and screens

WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. CVX Growth Analysis

3.1 Past

  • The earnings per share for CVX have decreased strongly by -27.16% in the last year.
  • CVX shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -27.02% yearly.
  • The Revenue has decreased by -4.64% in the past year.
  • Measured over the past years, CVX shows a quite strong growth in Revenue. The Revenue has been growing by 14.32% on average per year.
EPS 1Y (TTM)-27.16%
EPS 3Y-27.02%
EPS 5YN/A
EPS Q2Q%-26.21%
Revenue 1Y (TTM)-4.64%
Revenue growth 3Y-7.85%
Revenue growth 5Y14.32%
Sales Q2Q%-10.25%

3.2 Future

  • The Earnings Per Share is expected to grow by 14.67% on average over the next years. This is quite good.
  • Based on estimates for the next years, CVX will show a decrease in Revenue. The Revenue will decrease by -1.16% on average per year.
EPS Next Y-8.16%
EPS Next 2Y12.04%
EPS Next 3Y14.2%
EPS Next 5Y14.67%
Revenue Next Year0.75%
Revenue Next 2Y2.95%
Revenue Next 3Y2.31%
Revenue Next 5Y-1.16%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
CVX Yearly Revenue VS EstimatesCVX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 50B 100B 150B 200B
CVX Yearly EPS VS EstimatesCVX Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 5 10 15

More info and screens

Find the best growth stocksShow best growing peers

2

4. CVX Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 26.20, CVX can be considered very expensive at the moment.
  • The rest of the industry has a similar Price/Earnings ratio as CVX.
  • Compared to an average S&P500 Price/Earnings ratio of 26.25, CVX is valued at the same level.
  • The Price/Forward Earnings ratio is 28.53, which means the current valuation is very expensive for CVX.
  • CVX's Price/Forward Earnings is on the same level as the industry average.
  • CVX's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 24.39.
Industry RankSector Rank
PE 26.2
Fwd PE 28.53
CVX Price Earnings VS Forward Price EarningsCVX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as CVX.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as CVX.
Industry RankSector Rank
P/FCF 23.07
EV/EBITDA 10.64
CVX Per share dataCVX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • A more expensive valuation may be justified as CVX's earnings are expected to grow with 14.20% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y12.04%
EPS Next 3Y14.2%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. CVX Dividend Analysis

5.1 Amount

  • CVX has a Yearly Dividend Yield of 3.75%.
  • Compared to an average industry Dividend Yield of 3.45, CVX pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, CVX pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.75%

5.2 History

  • The dividend of CVX has a limited annual growth rate of 5.97%.
  • CVX has been paying a dividend for at least 10 years, so it has a reliable track record.
  • CVX has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.97%
Div Incr Years23
Div Non Decr Years23
CVX Yearly Dividends per shareCVX Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • 103.68% of the earnings are spent on dividend by CVX. This is not a sustainable payout ratio.
  • The dividend of CVX is growing, but earnings are growing more, so the dividend growth is sustainable.
DP103.68%
EPS Next 2Y12.04%
EPS Next 3Y14.2%
CVX Yearly Income VS Free CF VS DividendCVX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B
CVX Dividend Payout.CVX Dividend Payout, showing the Payout Ratio.CVX Dividend Payout.PayoutRetained Earnings

More info and screens

Find the best dividend stocksShow peers with best dividend

CVX Fundamentals: All Metrics, Ratios and Statistics

CHEVRON CORP

NYSE:CVX (3/11/2026, 4:48:10 PM)

After market: 191.5 -0.29 (-0.15%)

191.79

+5.5 (+2.95%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)01-30
Earnings (Next)04-30
Inst Owners67.65%
Inst Owner Change-0.01%
Ins Owners0.05%
Ins Owner Change3.46%
Market Cap382.70B
Revenue(TTM)184.43B
Net Income(TTM)12.30B
Analysts76.25
Price Target187.52 (-2.23%)
Short Float %1.24%
Short Ratio2.09
Dividend
Industry RankSector Rank
Dividend Yield 3.75%
Yearly Dividend6.78
Dividend Growth(5Y)5.97%
DP103.68%
Div Incr Years23
Div Non Decr Years23
Ex-Date02-17
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6.42%
Min EPS beat(2)3.91%
Max EPS beat(2)8.92%
EPS beat(4)3
Avg EPS beat(4)3.61%
Min EPS beat(4)-1.2%
Max EPS beat(4)8.92%
EPS beat(8)5
Avg EPS beat(8)0.09%
EPS beat(12)8
Avg EPS beat(12)-0.56%
EPS beat(16)11
Avg EPS beat(16)0.92%
Revenue beat(2)1
Avg Revenue beat(2)-0.54%
Min Revenue beat(2)-1.54%
Max Revenue beat(2)0.46%
Revenue beat(4)2
Avg Revenue beat(4)-0.45%
Min Revenue beat(4)-1.97%
Max Revenue beat(4)1.27%
Revenue beat(8)4
Avg Revenue beat(8)0.78%
Revenue beat(12)7
Avg Revenue beat(12)0.66%
Revenue beat(16)10
Avg Revenue beat(16)2.23%
PT rev (1m)0.96%
PT rev (3m)6.37%
EPS NQ rev (1m)-1.16%
EPS NQ rev (3m)-15.06%
EPS NY rev (1m)-1.19%
EPS NY rev (3m)-15.39%
Revenue NQ rev (1m)4.65%
Revenue NQ rev (3m)1.5%
Revenue NY rev (1m)2.1%
Revenue NY rev (3m)-2.74%
Valuation
Industry RankSector Rank
PE 26.2
Fwd PE 28.53
P/S 2.07
P/FCF 23.07
P/OCF 11.28
P/B 2.05
P/tB 2.1
EV/EBITDA 10.64
EPS(TTM)7.32
EY3.82%
EPS(NY)6.72
Fwd EY3.51%
FCF(TTM)8.32
FCFY4.34%
OCF(TTM)17.01
OCFY8.87%
SpS92.43
BVpS93.44
TBVpS91.15
PEG (NY)N/A
PEG (5Y)N/A
Graham Number124.06
Profitability
Industry RankSector Rank
ROA 3.8%
ROE 6.6%
ROCE 6.2%
ROIC 3.96%
ROICexc 4.05%
ROICexgc 4.11%
OM 9.77%
PM (TTM) 6.67%
GM 41.33%
FCFM 9%
ROA(3y)6.28%
ROA(5y)7.82%
ROE(3y)10.49%
ROE(5y)12.99%
ROIC(3y)6.06%
ROIC(5y)7.07%
ROICexc(3y)6.26%
ROICexc(5y)7.43%
ROICexgc(3y)6.39%
ROICexgc(5y)7.59%
ROCE(3y)9.5%
ROCE(5y)11.08%
ROICexgc growth 3Y-32.22%
ROICexgc growth 5YN/A
ROICexc growth 3Y-32.06%
ROICexc growth 5YN/A
OM growth 3Y-17.89%
OM growth 5YN/A
PM growth 3Y-23.76%
PM growth 5YN/A
GM growth 3Y2.56%
GM growth 5Y-2.36%
F-Score6
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 2.46
Debt/EBITDA 1.05
Cap/Depr 86.17%
Cap/Sales 9.41%
Interest Coverage 19.13
Cash Conversion 88.97%
Profit Quality 134.91%
Current Ratio 1.15
Quick Ratio 0.86
Altman-Z 3.28
F-Score6
WACC8.2%
ROIC/WACC0.48
Cap/Depr(3y)90.9%
Cap/Depr(5y)78.2%
Cap/Sales(3y)8.65%
Cap/Sales(5y)7.24%
Profit Quality(3y)104.22%
Profit Quality(5y)110.8%
High Growth Momentum
Growth
EPS 1Y (TTM)-27.16%
EPS 3Y-27.02%
EPS 5YN/A
EPS Q2Q%-26.21%
EPS Next Y-8.16%
EPS Next 2Y12.04%
EPS Next 3Y14.2%
EPS Next 5Y14.67%
Revenue 1Y (TTM)-4.64%
Revenue growth 3Y-7.85%
Revenue growth 5Y14.32%
Sales Q2Q%-10.25%
Revenue Next Year0.75%
Revenue Next 2Y2.95%
Revenue Next 3Y2.31%
Revenue Next 5Y-1.16%
EBIT growth 1Y-27%
EBIT growth 3Y-24.34%
EBIT growth 5YN/A
EBIT Next Year107.48%
EBIT Next 3Y35.86%
EBIT Next 5Y21.66%
FCF growth 1Y10.29%
FCF growth 3Y-23.89%
FCF growth 5Y58.57%
OCF growth 1Y7.77%
OCF growth 3Y-11.88%
OCF growth 5Y26.26%

CHEVRON CORP / CVX FAQ

What is the fundamental rating for CVX stock?

ChartMill assigns a fundamental rating of 4 / 10 to CVX.


What is the valuation status for CVX stock?

ChartMill assigns a valuation rating of 2 / 10 to CHEVRON CORP (CVX). This can be considered as Overvalued.


What is the profitability of CVX stock?

CHEVRON CORP (CVX) has a profitability rating of 3 / 10.


What is the expected EPS growth for CHEVRON CORP (CVX) stock?

The Earnings per Share (EPS) of CHEVRON CORP (CVX) is expected to decline by -8.16% in the next year.


Is the dividend of CHEVRON CORP sustainable?

The dividend rating of CHEVRON CORP (CVX) is 6 / 10 and the dividend payout ratio is 103.68%.