Chevron vs Equinor

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The short version

Chevron is the larger business, with $189.0B of revenue in fiscal 2025 against $106.5B for Equinor, about 1.8 times as much.
Equinor grew revenue faster (2.6%, against −6.8%).
Chevron turned more of its sales into free cash flow (8.8% FCF margin, against 5.6%).
Equinor earned a higher return on the capital invested in it (25.1%, against 6.7%).

Latest fiscal year	CVX · FY25	EQNR · FY25
Size
Market cap	$460.6B	$127.0B
Revenue	$189.0B	$106.5B
Free cash flow	$16.6B	$6.0B
Net income	$12.3B	$5.0B
Growth
Revenue growth	−6.8%	2.6%
5-year growth	14.8%	18.4%
Share count change	2.2%	−8.0%
Profitability
Gross margin	42.8%	48.2%
Operating margin	—	23.8%
Net margin	6.5%	4.7%
FCF margin	8.8%	5.6%
Return on capital	6.7%	25.1%
Return on equity	7.3%	12.2%
Balance sheet
Net debt	$33.5B	$10.8B
Net debt / EBITDA	0.8x	0.3x
Dividends and buybacks	$24.8B	$6.2B
Valuation & quality
P/E	22.4x	—
Piotroski F-score	5	—

Revenue

FY16

CVX $114.5B

EQNR $45.9B

FY17

CVX $141.7B

EQNR $61.2B

FY18

CVX $166.3B

EQNR $79.6B

FY19

CVX $146.5B

EQNR $64.4B

FY20

CVX $94.7B

EQNR $45.8B

FY21

CVX $162.5B

EQNR $90.9B

FY22

CVX $246.3B

EQNR $150.8B

FY23

CVX $200.9B

EQNR $107.2B

FY24

CVX $202.8B

EQNR $103.8B

FY25

CVX $189.0B

EQNR $106.5B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CVX EQNR

Operating margin

FY16

CVX —

EQNR 0.2%

FY17

CVX —

EQNR 22.5%

FY18

CVX —

EQNR 25.3%

FY19

CVX —

EQNR 14.5%

FY20

CVX —

EQNR −7.5%

FY21

CVX —

EQNR 37.0%

FY22

CVX —

EQNR 52.3%

FY23

CVX —

EQNR 33.4%

FY24

CVX —

EQNR 29.8%

FY25

CVX —

EQNR 23.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CVX EQNR

Free cash flow

FY16

CVX −$5.4B

EQNR −$3.4B

FY17

CVX $6.9B

EQNR $4.0B

FY18

CVX $16.8B

EQNR $8.3B

FY19

CVX $13.2B

EQNR $3.5B

FY20

CVX $1.7B

EQNR $1.9B

FY21

CVX $21.1B

EQNR $20.8B

FY22

CVX $37.6B

EQNR $26.4B

FY23

CVX $19.8B

EQNR $18.7B

FY24

CVX $15.0B

EQNR $7.3B

FY25

CVX $16.6B

EQNR $6.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CVX EQNR

Return on capital

FY16

CVX −0.9%

EQNR —

FY17

CVX 5.3%

EQNR 12.1%

FY18

CVX 8.7%

EQNR 17.7%

FY19

CVX 1.9%

EQNR 8.4%

FY20

CVX −3.4%

EQNR −5.1%

FY21

CVX 10.3%

EQNR 38.4%

FY22

CVX 22.1%

EQNR 95.6%

FY23

CVX 12.8%

EQNR 40.9%

FY24

CVX 10.5%

EQNR 33.7%

FY25

CVX 6.7%

EQNR 25.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CVX EQNR

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.