1.Sales and profit
See section β- Chevron had $189.0B of revenue in fiscal 2025, down 6.8% on the year before. Over five years, revenue changed +14.8% a year on average.
- Chevron made $12.3B of net profit in fiscal 2025.
Chevron
CVX NYSE Integrated Oil & Gas Financials FY2016βFY2025
Chevron is an oil and gas company. It finds and pumps crude oil and natural gas, turns gas into liquefied natural gas (LNG) for shipping, and moves oil and gas through pipelines. It also refines crude oil into gasoline, diesel, jet fuel and lubricants, sells fuel through Chevron, Texaco and Caltex service stations, and makes petrochemicals, plastics and fuel additives. It works across North America, South America, Europe, Africa, Asia and Australia.
- Today
- 1.6%
- Previous close
- $232.01
- Market cap
- $450.8B
- P/E
- 21.9x
- Fair value (model)
-
$65.63 β71% vs price
- Day range
-
$227.63 $232.27
- 52-week range
-
$146.75 $233.21
KIRAβs summary AI analyst
Hi! I read Chevronβs latest annual report (fiscal 2025). Here is what stands out:
3 strengths 1 to watch
2.Cash and shareholders
See section β- Free cash flow was $16.6B in fiscal 2025, 8.8% of revenue.
- Chevron returned $24.8B to shareholders in fiscal 2025, 150% of free cash flow. The diluted share count rose 2.2%.
- In the last 12 months, insiders sold $647M of shares on the open market and bought none.
3.Financial health
See section β- Chevron owes $33.5B more than it holds in cash, about 0.8 years of operating profit.
- Its return on capital was 6.7%: every 100 invested in the business earned about 7 in a year.
- Chevron passes 5 of 9 financial health tests (Piotroski F-score).
4.Price and value
See section β- At $228.23 a share, the company is worth $450.8B: 21.9 times its earnings of the last four quarters.
- Chevron grew sales faster than 0 of its 1 similar companies. Its P/E is higher than 0 of 1.
Biggest risks, in its own words
- Long periods of low oil and gas prices or weak demand, which drive most of its earnings.
- Failing to replace the oil and gas it pumps with new reserves, which would shrink its business.
- The Hess acquisition may not bring the benefits it expects or may disrupt its plans.
- Political instability and sudden changes in laws and taxes in the countries where it operates.
- Climate rules and changing customer preferences that could raise its costs and cut demand for oil and gas.
Chevron in 30 seconds
Good So-so Weak
Weak
Are sales growing?
β6.8%
No. Sales fell 6.8% last year.
So-so
Does it make a profit?
6.5%
A little. It keeps 6.5% of every sale as profit.
So-so
Does profit turn into cash?
8.8%
Partly. 8.8% of sales ends up as free cash.
Good
Is debt under control?
0.8x
Yes. It could repay its debt with 0.8 years of operating profit.
So-so
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
For information
How is the share priced?
21.9x
One share costs 21.9 times its yearly profit per share. Typical for its sector: 16.9x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$450.8B
Oct 27 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
21.9x
On $10.40 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA summarises the numbers
-
Chevron had $189.0B of revenue in fiscal 2025, down 6.8% on the year before.
Over five years, revenue changed +14.8% a year on average.
Revenue
FY16
Revenue $114.5B
FY17
Revenue $141.7B
FY18
Revenue $166.3B
FY19
Revenue $146.5B
FY20
Revenue $94.7B
FY21
Revenue $162.5B
FY22
Revenue $246.3B
FY23
Revenue $200.9B
FY24
Revenue $202.8B
FY25
Revenue $189.0B
Revenue
Q3 '23
Revenue $54.1B
Q4 '23
Revenue $47.2B
Q1 '24
Revenue $48.7B
Q2 '24
Revenue $51.2B
Q3 '24
Revenue $50.7B
Q4 '24
Revenue $52.2B
Q1 '25
Revenue $47.6B
Q2 '25
Revenue $44.8B
Q3 '25
Revenue $49.7B
Q4 '25
Revenue $46.9B
Q1 '26
Revenue $48.6B
Q2 '26
Revenue $70.1B
Margins, % of revenue
FY16
Gross 48.2%
Operating β
Net β0.4%
FCF β4.7%
FY17
Gross 46.5%
Operating β
Net 6.5%
FCF 4.9%
FY18
Gross 43.1%
Operating β
Net 8.9%
FCF 10.1%
FY19
Gross 45.3%
Operating β
Net 2.0%
FCF 9.0%
FY20
Gross 44.9%
Operating β
Net β5.9%
FCF 1.8%
FY21
Gross 43.2%
Operating β
Net 9.6%
FCF 13.0%
FY22
Gross 41.0%
Operating β
Net 14.4%
FCF 15.3%
FY23
Gross 40.7%
Operating β
Net 10.6%
FCF 9.8%
FY24
Gross 41.2%
Operating β
Net 8.7%
FCF 7.4%
FY25
Gross 42.8%
Operating β
Net 6.5%
FCF 8.8%
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross 40.2%
Operating β
Net 12.1%
FCF 9.3%
Q4 '23
Gross 39.6%
Operating β
Net 4.8%
FCF 17.1%
Q1 '24
Gross 43.1%
Operating β
Net 11.3%
FCF 5.6%
Q2 '24
Gross 39.7%
Operating β
Net 8.7%
FCF 4.6%
Q3 '24
Gross 39.9%
Operating β
Net 8.9%
FCF 11.1%
Q4 '24
Gross 42.3%
Operating β
Net 6.2%
FCF 8.3%
Q1 '25
Gross 39.9%
Operating β
Net 7.4%
FCF 2.7%
Q2 '25
Gross 40.1%
Operating β
Net 5.6%
FCF 10.9%
Q3 '25
Gross 44.9%
Operating β
Net 7.1%
FCF 9.9%
Q4 '25
Gross 45.9%
Operating β
Net 5.9%
FCF 11.8%
Q1 '26
Gross 41.9%
Operating β
Net 4.6%
FCF β3.2%
Q2 '26
Gross 47.8%
Operating β
Net 17.2%
FCF 25.8%
Gross
Operating
Net
FCF
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
-
Chevron made $12.3B of net profit in fiscal 2025.
Net income
FY16
Net income β$497M
FY17
Net income $9.2B
FY18
Net income $14.8B
FY19
Net income $2.9B
FY20
Net income β$5.5B
FY21
Net income $15.6B
FY22
Net income $35.5B
FY23
Net income $21.4B
FY24
Net income $17.7B
FY25
Net income $12.3B
Net income
Q3 '23
Net income $6.5B
Q4 '23
Net income $2.3B
Q1 '24
Net income $5.5B
Q2 '24
Net income $4.4B
Q3 '24
Net income $4.5B
Q4 '24
Net income $3.2B
Q1 '25
Net income $3.5B
Q2 '25
Net income $2.5B
Q3 '25
Net income $3.5B
Q4 '25
Net income $2.8B
Q1 '26
Net income $2.2B
Q2 '26
Net income $12.1B
Diluted EPS
FY16
Diluted EPS β$0.27
FY17
Diluted EPS $4.85
FY18
Diluted EPS $7.74
FY19
Diluted EPS $1.54
FY20
Diluted EPS β$2.96
FY21
Diluted EPS $8.14
FY22
Diluted EPS $18.28
FY23
Diluted EPS $11.36
FY24
Diluted EPS $9.72
FY25
Diluted EPS $6.63
Diluted EPS
Q3 '23
Diluted EPS $3.48
Q4 '23
Diluted EPS $1.22
Q1 '24
Diluted EPS $2.97
Q2 '24
Diluted EPS $2.43
Q3 '24
Diluted EPS $2.48
Q4 '24
Diluted EPS $1.84
Q1 '25
Diluted EPS $2.00
Q2 '25
Diluted EPS $1.45
Q3 '25
Diluted EPS $1.82
Q4 '25
Diluted EPS $1.36
Q1 '26
Diluted EPS $1.11
Q2 '26
Diluted EPS $6.11
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
KIRA summarises the numbers
-
Free cash flow was $16.6B in fiscal 2025, 8.8% of revenue.
Free cash flow
FY16
Free cash flow β$5.4B
FY17
Free cash flow $6.9B
FY18
Free cash flow $16.8B
FY19
Free cash flow $13.2B
FY20
Free cash flow $1.7B
FY21
Free cash flow $21.1B
FY22
Free cash flow $37.6B
FY23
Free cash flow $19.8B
FY24
Free cash flow $15.0B
FY25
Free cash flow $16.6B
Free cash flow
Q3 '23
Free cash flow $5.0B
Q4 '23
Free cash flow $8.1B
Q1 '24
Free cash flow $2.7B
Q2 '24
Free cash flow $2.3B
Q3 '24
Free cash flow $5.6B
Q4 '24
Free cash flow $4.4B
Q1 '25
Free cash flow $1.3B
Q2 '25
Free cash flow $4.9B
Q3 '25
Free cash flow $4.9B
Q4 '25
Free cash flow $5.5B
Q1 '26
Free cash flow β$1.5B
Q2 '26
Free cash flow $18.1B
Cash from operations vs capital spending
FY16
Cash from operations $12.7B
Capital spending $18.1B
FY17
Cash from operations $20.3B
Capital spending $13.4B
FY18
Cash from operations $30.6B
Capital spending $13.8B
FY19
Cash from operations $27.3B
Capital spending $14.1B
FY20
Cash from operations $10.6B
Capital spending $8.9B
FY21
Cash from operations $29.2B
Capital spending $8.1B
FY22
Cash from operations $49.6B
Capital spending $12.0B
FY23
Cash from operations $35.6B
Capital spending $15.8B
FY24
Cash from operations $31.5B
Capital spending $16.4B
FY25
Cash from operations $33.9B
Capital spending $17.3B
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations $9.7B
Capital spending $4.7B
Q4 '23
Cash from operations $12.4B
Capital spending $4.4B
Q1 '24
Cash from operations $6.8B
Capital spending $4.1B
Q2 '24
Cash from operations $6.3B
Capital spending $4.0B
Q3 '24
Cash from operations $9.7B
Capital spending $4.1B
Q4 '24
Cash from operations $8.7B
Capital spending $4.3B
Q1 '25
Cash from operations $5.2B
Capital spending $3.9B
Q2 '25
Cash from operations $8.6B
Capital spending $3.7B
Q3 '25
Cash from operations $9.4B
Capital spending $4.4B
Q4 '25
Cash from operations $10.8B
Capital spending $5.3B
Q1 '26
Cash from operations $2.5B
Capital spending $4.1B
Q2 '26
Cash from operations $22.6B
Capital spending $4.5B
Cash from operations
Capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends, buybacks and share count
KIRA summarises the numbers
-
Chevron returned $24.8B to shareholders in fiscal 2025, 150% of free cash flow.
The diluted share count rose 2.2%.
Dividends and buybacks
FY16
Dividends $8.0B
Buybacks $2.0M
FY17
Dividends $8.1B
Buybacks $1.0M
FY18
Dividends $8.5B
Buybacks $1.8B
FY19
Dividends $9.0B
Buybacks $4.0B
FY20
Dividends $9.7B
Buybacks $1.8B
FY21
Dividends $10.2B
Buybacks $1.4B
FY22
Dividends $11.0B
Buybacks $11.3B
FY23
Dividends $11.3B
Buybacks $14.9B
FY24
Dividends $11.8B
Buybacks $15.2B
FY25
Dividends $12.8B
Buybacks $12.1B
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $2.9B
Buybacks $3.4B
Q4 '23
Dividends $2.8B
Buybacks $3.4B
Q1 '24
Dividends $3.0B
Buybacks $3.0B
Q2 '24
Dividends $3.0B
Buybacks $3.0B
Q3 '24
Dividends $2.9B
Buybacks $4.8B
Q4 '24
Dividends $2.9B
Buybacks $4.5B
Q1 '25
Dividends $3.0B
Buybacks $3.9B
Q2 '25
Dividends $2.9B
Buybacks $2.6B
Q3 '25
Dividends $3.4B
Buybacks $2.6B
Q4 '25
Dividends $3.4B
Buybacks $3.0B
Q1 '26
Dividends $3.5B
Buybacks $2.6B
Q2 '26
Dividends $3.5B
Buybacks $3.0B
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 1.87B
FY17
Diluted shares 1.90B
FY18
Diluted shares 1.91B
FY19
Diluted shares 1.90B
FY20
Diluted shares 1.87B
FY21
Diluted shares 1.92B
FY22
Diluted shares 1.94B
FY23
Diluted shares 1.88B
FY24
Diluted shares 1.82B
FY25
Diluted shares 1.86B
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
-
In the last 12 months, insiders sold $647M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$647M
9 insiders
Of sales under plans
28%
$179M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 20, 2026 | R. Hewitt PateChief Legal Officer | Sold plan | 40,700 | $226.65 | $9.2M | Form 4 |
| Oct 19, 2026 | R. Hewitt PateChief Legal Officer | Sold plan | 2,400 | $225.61 | $0.5M | Form 4 |
| Aug 18, 2026 | R. Hewitt PateChief Legal Officer | Sold | 2,470 | $205.11 | $0.5M | Form 4 |
| Aug 17, 2026 | Andrew Benjamin WalzPresident, DM&C | Sold | 16,800 | $201.06 | $3.4M | Form 4 |
| Aug 14, 2026 | Michael K WirthChairman and CEO, Director | Sold | 317,100 | $200.46 | $63.6M | Form 4 |
| Aug 11, 2026 | Jeff B GustavsonPresident, New Energies | Sold | 14,044 | $194.95 | $2.7M | Form 4 |
| Aug 5, 2026 | Michael K WirthChairman and CEO, Director | Sold | 5,547 | $187.00 | $1.0M | Form 4 |
| Aug 3, 2026 | John B HessDirector | Sold | 810,665 | $194.12 | $157M | Form 4 |
| May 20, 2026 | John B HessDirector | Sold | 380,000 | $193.20 | $73.4M | Form 4 |
| May 6, 2026 | John B HessDirector | Sold | 195,000 | $184.78 | $36.0M | Form 4 |
| Mar 30, 2026 | R. Hewitt PateChief Legal Officer | Sold plan | 40,200 | $213.30 | $8.6M | Form 4 |
| Mar 6, 2026 | R. Hewitt PateChief Legal Officer | Sold plan | 47,200 | $192.12 | $9.1M | Form 4 |
| Mar 2, 2026 | Mark A NelsonVice Chairman | Sold | 139,600 | $187.92 | $26.2M | Form 4 |
| Mar 2, 2026 | Michael K WirthChairman and CEO, Director | Sold plan | 272,624 | $189.35 | $51.6M | Form 4 |
| Mar 2, 2026 | Eimear P BonnerChief Financial Officer | Sold plan | 17,400 | $190.60 | $3.3M | Form 4 |
| Mar 2, 2026 | R. Hewitt PateChief Legal Officer | Sold plan | 58,000 | $188.65 | $10.9M | Form 4 |
| Mar 2, 2026 | Andrew Benjamin WalzPresident, DM&C | Sold | 11,600 | $188.58 | $2.2M | Form 4 |
| Feb 27, 2026 | Jeff B GustavsonPresident, New Energies | Sold | 6,667 | $186.04 | $1.2M | Form 4 |
| Feb 27, 2026 | Eimear P BonnerChief Financial Officer | Sold plan | 28,400 | $186.06 | $5.3M | Form 4 |
| Feb 27, 2026 | R. Hewitt PateChief Legal Officer | Sold plan | 35,475 | $186.06 | $6.6M | Form 4 |
| Feb 18, 2026 | Andrew Benjamin WalzPresident, DM&C | Sold | 1,463 | $183.83 | $0.3M | Form 4 |
| Feb 18, 2026 | Alana K KnowlesController | Sold | 2,408 | $183.28 | $0.4M | Form 4 |
| Feb 13, 2026 | Thomas Ryder BoothChief Technology & Eng Ofr | Sold | 1,122 | $182.37 | $0.2M | Form 4 |
| Feb 12, 2026 | Thomas Ryder BoothChief Technology & Eng Ofr | Sold | 11,076 | $184.40 | $2.0M | Form 4 |
| Feb 12, 2026 | Andrew Benjamin WalzPresident, DM&C | Sold | 666 | $183.40 | $0.1M | Form 4 |
| Feb 11, 2026 | Thomas Ryder BoothChief Technology & Eng Ofr | Sold | 5 | $184.77 | $0.0M | Form 4 |
| Feb 3, 2026 | Thomas Ryder BoothChief Technology & Eng Ofr | Sold | 6,000 | $178.43 | $1.1M | Form 4 |
| Feb 3, 2026 | Andrew Benjamin WalzPresident, DM&C | Sold | 22,200 | $176.53 | $3.9M | Form 4 |
| Feb 2, 2026 | Mark A NelsonVice Chairman | Sold | 45,800 | $174.17 | $8.0M | Form 4 |
| Jan 30, 2026 | R. Hewitt PateChief Legal Officer | Sold plan | 41,134 | $176.40 | $7.3M | Form 4 |
| Jan 30, 2026 | Eimear P BonnerChief Financial Officer | Sold plan | 32,100 | $175.01 | $5.6M | Form 4 |
| Jan 28, 2026 | Eimear P BonnerChief Financial Officer | Sold plan | 7,534 | $170.00 | $1.3M | Form 4 |
| Jan 28, 2026 | Alana K KnowlesController | Sold plan | 3,200 | $170.00 | $0.5M | Form 4 |
| Jan 14, 2026 | Alana K KnowlesController | Sold plan | 3,200 | $168.00 | $0.5M | Form 4 |
| Jan 5, 2026 | Eimear P BonnerChief Financial Officer | Sold plan | 28,334 | $165.05 | $4.7M | Form 4 |
| Jan 5, 2026 | Alana K KnowlesController | Sold plan | 7,956 | $165.05 | $1.3M | Form 4 |
| Jan 5, 2026 | Michael K WirthChairman and CEO, Director | Sold plan | 320,700 | $162.99 | $52.3M | Form 4 |
| Nov 21, 2025 | Jeff B GustavsonVice President | Sold | 9,325 | $150.27 | $1.4M | Form 4 |
| Nov 21, 2025 | John B HessDirector | Sold | 275,000 | $150.16 | $41.3M | Form 4 |
| Nov 20, 2025 | John B HessDirector | Sold | 275,000 | $150.75 | $41.5M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Chevron can carry it.
KIRA summarises the numbers
-
Chevron owes $33.5B more than it holds in cash, about 0.8 years of operating profit.
Cash vs debt (incl. leases)
FY16
Cash $7.0B
Debt $43.3B
FY17
Cash $4.8B
Debt $35.4B
FY18
Cash $9.4B
Debt $29.5B
FY19
Cash $7.0B
Debt $22.3B
FY20
Cash $5.6B
Debt $27.9B
FY21
Cash $5.7B
Debt $26.4B
FY22
Cash $17.9B
Debt $23.3B
FY23
Cash $8.2B
Debt $20.8B
FY24
Cash $8.3B
Debt $24.5B
FY25
Cash $7.3B
Debt $40.8B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.7B | $17.9B | $8.2B | $8.3B | $7.3B |
| Debt incl. finance leases | $26.4B | $23.3B | $20.8B | $24.5B | $40.8B |
| Net debt / EBITDA | 0.5x | 0.1x | 0.3x | 0.4x | 0.8x |
| Debt / equity | 0.2x | 0.2x | 0.1x | 0.2x | 0.2x |
| Interest coverage | 31.4x | 97.3x | 64.1x | 47.3x | 17.2x |
| Current ratio | 1.3x | 1.5x | 1.3x | 1.1x | 1.2x |
| Quick ratio | 1.0x | 1.2x | 1.0x | 0.8x | 0.9x |
| Total assets | $239.5B | $257.7B | $261.6B | $256.9B | $324.0B |
| Total liabilities | $99.6B | $97.5B | $99.7B | $103.8B | $131.8B |
| Shareholders' equity | $139.1B | $159.3B | $161.0B | $152.3B | $186.5B |
| Net debt (β = net cash) | $20.8B | $5.4B | $12.6B | $16.3B | $33.5B |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
-
Its return on capital was 6.7%: every 100 invested in the business earned about 7 in a year.
Return on capital, equity and assets (annual)
FY16
Return on capital β0.9%
Return on equity β0.3%
Return on assets β0.2%
FY17
Return on capital 5.3%
Return on equity 6.3%
Return on assets 3.6%
FY18
Return on capital 8.7%
Return on equity 9.8%
Return on assets 5.8%
FY19
Return on capital 1.9%
Return on equity 2.0%
Return on assets 1.2%
FY20
Return on capital β3.4%
Return on equity β4.0%
Return on assets β2.3%
FY21
Return on capital 10.3%
Return on equity 11.5%
Return on assets 6.5%
FY22
Return on capital 22.1%
Return on equity 23.8%
Return on assets 14.3%
FY23
Return on capital 12.8%
Return on equity 13.4%
Return on assets 8.2%
FY24
Return on capital 10.5%
Return on equity 11.3%
Return on assets 6.8%
FY25
Return on capital 6.7%
Return on equity 7.3%
Return on assets 4.2%
Return on capital
Return on equity
Return on assets
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
-
Chevron passes 5 of 9 financial health tests (Piotroski F-score).
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | β5.5% | β5.3% | β7.5% |
| Altman Z'' | 5.19 | 4.96 | 4.14 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Price and value
What does the share cost, and how does it compare?
Value Chevron yourself
What could happen to the share if things go badly, normally or very well? Pick a story or make your own. These are examples, not forecasts or price targets.
KIRA summarises the numbers
-
At $228.23 a share, the company is worth $450.8B: 21.9 times its earnings of the last four quarters.
What if� Five stories for the next 5 years
Tap one to see how it is built. Swipe for more.
Make your own scenario
Use the P/E of:
Share in 5 years
$228.80
0% a year
If you put in $1,000 today: $1,002
At 22x, the share would still be worth todayβs price in 5 years even if earnings fell 0.0% a year.
These are examples, not forecasts: nobody knows which will happen. Price in 5 years = earnings per share then Γ the P/E then. Dividends are not included.
Advanced models Discounted cash flow and a one-year earnings multiple, with every assumption to tune.
Discounted cash flow
Value per share
β
Adds net cash of β$33.5B and divides by 1,856.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
β
Reference multiples: today 22.4x Β· peers β Β· sector 16.9x.
In plain words: In the long run a share tends to follow two things: how much the company earns per share, and how many times those earnings the market is willing to pay (the P/E). Move those two levers and you see what the share could be worth. Different guesses give very different answers.
Similar companies
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
KIRA summarises the numbers
-
Chevron grew sales faster than 0 of its 1 similar companies.
Its P/E is higher than 0 of 1.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Chevron CVX | $450.8B | β6.8% | β | 8.8% | 6.7% | 21.9x | 5 | |
| ExxonMobil XOM | $750.9B | β5.0% | β | 7.1% | 10.3% | 23.1x | 4 | Compare β |
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $114.5B | $141.7B | $166.3B | $146.5B | $94.7B | $162.5B | $246.3B | $200.9B | $202.8B | $189.0B |
| Gross profit | $55.2B | $66.0B | $71.8B | $66.4B | $42.5B | $70.2B | $100.8B | $81.8B | $83.6B | $80.8B |
| Research and development | $476M | $433M | $453M | $500M | $435M | $268M | $268M | $320M | $353M | $427M |
| Interest expense | $201M | $307M | $748M | $798M | $697M | $712M | $516M | $469M | $594M | $1.2B |
| Pretax income | β$2.2B | $9.2B | $20.6B | $5.5B | β$7.5B | $21.6B | $49.7B | $29.6B | $27.5B | $19.7B |
| Income tax | β$1.7B | β$48.0M | $5.7B | $2.7B | β$1.9B | $6.0B | $14.1B | $8.2B | $9.8B | $7.3B |
| Net income | β$497M | $9.2B | $14.8B | $2.9B | β$5.5B | $15.6B | $35.5B | $21.4B | $17.7B | $12.3B |
| Diluted EPS | β$0.27 | $4.85 | $7.74 | $1.54 | β$2.96 | $8.14 | $18.28 | $11.36 | $9.72 | $6.63 |
| Diluted shares | 1.87B | 1.90B | 1.91B | 1.90B | 1.87B | 1.92B | 1.94B | 1.88B | 1.82B | 1.86B |
| Cash flow | ||||||||||
| Cash from operations | $12.7B | $20.3B | $30.6B | $27.3B | $10.6B | $29.2B | $49.6B | $35.6B | $31.5B | $33.9B |
| Capital expenditure | $18.1B | $13.4B | $13.8B | $14.1B | $8.9B | $8.1B | $12.0B | $15.8B | $16.4B | $17.3B |
| Free cash flow | β$5.4B | $6.9B | $16.8B | $13.2B | $1.7B | $21.1B | $37.6B | $19.8B | $15.0B | $16.6B |
| Depreciation and amortization | $19.5B | $19.3B | $19.4B | $29.2B | $19.5B | $17.9B | $16.3B | $17.3B | $17.3B | $20.1B |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.9B | $55.0M | $0.0M | $1.1B |
| Share buybacks | $2.0M | $1.0M | $1.8B | $4.0B | $1.8B | $1.4B | $11.3B | $14.9B | $15.2B | $12.1B |
| Dividends paid | $8.0B | $8.1B | $8.5B | $9.0B | $9.7B | $10.2B | $11.0B | $11.3B | $11.8B | $12.8B |
| Dividends and buybacks | $8.0B | $8.1B | $10.3B | $13.0B | $11.4B | $11.6B | $22.2B | $26.3B | $27.0B | $24.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $7.0B | $4.8B | $9.4B | $7.0B | $5.6B | $5.7B | $17.9B | $8.2B | $8.3B | $7.3B |
| Total debt | $43.3B | $35.4B | $29.5B | $22.0B | $27.2B | $25.9B | $23.3B | $20.8B | $24.5B | $40.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $300M | $633M | $497M | $448M | $634M | $604M | $1.4B |
| Current assets | $29.6B | $28.6B | $34.0B | $28.3B | $26.1B | $33.7B | $50.3B | $41.1B | $40.9B | $38.6B |
| Current liabilities | $31.8B | $27.7B | $27.2B | $26.5B | $22.2B | $26.8B | $34.2B | $32.3B | $38.6B | $33.4B |
| Inventory | $5.4B | $5.6B | $5.7B | $5.8B | $5.7B | $6.8B | $8.2B | $8.6B | $9.1B | $9.7B |
| Property and equipment, net | $182.2B | $177.7B | $169.2B | $150.5B | $156.6B | $147.0B | $143.6B | $153.6B | $147.8B | $219.7B |
| Total assets | $260.1B | $253.8B | $253.9B | $237.4B | $239.8B | $239.5B | $257.7B | $261.6B | $256.9B | $324.0B |
| Total liabilities | $113.4B | $104.5B | $98.2B | $92.2B | $107.1B | $99.6B | $97.5B | $99.7B | $103.8B | $131.8B |
| Shareholders' equity | $145.6B | $148.1B | $154.6B | $144.2B | $131.7B | $139.1B | $159.3B | $161.0B | $152.3B | $186.5B |
| Margins | ||||||||||
| Gross margin | 48.2% | 46.5% | 43.1% | 45.3% | 44.9% | 43.2% | 41.0% | 40.7% | 41.2% | 42.8% |
| EBITDA margin | 15.3% | 20.4% | 24.5% | 24.3% | 13.5% | 24.8% | 27.0% | 23.6% | 22.4% | 21.7% |
| Net margin | β0.4% | 6.5% | 8.9% | 2.0% | β5.9% | 9.6% | 14.4% | 10.6% | 8.7% | 6.5% |
| FCF margin | β4.7% | 4.9% | 10.1% | 9.0% | 1.8% | 13.0% | 15.3% | 9.8% | 7.4% | 8.8% |
| Returns | ||||||||||
| Return on capital | β0.9% | 5.3% | 8.7% | 1.9% | β3.4% | 10.3% | 22.1% | 12.8% | 10.5% | 6.7% |
| Return on capital employed | β0.8% | 4.2% | 9.4% | 2.9% | β3.2% | 10.4% | 23.0% | 13.3% | 12.6% | 8.2% |
| Return on equity | β0.3% | 6.3% | 9.8% | 2.0% | β4.0% | 11.5% | 23.8% | 13.4% | 11.3% | 7.3% |
| Return on assets | β0.2% | 3.6% | 5.8% | 1.2% | β2.3% | 6.5% | 14.3% | 8.2% | 6.8% | 4.2% |
| Growth | ||||||||||
| Revenue growth | β17.3% | 23.8% | 17.4% | β11.9% | β35.4% | 71.6% | 51.6% | β18.4% | 0.9% | β6.8% |
| Net income growth | β110.8% | β | 61.2% | β80.3% | β289.6% | β | 127.0% | β39.8% | β17.4% | β30.4% |
| EPS growth | β111.0% | β | 59.6% | β80.1% | β292.2% | β | 124.6% | β37.9% | β14.4% | β31.8% |
| FCF growth | β | β | 142.7% | β21.6% | β87.5% | 1,176.8% | 78.1% | β47.4% | β23.9% | 10.3% |
| Share count change | β0.1% | 1.3% | 0.8% | β1.0% | β1.3% | 2.7% | 1.0% | β3.1% | β3.4% | 2.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.1x | 1.1x | 0.5x | 0.4x | 1.7x | 0.5x | 0.1x | 0.3x | 0.4x | 0.8x |
| Debt / equity | 0.3x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.1x | 0.2x | 0.2x |
| Interest coverage | β9.8x | 31.0x | 28.5x | 7.9x | β9.7x | 31.4x | 97.3x | 64.1x | 47.3x | 17.2x |
| Current ratio | 0.9x | 1.0x | 1.3x | 1.1x | 1.2x | 1.3x | 1.5x | 1.3x | 1.1x | 1.2x |
| Quick ratio | 0.8x | 0.8x | 1.0x | 0.9x | 0.9x | 1.0x | 1.2x | 1.0x | 0.8x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 15.8% | 9.5% | 8.3% | 9.6% | 9.4% | 5.0% | 4.9% | 7.9% | 8.1% | 9.2% |
| Payouts / FCF | β | 117.3% | 60.9% | 98.5% | 689.3% | 54.7% | 59.1% | 132.8% | 179.7% | 149.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 3.0 | 7.0 | 7.0 | 6.0 | 4.0 | 7.0 | 7.0 | 5.0 | 5.0 | 5.0 |
| Altman Z'' | 3.4 | 4.0 | 4.7 | 4.3 | 3.4 | 4.6 | 5.9 | 5.2 | 5.0 | 4.1 |
| Accruals ratio | β5.0% | β4.3% | β6.2% | β9.9% | β6.8% | β5.7% | β5.7% | β5.5% | β5.3% | β7.5% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0000093410). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.