Chevron vs Equinor
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KIRA’s take AI analyst
I put Chevron and Equinor side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Chevron
CVX
2/9
Net marginFCF margin
Equinor
EQNR
7/9
Revenue growth5-year growthGross marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CVX FY25 | EQNR FY25 |
|---|---|---|
| Size | ||
| Market cap | $450.8B | $122.4B |
| 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 | 21.9x | — |
| Piotroski F-score | 5 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.