CVX
CHEVRON CORP
Energy • CIK: 0000093410
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Market Cap
$394.57B
P/E (TTM)
35.8x
Rev Growth (TTM)
-5.8%
Net Margin (TTM)
5.8%
FCF Yield (TTM)
3.5%
FCF Margin (TTM)
7.3%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$13.8B
Q1 '26
$-1.5B-128%
Q4 '25
$5.5B+12%
FCF Margin
TTM7.3%
Q1 '26-3.2%-127%
Sector: 7.6%Below Avg
OCF Margin16.5%
OCF/NI2.84x
CapEx Coverage1.8x
FCF Yield3.5%
FCF Growth (2Y)-27%
Cash Conversion Cycle
-2 days
DSO: 32+DIO: 33−DPO: 67
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM6.2%
Div Yield3.5%
+Buyback (TTM)2.7%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.5%
FCF Payout Ratio99.9%
Free Cash Flow (TTM)$13.8B
Stock Repurchases (TTM)$10.7B
Capital Return / FCF177.8%
Est. Dividends Paid (TTM)$13.8B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
5.5%
Stable
-0.0% YoY-6.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
5.9%
8Q: 6.8%
Asset Turnover
0.64x
8Q: 0.72x
Leverage (1+D/E)
1.03x
D/E: 0.03x
DuPont: 3.9% ≈ 5.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.99x
8Q:1.25x
-55.5%
Invested Cap Turn
0.94x
8Q:1.19x
-50.4%
CapEx Intensity
8.7%
8Q:9.7%
CapEx/Depreciation
0.80x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $190.0B | $48.6B↑3.7% | $46.9B↓5.7% | $49.7B↑10.9% | $44.8B↓5.9% | $47.6B↓8.8% | $52.2B↑3.1% | $50.7B↓1.0% | $51.2B |
Operating Income | $18.1B | $3.9B↓14.2% | $4.6B↓15.1% | $5.4B↑30.6% | $4.1B↓25.7% | $5.6B↓7.9% | $6.1B↓6.6% | $6.5B↓7.8% | $7.0B |
Net Income | $11.0B | $2.2B↓20.2% | $2.8B↓21.7% | $3.5B↑42.1% | $2.5B↓28.9% | $3.5B↑8.1% | $3.2B↓27.8% | $4.5B↑1.2% | $4.4B |
Operating Cash Flow | $31.3B | $2.5B↓76.7% | $10.8B↑15.0% | $9.4B↑9.4% | $8.6B↑65.3% | $5.2B↓40.3% | $8.7B↓10.1% | $9.7B↑53.7% | $6.3B |
Free Cash Flow | $13.8B | $-1.5B↓128.0% | $5.5B↑11.8% | $4.9B↑1.6% | $4.9B↑285.4% | $1.3B↓71.0% | $4.4B↓22.5% | $5.6B↑141.3% | $2.3B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
35.8x
Volatile
8Q: 84.0x+9388%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
35.8x
vs – sector
Cash Flow
29.3x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
6.5P/E per %ROIC
ROIC: 5.5%
Shareholder Returns
Dividend
3.5%
Buyback
2.7%
Total Yield
6.2%
Market Cap$394.57B
EV$404.01B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
68/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
6.4%
8Q:–
Return on Invested Capital (ROIC)Top 25%
5.5%
8Q:–
-6.8%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 5.9%
Asset Turnover: 0.64x
Earnings Quality
Cash Conversion
2.84x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin43.2%
Capital Efficiency
Invested Capital Turnover0.94x
Working Capital
Cash Conversion Cycle-2 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
34/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-5.8%
OpInc Growth YoY
-29.3%
EPS Growth YoY
-34.1%
FCF 3Y CAGR
-27.2%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 21.4%
⚠Sustainability Index: 1.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
43.2%
Operating
9.5%
Above Avg in sector
Net
5.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.5 pts
FCF: 7.3% | Net: 5.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $488.00M
Interest Coverage
–
+Net cash position: $488.00M
Leverage Metrics
Debt-to-Equity
0.03x
Balance sheet risk & solvency analysis