CVX
CHEVRON CORP
Energy • CIK: 0000093410
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Market Cap
$281.81B
P/E (TTM)
22.9x
Rev Growth (TTM)
-6.8%
Net Margin (TTM)
6.5%
FCF Yield (TTM)
5.9%
FCF Margin (TTM)
8.8%
What Changed
10-K FY 2025 vs 10-K FY 2024
Revenue (TTM)$202.8B (FY 2024 10-K)→$189.03B (FY 2025 10-K, -6.79% YoY)
Upstream Segment GrowthFY 2024 baseline (pre-Hess, lower production volumes)→+34.05% YoY in FY 2025 (Hess acquisition volumes,...
Downstream Segment Growthpositive YoY contribution in FY 2024 (higher refined...→-8.51% YoY in FY 2025 (rising crude costs partially...
Critical Off-Balance-Sheet Liability Findings2 items (FY 2024 10-K)→3 items, $13.27B total: $11B+ pipeline/storage/utility...
Accounting Aggressivenessneutral→conservative
Upstream earnings sustainability: Brent averaged $64/bbl in Q4 2025 vs $75/bbl...·2026 debt maturity: $39.781B total debt with next maturity due in 2026 — watch...·Downstream segment recovery: contracted 8.51% in FY 2025; monitor crude cost vs...
Filing Intelligence
5.0/10
10-K filed Feb 24, 2026 • FY 2025
Executive Summary
Overall returns on capital employed and stockholders' equity decreased significantly, directly reflecting the lower earnings performance in 2025.. Significant future commitments exist for pipeline...
Key Concerns
- ●Net income and revenues declined in 2025 due to lower commodity prices and reduced sales volumes, impacting profitability across segments.
- ●Significant future commitments exist for pipeline and storage capacity, utilities, and petroleum products, extending beyond 2030 with...
- ●The company has a $1.059 billion environmental reserve for remediation and cleanup liabilities, with potential for future material costs,...
Key Strengths
- ●Profitability in the Upstream segment, both in the US and internationally, was negatively impacted by falling commodity prices and...
- ●The Downstream segment showed some resilience with increased earnings driven by higher refined product prices, though this was partially...
Cash Flow Health
Free Cash Flow8/8 positive
TTM$16.6B
Q4 '25
$5.5B+12%
Q3 '25
$4.9B+2%
FCF Margin
TTM8.8%
Q4 '2511.8%+19%
Sector: 8.8%Above Avg
OCF Margin18.0%
OCF/NI2.76x
CapEx Coverage2.0x
FCF Yield5.9%
FCF Growth (2Y)-24%
Cash Conversion Cycle
-3 days
DSO: 32+DIO: 32−DPO: 67
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM8.8%
Div Yield4.5%
+Buyback (TTM)4.3%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)4.5%
FCF Payout Ratio76.2%
Free Cash Flow (TTM)$16.6B
Stock Repurchases (TTM)$12.1B
Capital Return / FCF151.7%
Est. Dividends Paid (TTM)$12.6B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
6.8%
Stable
-0.0% YoY-6.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
6.6%
8Q: 7.3%
Asset Turnover
0.67x
8Q: 0.74x
Leverage (1+D/E)
1.27x
D/E: 0.27x
DuPont: 5.7% ≈ 6.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.08x
8Q:1.28x
-39.1%
Invested Cap Turn
1.03x
8Q:1.19x
-32.2%
CapEx Intensity
9.4%
8Q:9.7%
CapEx/Depreciation
0.86x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $189.0B | $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↑5.1% | $48.7B |
Operating Income | $19.7B | $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↓11.2% | $7.9B |
Net Income | $12.3B | $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↓19.4% | $5.5B |
Operating Cash Flow | $33.9B | $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↓7.8% | $6.8B |
Free Cash Flow | $16.6B | $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↓15.0% | $2.7B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
22.9x
Volatile
8Q: 80.8x+5345%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
22.9x
vs – sector
Cash Flow
17.4x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
3.4P/E per %ROIC
ROIC: 6.8%
Shareholder Returns
Dividend
4.5%
Buyback
4.3%
Total Yield
8.8%
Market Cap$281.81B
EV$288.68B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
70/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
7.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
6.8%
8Q:–
-6.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 6.6%
Asset Turnover: 0.67x
Earnings Quality
Cash Conversion
2.76x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin42.8%
Capital Efficiency
Invested Capital Turnover1.03x
Working Capital
Cash Conversion Cycle-3 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
33/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-6.8%
OpInc Growth YoY
-24.1%
EPS Growth YoY
-31.8%
FCF 3Y CAGR
-23.9%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 17.1%
⚠Sustainability Index: 1.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
42.8%
Operating
10.4%
Above Avg in sector
Net
6.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+2.3 pts
FCF: 8.8% | Net: 6.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $43.41B
Interest Coverage
–
Balance sheet risk & solvency analysis