CVX
CHEVRON CORP
Energy • CIK: 0000093410
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Market Cap
$278.61B
P/E (TTM)
21.7x
Rev Growth (TTM)
-1.7%
Net Margin (TTM)
6.6%
FCF Yield (TTM)
5.5%
FCF Margin (TTM)
7.9%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$15.4B
Q3 '25
$4.9B+2%
Q2 '25
$4.9B+285%
FCF Margin
TTM7.9%
Q3 '259.9%-8%
Sector: 6.0%Above Avg
OCF Margin16.4%
OCF/NI2.49x
CapEx Coverage1.9x
FCF Yield5.5%
FCF Growth (2Y)-24%
Cash Conversion Cycle
-4 days
DSO: 32+DIO: 30−DPO: 65
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM9.2%
Div Yield4.4%
+Buyback (TTM)4.9%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)4.4%
FCF Payout Ratio78.6%
Free Cash Flow (TTM)$15.4B
Stock Repurchases (TTM)$13.6B
Capital Return / FCF167.4%
Est. Dividends Paid (TTM)$12.1B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
8.1%
Stable
-0.2% YoY+2.4%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
6.7%
8Q: 7.3%
Asset Turnover
0.74x
8Q: 0.74x
Leverage (1+D/E)
1.02x
D/E: 0.02x
DuPont: 5.0% ≈ 8.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.24x
8Q:1.28x
-14.3%
Invested Cap Turn
1.21x
8Q:1.21x
+7.4%
CapEx Intensity
10.2%
8Q:10.3%
CapEx/Depreciation
0.85x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $194.4B | $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↑3.3% | $47.2B |
Operating Income | $21.2B | $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↑127.0% | $3.5B |
Net Income | $12.8B | $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↑143.5% | $2.3B |
Operating Cash Flow | $31.8B | $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↓45.1% | $12.4B |
Free Cash Flow | $15.4B | $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↓66.1% | $8.1B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
21.7x
Valuation Lenses
Earnings
21.7x
vs – sector
Cash Flow
24.3x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
2.7P/E per %ROIC
ROIC: 8.1%
Shareholder Returns
Dividend
4.4%
Buyback
4.9%
Total Yield
9.2%
Market Cap$278.61B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
72/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
8.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
8.1%
8Q:–
+2.4%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 6.7%
Asset Turnover: 0.74x
Earnings Quality
Cash Conversion
2.49x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin41.9%
Capital Efficiency
Invested Capital Turnover1.21x
Working Capital
Cash Conversion Cycle-4 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
38/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-1.7%
OpInc Growth YoY
-16.6%
EPS Growth YoY
-21.9%
FCF 3Y CAGR
-24.5%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 22.8%
⚠Sustainability Index: 1.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
41.9%
Operating
10.9%
Above Avg in sector
Net
6.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.4 pts
FCF: 7.9% | Net: 6.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $5.19B
Interest Coverage
–
+Net cash position: $5.19B
Leverage Metrics
Debt-to-Equity
0.02x
Balance sheet risk & solvency analysis