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Chevron Corp (CVX)

Fair Value
EnergyOil & Gas IntegratedUnited States

Fundamental

62

Price

$211.98

Market Cap

$407.19B

Part 1 · What the company is worth

Overview

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations. It operates through Upstream and Downstream segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. The Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The company operates in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005. Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.

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Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users

P/E: 24.5Score: 75Market cap: $676.33B

The other US integrated supermajor, competing with Chevron for the same oil and gas acreage — above all in the Permian Basin and in Guyana — and selling refined fuels and chemicals to the same customers worldwide.

P/E: 11.5Score: 72Market cap: $173.35B

Competes for the same upstream licences in Africa, the Middle East and offshore Latin America, and for the same LNG buyers in Europe and Asia.

P/E: 17.7Score: 70Market cap: $155.39B

The largest US independent producer, competing directly with Chevron's upstream arm for Permian and Alaskan acreage and for LNG offtake agreements.

Shell plcSHEL

Integrated European major that competes head-on with Chevron for LNG supply contracts, deepwater licences and service-station and lubricants customers on the same international markets.

BP p.l.c.BP

Integrated major bidding against Chevron for exploration acreage and running competing refining, fuels-retail and lubricants businesses in the same regions.

Eni S.p.A.ENI

Italian integrated major competing for the same exploration blocks in North and West Africa, Egypt and the Eastern Mediterranean, and for gas supply to the same European buyers.

Balance Sheet & Liquidity

Revenue

$208.71B

Trailing 12 months (through 6/30/2026)

Net Income

$20.59B

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$16.59B

Total Equity

$186.45B

Total Liabilities

$131.84B

Current Ratio

1.25

Interest Coverage

-

Debt/EBITDA

0.73

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

CyclicalFairly Valued

Fair Value

$182.91

Current Price

$211.98

Margin of Safety

-15.9%

Fair Value Range

$141.06 - $224.75

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$224.63
Discounted cash flow (DCF):Not applicable to this type of company
Earnings multiple (P/E):$147.65
Graham growth formula:Not applicable to this type of company
Earnings power value (EPV):$137.95
Justified P/B:Not applicable to this type of company
Dividend discount (Gordon):Not applicable to this type of company
P/FFO, funds from operations:Not applicable to this type of company
Mid-cycle earnings:Not enough data to compute it
Revenue multiple:Not applicable to this type of company
Analyst Consensus:Strong Buy (25B / 4H / 1S)
Last Earnings Surprise:+7.93%

Valuation Metrics

P/E Ratio

20.38

ROE

6.6%

P/B Ratio

2.21

P/FCF

15.51

Gross Margin

43.6%

ROIC

-

Profitability Radar

Value Creation (Economic Moat)

ROIC

-

WACC

7.5%

ROIC − WACC

-

Fundamental Analysis Criteria

Passed (18)

  • Price CAGR 6.16%
  • Gross margin 43.6%
  • P/FCF 15.51
  • P/B ratio 2.21
  • Debt/equity ratio
  • Positive free cash flow
  • Current ratio
  • Debt/EBITDA
  • Return on tangible assets
  • Low reliance on intangibles
  • ROE 11.0%
  • Revenue growth 5Y 14.3%
  • Analyst consensus: 83% buy
  • Earnings surprise, average 16.8%
  • Earnings quality (operating cash flow / net income) 2.20
  • Share dilution 2.1%
  • Net margin trend 9.9% vs 7.3%
  • Piotroski F-Score 5/9

Failed (5)

  • EPS shows upward trend
  • EPS CAGR -1.54%
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Overvalued)

Unavailable (5)

  • ROIC –
  • Dividend payout –
  • Operating margin –
  • Interest coverage
  • PEG ratio (needs P/E > 0 and growth > 0)

Piotroski F-Score

5/9

Mixed signals: some areas need attention

ROA > 0
Operating cash flow > 0
ΔROA > 0
Cash flow > net income
Leverage ↓
Current ratio ↑
No dilution
Gross margin ↑
Asset turnover ↑

Earnings Quality

2.20

High quality: earnings backed by cash

Share Dilution

2.1%

Issuing new shares, diluting ownership

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Michael K. WirthChairman & CEO64
Ms. Eimear P. BonnerChief Financial Officer50
Mr. R. Hewitt Pate J.D.Chief Legal Officer62
Mr. Mark A. NelsonVice Chairman & Executive VP of Oil, Products and Gas62
Mr. Robert Clay NeffPresident of Upstream63
Mr. Amit Rajindrasingh GhaiController & Principal Accounting Officer52
Mr. T. Ryder BoothChief Technology & Engineering Officer56
Ms. Jeanine WaiDirector of Investor Relations45
Mr. Jake Robert SpieringPresident of Corporate Business Development42
Ms. Michelle R. GreenChief Human Resources Officer52

Audit Risk

10

Board Risk

4

Compensation Risk

1

Shareholder Rights Risk

2

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-02-24

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-08-06

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-10-06

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for CVX, sourced from Markets Gazette.

  • 5d agoNEUTRAL
    Chevron CFO Eimear Bonner built a 20-plus-year career at the company. Now she’ll run its core business

    Chevron Corporation announced a significant leadership transition as CFO Eimear Bonner, with over two decades of experience at the company, is set to lead its core oil, products, and gas business. Bonner's career trajectory from petroleum engineer to technology chief and ultimately CFO provides a deep understanding of the company's operational facets. This internal promotion suggests continuity and a strategic focus on optimizing existing operations rather than a radical shift in direction. Investors will monitor how her leadership impacts operational efficiency and profitability in the energy sector.

  • 6d agoNEUTRAL
    Chevron Names New Energies Head as CFO in Leadership Reshuffle

    Chevron Corporation has appointed Jeff Gustavson, previously the president of its New Energies division, to the role of Chief Financial Officer. This change is part of a broader leadership reshuffling within the energy giant. Gustavson's transition from a strategic growth area to a key financial oversight position signals a potential shift in focus or a reinforcement of financial discipline. Investors will be watching to see how this new leadership impacts the company's financial strategy and future investments, particularly in its burgeoning New Energies segment.

  • 9/2/2026POSITIVE
    Chevron, Eni Lead Wave of Deals to Boost Venezuela Oil Output

    Chevron Corporation is set to benefit from new energy deals in Venezuela aimed at significantly boosting crude oil production. Alongside partners like Eni SpA and GE Vernova Inc., the US energy giant is participating in initiatives that signal a potential ramp-up in output from the South American nation. This development, supported by US Energy Secretary Chris Wright, suggests an improved operating environment and increased production capacity for Chevron, which could lead to higher revenues and profits. Investors will be watching for the impact on Chevron's global oil supply contribution and financial performance.

  • 9/1/2026POSITIVE
    Chevron is expanding in Venezuela as Trump pushes U.S. oil companies back into the country with 65 billion barrels up for grabs

    Chevron Corporation is solidifying its position as the sole major U.S. oil operator in Venezuela, a nation holding an estimated 65 billion barrels of oil reserves. This strategic expansion occurs amidst a U.S. policy shift under the Trump administration, encouraging American oil firms to re-engage with the South American country. Chevron's continued presence and potential for increased operations in Venezuela, despite the historical nationalization of its oil industry nearly two decades ago, signals a significant opportunity for the company to tap into vast untapped resources. This move could bolster Chevron's global production and revenue streams, offering substantial upside for investors.

  • 8/28/2026POSITIVE
    Chevron in Talks to Expand in Venezuela Amid Broader US Push

    Chevron Corporation is reportedly in discussions to increase its operational footprint in Venezuela, a move that aligns with a broader US strategy to bolster its influence within the nation's oil sector. This potential expansion could grant Chevron greater access to Venezuela's significant crude reserves, potentially boosting its production capacity and future revenue streams. For investors, this development signifies a strategic opportunity for Chevron to capitalize on a key energy market, provided geopolitical and operational risks can be effectively managed. The news suggests a positive outlook for Chevron's international growth prospects.

via Markets Gazette