Chevron Corp.
[CVX]
NYSE
MVPro™ Score: 45/100
Next Earnings: 24 Apr 2026
[CVX]
NYSE
MVPro™ Score: 45/100
Next Earnings: 24 Apr 2026
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| Capitalization (mln USD) | 379,909 |
| Revenue (mln USD) | 46,872 |
| EBITDA (mln USD) | 10,924 |
| Net Income (mln USD) | 2,770 |
| Net Margin | 5.91% |
| EPS Ratio (TTM, USD) | 6.16 |
| P/E Ratio (TTM) | 30.89 |
| P/S Ratio (TTM) | 1.9 |
| D/E Ratio | 0.69 |
| EV/EBITDA (TTM) | 11.75 |
| CAPEX (Q/Q) | 18.45% |
| Dividend Yield | 3.75% |
Revenue, EBITDA & Net Income
Company Overview
Chevron Corporation, with origins dating back to 1879, is one of the world’s leading integrated energy companies. Headquartered in San Ramon, California, the company has evolved from its beginnings as Pacific Coast Oil Company into a global energy leader. Over more than a century, Chevron has developed a diversified portfolio spanning oil, natural gas, and increasingly low-carbon energy solutions.
The company’s core business activities include exploration and production of crude oil and natural gas, refining, marketing, transportation, and petrochemicals. Chevron also invests in renewable energy technologies, carbon capture, and advanced fuels to support the energy transition. Its operations extend across North America, South America, Africa, Asia, Europe, and the Middle East, serving both industrial and consumer markets.
Chevron is currently led by Chairman and Chief Executive Officer Mike Wirth, who has emphasised both operational excellence and long-term sustainability. The company’s mission is to deliver affordable, reliable, and ever-cleaner energy to support global progress. In terms of ESG, Chevron has committed to reducing carbon intensity, advancing low-carbon technologies, and maintaining high standards of corporate governance, while working to balance global energy demand with environmental responsibility.
🟡 P/E (Price to Earnings, TTM)
Price-to-earnings (P/E) ratio for the most recent quarter is 29.1, compared to 24.1 in the previous quarter, with a longer-term trend value of 31.7. This increase in the P/E ratio suggests a higher valuation of the company by investors, potentially driven by strong growth expectations, earnings stability, or increased market confidence.
P/E Ratio
Source: MarketVectors.Pro, Chevron Financial Reports (TTM)
P/E Ratio
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🟡 EPS (Earnings Per Share, TTM)
Chevron's earnings per share (EPS) for the most recent quarter is 6.16 USD (-6.1%), compared to 6.56 USD in the previous quarter, with a longer-term trend value of 6.48 USD. This quarterly decline in EPS may indicate increased operational costs, lower revenue growth, or market pressures.
EPS
Source: MarketVectors.Pro, Chevron Financial Reports (TTM, USD)
EPS
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🟢 P/B (Price to Book)
Price-to-book (P/B) ratio for the most recent quarter stands at 1.86 (+18.3%), compared to 1.58 in the previous quarter, with a long-term trend value of 2.07. The rise in the P/B ratio suggests that investors are valuing the company’s assets at a higher multiple, potentially due to improved financial performance, asset appreciation, or heightened market optimism.
P/B Ratio
Source: MarketVectors.Pro, Chevron Financial Reports
P/B Ratio
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🟡 EBIT
EBIT for Chevron in the most recent quarter is 4,599 million USD, compared to 5,414 million USD in the previous quarter, with a long-term trend value of 6,275 million USD. This decline may indicate increased costs, lower revenue, or market challenges impacting profitability, requiring strategic adjustments.
EBIT
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
EBIT
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🟡 Risk Assessment
This risk assessment outlines the principal risks faced by Chevron Corporation as a global energy company operating in a dynamic and heavily regulated industry.
Market Risk
Chevron’s performance is highly sensitive to fluctuations in global oil and gas prices, which are influenced by supply–demand imbalances and geopolitical events. Increasing competition from renewable energy providers may reduce long-term demand for fossil fuels. Economic downturns could also weaken global energy consumption, impacting revenues.
Financial Risk
Large-scale capital projects require significant investment, creating exposure to cost overruns and funding challenges. Currency fluctuations, given Chevron’s extensive international operations, can affect earnings and cash flow. Debt levels must be carefully managed to sustain dividends and future growth investments.
Operational Risk
Chevron’s operations involve complex exploration, production, and refining activities, which are vulnerable to accidents, equipment failures, and supply chain disruptions. Dependence on large-scale infrastructure increases exposure to natural disasters and cyberattacks. The transition to lower-carbon energy requires continuous technological innovation and operational adaptation.
Regulatory Risk
The company faces stringent environmental and safety regulations across multiple jurisdictions, which may increase compliance costs. Changes in climate policy and carbon pricing could restrict traditional operations and accelerate the shift towards cleaner energy. Legal and political risks in resource-rich countries may also impact contracts and market access.
Overall Risk Assessment
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🟡 Piotroski F-Score Analysis
Piotroski F-Score analysis is a robust methodology designed to assess the financial strength and operational efficiency of companies, providing valuable insights for investment decision-making.
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
| Previous TTM | Current TTM | Score | |
| Net Income | 17,661 | 12,299 | 1 |
| ROA | 6.80% | 4.25% | 1 |
| Net Operating Cash Flow | -916 | -1,035 | 0 |
| OCF > Net Income | 13,831 | 21,640 | 1 |
| Long-Term Debt | 83,834 | 115,956 | 0 |
| Current Ratio | 1.06 | 1.15 | 1 |
| New Shares Issued (mln) | 1,817 | 1,997 | 0 |
| Gross Margin | 38.89% | 39.99% | 1 |
| Total Asset Turnover Ratio | 0.78 | 0.65 | 0 |
| Piotroski F-Score | 5/9 |
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🟢 Altman Z-Score Analysis
Altman Z-Score is a widely recognised financial metric used to evaluate the risk of bankruptcy for companies. It is particularly relevant for assessing the creditworthiness of manufacturing and industrial companies but has also been adapted for other industries.
Source: MarketVectors.Pro, Chevron Financial Reports
| Q4 25 | |||
| Altman Z-Score (TTM) | 6.55 | ||
| 0 | Distress | 1.8 | Grey | 2.99 | Safe | 4 |
Source: MarketVectors.Pro, Chevron Financial Reports
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🔴 Key Assets Components
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
As of last quarter the company reported total assets of 324,012 million USD, representing an increase of 26.1% compared to the previous year the same quarter 256,938 million USD. The largest contributor to this change in current assets was Inventory, which grew by 7.0% to 9,711 million USD from 9,074 million USD.
Assets
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Cash & Short-Term Inv | 6,785 | 6,297 | -7.19% |
| Inventory | 9,074 | 9,711 | 7.02% |
| Receivables | 20,684 | 18,075 | -12.61% |
| Total Current Assets | 40,911 | 38,552 | -5.77% |
| Property and Equipment | 147,799 | 219,729 | 48.67% |
| Goodwill, Intangibles | 4,578 | 4,568 | -0.22% |
| Other Long-Term Assets | 15,335 | 16,261 | 6.04% |
| Total Assets | 256,938 | 324,012 | 26.11% |
Assets
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🔴 Key Liabilities & Equity
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Total current liabilities decreased by 13.4%, indicating a reduction in short-term obligations. This change may affect the company's ability to manage its working capital efficiently. Long-term debt increased by 94.3%, suggesting a rise in long-term obligations. This shift could have implications for the Chevron's financing costs and overall debt strategy.
Liabilities & Equity
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Accounts Payable | 22,079 | 19,280 | -12.68% |
| Accrued Expenses, Other | 8,486 | 10,763 | 26.83% |
| Total Current Liabilities | 38,558 | 33,387 | -13.41% |
| Long-term Lease | 137 | 165 | 20.70% |
| Long-term Debt | 20,135 | 39,122 | 94.30% |
| Total Liabilities | 103,781 | 131,836 | 27.03% |
| Shareholders’ Equity | 153,157 | 192,176 | 25.48% |
Liabilities & Equity
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🔴 Income Statement Analysis
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
As of Q4 25, Chevron reported a revenue of 46,872 million USD, reflecting a decline of 10.3% compared to the previous year to 52,226 million USD. Operating expenses rose to 15,599 million USD, increasing by 28.3% year-on-year from 12,162 million USD.
Revenue & Net Income
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Revenue | 52,226 | 46,872 | -10.25% |
| Operating Expenses | 12,162 | 15,599 | 28.26% |
| Operating Income | 6,059 | 4,599 | -24.10% |
| Net Income | 3,239 | 2,770 | -14.48% |
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Revenue & Net Income
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🟡 Cash Flow Analysis
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
The company’s cash flow performance over the year demonstrates varied trends across key categories. Net operating cash flows increased by 24.1% from 8,695 million USD to 10,789 million USD, reflecting stronger cash generation from core business activities. Net investing cash flows decreased by 284.7% from 2,670 million USD to -4,932 million USD, indicating higher expenditure on investments, potentially related to strategic initiatives.
Operating Cash Flow
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Net Operating Cash Flows | 8,695 | 10,789 | 24.08% |
| Net Investing Cash Flows | 2,670 | -4,932 | -284.72% |
| Net Financing Cash Flows | -8,782 | -7,372 | 16.06% |
| Net Cash Flow, Equivalents | 2,583 | -1,515 | -158.65% |
Operating Cash Flow
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🟡 EBITDA
Chevron's EBITDA for the most recent quarter is 10,924 milion USD (-5.5%), compared to 11,565 milion USD in the previous quarter, with a long-term trend value of 11,151 milion USD. This decline in EBITDA may suggest increased operating costs, lower revenue generation, or other external factors affecting profitability.
EBITDA
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
EBITDA
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🟡 Net Income
Net income for the most recent quarter is 2,770 milion USD (-21.7%), compared to 3,539 milion USD in the previous quarter, with a long-term trend value of 4,009 milion USD. This decline in net income may indicate increased operational costs, lower revenue generation, or external market challenges affecting profitability.
Net Income
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Net Income
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🟡 ROE (Return on Equity, %) ★ Buffett's Key Metric
Chevron's return on equity (ROE) for the most recent quarter is 6.4%, compared to 6.5% in the previous quarter, with a long-term trend value of 6.6%. This decline in ROE may indicate reduced profitability, increased equity base, or other financial challenges affecting the company's return on investment.
ROE Indicator
Source: MarketVectors.Pro, Chevron Financial Reports (%)
ROE Indicator
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🟡 ROA (Return on Assets, %)
Return on assets (ROA) for the most recent quarter is 3.8%, compared to 3.9% in the previous quarter, with a long-term trend value of 3.9%. This decline in ROA may indicate lower profitability, increased asset base, or operational inefficiencies affecting the company's ability to generate returns.
ROA Indicator
Source: MarketVectors.Pro, Chevron Financial Reports (%)
ROA Indicator
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🟡 Operating Margin (%) ★ Buffett's Key Metric
Chevron's operating margin for the most recent quarter is 9.8%, compared to 10.9% in the previous quarter, with a long-term trend value of 13.3%. This decline in operating margin may indicate increased production or operational costs, pricing pressures, or lower revenue retention. A reduction in margin suggests that certain cost components are weighing on profitability, potentially requiring adjustments in expense management.
Operating Margin
Source: MarketVectors.Pro, Chevron Financial Reports (%)
Operating Margin
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🟡 Net Margin (%) ★ Buffett's Key Metric
Net margin for the most recent quarter is 5.9%, compared to 7.1% in the previous quarter, with a long-term trend value of 8.6%. This decline in net margin may indicate rising operational costs, pricing pressures, or changes in revenue mix that are affecting overall profitability. A lower net margin suggests that expenses have grown at a faster rate than revenue, potentially requiring adjustments in cost management or pricing strategy.
Net Margin
Source: MarketVectors.Pro, Chevron Financial Reports (%)
Net Margin
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🟡 Long-Term Debt & EBITDA
The current long-term debt is 39,122 million USD, and EBITDA is 10,924 million USD. The long-term debt to EBITDA ratio for the most recent quarter is 358.1%, compared to 241.7% in the previous quarter, with a long-term trend value of 378.7%. This increase in the long-term debt to EBITDA ratio may indicate higher leverage, reduced earnings capacity, or an increase in long-term debt obligations. A rising ratio suggests that Chevron may be taking on additional debt or facing challenges in maintaining EBITDA growth.
Long-Term Debt to EBITDA Ratio
Source: MarketVectors.Pro, Chevron Financial Reports (%)
The ratio remains within the monitoring range 250%–400%, indicating that while debt levels are not yet concerning, ongoing assessment of leverage and earnings stability is necessary. Investors and analysts will closely monitor future financial performance to determine whether this increase reflects temporary fluctuations or a more significant shift in the company's capital structure.
Long-Term Debt & EBITDA
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Long-Term Debt to EBITDA Ratio
The ratio remains within the monitoring range 250%–400%, indicating that while debt levels are not yet concerning, ongoing assessment of leverage and earnings stability is necessary. Investors and analysts will closely monitor future financial performance to determine whether this increase reflects temporary fluctuations or a more significant shift in the company's capital structure.
Long-Term Debt & EBITDA
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🟢 Long-Term Debt & Assets
The current long-term debt is 39,122 million USD, and total assets are 324,012 million USD, resulting in a debt ratio of 12.1%. This increase in the long-term debt-to-assets ratio may indicate a higher dependency on long-term debt or a decrease in total assets, potentially leading to increased financial risk. A rising ratio suggests that Chevron may be taking on additional liabilities or experiencing challenges in maintaining asset growth.
Long-Term Debt to Assets Ratio
Source: MarketVectors.Pro, Chevron Financial Reports (%)
The debt-to-assets ratio remains in the low-risk range <40%, which is a sign of a strong financial position. Investors and analysts will closely monitor future financial performance to determine whether this increase reflects temporary fluctuations or a more significant shift in the company's capital structure.
Long-Term Debt & Assets
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Long-Term Debt to Assets Ratio
The debt-to-assets ratio remains in the low-risk range <40%, which is a sign of a strong financial position. Investors and analysts will closely monitor future financial performance to determine whether this increase reflects temporary fluctuations or a more significant shift in the company's capital structure.
Long-Term Debt & Assets
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🟢 Long-Term Debt & Equity ★ Buffett's Key Metric
The current long-term debt is 39,122 million USD, while Total Equity stands at 192,176 million USD, resulting in a debt-to-equity ratio of 20.4%. This increase in the long-term debt-to-equity ratio may indicate a greater reliance on leverage, which could increase financial risk. A rising ratio suggests that Chevron may be taking on additional debt obligations or experiencing challenges in equity growth, which could impact long-term financial stability.
Long-Term Debt to Equity Ratio
Source: MarketVectors.Pro, Chevron Financial Reports (%)
The debt-to-equity ratio remains within the optimal range <150%, suggesting a well-balanced capital structure. Investors and analysts will closely monitor upcoming financial reports to determine whether this increase reflects temporary fluctuations or a more significant shift in financial strategy.
Long-Term Debt & Equity
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Long-Term Debt to Equity Ratio
The debt-to-equity ratio remains within the optimal range <150%, suggesting a well-balanced capital structure. Investors and analysts will closely monitor upcoming financial reports to determine whether this increase reflects temporary fluctuations or a more significant shift in financial strategy.
Long-Term Debt & Equity
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🟢 Equity to Assets
The current equity is 192,176 million USD, while total assets stand at 324,012 million USD, resulting in an equity-to-assets ratio of 59.3%. This decline in the equity-to-assets ratio may signal increased financial leverage or a reduction in equity levels. A falling ratio suggests that Chevron may be increasing its reliance on debt financing or facing equity dilution, which could affect long-term financial resilience.
Equity to Assets Ratio
Source: MarketVectors.Pro, Chevron Financial Reports (%)
The equity-to-assets ratio remains in the healthy above the 40%, demonstrating a well-balanced financial structure. Investors and analysts will closely monitor future capital allocation strategies to determine whether this decrease is a short-term fluctuation or a longer-term structural change.
Equity & Assets
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Equity to Assets Ratio
The equity-to-assets ratio remains in the healthy above the 40%, demonstrating a well-balanced financial structure. Investors and analysts will closely monitor future capital allocation strategies to determine whether this decrease is a short-term fluctuation or a longer-term structural change.
Equity & Assets
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🟢 Quick Ratio
The quick ratio for Chevron is 0.86, compared to 0.86 in the previous quarter, with a long-term trend value of 0.88. This increase in the quick ratio suggests improved short-term liquidity, indicating that the company has a stronger ability to cover its immediate liabilities with liquid assets. The ratio remains within the cautionary range 0.8–1.0, suggesting that liquidity should continue to be monitored.
Quick Ratio
Source: MarketVectors.Pro, Chevron Financial Reports
Quick Ratio
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🟢 Current Ratio
The current ratio for Chevron is 1.15, compared to 1.15 in the previous quarter, with a long-term trend value of 1.18. This increase in the current ratio suggests improved liquidity, indicating that the company has a stronger ability to cover its short-term liabilities with current assets. Although the ratio has increased, it remains within the optimal range of 1.0–2.0, ensuring a healthy balance between liquidity and operational efficiency.
Current Ratio
Source: MarketVectors.Pro, Chevron Financial Reports
Current Ratio
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🟡 Net Working Capital
The net working capital (NWC) for Chevron in the most recent quarter is 5,165 million USD, compared to 5,394 million USD in the previous quarter, with a long-term trend value of 6,358 million USD.
Net Working Capital
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Net Working Capital
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🟢 Inventory Turnover Ratio
The inventory turnover ratio for Chevron in the most recent quarter is 11.68, compared to 12.16 in the previous quarter. This decline in inventory turnover may suggest slower sales, increased stock levels, or inefficiencies in inventory management. The turnover ratio is above the 6.0, reflecting high inventory efficiency and fast-moving stock, which minimizes storage costs and obsolescence risks.
Inventory Turnover Ratio
Source: MarketVectors.Pro, Chevron Financial Reports
Inventory Turnover Ratio
🔴 Asset Turnover Ratio
The assets turnover ratio for Chevron in the most recent quarter is 0.58, compared to 0.60 in the previous quarter. This decline in the assets turnover ratio may suggest lower revenue generation, excess assets, or inefficiencies in assets utilization. A decreasing trend could indicate weaker sales growth or an overinvestment in fixed assets. The ratio has fallen below the 1.0, suggesting that Chevron may have a high level of assets relative to revenue generation. This could indicate underutilized resources or the need for improved asset efficiency.
Assets Turnover Ratio
Source: MarketVectors.Pro, Chevron Financial Reports
Assets Turnover Ratio
🔴 Book Value / Share
The book value per share (BVPS) is a key valuation metric that represents the equity value per outstanding share. Calculated by dividing total book value by the number of shares, it helps assess whether a stock trades above or below its book value.
Source: MarketVectors.Pro, Chevron Financial Reports (USD)
Book Value per Share Valuation
Source: MarketVectors.Pro, Chevron Financial Reports (USD, generated on 9 March 2026)
| Q4 24 | Q4 25 | Change (%) | |
| Book Value / Share | 84.29 | 96.23 | 14.17 % |
Book Value per Share Valuation
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🔴 Graham Method
The intrinsic value of Chevron’s stock is calculated using Benjamin Graham’s formula, which takes into account the current earnings per share (EPS) and an assumed growth rate (g), providing a simplified yet insightful perspective on a company’s value.
Benjamin Graham Valuation
Source: MarketVectors.Pro, Chevron Financial Reports (USD, generated on 9 March 2026)
Benjamin Graham Valuation
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🔴 Discounted Cash Flow ★ Buffett's Key Metric
The discounted cash flow (DCF) method is used to estimate Chevron’s intrinsic value by projecting future cash flows and discounting them to their present value. This approach considers the company’s potential to generate cash flows in the future, taking into account the time value of money and associated risks.
The terminal value represents the value of Chevron’s cash flows beyond the five-year forecast horizon. It is calculated using the Gordon Growth Model, assuming a perpetual growth rate of 1.0% and WACC of 8.2%. The calculated terminal value is 440,339 million USD.
Total Intrinsic Value Calculations
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Assuming 1,997 million shares outstanding, the intrinsic value per share is approximately 157.88 USD. The current market price of Chevron’s stock is 190.24 USD. Discounted cash flow valuation indicates that the stock is 20.5% overvalued, trading above its intrinsic value.
Discounted Cash Flow Valuation
Source: MarketVectors.Pro, Chevron Financial Reports (USD, generated on 9 March 2026)
| Value | |
| Present Value of FCFs | 18,368 |
| Present Value of Terminal Value | 296,928 |
| Total Intrinsic Value | 315,296 |
Discounted Cash Flow Valuation
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🔴 Assets Correlation
The Pearson correlation analysis for Chevron examines the relationship between share price and key financial indicators. Gross profit has a correlation of 0.32, which shows a weak correlation, implying that changes in gross profit have a limited impact on stock price. Operating income is correlated at 0.16, suggesting a weak relationship with share price fluctuations.
Source: MarketVectors.Pro, Chevron Financial Reports
Current liabilities are correlated at 0.39, suggesting a limited impact on share price. Total assets have a correlation of 0.52, highlighting a moderate influence on stock valuation.
Key Financial Indicators Growth Dynamics
Source: MarketVectors.Pro, Chevron Financial Reports, Index=100 on Q2 11
| Pearson Correlation | |
| Share Price | 1 |
| Gross Profit | 0.32 |
| Operating Income | 0.16 |
| Current Liabilities | 0.39 |
| Total Assets | 0.52 |
Key Financial Indicators Growth Dynamics
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🟡 FCF Margin Scenarios
• Optimistic Scenario: 11%, driven by operational efficiencies and cost optimisation.
• Base Case: 9% of revenue, consistent with historical trends.
• Pessimistic Scenario: 6%, reflecting higher operating and labour costs. Impact of Changes in FCF Margin
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
An approximately 2-percentage-point increase in the FCF margin to 11%, results in an additional 4,201 milion USD in FCF, highlighting the critical role of operational efficiency. Conversely, a decrease to 6% reduces FCF by 5,250 milion USD, illustrating the significant impact of profitability on cash flow generation.
Projected FCF Margin Scenarios Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
• Base Case: 9% of revenue, consistent with historical trends.
• Pessimistic Scenario: 6%, reflecting higher operating and labour costs. Impact of Changes in FCF Margin
| FCF Margin (%) | Revenue TTM | FCF TTM | Difference | |
| Optimistic | 11% | 189,030 | 20,793 | 4,201 |
| Base Case | 9% | 189,030 | 16,592 | – |
| Pessimistic | 6% | 189,030 | 11,342 | -5,250 |
Projected FCF Margin Scenarios Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
🟡 Operating Costs Scenarios
• Optimistic Scenario: 87%, reflecting enhanced efficiency and lower costs.
• Base Case: 90% of revenue, aligned with historical trends and cost structures.
• Pessimistic Scenario: 92%, driven by rising wages and increased energy costs. Impact of Changes in FCF Margin
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Reducing operational costs to 87% of revenue leads to a 4,831 milion USD increase in operating profit, emphasising the significance of cost control in enhancing margins. Increasing costs to 92% of revenue results in a 4,621 milion USD decline in operating profit, highlighting the sensitivity of profitability to rising expenses.
Projected Operating Costs Scenarios Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
• Base Case: 90% of revenue, aligned with historical trends and cost structures.
• Pessimistic Scenario: 92%, driven by rising wages and increased energy costs. Impact of Changes in FCF Margin
| Operating Costs (%) | Revenue TTM | Operating Profit | Difference | |
| Optimistic | 87% | 189,030 | 24,574 | 4,831 |
| Base Case | 90% | 189,030 | 19,743 | – |
| Pessimistic | 92% | 189,030 | 15,122 | -4,621 |
Projected Operating Costs Scenarios Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
🟡 Revenue Growth Scenarios
Optimistic Scenario: Projected to grow by 18% annually, driven by:
• Robust macroeconomic conditions.
• Strong industry growth with minimal disruptions.
• Favorable regulatory and competitive environment. Base Case: Projected to grow by 15% annually, driven by: • Stable macroeconomic conditions.
• Balanced market growth with manageable risks.
• Limited external disruptions from regulation or supply chains. Pessimistic Scenario: Projected to grow by 12% annually, driven by: • Global economic uncertainty and potential downturn.
• Increased competition and rising operational costs.
• Regulatory and supply chain challenges impacting business operations.
Source: MarketVectors.Pro, Chevron Financial Reports (million USD, TTM)
The projected revenue for the next twelve months varies depending on the scenario. Under the optimistic scenario, revenue is expected to increase by 18% to 222,663 million USD, reflecting strong market growth and operational efficiency. In the base case scenario, revenue is forecasted to grow by 15% to 217,057 million USD, assuming stable economic conditions and consistent business expansion. However, under the pessimistic scenario, revenue is projected to increase by 12% to 211,452 million USD, reflecting potential economic slowdowns or adverse market conditions.
Projected Revenues Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
The variation between projected scenarios highlights the Chevron's ability to perform across a range of market conditions. The growth even in the pessimistic case reflects a degree of resilience and suggests a strong underlying business model. This outlook supports confidence in management’s ability to navigate uncertainty while sustaining forward momentum. Scenario analysis enhances strategic visibility, helping stakeholders understand the potential bandwidth of future results.
• Strong industry growth with minimal disruptions.
• Favorable regulatory and competitive environment. Base Case: Projected to grow by 15% annually, driven by: • Stable macroeconomic conditions.
• Balanced market growth with manageable risks.
• Limited external disruptions from regulation or supply chains. Pessimistic Scenario: Projected to grow by 12% annually, driven by: • Global economic uncertainty and potential downturn.
• Increased competition and rising operational costs.
• Regulatory and supply chain challenges impacting business operations.
| Revenue | Net Income | Revenue (Next) | Net Income (Next) | |
| Optimistic | 189,030 | 12,299 | 222,663 | 14,487 |
| Base Case | 189,030 | 12,299 | 217,057 | 14,123 |
| Pessimistic | 189,030 | 12,299 | 211,452 | 13,758 |
Projected Revenues Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
The variation between projected scenarios highlights the Chevron's ability to perform across a range of market conditions. The growth even in the pessimistic case reflects a degree of resilience and suggests a strong underlying business model. This outlook supports confidence in management’s ability to navigate uncertainty while sustaining forward momentum. Scenario analysis enhances strategic visibility, helping stakeholders understand the potential bandwidth of future results.
🟡 Net Income Growth Scenarios
The projected net income for the next twelve months varies depending on the scenario. Under the optimistic scenario, net income is expected to increase by 18% to 14,487 million USD, reflecting improved profitability and strong financial performance. In the base case scenario, net income is forecasted to grow by 15% to 14,123 million USD, assuming stable market conditions and effective cost management. However, under the pessimistic scenario, net income is projected to increase by 12% to 13,758 million USD, reflecting potential challenges such as higher operational costs or slowing revenue growth.
Projected Net Income Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
The projected resilience in net income across all scenarios suggests a stable underlying profitability profile. Even under adverse assumptions, the Chevron is expected to maintain earnings growth, indicating effective cost controls and strong core operations. This consistency can help support valuation multiples and reduce perceived investment risk. Scenario modeling enhances transparency and strengthens the credibility of financial forecasting in the eyes of stakeholders.
Projected Net Income Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
The projected resilience in net income across all scenarios suggests a stable underlying profitability profile. Even under adverse assumptions, the Chevron is expected to maintain earnings growth, indicating effective cost controls and strong core operations. This consistency can help support valuation multiples and reduce perceived investment risk. Scenario modeling enhances transparency and strengthens the credibility of financial forecasting in the eyes of stakeholders.
🟡 Financial Performance Overview
Chevron demonstrated weaker financial performance in the most recent period, reflecting challenges in revenue generation, operational costs, and profitability margins revenue declined by 10.3% year-over-year, reaching 46,872 million USD, impacted by weaker sales performance in key markets. At the same time, EBITDA declined by 2.7% year-over-year, totaling 10,924 million USD, reflecting increased operational costs and margin pressures.
Revenue & Net Income
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Notably, net income declined by 14.5% year-over-year, reaching 2,770 million USD, negatively impacting Chevron's net margin, which expanded to 5.9%. This growth reflects effective expense control and revenue expansion, strengthening the company’s bottom-line performance.
Revenue & Net Income
Notably, net income declined by 14.5% year-over-year, reaching 2,770 million USD, negatively impacting Chevron's net margin, which expanded to 5.9%. This growth reflects effective expense control and revenue expansion, strengthening the company’s bottom-line performance.
Key Performance Indicators (KPIs)
Source: MarketVectors.Pro, Chevron Financial Reports (YoY)
Valuation & Market Position
Chevron’s valuation metrics indicate a weakened financial standing. The EV to EBITDA (TTM) ratio currently stands at 11.75, increasing from 10.40, reflecting mixed valuation dynamics. This indicates a balanced valuation, with stable investor perception
EV to EBITDA Ratio
Source: MarketVectors.Pro, Chevron Financial Reports (TTM)
The EV to EBITDA trendline illustrates Chevron’s valuation trajectory, with an increasing enterprise value despite declining earnings, potentially indicating overvaluation or speculative sentiment.
Source: MarketVectors.Pro, Chevron Financial Reports (TTM)
Meanwhile, the P/E (Price to Earnings) ratio has increased to 29.1, down from 18.5 a year ago, which may indicate heightened investor expectations for future profitability. The P/S (Price to Sales) ratio has risen to 1.90, compared to 1.43 a year ago, reinforcing Chevron’s higher market capitalization relative to revenue.
| Change (%) | |
| Revenue Growth | -10.3% |
| EBITDA Growth | -2.7% |
| Net Income Growth | -14.5% |
| Net Margin | 5.9% |
| EPS | -36.6% |
EV to EBITDA Ratio
The EV to EBITDA trendline illustrates Chevron’s valuation trajectory, with an increasing enterprise value despite declining earnings, potentially indicating overvaluation or speculative sentiment.
| Ratio (TTM) | |
| EV/EBITDA | 11.75 |
| P/E Ratio | 30.89 |
| P/S Ratio | 1.9 |
Cash Flow & Liquidity ★ Buffett's Key Metric
Chevron maintains a strengthened cash flow position, highlighting improved liquidity and prudent financial management. The increase in cash flow suggests enhanced operational efficiency and a stronger ability to meet financial obligations.
• Free Cash Flow (FCF) – totaled 5,525 million USD, marking an improvement in liquidity.
• Net Operating Cash Flow – increased by 13.0% year-over-year, reaching -1,035 million USD, showcasing strong core business cash generation.
• Long-term debt – increased by 38.3%, strengthening the company’s financial structure and reducing interest burdens.
Chevron’s ability to generate declining cash flow while increasing debt reinforces its financial flexibility, though ongoing financial management is essential to sustain long-term growth and strategic investments.
Free Cash Flow
Source: MarketVectors.Pro, Chevron Financial Reports (million USD)
Chevron's financial performance in the most recent quarter shows that EBITDA reached 10,924 million USD, indicating a potential slowdown in operational profitability. The company's return on equity (ROE) is 6.4%, pointing to reduced return on shareholder capital and weaker financial performance. The long-term debt-to-equity ratio stands at 20.4%, which may reflect rising leverage and a shift toward debt-based financing. The quick ratio is 0.86, showing improved liquidity and better short-term risk coverage. The EV/EBITDA ratio is currently 11.75x, suggesting that the stock may be trading at a premium, potentially pricing in high growth expectations. Overall, Chevron’s financial health remains under pressure, with some revenue challenges, rising operational costs, and strong liquidity. Meanwhile, the P/E ratio is increasing, while Chevron’s long-term prospects remain uncertain.
Free Cash Flow
Chevron's financial performance in the most recent quarter shows that EBITDA reached 10,924 million USD, indicating a potential slowdown in operational profitability. The company's return on equity (ROE) is 6.4%, pointing to reduced return on shareholder capital and weaker financial performance. The long-term debt-to-equity ratio stands at 20.4%, which may reflect rising leverage and a shift toward debt-based financing. The quick ratio is 0.86, showing improved liquidity and better short-term risk coverage. The EV/EBITDA ratio is currently 11.75x, suggesting that the stock may be trading at a premium, potentially pricing in high growth expectations. Overall, Chevron’s financial health remains under pressure, with some revenue challenges, rising operational costs, and strong liquidity. Meanwhile, the P/E ratio is increasing, while Chevron’s long-term prospects remain uncertain.
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