Chevron Corporation

CVX · NYSE · Oil & Gas

Current price

$217.73

▲ +$2.73 (1.27%) today

Share price

Live market data

▲ +70.10 (+46.14%)2025-10-13 — 2026-10-13

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ET&A View

Last reviewed 14 September 2026

Hold

ET&A sees limited reason to buy aggressively or sell at the current price.

Fair Value

Members

12M Price Target

Members

Preferred Entry

Members

ET&A Score

8.6/ 10Strong overall

Members see what we think Chevron Corporation is worth today, our 12-month Price Target, the price we would prefer to buy at and the return we expect. See membership

Chevron is one of the highest-quality integrated energy companies globally, supported by a strong balance sheet, disciplined capital allocation, world-class upstream assets and a long history of shareholder distributions.

Is it expensive?

Read our full view

Why we like it

Little debt — less than a year's earnings would repay it.
Pays a dividend yield of 3.3%, covered 1.5× by earnings.
The share price trend has been positive.

What worries us

Sales are shrinking (−5% a year).
Profits are falling (−30%).

Members see every risk we are watching. See membership

Business Health

Is the business financially healthy?

Mixed

The balance sheet stands out. Watch revenue and earnings.

Overall

Average

Revenue
$209.4bn · ↓ −5% last year
Growth Weak
Earnings
$20.6bn · ↓ −30% last year
Growth Weak
Margins
Keeps 22% of sales as operating profit
Good
Cash generation
$16.6bn spare cash a year · 8% of sales
Good
Balance sheet
Debt ≈ 0.6 years of earnings
Strong
Dividend
3.3% yield · Pays out 67% of earnings · covered 1.5×
Yield Good

Financial and earnings trends

Investor View

More on Chevron Corporation

Open a section for the detail behind the quick view.

Our full viewET&A's complete thesis — why we hold the view we do.Members

Insight

The complete ET&A view

See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.

Our View in full
What could drive it higher / go wrong
Fair Value & Preferred Entry
How our view has changed

Explore Insight →Included with Insight

What could drive it higher — and what could go wrongThe catalysts and risks we are watching.Members

Members see every catalyst and risk we are watching. See membership

Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.Members

Members see where the price sits against our valuation, its history and its peers. See membership

Financial and earnings trendsSales, margins, profit, earnings per share and cash, year by year.

Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.

Year	Revenue	Growth	Operating margin	Net income	EPS	Free cash flow
FY2025	$184.4bn	−4.6%	9.0%	$12.3bn	$6.63	$16.6bn
FY2024	$193.4bn	−1.8%	9.8%	$17.7bn	$9.72	$15.0bn
FY2023	$196.9bn	−16.5%	13.3%	$21.4bn	$11.36	$19.8bn
FY2022	$235.7bn	—	16.9%	$35.5bn	$18.28	$37.6bn

Next earningsFri, 30 Oct 2026Earnings calendar →

Who it suitsStrategy suitability and investment style.

Investors who want regular income

Also suits: Investors who want a mix of growth and stability

Investment styleQualityValueIncomeET&A strategies: Income, Balanced · what these mean

How it compares with peersOther companies we cover in Oil & Gas.

Reliance Industries LimitedRELIANCE
ET&A sees significant upside from the current price with an attractive risk/reward profile.
BuyET&A Score 8.9Compare →
TotalEnergies SETTE
ET&A sees significant upside from the current price with an attractive risk/reward profile.
BuyET&A Score 8.7Compare →
Saudi Aramco2222
ET&A sees significant upside from the current price with an attractive risk/reward profile.
BuyET&A Score 8.6Compare →
Shell plcSHEL
ET&A sees significant upside from the current price with an attractive risk/reward profile.
BuyET&A Score 8.6Compare →

Compare Chevron Corporation with any company → The model’s own peer calculations are in the Research View.

What the company doesThe full company profile.

Chevron Corporation is one of the world’s largest integrated energy companies, with operations spanning oil and natural gas exploration, production, refining, fuels marketing, chemicals, lubricants, trading, and related energy services. The company plays a major role in global energy supply, producing and selling the fuels, products, and materials used across transport, industry, households, and broader economic activity.

Chevron combines a large upstream oil and gas business with downstream refining, marketing, midstream, and chemicals operations, giving it exposure across the energy value chain. While its core earnings remain closely tied to oil and gas prices, the company is also investing in lower-carbon areas such as renewable fuels, hydrogen, carbon capture, and emerging energy technologies. This positions Chevron as a major conventional energy producer with selective exposure to the long-term energy transition.

Oil & Gas · USA

Research ViewOpen the full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.Open

For detailed analysis. Each section opens on its own.

Financial statementsEvery published figure with its source, the market snapshot and connected sheets.

Income

Revenue: $209.4bnMarket data
Gross profit: $92.7bnMarket data
EBITDA: $50.7bnMarket data
Operating profit (EBIT): $16.7bnMarket data
Net income: $20.6bnMarket data
Earnings per share (EPS): $10.39Market data

Growth

Revenue growth, latest year: Weak−4.6%Calculated
Revenue growth, 3-year average: Weak−7.9%Calculated
Earnings growth, latest year: Weak−30.4%Calculated
Earnings growth, 3-year average: Weak−29.7%Calculated
Revenue growth, latest quarter vs a year earlier: 53.5%Market data
Earnings growth, latest quarter vs a year earlier: 321.9%Market data

Margins & returns

Gross margin: Good44.3%Market data
EBITDA margin: 24.2%Market data
Operating margin: Strong21.9%Market data
Net margin: Good9.8%Market data
Return on equity (ROE): Good12.2%Market data
Return on assets (ROA): 5.9%Market data

Cash flow

Operating cash flow: $45.3bnMarket data
Free cash flow: $16.6bnMarket data
Free-cash-flow margin: Good7.9%Calculated
Free cash flow ÷ net income: 0.8×Calculated

Balance sheet

Cash: $8.5bnMarket data
Total debt: $37.1bnMarket data
Net debt: $28.5bnMarket data
Net debt ÷ EBITDA: Strong0.6×Calculated
Debt ÷ equity: 0.2×Market data
Current ratio: 1.3×Market data

Shares & dividends

Shares outstanding: 1.96bnMarket data
Market capitalisation: $435.6bnMarket data
Dividend per share: $6.98Market data
Dividend yield: Good3.3%Market data
Payout ratio: 67.2%Market data

Market data — the live feed (Yahoo Finance)
Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology

Other published figures

Price / Sales: Members
EV / EBITDA: Members
Price / Book: Members
Forward P/E: Members

Valuation ratios (P/E, P/S, P/B, EV/EBITDA) are part of ET&A membership — view plans.

Market data

Live

Price$217.73

Day+$2.73 (+1.27%)

52-week range$146.75 – $217.77

vs 52-week low+48.37%

vs 52-week high−0.02%

As of 13 October 2026

P/E Ratio: 21.37x

Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.Members

Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.

Measure	Today	Source
P/E	Members
Forward P/E	Members
EV/EBITDA	Members
Price/Sales	Members
FCF Yield	Members

Valuation ratios are part of ET&A membership.

Other published measures

Price / Book: Members

Historical dataValuation history, how our view has changed, and the share-price history.

Valuation history

Members see how the valuation compares with its history. See membership

Share-price history

Use the 5Y and Max ranges on the price chart at the top of the page.

ForecastsWhat analysts expect — market consensus, not ET&A estimates.

Forecasts

Forward EPS (next year, consensus): $14.76Market data
Expected EPS growth, next year: Excellent134.9%Market data
Expected revenue growth, next year: 26.5%Market data

Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.

MethodologyHow ET&A values a company and reaches a view.

How we value Chevron Corporation

1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.

Read the full ET&A methodology →

How we reach a view

The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.

Business quality
Financial performance
Growth outlook
Debt and financial strength
Valuation
Risk
What could drive it higher

Buy: ET&A sees significant upside from the current price with an attractive risk/reward profile.
Accumulate: ET&A likes the company but would prefer investors to build exposure gradually.
Hold: ET&A sees limited reason to buy aggressively or sell at the current price.
Reduce: ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
Sell: ET&A believes the downside risk materially outweighs the potential return at the current price.

ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.

Scoring calculationsBehind the ET&A Score and the Business Health ratings.

Behind the ET&A Score

The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →

ET&A Quant Score

Strong

Profitable · Strong balance sheet · Strong

Profitability & margins · Profitable6.8

Balance sheet · Strong balance sheet7.7

Price momentum · Strong10.0

Context — not part of the score

Valuation multiplesFairly priced
Share-price steadinessModerate volatility
IncomeModerate yield

Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.

Annualised volatility: Members
Max drawdown (1y): Members
12-month return: Members
3-month return: Members
P/E: Members
Price / Sales: Members
EV / EBITDA: Members
EBITDA margin: Members
Net debt / EBITDA: Members
Dividend yield: Members

The detailed figures behind these scores — price swings, past falls, returns, valuation and margins — are part of ET&A membership. View plans

Based on the factors that could be measured (45% of the model).

Business Health ratings

Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.

Area	Based on	Score	Rating
Revenue	Revenue growth, 3-year average −7.9% → 2.0 Rated on 3-year average revenue growth, on ET&A's growth scale.	2.0 / 10	Weak
Earnings	Earnings growth, 3-year average −29.7% → 2.0 Rated on 3-year average earnings growth, on ET&A's growth scale.	2.0 / 10	Weak
Margins	Operating margin 21.9% → 7.3 Net margin 9.8% → 5.5 The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak).	6.4 / 10	Good
Cash generation	Free-cash-flow margin 7.9% → 6.8 Free cash flow as a share of sales, on ET&A's cash-generation scale.	6.8 / 10	Good
Balance sheet	Net debt ÷ EBITDA 0.6× → 7.9 Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale.	7.9 / 10	Strong
Dividend	Dividend yield 3.3% → 6.3 Dividend yield on ET&A's income scale. Not part of the overall health rating.	6.3 / 10	Good
Overall	Average of the 5 rated areas	5.0 / 10	Average

ET&A's scales

Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.

Measure	Excellent	Strong	Good	Average	Below Average	Weak
GrowthStructural Growth (Fundamental Conviction)	18%+	10%+	5.0%+	1.7%+	−2.5%+	below −2.5%
Operating marginCompetitive Position (Fundamental Conviction)	29%+	20%+	13%+	7.5%+	0%+	below 0% (loss)
Net marginEarnings Durability (Fundamental Conviction)	23%+	15%+	9.8%+	6.0%+	0%+	below 0% (loss)
Free-cash-flow marginCapital Allocation (Fundamental Conviction)	15%+	8.5%+	3.8%+	1.3%+	−2.5%+	below −2.5%
Net debt ÷ EBITDAStructural Risk (Fundamental Conviction)	net cash	≤ 1.5×	≤ 2.8×	≤ 3.6×	≤ 5.0×	above 5.0×
Return on equity (banks & insurers)Bank and insurer quality	16%+	12%+	9.0%+	6.7%+	2.7%+	below 2.7%
Equity ÷ assetsBank capital	7.5%+	6.0%+	4.7%+	4.0%+	any	—
Dividend yieldIncome factor (ET&A Quant Score)	5.8%+	4.0%+	2.5%+	1.8%+	1.0%+	below 1.0%

Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.

Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.Members

Members see how we calculate the Fair Value and Preferred Entry. See membership

Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.Members

Members see the peer set behind our valuation. See membership

Detailed assumptionsEvery input the valuation model used, with its source.Members

Members see the assumptions behind our valuation. See membership

Research notesNo research notes published yet.

No research notes have been published for Chevron Corporation yet.

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