Chevron Corporation (CVX) 10-Year Financial Performance & Capital Metrics

CVX • • Industrial / General

EnergyIntegrated Oil & GasGlobal Integrated MajorsGlobal Supermajors

AboutChevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant. The Downstream segment engages in refining crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. It is also involved in the cash management and debt financing activities; insurance operations; real estate activities; and technology businesses. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is based in San Ramon, California.Show more

Revenue $193.41B -1.8%
EBITDA $46.81B -9.2%
Net Income $17.66B -17.4%
EPS (Diluted) 9.72 -14.4%
Gross Margin 29.43% -4.0%
EBITDA Margin 24.2% -7.6%
Operating Margin 15.04% -12.3%
Net Margin 9.13% -15.9%
ROE 11.21% -15.5%
ROIC 12.63% -15.1%
Debt/Equity 0.16 +24.5%
Interest Coverage 48.99 -32.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 43.3%
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 16.0%
✓Healthy dividend yield of 4.0%
✓Share count reduced 3.4% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.36%

5Y6.7%

3Y7.52%

TTM-2.85%

Profit (Net Income) CAGR

10Y-0.85%

5Y43.29%

3Y4.17%

TTM-23.39%

EPS CAGR

10Y-0.42%

5Y44.55%

3Y6.09%

TTM-21.89%

ROCE

10Y Avg5.44%

5Y Avg10.1%

3Y Avg15.41%

Latest13%

Peer Comparison

Global Supermajors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVXChevron Corporation	327.63B	163.87	16.86	-1.78%	6.78%	6.53%	4.59%	0.16
XOMExxon Mobil Corporation	533.64B	126.54	16.14	1.36%	9.22%	11.17%	5.76%	0.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	129.93B	110.22B	134.67B	158.9B	139.87B	94.47B	155.61B	235.72B	196.91B	193.41B
Revenue Growth %	-0.35%	-0.15%	0.22%	0.18%	-0.12%	-0.32%	0.65%	0.51%	-0.16%	-0.02%
Cost of Goods Sold+	90.79B	78.78B	95.11B	114B	109.33B	71.66B	110.17B	170.13B	136.52B	136.49B
COGS % of Revenue	0.7%	0.71%	0.71%	0.72%	0.78%	0.76%	0.71%	0.72%	0.69%	0.71%
Gross Profit+	39.14B	31.44B	39.56B	44.91B	30.53B	22.82B	45.43B	65.59B	60.39B	56.93B
Gross Margin %	0.3%	0.29%	0.29%	0.28%	0.22%	0.24%	0.29%	0.28%	0.31%	0.29%
Gross Profit Growth %	-0.39%	-0.2%	0.26%	0.14%	-0.32%	-0.25%	0.99%	0.44%	-0.08%	-0.06%
Operating Expenses+	42.85B	36.91B	36.43B	30.46B	30.43B	29.76B	29.33B	25.64B	26.6B	27.83B
OpEx % of Revenue	0.33%	0.33%	0.27%	0.19%	0.22%	0.31%	0.19%	0.11%	0.14%	0.14%
Selling, General & Admin	4.44B	4.3B	4.11B	3.84B	4.14B	4.21B	4.01B	4.31B	4.14B	4.83B
SG&A % of Revenue	0.03%	0.04%	0.03%	0.02%	0.03%	0.04%	0.03%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	435M	268M	268M	320M	353M
R&D % of Revenue	-	-	-	-	-	0%	0%	0%	0%	0%
Other Operating Expenses	38.4B	32.6B	32.32B	26.62B	26.29B	25.11B	25.05B	21.06B	22.14B	22.64B
Operating Income+	-3.71B	-5.47B	3.13B	14.45B	100M	-6.94B	16.1B	39.95B	33.79B	29.1B
Operating Margin %	-0.03%	-0.05%	0.02%	0.09%	0%	-0.07%	0.1%	0.17%	0.17%	0.15%
Operating Income Growth %	-1.19%	-0.47%	1.57%	3.62%	-0.99%	-70.42%	3.32%	1.48%	-0.15%	-0.14%
EBITDA+	14.86B	10.54B	20.99B	33.16B	18.07B	10.25B	33.12B	56.76B	51.55B	46.81B
EBITDA Margin %	0.11%	0.1%	0.16%	0.21%	0.13%	0.11%	0.21%	0.24%	0.26%	0.24%
EBITDA Growth %	-0.6%	-0.29%	0.99%	0.58%	-0.46%	-0.43%	2.23%	0.71%	-0.09%	-0.09%
D&A (Non-Cash Add-back)	18.57B	16.01B	17.86B	18.72B	17.96B	17.19B	17.01B	16.8B	17.76B	17.71B
EBIT	4.84B	-1.96B	9.53B	21.32B	6.33B	-6.76B	22.35B	50.19B	30.05B	28.1B
Net Interest Income+	119M	-56M	-200M	-556M	-798M	-697M	-712M	-516M	-469M	-594M
Interest Income	119M	145M	107M	192M	0	0	0	0	0	0
Interest Expense	0	201M	307M	748M	798M	697M	712M	516M	469M	594M
Other Income/Expense	8.55B	3.31B	6.09B	6.13B	5.44B	-511M	5.54B	9.72B	-4.21B	-1.59B
Pretax Income+	4.84B	-2.16B	9.22B	20.57B	5.54B	-7.45B	21.64B	49.67B	29.58B	27.51B
Pretax Margin %	0.04%	-0.02%	0.07%	0.13%	0.04%	-0.08%	0.14%	0.21%	0.15%	0.14%
Income Tax+	132M	-1.73B	-48M	5.71B	2.69B	-1.89B	5.95B	14.07B	8.17B	9.76B
Effective Tax Rate %	0.95%	0.23%	1%	0.72%	0.53%	0.74%	0.72%	0.71%	0.72%	0.64%
Net Income+	4.59B	-497M	9.2B	14.82B	2.92B	-5.54B	15.63B	35.47B	21.37B	17.66B
Net Margin %	0.04%	-0%	0.07%	0.09%	0.02%	-0.06%	0.1%	0.15%	0.11%	0.09%
Net Income Growth %	-0.76%	-1.11%	19.5%	0.61%	-0.8%	-2.9%	3.82%	1.27%	-0.4%	-0.17%
Net Income (Continuing)	4.71B	-431M	9.27B	14.86B	2.85B	-5.56B	15.69B	35.61B	21.41B	17.75B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.17B	1.17B	1.2B	1.09B	995M	1.04B	873M	960M	972M	839M
EPS (Diluted)+	2.45	-0.27	4.85	7.74	1.54	-2.96	8.14	18.28	11.36	9.72
EPS Growth %	-0.76%	-1.11%	18.96%	0.6%	-0.8%	-2.92%	3.75%	1.25%	-0.38%	-0.14%
EPS (Basic)	2.46	-0.27	4.88	7.81	1.55	-2.96	8.15	18.36	11.41	9.76
Diluted Shares Outstanding	1.87B	1.87B	1.9B	1.91B	1.9B	1.87B	1.92B	1.94B	1.88B	1.82B
Basic Shares Outstanding	1.87B	1.84B	1.88B	1.9B	1.88B	1.87B	1.92B	1.93B	1.87B	1.81B
Dividend Payout Ratio	1.74%	-	0.88%	0.57%	3.06%	-	0.65%	0.31%	0.53%	0.67%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	34.43B	29.62B	28.56B	34.02B	28.33B	26.08B	33.74B	50.34B	41.13B	40.91B
Cash & Short-Term Investments	11.33B	7B	4.82B	10.35B	5.75B	5.63B	5.67B	17.9B	8.22B	6.79B
Cash Only	11.02B	6.99B	4.81B	9.34B	5.69B	5.6B	5.64B	17.68B	8.18B	6.78B
Short-Term Investments	310M	13M	9M	1B	63M	31M	35M	223M	45M	4M
Accounts Receivable	12.86B	14.09B	15.35B	15.05B	13.32B	11.47B	18.42B	20.46B	19.92B	20.68B
Days Sales Outstanding	36.13	46.67	41.61	34.57	34.77	44.32	43.2	31.68	36.93	39.03
Inventory	6.33B	5.42B	5.58B	5.7B	5.85B	5.68B	6.79B	8.25B	8.61B	9.07B
Days Inventory Outstanding	25.46	25.11	21.43	18.26	19.52	28.91	22.51	17.69	23.02	24.27
Other Current Assets	0	0	0	0	0	0	0	0	4.37B	4.37B
Total Non-Current Assets+	230.11B	230.46B	225.25B	219.84B	209.1B	213.71B	205.8B	207.37B	220.5B	216.03B
Property, Plant & Equipment	188.4B	182.19B	177.71B	169.21B	150.49B	156.62B	146.96B	143.59B	153.62B	147.8B
Fixed Asset Turnover	0.69x	0.60x	0.76x	0.94x	0.93x	0.60x	1.06x	1.64x	1.28x	1.31x
Goodwill	4.59B	4.58B	4.53B	4.52B	4.46B	4.4B	4.38B	4.72B	4.72B	4.58B
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	27.11B	30.25B	32.5B	35.55B	38.69B	39.05B	40.7B	45.24B	46.81B	47.44B
Other Non-Current Assets	10.02B	13.44B	10.51B	10.57B	15.45B	13.64B	13.76B	13.81B	15.35B	16.21B
Total Assets+	264.54B	260.08B	253.81B	253.86B	237.43B	239.79B	239.53B	257.71B	261.63B	256.94B
Asset Turnover	0.49x	0.42x	0.53x	0.63x	0.59x	0.39x	0.65x	0.91x	0.75x	0.75x
Asset Growth %	-0.01%	-0.02%	-0.02%	0%	-0.06%	0.01%	-0%	0.08%	0.02%	-0.02%
Total Current Liabilities+	25.47B	31.79B	27.74B	27.17B	26.53B	22.18B	26.79B	34.21B	32.26B	38.56B
Accounts Payable	13.52B	13.99B	14.56B	13.95B	14.1B	10.95B	16.45B	18.95B	20.42B	22.08B
Days Payables Outstanding	54.34	64.8	55.89	44.68	47.08	55.78	54.51	40.67	54.6	59.04
Short-Term Debt	4.91B	10.83B	5.18B	5.71B	3.26B	1.36B	208M	1.92B	469M	4.35B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	1.35x	0.93x	1.03x	1.25x	1.07x	1.18x	1.26x	1.47x	1.27x	1.06x
Quick Ratio	1.10x	0.76x	0.83x	1.04x	0.85x	0.92x	1.01x	1.23x	1.01x	0.83x
Cash Conversion Cycle	7.25	6.98	7.15	8.16	7.21	17.45	11.21	8.7	5.35	4.26
Total Non-Current Liabilities+	85.19B	81.57B	76.75B	71.05B	65.69B	84.88B	72.8B	63.26B	67.44B	65.22B
Long-Term Debt	33.54B	35.19B	33.48B	28.61B	23.41B	42.32B	30.66B	20.97B	19.73B	19.59B
Capital Lease Obligations	80M	93M	94M	127M	282M	447M	449M	403M	574M	546M
Deferred Tax Liabilities	20.16B	17.52B	14.65B	15.92B	13.69B	12.57B	14.66B	17.13B	18.83B	19.14B
Other Non-Current Liabilities	7.93B	7.22B	7.42B	6.65B	7.87B	9.22B	6.25B	4.36B	28.31B	25.95B
Total Liabilities	110.65B	113.36B	104.49B	98.22B	92.22B	107.06B	99.59B	97.47B	99.7B	103.78B
Total Debt+	38.55B	46.13B	38.76B	34.46B	26.97B	44.31B	31.37B	23.34B	20.84B	24.54B
Net Debt	27.53B	39.14B	33.95B	25.12B	21.29B	38.72B	25.73B	5.66B	12.66B	17.76B
Debt / Equity	0.25x	0.31x	0.26x	0.22x	0.19x	0.33x	0.22x	0.15x	0.13x	0.16x
Debt / EBITDA	2.60x	4.38x	1.85x	1.04x	1.49x	4.32x	0.95x	0.41x	0.40x	0.52x
Net Debt / EBITDA	1.85x	3.71x	1.62x	0.76x	1.18x	3.78x	0.78x	0.10x	0.25x	0.38x
Interest Coverage	-	-27.22x	10.19x	19.31x	0.13x	-9.96x	22.62x	77.42x	72.05x	48.99x
Total Equity+	153.89B	146.72B	149.32B	155.64B	145.21B	132.73B	139.94B	160.24B	161.93B	153.16B
Equity Growth %	-0.01%	-0.05%	0.02%	0.04%	-0.07%	-0.09%	0.05%	0.15%	0.01%	-0.05%
Book Value per Share	82.07	78.34	78.69	81.31	76.62	70.98	72.87	82.59	86.12	84.29
Total Shareholders' Equity	152.72B	145.56B	148.12B	154.55B	144.21B	131.69B	139.07B	159.28B	160.96B	152.32B
Common Stock	1.83B	1.83B	1.83B	1.83B	1.83B	1.83B	1.83B	1.83B	1.83B	1.83B
Retained Earnings	181.58B	173.05B	174.11B	180.99B	174.94B	160.38B	165.55B	190.02B	200.03B	205.85B
Treasury Stock	-42.49B	-41.83B	-40.83B	-41.59B	-44.6B	-41.5B	-41.46B	-48.2B	-59.06B	-74.04B
Accumulated OCI	-4.53B	-4.08B	-3.83B	-3.78B	-5.23B	-5.85B	-4.13B	-3.04B	-3.2B	-3B
Minority Interest	1.17B	1.17B	1.2B	1.09B	995M	1.04B	873M	960M	972M	839M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	19.46B	12.85B	20.34B	30.62B	27.31B	10.58B	29.19B	49.6B	35.61B	31.49B
Operating CF Margin %	0.15%	0.12%	0.15%	0.19%	0.2%	0.11%	0.19%	0.21%	0.18%	0.16%
Operating CF Growth %	-0.38%	-0.34%	0.58%	0.51%	-0.11%	-0.61%	1.76%	0.7%	-0.28%	-0.12%
Net Income	4.71B	-431M	9.27B	14.86B	2.8B	-5.56B	15.69B	35.61B	21.41B	17.75B
Depreciation & Amortization	21.04B	19.46B	19.35B	18.03B	29.2B	19.51B	16.89B	16.32B	14.55B	16.2B
Stock-Based Compensation	344M	642M	368M	0	394M	190M	0	1.07B	0	0
Deferred Taxes	-1.86B	-3.83B	-3.2B	1.05B	-2B	-3.6B	700M	2.12B	298M	1.24B
Other Non-Cash Items	21.43B	13.4B	-3.49B	-3.02B	-4.59B	1.7B	-2.44B	-7.65B	2.68B	-3.79B
Working Capital Changes	-1.98B	-550M	476M	-300M	1.5B	-1.65B	-1.66B	2.13B	-3.33B	100M
Change in Receivables	3.63B	-2.12B	-915M	855M	1.85B	2.42B	-7.53B	-2.16B	1.34B	-818M
Change in Inventory	85M	603M	-267M	-424M	7M	284M	-530M	-930M	-320M	-574M
Change in Payables	-5.77B	533M	875M	-494M	-109M	-3.58B	5.47B	2.75B	-49M	2.57B
Cash from Investing+	-23.81B	-16.85B	-8.2B	-12.3B	-11.46B	-6.96B	-5.87B	-12.11B	-15.23B	-8.94B
Capital Expenditures	-29.5B	-18.11B	-13.4B	-13.79B	-14.1B	-8.92B	-8.06B	-11.97B	-15.83B	-16.45B
CapEx % of Revenue	0.23%	0.16%	0.1%	0.09%	0.1%	0.09%	0.05%	0.05%	0.08%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-37M	55M	6M	-11.68B	1.51B	1.47B	1.75B	2.65B	144M	7.28B
Cash from Financing+	2.81B	25M	-14.55B	-13.7B	-19.76B	-3.74B	-23.11B	-24.98B	-30.11B	-23.47B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-7.99B	-8.03B	-8.13B	-8.5B	-8.96B	-9.65B	-10.18B	-10.97B	-11.34B	-11.8B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-128M	-63M	1.04B	-91M	1.09B	202M	1.39B	-114M	221M	-11M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-10.05B	-5.26B	7.11B	16.8B	13.2B	1.68B	21.09B	37.63B	19.78B	15.04B
FCF Margin %	-0.08%	-0.05%	0.05%	0.11%	0.09%	0.02%	0.14%	0.16%	0.1%	0.08%
FCF Growth %	-1.56%	0.48%	2.35%	1.36%	-0.21%	-0.87%	11.57%	0.78%	-0.47%	-0.24%
FCF per Share	-5.36	-2.81	3.75	8.78	6.97	0.90	10.98	19.39	10.52	8.28
FCF Conversion (FCF/Net Income)	4.24x	-25.85x	2.21x	2.07x	9.34x	-1.91x	1.87x	1.40x	1.67x	1.78x
Interest Paid	0	158M	265M	736M	810M	720M	699M	525M	465M	587M
Taxes Paid	4.64B	1.94B	3.13B	4.75B	4.82B	2.99B	4.36B	9.15B	10.42B	8.46B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.96%	-0.33%	6.21%	9.72%	1.94%	-3.99%	11.46%	23.63%	13.27%	11.21%
Return on Invested Capital (ROIC)	-1.58%	-2.23%	1.27%	5.95%	0.04%	-3.08%	7.17%	18.07%	14.89%	12.63%
Gross Margin	30.12%	28.52%	29.37%	28.26%	21.83%	24.15%	29.2%	27.82%	30.67%	29.43%
Net Margin	3.53%	-0.45%	6.83%	9.33%	2.09%	-5.87%	10.04%	15.05%	10.85%	9.13%
Debt / Equity	0.25x	0.31x	0.26x	0.22x	0.19x	0.33x	0.22x	0.15x	0.13x	0.16x
Interest Coverage	-	-27.22x	10.19x	19.31x	0.13x	-9.96x	22.62x	77.42x	72.05x	48.99x
FCF Conversion	4.24x	-25.85x	2.21x	2.07x	9.34x	-1.91x	1.87x	1.40x	1.67x	1.78x
Revenue Growth	-35.2%	-15.17%	22.19%	17.99%	-11.98%	-32.46%	64.71%	51.48%	-16.46%	-1.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Downstream	-	86.75B	106.17B	125.6B	107.91B	68.08B	111.49B	172.31B	151.04B	146.43B
Downstream Growth	-	-	22.38%	18.30%	-14.08%	-36.91%	63.76%	54.55%	-12.34%	-3.05%
Upstream	-	16.41B	21.11B	33.07B	31.71B	26.31B	43.99B	63.29B	45.74B	46.85B
Upstream Growth	-	-	28.64%	56.65%	-4.12%	-17.02%	67.20%	43.87%	-27.73%	2.42%
All Other	-	146M	209M	236M	246M	77M	124M	116M	133M	132M
All Other Growth	-	-	43.15%	12.92%	4.24%	-68.70%	61.04%	-6.45%	14.66%	-0.75%
Corporate and Other, Including Intersegment Eliminations	1.55B	-	-	-	-	-	-	-	-	-
Corporate and Other, Including Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
International	85.88B	59.65B	74.65B	93.11B	79.86B	57.45B	86.5B	128.35B	108.2B	107.97B
International Growth	-	-30.54%	25.14%	24.73%	-14.23%	-28.06%	50.58%	48.38%	-15.70%	-0.21%
United States	67.13B	43.66B	52.84B	65.8B	60.01B	37.02B	69.1B	107.36B	88.72B	85.31B
United States Growth	-	-34.97%	21.02%	24.53%	-8.80%	-38.30%	86.64%	55.37%	-17.37%	-3.84%
Global	-	-	-	-	-	-	-	-	-	132M
Global Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Chevron Corporation (CVX) has a price-to-earnings (P/E) ratio of 16.9x. This is roughly in line with market averages.

Growth & Financials

Chevron Corporation (CVX) reported $188.49B in revenue for fiscal year 2024. This represents a 23% decrease from $244.37B in 2011.

Chevron Corporation (CVX) saw revenue decline by 1.8% over the past year.

Yes, Chevron Corporation (CVX) is profitable, generating $12.78B in net income for fiscal year 2024 (9.1% net margin).

Dividend & Returns

Yes, Chevron Corporation (CVX) pays a dividend with a yield of 3.96%. This makes it attractive for income-focused investors.

Chevron Corporation (CVX) has a return on equity (ROE) of 11.2%. This is reasonable for most industries.

Chevron Corporation (CVX) generated $15.16B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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