30 years of historical data (1995–2024) · Energy · Oil & Gas Integrated
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Chevron Corporation trades at 19.2x earnings, 47% above its 5-year average of 13.1x, sitting at the 68th percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a premium of 14%. On a free-cash-flow basis, the stock trades at 24.6x P/FCF, 16% below the 5-year average of 29.2x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $369.8B | $263.2B | $280.5B | $348.3B | $225.3B | $157.9B | $228.4B | $208.2B | $237.6B | $220.4B | $168.7B |
| Enterprise Value | $387.5B | $280.9B | $293.1B | $353.9B | $251.1B | $196.6B | $249.7B | $233.4B | $271.5B | $259.6B | $196.2B |
| P/E Ratio → | 19.21 | 14.90 | 13.13 | 9.82 | 14.42 | — | 78.25 | 14.06 | 25.81 | — | 36.72 |
| P/S Ratio | 1.91 | 1.36 | 1.42 | 1.48 | 1.45 | 1.67 | 1.63 | 1.31 | 1.76 | 2.00 | 1.30 |
| P/B Ratio | 2.22 | 1.72 | 1.73 | 2.17 | 1.61 | 1.19 | 1.57 | 1.34 | 1.59 | 1.50 | 1.10 |
| P/FCF | 24.58 | 17.49 | 14.18 | 9.26 | 10.69 | 94.17 | 17.30 | 12.39 | 33.41 | — | — |
| P/OCF | 11.74 | 8.36 | 7.88 | 7.02 | 7.72 | 14.93 | 8.37 | 6.81 | 11.58 | 17.16 | 8.67 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Chevron Corporation's enterprise value stands at 8.3x EBITDA, 7% below its 5-year average of 8.9x. The Energy sector median is 7.3x, placing the stock at a 14% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.45 | 1.49 | 1.50 | 1.61 | 2.08 | 1.79 | 1.47 | 2.02 | 2.36 | 1.51 |
| EV / EBITDA | 8.28 | 6.00 | 5.69 | 6.24 | 7.58 | 19.18 | 13.82 | 7.04 | 12.94 | 24.63 | 13.21 |
| EV / EBIT | 13.32 | 10.00 | 9.75 | 7.05 | 11.23 | — | 39.42 | 10.94 | 28.50 | — | 40.52 |
| EV / FCF | — | 18.67 | 14.82 | 9.41 | 11.91 | 117.26 | 18.91 | 13.89 | 38.18 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Chevron Corporation earns an operating margin of 15.0%, roughly in line with the Energy sector average. Operating margins have compressed from 16.9% to 15.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 11.2% is modest. ROIC of 12.6% represents solid returns on invested capital versus a sector median of 6.8%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.4% | 29.4% | 30.7% | 27.8% | 29.2% | 24.2% | 21.8% | 28.3% | 29.4% | 28.5% | 30.1% |
| Operating Margin | 15.0% | 15.0% | 17.2% | 16.9% | 10.3% | -7.3% | 0.1% | 9.1% | 2.3% | -5.0% | -2.9% |
| Net Profit Margin | 9.1% | 9.1% | 10.9% | 15.0% | 10.0% | -5.9% | 2.1% | 9.3% | 6.8% | -0.5% | 3.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.2% | 11.2% | 13.3% | 23.6% | 11.5% | -4.0% | 1.9% | 9.7% | 6.2% | -0.3% | 3.0% |
| ROA | 6.8% | 6.8% | 8.2% | 14.3% | 6.5% | -2.3% | 1.2% | 5.8% | 3.6% | -0.2% | 1.7% |
| ROIC | 12.6% | 12.6% | 14.9% | 18.1% | 7.2% | -3.1% | 0.0% | 6.0% | 1.3% | -2.2% | -1.6% |
| ROCE | 13.0% | 13.0% | 14.9% | 18.3% | 7.5% | -3.2% | 0.0% | 6.4% | 1.4% | -2.3% | -1.6% |
Solvency and debt-coverage ratios — lower is generally safer
Chevron Corporation carries a Debt/EBITDA ratio of 0.5x, which is very conservative (79% below the sector average of 2.5x). Net debt stands at $17.8B ($24.5B total debt minus $6.8B cash). Interest coverage of 49.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.13 | 0.15 | 0.22 | 0.33 | 0.19 | 0.22 | 0.26 | 0.31 | 0.25 |
| Debt / EBITDA | 0.52 | 0.52 | 0.40 | 0.41 | 0.95 | 4.32 | 1.49 | 1.04 | 1.85 | 4.38 | 2.60 |
| Net Debt / Equity | — | 0.12 | 0.08 | 0.04 | 0.18 | 0.29 | 0.15 | 0.16 | 0.23 | 0.27 | 0.18 |
| Net Debt / EBITDA | 0.38 | 0.38 | 0.25 | 0.10 | 0.78 | 3.78 | 1.18 | 0.76 | 1.62 | 3.71 | 1.85 |
| Debt / FCF | — | 1.18 | 0.64 | 0.15 | 1.22 | 23.09 | 1.61 | 1.50 | 4.77 | — | — |
| Interest Coverage | 48.99 | 48.99 | 72.05 | 77.42 | 22.62 | -9.96 | 0.13 | 19.31 | 10.19 | -27.22 | — |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.06x means Chevron Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.47x to 1.06x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 1.27 | 1.47 | 1.26 | 1.18 | 1.07 | 1.25 | 1.03 | 0.93 | 1.35 |
| Quick Ratio | 0.83 | 0.83 | 1.01 | 1.23 | 1.01 | 0.92 | 0.85 | 1.04 | 0.83 | 0.76 | 1.10 |
| Cash Ratio | 0.18 | 0.18 | 0.25 | 0.52 | 0.21 | 0.25 | 0.22 | 0.38 | 0.17 | 0.22 | 0.44 |
| Asset Turnover | — | 0.75 | 0.75 | 0.91 | 0.65 | 0.39 | 0.59 | 0.63 | 0.53 | 0.42 | 0.49 |
| Inventory Turnover | 15.04 | 15.04 | 15.85 | 20.63 | 16.21 | 12.62 | 18.70 | 19.99 | 17.03 | 14.54 | 14.33 |
| Days Sales Outstanding | — | 39.03 | 36.93 | 31.68 | 43.20 | 44.32 | 34.77 | 34.57 | 41.61 | 46.67 | 36.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Chevron Corporation returns 7.6% to shareholders annually — split between a 3.5% dividend yield and 4.2% buyback yield. A payout ratio of 66.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 4.5% | 4.0% | 3.1% | 4.5% | 6.1% | 3.9% | 4.1% | 3.4% | 3.6% | 4.7% |
| Payout Ratio | 66.8% | 66.8% | 53.0% | 30.9% | 65.1% | — | 306.4% | 57.4% | 88.4% | — | 174.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 6.7% | 7.6% | 10.2% | 6.9% | — | 1.3% | 7.1% | 3.9% | — | 2.7% |
| FCF Yield | 4.1% | 5.7% | 7.1% | 10.8% | 9.4% | 1.1% | 5.8% | 8.1% | 3.0% | — | — |
| Buyback Yield | 4.2% | 5.9% | 5.3% | 3.2% | 0.6% | 1.1% | 1.8% | 0.8% | 0.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.6% | 10.3% | 9.4% | 6.4% | 5.1% | 7.2% | 5.7% | 4.9% | 3.9% | 3.6% | 4.7% |
| Shares Outstanding | — | $1.8B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B |
Compare CVX with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| CVXYou | $370B | 19.2 | 8.3 | 24.6 | 29.4% | 15.0% | 11.2% | 12.6% | 0.5 |
| XOM | $638B | 22.8 | 11.2 | 27.0 | 21.7% | 10.5% | 10.7% | 8.6% | 0.7 |
| PBR | $62B | 7.1 | 3.1 | 2.7 | 50.3% | 28.1% | 10.9% | 15.7% | 1.6 |
| PBR-A | $42B | 14.7 | 2.6 | 1.8 | 50.3% | 28.1% | 10.9% | 15.7% | 1.6 |
| EC | $24B | 6.6 | 3.7 | 2.8 | 35.1% | 28.8% | 13.0% | 14.0% | 2.2 |
| YPF | $14B | 8.0 | 6.5 | 9999.0 | 27.3% | 7.7% | 24.9% | 8.1% | 2.3 |
| Energy Median | — | 16.8 | 7.3 | 11.5 | 35.3% | 13.9% | 8.2% | 6.8% | 2.5 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonChevron Corporation's current P/E ratio is 19.2x. The historical average is 21.0x. This places it at the 68th percentile of its historical range.
Chevron Corporation's current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.4x.
Chevron Corporation's return on equity (ROE) is 11.2%. The historical average is 14.7%.
Based on historical data, Chevron Corporation is trading at a P/E of 19.2x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Chevron Corporation's current dividend yield is 3.48% with a payout ratio of 66.8%.
Chevron Corporation has 29.4% gross margin and 15.0% operating margin. Operating margin between 10-20% is typical for established companies.
Chevron Corporation's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.