Chevron Corporation (CVX) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Integrated
EV/EBITDA
↑
10.42
↑+52% vs avg
5yr avg: 6.84
30Y Low2.5·High24.6
P/FCF
↑
20.88
↑+52% vs avg
5yr avg: 13.73
30Y Low9.3·High94.2
P/B Ratio
↓
1.68
-4% vs avg
5yr avg: 1.74
30Y Low1.1·High3.2
ROE
↓
7.1%
↑-47% vs avg
5yr avg: 13.3%
30Y Low-4%·High33%
Debt/EBITDA
↑
1.26
↑+78% vs avg
5yr avg: 0.71
30Y Low0.2·High4.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CVX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Chevron Corporation trades at 26.2x earnings, 74% above its 5-year average of 15.1x, sitting at the 75th percentile of its historical range. Compared to the Energy sector median P/E of 15.4x, the stock trades at a premium of 70%. On a free-cash-flow basis, the stock trades at 20.9x P/FCF, 52% above the 5-year average of 13.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $346.5B | $282.9B | $263.1B | $280.5B | $348.3B | $225.3B | $157.9B | $228.4B | $208.2B | $237.6B | $220.4B |
| Enterprise Value | $386.7B | $323.1B | $280.9B | $293.1B | $353.9B | $251.1B | $196.6B | $249.7B | $233.4B | $271.5B | $259.6B |
| P/E Ratio → | 26.19 | 22.99 | 14.90 | 13.13 | 9.82 | 14.42 | — | 78.25 | 14.06 | 25.81 | — |
| P/S Ratio | 1.88 | 1.53 | 1.36 | 1.42 | 1.48 | 1.45 | 1.67 | 1.63 | 1.31 | 1.76 | 2.00 |
| P/B Ratio | 1.68 | 1.47 | 1.72 | 1.73 | 2.17 | 1.61 | 1.19 | 1.57 | 1.34 | 1.59 | 1.50 |
| P/FCF | 20.88 | 17.05 | 17.49 | 14.18 | 9.26 | 10.69 | 94.17 | 17.30 | 12.39 | 33.41 | — |
| P/OCF | 10.21 | 8.33 | 8.36 | 7.88 | 7.02 | 7.72 | 14.93 | 8.37 | 6.81 | 11.58 | 17.16 |
P/E links to full P/E history page with 30-year chart
CVX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Chevron Corporation's enterprise value stands at 10.4x EBITDA, 52% above its 5-year average of 6.8x. The Energy sector median is 7.8x, placing the stock at a 33% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.75 | 1.45 | 1.49 | 1.50 | 1.61 | 2.08 | 1.79 | 1.47 | 2.02 | 2.36 |
| EV / EBITDA | 10.42 | 8.70 | 6.00 | 5.69 | 6.24 | 7.58 | 19.18 | 13.82 | 7.04 | 12.94 | 24.63 |
| EV / EBIT | 23.19 | 15.42 | 10.00 | 9.75 | 7.05 | 11.23 | — | 39.42 | 10.94 | 28.50 | — |
| EV / FCF | — | 19.48 | 18.67 | 14.82 | 9.41 | 11.91 | 117.26 | 18.91 | 13.89 | 38.18 | — |
CVX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Chevron Corporation earns an operating margin of 9.0%, below the Energy sector average of 13.8%. Operating margins have compressed from 17.2% to 9.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 7.1% is modest, trailing the sector median of 7.2%. ROIC of 6.2% represents adequate returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.4% | 30.4% | 29.4% | 30.7% | 27.8% | 29.2% | 24.2% | 21.8% | 28.3% | 29.4% | 28.5% |
| Operating Margin | 9.0% | 9.0% | 15.0% | 17.2% | 16.9% | 10.3% | -7.3% | 0.1% | 9.1% | 2.3% | -5.0% |
| Net Profit Margin | 6.7% | 6.7% | 9.1% | 10.9% | 15.0% | 10.0% | -5.9% | 2.1% | 9.3% | 6.8% | -0.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.1% | 7.1% | 11.2% | 13.3% | 23.6% | 11.5% | -4.0% | 1.9% | 9.7% | 6.2% | -0.3% |
| ROA | 4.2% | 4.2% | 6.8% | 8.2% | 14.3% | 6.5% | -2.3% | 1.2% | 5.8% | 3.6% | -0.2% |
| ROIC | 6.2% | 6.2% | 12.6% | 14.9% | 18.1% | 7.2% | -3.1% | 0.0% | 6.0% | 1.3% | -2.2% |
| ROCE | 6.6% | 6.6% | 13.0% | 14.9% | 18.3% | 7.5% | -3.2% | 0.0% | 6.4% | 1.4% | -2.3% |
CVX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Chevron Corporation carries a Debt/EBITDA ratio of 1.3x, which is manageable (52% below the sector average of 2.6x). Net debt stands at $40.3B ($46.7B total debt minus $6.5B cash). Interest coverage of 17.2x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.16 | 0.13 | 0.15 | 0.22 | 0.33 | 0.19 | 0.22 | 0.26 | 0.31 |
| Debt / EBITDA | 1.26 | 1.26 | 0.52 | 0.40 | 0.41 | 0.95 | 4.32 | 1.49 | 1.04 | 1.85 | 4.38 |
| Net Debt / Equity | — | 0.21 | 0.12 | 0.08 | 0.04 | 0.18 | 0.29 | 0.15 | 0.16 | 0.23 | 0.27 |
| Net Debt / EBITDA | 1.08 | 1.08 | 0.38 | 0.25 | 0.10 | 0.78 | 3.78 | 1.18 | 0.76 | 1.62 | 3.71 |
| Debt / FCF | — | 2.43 | 1.18 | 0.64 | 0.15 | 1.22 | 23.09 | 1.61 | 1.50 | 4.77 | — |
| Interest Coverage | 17.22 | 17.22 | 47.31 | 64.08 | 97.27 | 31.39 | -9.69 | 7.94 | 28.51 | 31.04 | -9.75 |
CVX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.15x means Chevron Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.27x to 1.15x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 1.06 | 1.27 | 1.47 | 1.26 | 1.18 | 1.07 | 1.25 | 1.03 | 0.93 |
| Quick Ratio | 0.86 | 0.86 | 0.83 | 1.01 | 1.23 | 1.01 | 0.92 | 0.85 | 1.04 | 0.83 | 0.76 |
| Cash Ratio | 0.19 | 0.19 | 0.18 | 0.25 | 0.52 | 0.21 | 0.25 | 0.22 | 0.38 | 0.17 | 0.22 |
| Asset Turnover | — | 0.57 | 0.75 | 0.75 | 0.91 | 0.65 | 0.39 | 0.59 | 0.63 | 0.53 | 0.42 |
| Inventory Turnover | 13.22 | 13.22 | 15.04 | 15.85 | 20.63 | 16.21 | 12.62 | 18.70 | 19.99 | 17.03 | 14.54 |
| Days Sales Outstanding | — | 35.77 | 39.03 | 36.93 | 31.68 | 43.20 | 44.32 | 34.77 | 34.57 | 41.61 | 46.67 |
CVX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Chevron Corporation returns 7.4% to shareholders annually — split between a 4.0% dividend yield and 3.4% buyback yield. The payout ratio exceeds 100% at 103.7%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 4.5% | 4.5% | 4.0% | 3.1% | 4.5% | 6.1% | 3.9% | 4.1% | 3.4% | 3.6% |
| Payout Ratio | 103.7% | 103.7% | 66.8% | 53.0% | 30.9% | 65.1% | — | 306.4% | 57.4% | 88.4% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 4.4% | 6.7% | 7.6% | 10.2% | 6.9% | — | 1.3% | 7.1% | 3.9% | — |
| FCF Yield | 4.8% | 5.9% | 5.7% | 7.1% | 10.8% | 9.4% | 1.1% | 5.8% | 8.1% | 3.0% | — |
| Buyback Yield | 3.4% | 4.2% | 5.9% | 5.3% | 3.2% | 0.6% | 1.1% | 1.8% | 0.8% | 0.5% | 0.0% |
| Total Shareholder Yield | 7.4% | 8.7% | 10.3% | 9.4% | 6.4% | 5.1% | 7.2% | 5.7% | 4.9% | 3.9% | 3.6% |
| Shares Outstanding | — | $1.9B | $1.8B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B |
Peer Comparison
Compare CVX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CVXYou | $346B | 26.2 | 10.4 | 20.9 | 30.4% | 9.0% | 7.1% | 6.2% | 1.3 |
 XOM | $584B | 20.6 | 10.3 | 24.7 | 21.7% | 10.5% | 10.7% | 8.6% | 0.7 |
 BP | $102B | 1916.7 | 4.5 | 9.0 | 17.7% | 8.2% | 0.1% | 9.8% | 2.5 |
 SHEL | $222B | 13.1 | 6.0 | 10.2 | 15.9% | 10.3% | 10.0% | 8.8% | 2.1 |
 TTE | $179B | 13.9 | 6.3 | 16.6 | 28.4% | 10.9% | 11.0% | 9.9% | 1.8 |
 COP | $131B | 17.0 | 6.4 | 7.8 | 24.6% | 19.6% | 12.4% | 10.4% | 1.0 |
 OXY | $52B | 32.2 | 6.5 | 12.6 | 33.8% | 17.2% | 6.7% | 4.7% | 2.1 |
 EOG | $69B | 14.3 | 5.9 | 17.6 | 68.1% | 35.1% | 16.8% | 19.1% | 0.7 |
 DVN | $26B | 10.0 | 4.5 | 8.4 | 24.7% | 22.0% | 17.5% | 12.3% | 1.2 |
 MPC | $71B | 18.3 | 11.3 | 14.9 | 7.5% | 4.3% | 16.7% | 8.3% | 3.8 |
 PSX | $67B | 15.4 | 13.0 | 24.4 | 4.9% | 2.7% | 15.0% | 5.3% | 3.4 |
| Energy Median | — | 15.4 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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CVX — Frequently Asked Questions
Quick answers to the most common questions about buying CVX stock.
What is Chevron Corporation's P/E ratio?
Chevron Corporation's current P/E ratio is 26.2x. The historical average is 20.6x. This places it at the 75th percentile of its historical range.
What is Chevron Corporation's EV/EBITDA?
Chevron Corporation's current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.4x.
What is Chevron Corporation's ROE?
Chevron Corporation's return on equity (ROE) is 7.1%. The historical average is 14.7%.
Is CVX stock overvalued?
Based on historical data, Chevron Corporation is trading at a P/E of 26.2x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Chevron Corporation's dividend yield?
Chevron Corporation's current dividend yield is 3.96% with a payout ratio of 103.7%.
What are Chevron Corporation's profit margins?
Chevron Corporation has 30.4% gross margin and 9.0% operating margin.
How much debt does Chevron Corporation have?
Chevron Corporation's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.