Latest Ratios: P/E Ratio 15.5x · EV/EBITDA 7.1x · ROE 7.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $423.4B | $282.9B | $263.1B | $280.5B | $348.3B | $225.3B | $157.9B | $228.4B | $208.2B | $237.6B | $220.4B |
| Enterprise Value | $457.9B | $317.3B | $280.9B | $293.1B | $353.9B | $251.1B | $196.6B | $249.7B | $233.4B | $271.5B | $259.6B |
| P/E Ratio → | 15.47 | 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 | 2.05 | 1.47 | 1.72 | 1.73 | 2.17 | 1.61 | 1.19 | 1.57 | 1.34 | 1.59 | 1.50 |
| P/FCF | 12.43 | 17.05 | 17.49 | 14.18 | 9.26 | 10.69 | 94.17 | 17.30 | 12.39 | 33.41 | — |
| P/OCF | 12.48 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.72 | 1.45 | 1.49 | 1.50 | 1.61 | 2.08 | 1.79 | 1.47 | 2.02 | 2.36 |
| EV / EBITDA | 7.14 | 8.62 | 6.06 | 5.73 | 6.29 | 7.38 | 18.19 | 13.95 | 7.19 | 13.06 | 25.82 |
| EV / EBIT | 27.46 | 15.14 | 10.00 | 9.75 | 7.05 | 11.23 | — | 39.42 | 10.94 | 28.50 | — |
| EV / FCF | — | 19.13 | 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
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% |
| 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 | 6.3% | 6.3% | 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% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.16 | 0.13 | 0.15 | 0.22 | 0.33 | 0.19 | 0.22 | 0.26 | 0.31 |
| Debt / EBITDA | 1.11 | 1.11 | 0.53 | 0.41 | 0.41 | 0.92 | 4.10 | 1.51 | 1.06 | 1.86 | 4.59 |
| Net Debt / Equity | — | 0.18 | 0.12 | 0.08 | 0.04 | 0.18 | 0.29 | 0.15 | 0.16 | 0.23 | 0.27 |
| Net Debt / EBITDA | 0.94 | 0.94 | 0.38 | 0.25 | 0.10 | 0.76 | 3.58 | 1.19 | 0.77 | 1.63 | 3.89 |
| Debt / FCF | — | 2.08 | 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 3.2% | 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% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 4.4% | 6.7% | 7.6% | 10.2% | 6.9% | — | 1.3% | 7.1% | 3.9% | — |
| FCF Yield | 8.0% | 5.9% | 5.7% | 7.1% | 10.8% | 9.4% | 1.1% | 5.8% | 8.1% | 3.0% | — |
| Buyback Yield | 2.9% | 4.3% | 5.9% | 5.3% | 3.2% | 0.6% | 1.1% | 1.8% | 0.8% | 0.5% | 0.0% |
| Total Shareholder Yield | 6.1% | 8.8% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CVX stock.
Chevron Corporation's current P/E ratio is 15.5x. The historical average is 20.6x. This places it at the 61th percentile of its historical range.
Chevron Corporation's current EV/EBITDA is 7.1x. 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 7.1%. The historical average is 14.7%.
Based on historical data, Chevron Corporation is trading at a P/E of 15.5x. This is at the 61th 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 3.23% with a payout ratio of 103.7%.
Chevron Corporation has 30.4% gross margin and 9.0% operating margin.
Chevron Corporation's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity-linked earnings volatility
Metrics are mathematically derived from official filings.
Trailing Multiples Overstate Earnings Power
Based on reported figures, CVX trades at 32.07x trailing earnings against 11.82x forward, a gap that signals the market is discounting depressed recent earnings rather than paying a premium for growth. Compared with peers, the trailing P/E sits above XOM at 24.76x and COP at 21.46x.
The wide spread between trailing and forward P/E suggests the trailing denominator is being weighed down by the Q3 2026 EPS miss and softer realizations, not by a structural deterioration that the forward estimates would fully absorb. The forward EV/EBITDA of 6.29x sits below the peer range of roughly 6.8x to 12.0x, which may suggest the market is pricing in a normalization of commodity prices. Investors should monitor whether the forward estimates hold, since a further downward revision would erode the apparent discount.
Margins Holding Up Against Shrinking Revenue
As reported in financial statements, CVX's gross margin held at 44.0% in 2026Q3 versus 45.5% in the prior quarter, even as revenue contracted 4.6% year over year. Net margin of 15.2% in the latest quarter compares with 6.7% in 2024Q4, though quarterly swings remain large.
The resilience of gross margin despite negative top-line growth suggests cost discipline and the upstream-downstream mix are offsetting weaker commodity realizations. The net margin figure, however, appears inflated relative to operating margin of 17.4%, which may reflect non-operating or affiliate income and warrants further investigation. Net margin is the less reliable indicator of earning power here, since equity earnings from affiliates such as Tengizchevroil can diverge from cash received.
Returns Recovering From Trough but Modest
Based on the quarterly data, ROIC rose to 3.8% in 2026Q3 from 1.1% in 2026Q1, while ROE reached 5.0%, both still well below peer levels such as COP at 10.4% ROIC and TTE at 9.9%. The recovery appears to have been driven by margin rebound rather than improved capital efficiency.
The recovery in ROIC appears driven primarily by margin rebound rather than improved asset efficiency, since asset turnover has remained near 0.20 across recent quarters. The gap versus peers may reflect the heavy capital base of CVX's Permian and international projects, which takes longer to generate returns. Whether returns are compounding or merely cyclically recovering cannot be confirmed from this window alone.
Debt Reduction Leaves Ample Coverage Room
According to reported figures, debt-to-equity fell to 0.17 in 2026Q3 from a peak near 0.24, while interest coverage improved to 45.8x from 5.0x in 2026Q1. Net debt-to-EBITDA of 1.90x compares favorably with the 3.2x to 5.0x range seen through 2025.
The deleveraging trend suggests debt service has become substantially more comfortable, and the coverage ratio implies minimal near-term refinancing stress. The low leverage profile, however, may understate true fixed obligations because lease and decommissioning liabilities are not captured in the headline D/E figure. Investors should monitor whether those off-balance-sheet commitments are material to the full leverage picture.
Adequate Liquidity Buffer Under Moderate Stress
Based on reported quarterly figures, the current ratio stands at 1.34 and the quick ratio at 1.07 in 2026Q3, improving from 1.09 and 0.84 in 2026Q1. Cash of $12.8B rebuilt from $5.3B over the same period, providing a more substantial near-term buffer.
The quick ratio above 1.0 suggests the company can meet short-term obligations without relying on inventory liquidation, which is a meaningful strength for an integrated major. However, the buffer is modest relative to total capital commitments, and it may be thinner under a sustained commodity downturn. Liquidity appears adequate but not overwhelming, and the rebuild in cash appears to rely on a working capital timing benefit that could reverse.
Misapplied Trailing P/E Obscures Cycle Position
Trailing P/E is frequently misapplied to CVX because its 32.07x reading reflects a commodity-depressed earnings base, and reported figures suggest the metric may overstate valuation during the current trough. Forward EV/EBITDA of 6.29x offers a cycle-neutral alternative that better reflects earnings power.
Trailing P/E treats a single quarter's realized prices and affiliate earnings as representative, which may mislead analysts when quarterly EPS swings between $5.06 and $6.11. Normalizing earnings through a mid-cycle commodity price assumption, or relying on EV/EBITDA and free cash flow yield, would likely provide a more stable basis for comparison with XOM, COP, and TTE. Investors should treat the trailing multiple as a signal of cyclical timing rather than a valuation conclusion.