Energy · Integrated Oil & Gas · US stock · price as of 16 Oct 2026
Key indicators
Price
$224.99
52-week range
$142.51 – $225.31
Market cap
$444.4B
P/E (trailing)
21.2×
EV / EBITDA
7.8×
Free-cash-flow yield
6.1%
Dividend yield
3.1%
Revenue (last 12 months)
$215.3B
Revenue growth (3y a year)
−8.4%
Operating margin
14.9%
Return on invested capital
12.4%
Net debt / EBITDA
-0.2×
Fair value
Blended fair value$254.90 range $216 – $268
Versus priceFair+13% to fair value
Peer multiples
$148.45
Fundamentals-adjusted multiple
$218.07
10-year DCF (market-scaled)
$398.17
Earnings power value (floor, not blended)
$125.69
Model uncertainty
Medium
X-Ray Score
52/ 100 · High confidence · ahead of 65% of sector peers
Valuation52
Growth26
Profitability61
Financial health61
Dividends66
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Chevron is one of the world's largest integrated energy companies. It explores for and produces crude oil and natural gas, and it also refines oil into fuels and chemicals, operates pipelines and markets petroleum products. Revenue comes from selling crude oil, natural gas and refined products, so earnings are strongly linked to commodity prices, refining margins and production volumes in many countries.
Chevron Corp generated $215.3 billion of revenue in the last twelve months, with sales that fell 8.4% a year over the past three years. Net debt to EBITDA is -0.2 times, which means cash exceeds debt. The operating margin is 14.9% and the return on invested capital is 12%. Shareholders receive a dividend, yielding 3.1%.
StocksXray gives Chevron Corp an X-Ray Score of 52 out of 100 (high confidence), ahead of 65% of the S&P 500 stocks in its sector. Its strongest lens is dividends (66) and its weakest is growth (26).
Our fair value blend is $254.90 (range $215.70 to $268.06). At $224.99 the stock trades 12% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Chevron Corp (CVX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$97.14
$153.94
$132.95
$134.66
$148.27
$224.99
Market cap
$186.5B
$298.6B
$249.9B
$244.7B
$275.2B
$444.4B
P/E
11.9×
8.4×
11.7×
13.9×
22.4×
21.2×
EV / revenue
1.3×
1.2×
1.3×
1.3×
1.7×
2.0×
EV / EBITDA
5.4×
4.6×
5.6×
6.0×
7.8×
7.9×
Price / free cash flow
8.8×
7.9×
12.6×
16.3×
16.6×
16.5×
Free-cash-flow yield
11.3%
12.6%
7.9%
6.1%
6.0%
6.1%
Price / book
1.3×
1.9×
1.6×
1.6×
1.5×
2.3×
Dividend yield
5.47%
3.69%
4.54%
4.84%
4.61%
3.13%
Fundamentals checklist ● 3 Good · ● 11 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.5%Average
Free-cash-flow yield6.1%Average
Risk models
Altman Z score4.4×Good
Piotroski F-Score5 of 9Average
Growth
EPS growth (3y)−28.7%Average
Free-cash-flow growth (3y)−23.9%Average
Revenue growth (3y)−8.4%Bad
Growth consistency40%Bad
Balance sheet
Current ratio1.3×Average
Net debt / EBITDA-0.2×Good
Interest cover22.5×Average
Valuation
Fair value vs price1.1×Average
EBIT / EV yield7.3%Average
Profitability
Return on invested capital12.4%Average
Operating margin14.9%Average
Gross profitability29.6%Good
XStocksXray
Chevron Corp (CVX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
162,465
246,252
200,949
202,792
189,031
215,261
Gross profit
70,216
100,836
81,753
83,586
80,817
97,643
Operating income
22,351
50,190
30,053
28,100
20,960
32,071
Net income
15,600
35,500
21,400
17,700
12,300
20,592
Diluted EPS ($)
8.14
18.28
11.36
9.72
6.63
10.61
Free cash flow
21,131
37,628
19,780
15,044
16,592
27,012
Gross margin
43.2%
40.9%
40.7%
41.2%
42.8%
45.4%
Operating margin
13.8%
20.4%
15.0%
13.9%
11.1%
14.9%
Net margin
9.6%
14.4%
10.6%
8.7%
6.5%
9.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
239,535
257,709
261,632
256,938
324,012
330,135
Cash
5,640
17,678
8,178
8,262
7,285
9,582
Total debt
36,315
26,033
22,486
33,939
47,745
401
Equity
139,067
159,282
160,957
152,318
186,450
189,883
Dividend per share ($)
5.31
5.68
6.04
6.52
6.84
6.98
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.