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Major integrated oil and gas company producing, refining and marketing petroleum and chemicals worldwide.
Major integrated oil and gas company producing, refining and marketing petroleum and chemicals worldwide.
Sells oil, gas, fuels and chemicals at market prices, with production earning the most when prices are high and refining and fuel marketing less cyclical. The 2025 purchase of Hess added a stake in Guyana's large offshore Stabroek field, alongside Permian Basin shale and its Kazakhstan operation.
Moat: narrow (scale, cost advantage, installed base). Low-cost Permian and deepwater positions plus integrated downstream provide cost advantages.
Headquarters: Houston, Texas, US · Founded: 1879 · Employees: 43,039
Size Chevron (CVX) is a United States Energy company (Integrated Oil) with a market value of $415B, the 23rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $212.61 on 6 Nov 2026.
Performance Over six months the shares gained 18.1%, against +1.9% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 8 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +15.0%); the operating margin is 15.4% (peer median 15.6%).
Valuation It trades at 11.4× forward earnings against a peer median of 7.0× (2nd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (7.0% WACC).
Credit Chevron has 27 bonds outstanding ($18.8B), rated AA- by the agencies and trading like AA+ at a weighted spread of 41 bp.
Short interest Short interest is 1.3% of the free float (15 Oct 2026).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $228B | $185B | $193B | $197B | $236B |
| Revenue growth | — | -5% | -2% | -17% | — |
| Gross profit | $44.5B | $27.1B | $29.0B | $37.2B | $50.1B |
| EBITDA | $59.6B | $36.9B | $36.5B | $44.2B | $57.3B |
| Net income | $27.0B | $12.3B | $17.7B | $21.4B | $35.5B |
| Free cash flow | $34.1B | $16.8B | $15.6B | $20.5B | $38.9B |
| Capital expenditure | $17.8B | $17.1B | $15.9B | $15.1B | $10.7B |
| Total debt | $33.5B | $46.7B | $29.6B | $26.1B | $27.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Shell Plc Sponsored ADR SHEL | $290B | +18% | +18% | 16% | 8.2× | -16.6% |
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
| BP PLC Sponsored ADR BP | $119B | +3% | +26% | 14% | 6.6× | n/a |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| Eni ENI.MI | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% |
| Equinor EQNR.OL | $102B | +12% | +2% | 33% | 7.2× | -15.4% |
| Occidental Petroleum OXY | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% |
| Woodside Energy WDS.AX | $40.4B | 0% | -10% | 26% | 9.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CVX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | -1.5% | 3rd highest of 8 |
| 6-month return | +18.1% | +1.9% | highest of 8 |
| Distance from 52-week high | -10.1% | -12.4% | 3rd highest of 8 |
| Revenue growth (TTM) | +22.1% | +15.0% | 2nd highest of 8 |
| Operating margin | 15.4% | 15.6% | 4th lowest of 8 |
| Forward P/E | 11.4× | 7.0× | 2nd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | -3.0% | -13.2% | most demanding of 7 |
| Growth delivered (Del g) | +14.3% | +10.0% | highest of 7 |
| Hurdle (Req g minus delivered) | -17.3 pp | -21.8 pp | 2nd most demanding of 7 |
| ROIC minus cost of capital | +5.3 pp | +9.6 pp | 2nd lowest of 8 |
| EV / EBITDA | 7.4× | 4.4× | 2nd most expensive of 8 |
| Net debt / EBITDA | 0.3× | 0.5× | 4th least indebted of 8 |
| Bond spread | 41 bp | 63 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chevron CVX | United States | $415B | +18% | +22% | 15% | 11.4× | -3.0% | +14.3% |
| Petrochina 0857.HK | Hong Kong | $345B | 0% | +14% | 8% | 8.4× | -4.6% | +7.5% |
| Shell SHEL.L | United Kingdom | $284B | +18% | +15% | 16% | 7.7× | -10.9% | +8.1% |
| ExxonMobil XOM | United States | $677B | +16% | +21% | 14% | 11.8× | -5.9% | +12.7% |
| TotalEnergies TTE.PA | France | $200B | +2% | +11% | 17% | 7.0× | -15.6% | +9.0% |
| Cnooc 0883.HK | Hong Kong | $148B | -9% | +11% | 46% | 5.8× | n/a | n/a |
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
Chevron has 27 bonds outstanding with $18.8B face value. The agencies rate it AA-; its bonds trade like AA+. Weighted yield 5.14%, a spread of 41 bp over government bonds.