Chevron Corporation (CVX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.9%

$169.12

vs $228.29 price

Levered DCF

$152.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.14

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.92×	14.84×	13.07×	9.78×	14.4×	-28.53×	77.75×	13.93×
P/B	1.51×	1.72×	1.74×	2.18×	1.62×	1.2×	1.57×	1.34×
P/S	1.53×	1.36×	1.42×	1.47×	1.44×	1.67×	1.62×	1.3×
EV / EBITDA	7.7×	6.17×	6.16×	5.3×	6.22×	17.88×	10.29×	5.88×
Gross margin	30.4%	29.4%	30.7%	27.8%	29.2%	24.2%	21.8%	28.3%
Operating margin	9.0%	15.0%	17.2%	16.9%	10.3%	-7.3%	0.1%	9.1%
Net margin	6.7%	9.1%	10.9%	15.0%	10.0%	-5.9%	2.1%	9.3%
Current ratio	1.15×	1.06×	1.27×	1.47×	1.26×	1.18×	1.07×	1.25×
Debt / equity	0.22×	0.16×	0.13×	0.15×	0.23×	0.34×	0.19×	0.22×
Interest coverage	13.7×	48.99×	72.05×	77.42×	22.62×	-9.96×	0.13×	19.31×
Dividend yield	4.5%	4.5%	4.1%	3.2%	4.5%	6.1%	3.9%	4.1%
Payout ratio	103.7%	66.8%	53.0%	30.9%	65.1%	-174.1%	306.4%	57.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	11.6%	13.3%	22.3%	11.2%	-4.2%	2.0%	9.6%
Return on invested capital	3.6%	8.4%	10.6%	12.7%	5.5%	-2.4%	0.0%	4.5%
Return on assets	3.8%	6.9%	8.2%	13.8%	6.5%	-2.3%	1.2%	5.8%
Free cash flow yield	5.9%	5.7%	7.1%	10.9%	9.4%	1.1%	5.8%	8.1%
Earnings yield	4.4%	6.7%	7.6%	10.2%	6.9%	-3.5%	1.3%	7.2%
Enterprise value	$316.3B	$279.9B	$292B	$352.3B	$250.6B	$196.6B	$248.1B	$231.6B
Net debt / EBITDA	0.84×	0.39×	0.27×	0.09×	0.64×	3.52×	0.88×	0.64×
Cash conversion cycle (days)	9	4	5	9	11	17	7	8