Chevron Corporation (CVX) stock analysis
Company overview and business model
Source fact: Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. It operates through Upstream, Downstream, and All Other segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. Its Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The All Other segment engages in cash management and debt financing; insurance; real estate; and technology activities. It has operations in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005. Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.
Classification: NYSE · Energy · Oil & Gas Integrated
Revenue and growth
Source fact: Revenue was USD 184.43 billion for the period ending 2025-12-31.
Caverian calculation: Revenue changed -4.6% (FY2025 vs FY2024).
Profitability
Source fact: Net income was USD 12.30 billion in the latest reported period.
Source metric: Reported net margin was 6.7%.
Balance sheet and liquidity
Source fact: Cash and equivalents were USD 6.29 billion.
Source fact: Total debt was USD 40.76 billion.
Source metric: Current ratio was 1.15x.
Cash-flow analysis
Source fact: Operating cash flow was USD 33.94 billion.
Source fact: Free cash flow was USD 16.59 billion.
Valuation
Source metrics: Trailing P/E 19.80x; Forward P/E 15.56x; Price to book 2.13x; Price to sales 1.93x; EV/EBITDA 8.64x.
Caverian model output: Value score was 65/100.
Competitive position
Classification: Peer context: Oil & Gas Integrated within Energy.
Caverian model output: Quality score was 67/100.
Caverian model output: Growth score was 34/100.
Material risks
Caverian calculation: Altman Z-score was 3.53 (safe zone).
Caverian calculation: Piotroski F-score was 6/9.
Data sources and freshness
Freshness: This report uses a stored upstream snapshot; statement periods are shown alongside the figures.
Methodology and limitations
Facts reproduce stored upstream fields. Calculations derive only from the displayed stored statements. Model outputs are Caverian interpretations, not investment advice or a buy/sell recommendation.
How Caverian approaches valuation · Sources and product principles