Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Chevron Corp., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 0.13 0.15 0.23 0.34 0.19
Debt to equity (including operating lease liability) 0.16 0.17 0.25 0.37 0.21
Debt to capital 0.11 0.13 0.18 0.25 0.16
Debt to capital (including operating lease liability) 0.14 0.15 0.20 0.27 0.18
Debt to assets 0.08 0.09 0.13 0.18 0.11
Debt to assets (including operating lease liability) 0.10 0.11 0.15 0.20 0.13
Financial leverage 1.63 1.62 1.72 1.82 1.65
Coverage Ratios
Interest coverage 64.08 97.27 31.39 -9.69 7.94
Fixed charge coverage 9.57 18.28 8.43 -1.29 2.62

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Chevron Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Chevron Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Chevron Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Chevron Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Chevron Corp. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Chevron Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Chevron Corp. financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Chevron Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Chevron Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Debt to Equity

Chevron Corp., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 529 1,964 256 1,548 3,282
Long-term debt, excluding debt due within one year 20,307 21,375 31,113 42,767 23,691
Total debt 20,836 23,339 31,369 44,315 26,973
 
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Solvency Ratio
Debt to equity1 0.13 0.15 0.23 0.34 0.19
Benchmarks
Debt to Equity, Competitors2
ConocoPhillips 0.38 0.35 0.44 0.51 0.43
Exxon Mobil Corp. 0.20 0.21 0.28 0.43 0.24
Marathon Petroleum Corp. 1.12 0.96 0.97 1.42 0.86
Occidental Petroleum Corp. 0.65 0.66 1.46 1.95 1.13
Valero Energy Corp. 0.44 0.49 0.75 0.78 0.44
Debt to Equity, Sector
Oil, Gas & Consumable Fuels 0.28 0.29 0.40 0.55 0.36
Debt to Equity, Industry
Energy 0.29 0.30 0.42 0.58 0.37

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Chevron Corporation stockholders’ equity
= 20,836 ÷ 160,957 = 0.13

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Chevron Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Equity (including Operating Lease Liability)

Chevron Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 529 1,964 256 1,548 3,282
Long-term debt, excluding debt due within one year 20,307 21,375 31,113 42,767 23,691
Total debt 20,836 23,339 31,369 44,315 26,973
Current lease liabilities, operating leases (included in Accrued liabilities) 1,538 1,111 995 1,291 1,277
Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) 3,696 2,920 2,508 2,615 2,608
Total debt (including operating lease liability) 26,070 27,370 34,872 48,221 30,858
 
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Solvency Ratio
Debt to equity (including operating lease liability)1 0.16 0.17 0.25 0.37 0.21
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
ConocoPhillips 0.40 0.36 0.45 0.54 0.45
Exxon Mobil Corp. 0.23 0.24 0.31 0.46 0.27
Marathon Petroleum Corp. 1.17 1.01 1.03 1.49 0.93
Occidental Petroleum Corp. 0.69 0.69 1.49 2.01 1.17
Valero Energy Corp. 0.48 0.54 0.82 0.84 0.50
Debt to Equity (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.31 0.32 0.43 0.59 0.39
Debt to Equity (including Operating Lease Liability), Industry
Energy 0.33 0.33 0.45 0.62 0.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Chevron Corporation stockholders’ equity
= 26,070 ÷ 160,957 = 0.16

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Chevron Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Debt to Capital

Chevron Corp., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 529 1,964 256 1,548 3,282
Long-term debt, excluding debt due within one year 20,307 21,375 31,113 42,767 23,691
Total debt 20,836 23,339 31,369 44,315 26,973
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Total capital 181,793 182,621 170,436 176,003 171,186
Solvency Ratio
Debt to capital1 0.11 0.13 0.18 0.25 0.16
Benchmarks
Debt to Capital, Competitors2
ConocoPhillips 0.28 0.26 0.31 0.34 0.30
Exxon Mobil Corp. 0.17 0.17 0.22 0.30 0.20
Marathon Petroleum Corp. 0.53 0.49 0.49 0.59 0.46
Occidental Petroleum Corp. 0.39 0.40 0.59 0.66 0.53
Valero Energy Corp. 0.30 0.33 0.43 0.44 0.31
Debt to Capital, Sector
Oil, Gas & Consumable Fuels 0.22 0.22 0.29 0.36 0.26
Debt to Capital, Industry
Energy 0.23 0.23 0.30 0.37 0.27

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,836 ÷ 181,793 = 0.11

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Chevron Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Capital (including Operating Lease Liability)

Chevron Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 529 1,964 256 1,548 3,282
Long-term debt, excluding debt due within one year 20,307 21,375 31,113 42,767 23,691
Total debt 20,836 23,339 31,369 44,315 26,973
Current lease liabilities, operating leases (included in Accrued liabilities) 1,538 1,111 995 1,291 1,277
Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) 3,696 2,920 2,508 2,615 2,608
Total debt (including operating lease liability) 26,070 27,370 34,872 48,221 30,858
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Total capital (including operating lease liability) 187,027 186,652 173,939 179,909 175,071
Solvency Ratio
Debt to capital (including operating lease liability)1 0.14 0.15 0.20 0.27 0.18
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
ConocoPhillips 0.28 0.26 0.31 0.35 0.31
Exxon Mobil Corp. 0.19 0.19 0.24 0.32 0.22
Marathon Petroleum Corp. 0.54 0.50 0.51 0.60 0.48
Occidental Petroleum Corp. 0.41 0.41 0.60 0.67 0.54
Valero Energy Corp. 0.32 0.35 0.45 0.46 0.33
Debt to Capital (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.24 0.24 0.30 0.37 0.28
Debt to Capital (including Operating Lease Liability), Industry
Energy 0.25 0.25 0.31 0.38 0.29

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 26,070 ÷ 187,027 = 0.14

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Chevron Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Debt to Assets

Chevron Corp., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 529 1,964 256 1,548 3,282
Long-term debt, excluding debt due within one year 20,307 21,375 31,113 42,767 23,691
Total debt 20,836 23,339 31,369 44,315 26,973
 
Total assets 261,632 257,709 239,535 239,790 237,428
Solvency Ratio
Debt to assets1 0.08 0.09 0.13 0.18 0.11
Benchmarks
Debt to Assets, Competitors2
ConocoPhillips 0.20 0.18 0.22 0.25 0.21
Exxon Mobil Corp. 0.11 0.11 0.14 0.20 0.13
Marathon Petroleum Corp. 0.32 0.30 0.30 0.37 0.29
Occidental Petroleum Corp. 0.27 0.27 0.39 0.45 0.35
Valero Energy Corp. 0.18 0.19 0.24 0.28 0.18
Debt to Assets, Sector
Oil, Gas & Consumable Fuels 0.15 0.15 0.19 0.25 0.18
Debt to Assets, Industry
Energy 0.15 0.15 0.20 0.25 0.18

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 20,836 ÷ 261,632 = 0.08

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Chevron Corp. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

Chevron Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 529 1,964 256 1,548 3,282
Long-term debt, excluding debt due within one year 20,307 21,375 31,113 42,767 23,691
Total debt 20,836 23,339 31,369 44,315 26,973
Current lease liabilities, operating leases (included in Accrued liabilities) 1,538 1,111 995 1,291 1,277
Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) 3,696 2,920 2,508 2,615 2,608
Total debt (including operating lease liability) 26,070 27,370 34,872 48,221 30,858
 
Total assets 261,632 257,709 239,535 239,790 237,428
Solvency Ratio
Debt to assets (including operating lease liability)1 0.10 0.11 0.15 0.20 0.13
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
ConocoPhillips 0.20 0.18 0.23 0.26 0.22
Exxon Mobil Corp. 0.13 0.13 0.16 0.22 0.15
Marathon Petroleum Corp. 0.33 0.31 0.32 0.39 0.32
Occidental Petroleum Corp. 0.28 0.29 0.40 0.47 0.37
Valero Energy Corp. 0.20 0.21 0.26 0.31 0.20
Debt to Assets (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.16 0.16 0.20 0.26 0.19
Debt to Assets (including Operating Lease Liability), Industry
Energy 0.17 0.17 0.21 0.27 0.20

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 26,070 ÷ 261,632 = 0.10

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Chevron Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Financial Leverage

Chevron Corp., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets 261,632 257,709 239,535 239,790 237,428
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Solvency Ratio
Financial leverage1 1.63 1.62 1.72 1.82 1.65
Benchmarks
Financial Leverage, Competitors2
ConocoPhillips 1.95 1.95 2.00 2.10 2.02
Exxon Mobil Corp. 1.84 1.89 2.01 2.12 1.89
Marathon Petroleum Corp. 3.52 3.24 3.26 3.84 2.93
Occidental Petroleum Corp. 2.45 2.41 3.69 4.31 3.19
Valero Energy Corp. 2.39 2.59 3.14 2.75 2.47
Financial Leverage, Sector
Oil, Gas & Consumable Fuels 1.93 1.95 2.12 2.25 2.02
Financial Leverage, Industry
Energy 1.95 1.97 2.15 2.29 2.04

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Chevron Corporation stockholders’ equity
= 261,632 ÷ 160,957 = 1.63

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Chevron Corp. financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Interest Coverage

Chevron Corp., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Add: Net income attributable to noncontrolling interest 42 143 64 (18) (79)
Add: Income tax expense 8,173 14,066 5,950 (1,892) 2,691
Add: Interest and debt expense 469 516 712 697 798
Earnings before interest and tax (EBIT) 30,053 50,190 22,351 (6,756) 6,334
Solvency Ratio
Interest coverage1 64.08 97.27 31.39 -9.69 7.94
Benchmarks
Interest Coverage, Competitors2
ConocoPhillips 21.88 36.07 15.38 -2.90 13.24
Exxon Mobil Corp. 63.17 98.43 33.98 -23.94 25.16
Marathon Petroleum Corp. 12.06 18.13 3.22 -9.21 4.50
Occidental Petroleum Corp. 7.80 14.71 3.30 -10.03 1.17
Valero Energy Corp. 20.88 28.24 3.56 -2.57 8.68
Interest Coverage, Sector
Oil, Gas & Consumable Fuels 27.70 42.90 13.22 -10.84 9.35
Interest Coverage, Industry
Energy 26.19 39.88 12.58 -11.55 6.66

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 30,053 ÷ 469 = 64.08

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Chevron Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Fixed Charge Coverage

Chevron Corp., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Add: Net income attributable to noncontrolling interest 42 143 64 (18) (79)
Add: Income tax expense 8,173 14,066 5,950 (1,892) 2,691
Add: Interest and debt expense 469 516 712 697 798
Earnings before interest and tax (EBIT) 30,053 50,190 22,351 (6,756) 6,334
Add: Operating lease costs 2,984 2,359 2,199 2,551 2,621
Earnings before fixed charges and tax 33,037 52,549 24,550 (4,205) 8,955
 
Interest and debt expense 469 516 712 697 798
Operating lease costs 2,984 2,359 2,199 2,551 2,621
Fixed charges 3,453 2,875 2,911 3,248 3,419
Solvency Ratio
Fixed charge coverage1 9.57 18.28 8.43 -1.29 2.62
Benchmarks
Fixed Charge Coverage, Competitors2
ConocoPhillips 17.14 28.76 11.94 -1.79 9.51
Exxon Mobil Corp. 13.03 20.62 9.13 -5.68 5.66
Marathon Petroleum Corp. 8.98 13.15 2.52 -5.84 3.13
Occidental Petroleum Corp. 3.09 6.42 1.78 -4.00 0.91
Valero Energy Corp. 12.65 17.27 2.57 -1.02 4.90
Fixed Charge Coverage, Sector
Oil, Gas & Consumable Fuels 10.18 16.86 6.12 -3.78 4.01
Fixed Charge Coverage, Industry
Energy 9.42 15.31 5.71 -3.89 2.96

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 33,037 ÷ 3,453 = 9.57

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Chevron Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.