Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Market Value Added (MVA)

Microsoft Excel

Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

Chevron Corp., MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Fair value of debt1 22,993 19,355 21,376 32,134 46,210
Operating lease liability 5,070 5,234 4,031 3,503 3,906
Market value of common equity 276,273 286,855 308,748 262,628 197,165
Preferred stock, $1.00 par value; none issued
Redeemable noncontrolling interest 166 142 135 120
Noncontrolling interests 839 806 818 738 918
Less: Marketable securities 45 223 35 31
Market (fair) value of Chevron 305,175 312,371 334,892 299,103 248,288
Less: Invested capital2 208,395 212,337 212,342 193,606 197,314
MVA 96,780 100,034 122,550 105,497 50,974

Based on: 10-K (reporting date: 2024-12-31), 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).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Chevron Corp. market (fair) value less invested capital. Chevron Corp. MVA decreased from 2022 to 2023 and from 2023 to 2024.

MVA Spread Ratio

Chevron Corp., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Market value added (MVA)1 96,780 100,034 122,550 105,497 50,974
Invested capital2 208,395 212,337 212,342 193,606 197,314
Performance Ratio
MVA spread ratio3 46.44% 47.11% 57.71% 54.49% 25.83%
Benchmarks
MVA Spread Ratio, Competitors4
ConocoPhillips 38.56% 83.41% 93.55% 86.17% 63.43%
Exxon Mobil Corp. 39.78% 51.74% 67.23% 42.25% 18.54%
Occidental Petroleum Corp. 18.74% 37.27% 44.52% 34.32% 9.79%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 MVA. See details »

2 Invested capital. See details »

3 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 96,780 ÷ 208,395 = 46.44%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Chevron Corp. MVA spread ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

MVA Margin

Chevron Corp., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Market value added (MVA)1 96,780 100,034 122,550 105,497 50,974
Sales and other operating revenues 193,414 196,913 235,717 155,606 94,471
Performance Ratio
MVA margin2 50.04% 50.80% 51.99% 67.80% 53.96%
Benchmarks
MVA Margin, Competitors3
ConocoPhillips 74.93% 120.75% 90.01% 143.57% 171.77%
Exxon Mobil Corp. 44.44% 47.49% 50.09% 41.64% 28.44%
Occidental Petroleum Corp. 46.91% 75.01% 68.42% 76.78% 34.78%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 MVA. See details »

2 2024 Calculation
MVA margin = 100 × MVA ÷ Sales and other operating revenues
= 100 × 96,780 ÷ 193,414 = 50.04%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Chevron Corp. MVA margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.