Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Chevron Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.75 0.75 0.91 0.65 0.39
Adjusted 0.74 0.75 0.90 0.65 0.40
Liquidity Ratio
Current Ratio
Reported 1.06 1.27 1.47 1.26 1.18
Adjusted 1.22 1.48 1.75 1.48 1.31
Solvency Ratios
Debt to Equity
Reported 0.16 0.13 0.15 0.23 0.34
Adjusted 0.17 0.14 0.15 0.23 0.34
Debt to Capital
Reported 0.14 0.11 0.13 0.18 0.25
Adjusted 0.14 0.12 0.13 0.18 0.25
Financial Leverage
Reported 1.69 1.63 1.62 1.72 1.82
Adjusted 1.48 1.44 1.44 1.55 1.66
Profitability Ratios
Net Profit Margin
Reported 9.13% 10.85% 15.05% 10.04% -5.87%
Adjusted 10.17% 9.55% 17.99% 13.20% -12.23%
Return on Equity (ROE)
Reported 11.59% 13.28% 22.27% 11.24% -4.21%
Adjusted 11.18% 10.26% 23.26% 13.26% -8.05%
Return on Assets (ROA)
Reported 6.87% 8.17% 13.76% 6.52% -2.31%
Adjusted 7.58% 7.12% 16.15% 8.57% -4.86%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Chevron Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Chevron Corp. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Chevron Corp. adjusted debt-to-equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Chevron Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Chevron Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Chevron Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Chevron Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Chevron Corp. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Chevron Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenues 193,414 196,913 235,717 155,606 94,471
Total assets 256,938 261,632 257,709 239,535 239,790
Activity Ratio
Total asset turnover1 0.75 0.75 0.91 0.65 0.39
Adjusted
Selected Financial Data (US$ in millions)
Sales and other operating revenues 193,414 196,913 235,717 155,606 94,471
Adjusted total assets2 259,678 264,219 262,722 239,767 237,537
Activity Ratio
Adjusted total asset turnover3 0.74 0.75 0.90 0.65 0.40

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 2024 Calculation
Total asset turnover = Sales and other operating revenues ÷ Total assets
= 193,414 ÷ 256,938 = 0.75

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Sales and other operating revenues ÷ Adjusted total assets
= 193,414 ÷ 259,678 = 0.74

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Chevron Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 40,911 41,128 50,343 33,738 26,078
Current liabilities 38,558 32,258 34,208 26,791 22,183
Liquidity Ratio
Current ratio1 1.06 1.27 1.47 1.26 1.18
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 47,167 47,884 59,861 39,629 29,111
Current liabilities 38,558 32,258 34,208 26,791 22,183
Liquidity Ratio
Adjusted current ratio3 1.22 1.48 1.75 1.48 1.31

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 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 40,911 ÷ 38,558 = 1.06

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 47,167 ÷ 38,558 = 1.22

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Chevron Corp. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 24,541 20,836 23,339 31,369 44,315
Total Chevron Corporation stockholders’ equity 152,318 160,957 159,282 139,067 131,688
Solvency Ratio
Debt to equity1 0.16 0.13 0.15 0.23 0.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 29,611 26,070 27,370 34,872 48,221
Adjusted total equity3 176,024 183,352 182,397 154,880 143,512
Solvency Ratio
Adjusted debt to equity4 0.17 0.14 0.15 0.23 0.34

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 2024 Calculation
Debt to equity = Total debt ÷ Total Chevron Corporation stockholders’ equity
= 24,541 ÷ 152,318 = 0.16

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 29,611 ÷ 176,024 = 0.17

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Chevron Corp. adjusted debt-to-equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 24,541 20,836 23,339 31,369 44,315
Total capital 176,859 181,793 182,621 170,436 176,003
Solvency Ratio
Debt to capital1 0.14 0.11 0.13 0.18 0.25
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 29,611 26,070 27,370 34,872 48,221
Adjusted total capital3 205,635 209,422 209,767 189,752 191,733
Solvency Ratio
Adjusted debt to capital4 0.14 0.12 0.13 0.18 0.25

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 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 24,541 ÷ 176,859 = 0.14

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 29,611 ÷ 205,635 = 0.14

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Chevron Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 256,938 261,632 257,709 239,535 239,790
Total Chevron Corporation stockholders’ equity 152,318 160,957 159,282 139,067 131,688
Solvency Ratio
Financial leverage1 1.69 1.63 1.62 1.72 1.82
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 259,678 264,219 262,722 239,767 237,537
Adjusted total equity3 176,024 183,352 182,397 154,880 143,512
Solvency Ratio
Adjusted financial leverage4 1.48 1.44 1.44 1.55 1.66

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 2024 Calculation
Financial leverage = Total assets ÷ Total Chevron Corporation stockholders’ equity
= 256,938 ÷ 152,318 = 1.69

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 259,678 ÷ 176,024 = 1.48

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Chevron Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 17,661 21,369 35,465 15,625 (5,543)
Sales and other operating revenues 193,414 196,913 235,717 155,606 94,471
Profitability Ratio
Net profit margin1 9.13% 10.85% 15.05% 10.04% -5.87%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 19,673 18,804 42,417 20,543 (11,554)
Sales and other operating revenues 193,414 196,913 235,717 155,606 94,471
Profitability Ratio
Adjusted net profit margin3 10.17% 9.55% 17.99% 13.20% -12.23%

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 2024 Calculation
Net profit margin = 100 × Net income (loss) attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × 17,661 ÷ 193,414 = 9.13%

2 Adjusted net income (loss). See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Sales and other operating revenues
= 100 × 19,673 ÷ 193,414 = 10.17%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Chevron Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 17,661 21,369 35,465 15,625 (5,543)
Total Chevron Corporation stockholders’ equity 152,318 160,957 159,282 139,067 131,688
Profitability Ratio
ROE1 11.59% 13.28% 22.27% 11.24% -4.21%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 19,673 18,804 42,417 20,543 (11,554)
Adjusted total equity3 176,024 183,352 182,397 154,880 143,512
Profitability Ratio
Adjusted ROE4 11.18% 10.26% 23.26% 13.26% -8.05%

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 2024 Calculation
ROE = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total Chevron Corporation stockholders’ equity
= 100 × 17,661 ÷ 152,318 = 11.59%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 19,673 ÷ 176,024 = 11.18%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Chevron Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 17,661 21,369 35,465 15,625 (5,543)
Total assets 256,938 261,632 257,709 239,535 239,790
Profitability Ratio
ROA1 6.87% 8.17% 13.76% 6.52% -2.31%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 19,673 18,804 42,417 20,543 (11,554)
Adjusted total assets3 259,678 264,219 262,722 239,767 237,537
Profitability Ratio
Adjusted ROA4 7.58% 7.12% 16.15% 8.57% -4.86%

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 2024 Calculation
ROA = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total assets
= 100 × 17,661 ÷ 256,938 = 6.87%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 19,673 ÷ 259,678 = 7.58%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Chevron Corp. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.