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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.75 0.91 0.65 0.39 0.59
Adjusted 0.75 0.90 0.65 0.40 0.59
Liquidity Ratio
Current Ratio
Reported 1.27 1.47 1.26 1.18 1.07
Adjusted 1.48 1.75 1.48 1.31 1.27
Solvency Ratios
Debt to Equity
Reported 0.13 0.15 0.23 0.34 0.19
Adjusted 0.14 0.15 0.23 0.34 0.19
Debt to Capital
Reported 0.11 0.13 0.18 0.25 0.16
Adjusted 0.12 0.13 0.18 0.25 0.16
Financial Leverage
Reported 1.63 1.62 1.72 1.82 1.65
Adjusted 1.44 1.44 1.55 1.66 1.49
Profitability Ratios
Net Profit Margin
Reported 10.85% 15.05% 10.04% -5.87% 2.09%
Adjusted 9.55% 17.99% 13.20% -12.23% -0.95%
Return on Equity (ROE)
Reported 13.28% 22.27% 11.24% -4.21% 2.03%
Adjusted 10.26% 23.26% 13.26% -8.05% -0.83%
Return on Assets (ROA)
Reported 8.17% 13.76% 6.52% -2.31% 1.23%
Adjusted 7.12% 16.15% 8.57% -4.86% -0.55%

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).

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Chevron Corp. adjusted current ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
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 2021 to 2022 and from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
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 decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Chevron Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Chevron Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Chevron Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Chevron Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Total assets 261,632 257,709 239,535 239,790 237,428
Activity Ratio
Total asset turnover1 0.75 0.91 0.65 0.39 0.59
Adjusted
Selected Financial Data (US$ in millions)
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Adjusted total assets2 264,219 262,722 239,767 237,537 238,509
Activity Ratio
Adjusted total asset turnover3 0.75 0.90 0.65 0.40 0.59

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
Total asset turnover = Sales and other operating revenues ÷ Total assets
= 196,913 ÷ 261,632 = 0.75

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Sales and other operating revenues ÷ Adjusted total assets
= 196,913 ÷ 264,219 = 0.75

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 41,128 50,343 33,738 26,078 28,329
Current liabilities 32,258 34,208 26,791 22,183 26,530
Liquidity Ratio
Current ratio1 1.27 1.47 1.26 1.18 1.07
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 47,884 59,861 39,629 29,111 33,588
Current liabilities 32,258 34,208 26,791 22,183 26,530
Liquidity Ratio
Adjusted current ratio3 1.48 1.75 1.48 1.31 1.27

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
Current ratio = Current assets ÷ Current liabilities
= 41,128 ÷ 32,258 = 1.27

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 47,884 ÷ 32,258 = 1.48

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
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
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 26,070 27,370 34,872 48,221 30,858
Adjusted total equity3 183,352 182,397 154,880 143,512 159,984
Solvency Ratio
Adjusted debt to equity4 0.14 0.15 0.23 0.34 0.19

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 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 26,070 ÷ 183,352 = 0.14

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 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 20,836 23,339 31,369 44,315 26,973
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
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 26,070 27,370 34,872 48,221 30,858
Adjusted total capital3 209,422 209,767 189,752 191,733 190,842
Solvency Ratio
Adjusted debt to capital4 0.12 0.13 0.18 0.25 0.16

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 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 26,070 ÷ 209,422 = 0.12

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 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
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
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 264,219 262,722 239,767 237,537 238,509
Adjusted total equity3 183,352 182,397 154,880 143,512 159,984
Solvency Ratio
Adjusted financial leverage4 1.44 1.44 1.55 1.66 1.49

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 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 264,219 ÷ 183,352 = 1.44

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 decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Profitability Ratio
Net profit margin1 10.85% 15.05% 10.04% -5.87% 2.09%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 18,804 42,417 20,543 (11,554) (1,323)
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Profitability Ratio
Adjusted net profit margin3 9.55% 17.99% 13.20% -12.23% -0.95%

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
Net profit margin = 100 × Net income (loss) attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × 21,369 ÷ 196,913 = 10.85%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Sales and other operating revenues
= 100 × 18,804 ÷ 196,913 = 9.55%

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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Profitability Ratio
ROE1 13.28% 22.27% 11.24% -4.21% 2.03%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 18,804 42,417 20,543 (11,554) (1,323)
Adjusted total equity3 183,352 182,397 154,880 143,512 159,984
Profitability Ratio
Adjusted ROE4 10.26% 23.26% 13.26% -8.05% -0.83%

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
ROE = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total Chevron Corporation stockholders’ equity
= 100 × 21,369 ÷ 160,957 = 13.28%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 18,804 ÷ 183,352 = 10.26%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Chevron Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Total assets 261,632 257,709 239,535 239,790 237,428
Profitability Ratio
ROA1 8.17% 13.76% 6.52% -2.31% 1.23%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 18,804 42,417 20,543 (11,554) (1,323)
Adjusted total assets3 264,219 262,722 239,767 237,537 238,509
Profitability Ratio
Adjusted ROA4 7.12% 16.15% 8.57% -4.86% -0.55%

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
ROA = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total assets
= 100 × 21,369 ÷ 261,632 = 8.17%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 18,804 ÷ 264,219 = 7.12%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Chevron Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.