Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Chevron Corp., profitability ratios
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).
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Chevron Corp. operating profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Chevron Corp. net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Chevron Corp. ROE deteriorated from 2022 to 2023 and from 2023 to 2024. |
| ROA | A profitability ratio calculated as net income divided by total assets. | Chevron Corp. ROA deteriorated from 2022 to 2023 and from 2023 to 2024. |
Operating Profit Margin
Chevron Corp., operating profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 28,295) | 30,265) | 50,485) | 23,039) | (5,876) | |
| Sales and other operating revenues | 193,414) | 196,913) | 235,717) | 155,606) | 94,471) | |
| Profitability Ratio | ||||||
| Operating profit margin1 | 14.63% | 15.37% | 21.42% | 14.81% | -6.22% | |
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| ConocoPhillips | 26.64% | 30.57% | 36.80% | 29.84% | -12.74% | |
| Expand Energy Corp. | -18.85% | 51.96% | 26.76% | 9.64% | — | |
| Exxon Mobil Corp. | 14.74% | 16.24% | 19.82% | 11.91% | -14.85% | |
| Occidental Petroleum Corp. | 16.40% | 24.21% | 38.32% | 17.59% | -79.89% | |
| Operating Profit Margin, Sector | ||||||
| Oil, Gas & Consumable Fuels | 15.60% | 17.97% | 23.08% | 14.66% | -15.83% | |
| Operating Profit Margin, Industry | ||||||
| Energy | 15.62% | 17.89% | 22.78% | 14.55% | -18.01% | |
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
Operating profit margin = 100 × Operating income (loss) ÷ Sales and other operating revenues
= 100 × 28,295 ÷ 193,414 = 14.63%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Chevron Corp. operating profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Net Profit Margin
Chevron Corp., net profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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% | |
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| ConocoPhillips | 16.89% | 19.52% | 23.80% | 17.63% | -14.38% | |
| Expand Energy Corp. | -16.76% | 40.00% | 34.95% | 86.67% | — | |
| Exxon Mobil Corp. | 9.93% | 10.76% | 13.98% | 8.33% | -12.57% | |
| Occidental Petroleum Corp. | 11.43% | 16.62% | 36.32% | 8.95% | -83.28% | |
| Net Profit Margin, Sector | ||||||
| Oil, Gas & Consumable Fuels | 10.18% | 12.13% | 16.78% | 10.83% | -14.70% | |
| Net Profit Margin, Industry | ||||||
| Energy | 10.29% | 12.16% | 16.62% | 10.72% | -16.81% | |
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 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Chevron Corp. net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Return on Equity (ROE)
Chevron Corp., ROE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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% | |
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| ConocoPhillips | 14.27% | 22.23% | 38.91% | 17.79% | -9.05% | |
| Expand Energy Corp. | -4.06% | 22.55% | 54.10% | 111.59% | — | |
| Exxon Mobil Corp. | 12.77% | 17.58% | 28.58% | 13.67% | -14.28% | |
| Occidental Petroleum Corp. | 8.95% | 15.52% | 44.22% | 11.42% | -79.85% | |
| ROE, Sector | ||||||
| Oil, Gas & Consumable Fuels | 11.82% | 16.55% | 29.02% | 14.61% | -13.50% | |
| ROE, Industry | ||||||
| Energy | 12.17% | 16.73% | 28.65% | 14.53% | -16.04% | |
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 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Chevron Corp. ROE deteriorated from 2022 to 2023 and from 2023 to 2024. |
Return on Assets (ROA)
Chevron Corp., ROA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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% | |
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| ConocoPhillips | 7.53% | 11.42% | 19.91% | 8.91% | -4.31% | |
| Expand Energy Corp. | -2.56% | 16.83% | 31.91% | 57.48% | — | |
| Exxon Mobil Corp. | 7.43% | 9.57% | 15.10% | 6.80% | -6.74% | |
| Occidental Petroleum Corp. | 3.58% | 6.35% | 18.32% | 3.09% | -18.52% | |
| ROA, Sector | ||||||
| Oil, Gas & Consumable Fuels | 6.65% | 9.18% | 15.84% | 7.34% | -6.36% | |
| ROA, Industry | ||||||
| Energy | 6.77% | 9.15% | 15.45% | 7.19% | -7.40% | |
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
ROA = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total assets
= 100 × 17,661 ÷ 256,938 = 6.87%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Chevron Corp. ROA deteriorated from 2022 to 2023 and from 2023 to 2024. |