Enterprise Value to FCFF (EV/FCFF)
Paying user area
Try for free
Chevron Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Chevron Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to The Firm (FCFF)
Chevron Corp., FCFF calculation
US$ in millions
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, 2 See details »
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities shows a significant upward trend from 10,577 million US dollars in 2020 to a peak of 49,602 million US dollars in 2022. After this peak, there is a noticeable decline to 35,609 million US dollars in 2023, followed by a further decrease to 31,492 million US dollars in 2024. Despite the decline in the last two years, the cash generated remains substantially higher than the value in 2020, indicating overall growth over the five-year period.
- Free Cash Flow to the Firm (FCFF)
- Free cash flow to the firm exhibits a similar pattern to operating cash flow. It rises sharply from 2,220 million US dollars in 2020 to 21,683 million in 2021, continuing to increase to 38,086 million in 2022. Subsequently, there is a decrease to 20,224 million in 2023 and a further decline to 15,538 million in 2024. Despite the reduction after 2022, the FCFF values remain considerably above the initial 2020 figure, reflecting improved free cash generation capacity over the period.
Interest Paid, Net of Tax
Chevron Corp., interest paid, net of tax calculation
US$ in millions
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).
2 2024 Calculation
Cash payments for interest on debt, net of capitalized interest, tax = Cash payments for interest on debt, net of capitalized interest × EITR
= × =
3 2024 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= × =
- Effective Income Tax Rate (EITR)
-
The effective income tax rate showed an overall increasing trend from 25.4% in 2020 to 35.5% in 2024. After rising steadily from 25.4% in 2020 to 28.3% in 2022, the rate slightly decreased to 27.6% in 2023 before increasing notably to 35.5% in 2024. This indicates a rising tax burden over the years, with a significant jump in the most recent year.
- Cash Payments for Interest on Debt, Net of Capitalized Interest, Net of Tax
-
Cash payments related to interest on debt demonstrated a declining trend from 537 million USD in 2020 to a lower level of 337 million USD in 2023. In 2024, there was a modest increase to 379 million USD. The overall pattern reflects a reduction in cash outflows for interest costs over the period, with a slight reversal in the final year.
- Capitalized Interest, Net of Tax
-
Capitalized interest increased consistently each year, starting at 28 million USD in 2020 and reaching 115 million USD by 2024. The growth appears steady and considerable, especially between 2021 and 2024, which suggests escalating expenditures on capital projects or investments being capitalized over this time frame.
Enterprise Value to FCFF Ratio, Current
Chevron Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| EV/FCFF, Sector | |
| Oil, Gas & Consumable Fuels | |
| EV/FCFF, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Chevron Corp., historical EV/FCFF 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) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| EV/FCFF, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| EV/FCFF, Industry | ||||||
| Energy | ||||||
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).
3 2024 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibits an increasing trend from 2020 to 2022, rising from approximately $236.8 billion to $315 billion. However, this growth is followed by a decline in the subsequent two years, dropping to approximately $294.9 billion by the end of 2024. This suggests that after a period of expansion, the market valuation or debt structure associated with the company experienced some contraction.
- Free Cash Flow to the Firm (FCFF)
- Free cash flow to the firm shows substantial growth from 2020 to 2022, surging dramatically from $2.2 billion to $38.1 billion. This indicates a strong improvement in the company’s cash-generating capability during these years. After peaking in 2022, FCFF declines notably over 2023 and 2024, falling to $15.5 billion. Though still considerably higher than the 2020 level, this downward trend may raise concerns about the sustainability of cash flow generation.
- EV/FCFF Ratio
- The EV to FCFF ratio experiences a sharp decrease from 106.63 in 2020 to 8.27 in 2022, reflecting improved cash flow relative to enterprise value, which generally suggests enhanced valuation attractiveness or improved operational efficiency. From 2023 onwards, the ratio increases to 14.85 in 2023 and reaches 18.98 in 2024, indicating that the valuation premium per unit of free cash flow has risen again, possibly due to the decline in free cash flow or changes in market perceptions.