Chevron Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to Chevron Corporation	17,661)	21,369)	35,465)	15,625)	(5,543)
Net (income) loss attributable to noncontrolling interests	88)	42)	143)	64)	(18)
Net noncash charges	12,532)	17,383)	11,869)	14,859)	17,790)
Net (increase) decrease in operating working capital	1,211)	(3,185)	2,125)	(1,361)	(1,652)
Net cash provided by operating activities	31,492)	35,609)	49,602)	29,187)	10,577)
Cash payments for interest on debt, net of capitalized interest, net of tax¹	379)	337)	376)	507)	537)
Capitalized interest, net of tax²	115)	107)	82)	46)	28)
Capital expenditures	(16,448)	(15,829)	(11,974)	(8,056)	(8,922)
Free cash flow to the firm (FCFF)	15,538)	20,224)	38,086)	21,683)	2,220)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Chevron Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Chevron Corp. FCFF decreased from 2022 to 2023 and from 2023 to 2024.

Chevron Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	35.50%	27.60%	28.30%	27.50%	25.40%
Interest Paid, Net of Tax
Cash payments for interest on debt, net of capitalized interest, before tax	587)	465)	525)	699)	720)
Less: Cash payments for interest on debt, net of capitalized interest, tax²	208)	128)	149)	192)	183)
Cash payments for interest on debt, net of capitalized interest, net of tax	379)	337)	376)	507)	537)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	179)	148)	114)	63)	38)
Less: Capitalized interest, tax³	64)	41)	32)	17)	10)
Capitalized interest, net of tax	115)	107)	82)	46)	28)

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).

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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
= 587 × 35.50% = 208

³ 2024 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 179 × 35.50% = 64

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Chevron Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	262,843)
Free cash flow to the firm (FCFF)	15,538)
Valuation Ratio
EV/FCFF	16.92
Benchmarks
EV/FCFF, Competitors¹
ConocoPhillips	15.47
Expand Energy Corp.	275.93
Exxon Mobil Corp.	15.53
Occidental Petroleum Corp.	12.34
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	16.02
EV/FCFF, Industry
Energy	15.80

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.

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	294,868)	300,274)	315,004)	289,060)	236,771)
Free cash flow to the firm (FCFF)²	15,538)	20,224)	38,086)	21,683)	2,220)
Valuation Ratio
EV/FCFF³	18.98	14.85	8.27	13.33	106.63
Benchmarks
EV/FCFF, Competitors⁴
ConocoPhillips	16.31	15.38	7.43	10.72	92.48
Expand Energy Corp.	269.74	3.73	4.83	8.86	—
Exxon Mobil Corp.	15.76	12.47	7.84	10.06	—
Occidental Petroleum Corp.	13.73	11.15	5.95	8.39	25.58
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	16.89	12.98	7.65	10.82	163.02
EV/FCFF, Industry
Energy	16.78	13.30	8.21	11.17	117.62

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).

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³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 294,868 ÷ 15,538 = 18.98

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Chevron Corp. EV/FCFF ratio increased from 2022 to 2023 and from 2023 to 2024.

Chevron Corp. (NYSE:CVX)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical