Chevron Corp., current enterprise value calculation

Current share price (P)	$196.82
No. shares of common stock outstanding	1,995,385,539
US$ in millions
Common equity (market value)¹	392,732)
Add: Preferred stock, $1.00 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	5,726)
Total equity	398,458)
Add: Short-term debt (per books)	977)
Add: Long-term debt, excluding debt due within one year (per books)	39,781)
Total equity and debt	439,216)
Less: Cash and cash equivalents	6,293)
Less: Time deposits	4)
Less: Marketable securities	—)
Enterprise value (EV)	432,919)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 196.82 × 1,995,385,539

Chevron Corp., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$185.34	$156.92	$154.45	$161.93	$134.85
No. shares of common stock outstanding¹	1,995,385,539	1,760,598,537	1,857,269,160	1,906,674,044	1,947,553,346
US$ in millions
Common equity (market value)³	369,825)	276,273)	286,855)	308,748)	262,628)
Add: Preferred stock, $1.00 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	5,726)	839)	806)	818)	738)
Total equity	375,551)	277,112)	287,661)	309,566)	263,366)
Add: Short-term debt (book value)	977)	4,406)	529)	1,964)	256)
Add: Long-term debt, excluding debt due within one year (book value)	39,781)	20,135)	20,307)	21,375)	31,113)
Total equity and debt	416,309)	301,653)	308,497)	332,905)	294,735)
Less: Cash and cash equivalents	6,293)	6,781)	8,178)	17,678)	5,640)
Less: Time deposits	4)	4)	—)	—)	—)
Less: Marketable securities	—)	—)	45)	223)	35)
Enterprise value (EV)	410,012)	294,868)	300,274)	315,004)	289,060)

Based on: 10-K (reporting date: 2025-12-31), 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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Chevron Corp. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 185.34 × 1,995,385,539

The enterprise value exhibited a fluctuating pattern over the five-year period. While initially increasing, it experienced a decline before rising again to reach its highest point in the observed timeframe. A close examination of the components contributing to enterprise value reveals further insights into these movements.

Enterprise Value Trend: Enterprise value began at US$289,060 million in 2021, increasing to US$315,004 million in 2022. A subsequent decrease was noted in 2023, with enterprise value falling to US$300,274 million. This downward trend continued into 2024, reaching US$294,868 million. However, 2025 saw a significant increase, with enterprise value rising to US$410,012 million.
Common Equity (Market Value): Common equity (market value) mirrored the initial increase in enterprise value, rising from US$262,628 million in 2021 to US$308,748 million in 2022. A decline followed in 2023 to US$286,855 million, and a further decrease in 2024 to US$276,273 million. A substantial increase was observed in 2025, reaching US$369,825 million.
Total Equity: Total equity demonstrated a similar pattern to common equity, increasing from US$263,366 million in 2021 to US$309,566 million in 2022, then decreasing to US$287,661 million in 2023 and US$277,112 million in 2024. The value increased significantly in 2025, reaching US$375,551 million.
Total Equity and Debt: Total equity and debt increased from US$294,735 million in 2021 to US$332,905 million in 2022, before decreasing to US$308,497 million in 2023 and US$301,653 million in 2024. A notable increase occurred in 2025, with the value reaching US$416,309 million. The increase in 2025 was proportionally larger than the increase in total equity, suggesting a greater reliance on debt financing during that period.

The relationship between enterprise value and its components suggests that market sentiment regarding the equity portion, coupled with changes in debt levels, significantly influenced the overall enterprise value. The substantial increase in both enterprise value and total equity and debt in 2025 indicates a period of potentially increased investment or a re-evaluation of the company’s future prospects.

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Chevron Corp. (NYSE:CVX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)