Enterprise Value (EV)
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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
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Current Enterprise Value (EV)
Chevron Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, $1.00 par value; none issued (per books) | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term debt (per books) | |
| Add: Long-term debt, excluding debt due within one year (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Time deposits | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2024-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Chevron Corp., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Chevron Corp. Annual Report.
3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data reveals several notable trends and developments over the five-year period.
- Common Equity (Market Value)
- The market value of common equity exhibited a significant upward trajectory from 2020 through 2022, rising from approximately $197 billion to over $308 billion. However, after reaching this peak, there was a decline in the subsequent years, with values dropping to roughly $287 billion in 2023 and further to approximately $276 billion in 2024. This suggests a period of growth followed by a gradual decrease in investor market valuation.
- Total Equity
- Total equity closely mirrors the trend observed in common equity, beginning around $198 billion in 2020 and increasing steadily to about $310 billion in 2022. Following this peak, total equity similarly declined to $288 billion in 2023 and $277 billion in 2024. The parallel movement between common equity and total equity indicates a consistent relationship between shareholders' ownership value and overall equity on the balance sheet.
- Total Equity and Debt
- The combined measure of total equity and debt shows growth from $242 billion in 2020 to around $333 billion in 2022, indicating an increase in the company’s leveraged capital base during this period. After 2022, the total equity and debt value decreased to about $308 billion in 2023 and further to $302 billion in 2024, which may point to a reduction in debt levels, equity, or both.
- Enterprise Value (EV)
- Enterprise value followed a comparable pattern to total equity and debt, growing from roughly $237 billion in 2020 to a peak near $315 billion in 2022. A decline followed, with EV decreasing to approximately $300 billion in 2023 and $295 billion in 2024. The decline in EV after 2022 aligns with the decreases seen in equity and equity plus debt, reflecting a contraction in the overall valuation of the company inclusive of debt.
Overall, the data documents a period of expansion in all monitored financial indicators up until the end of 2022, followed by a moderate contraction through 2024. This pattern might suggest a peak in market and book valuations alongside leveraged financing, followed by a phase of deleveraging or market revaluation. The correlation between equity, debt, and enterprise value highlights a consistent balance between the company’s capital structure and market valuation over the analyzed period.