Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Common Stock Valuation Ratios (Price Multiples) 

Microsoft Excel

Current Valuation Ratios

Chevron Corp., current price multiples

Microsoft Excel
Chevron Corp. ConocoPhillips Expand Energy Corp. Exxon Mobil Corp. Occidental Petroleum Corp. Oil, Gas & Consumable Fuels Energy
Selected Financial Data
Current share price (P) $137.87
No. shares of common stock outstanding 1,760,598,537
Growth rate (g) 6.09%
 
Earnings per share (EPS) $10.03
Next year expected EPS $10.64
Operating profit per share $16.07
Sales per share $109.86
Book value per share (BVPS) $86.51
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 13.74 12.25 13.77 15.68 14.17 13.96
Price to next year expected earnings 12.96 11.29 13.10 13.68 13.47 13.30
Price-earnings-growth (PEG) 2.26 1.45 2.67 1.07 2.75 2.83
Price to operating profit (P/OP) 8.58 7.76 9.28 8.50 9.14 9.11
Price to sales (P/S) 1.25 2.07 5.82 1.37 1.39 1.43 1.42
Price to book value (P/BV) 1.59 1.75 1.41 1.76 1.09 1.66 1.68

Based on: 10-K (reporting date: 2024-12-31).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

Chevron Corp., historical price multiples

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Price to earnings (P/E) 15.64 13.42 8.71 16.81
Price to operating profit (P/OP) 9.76 9.48 6.12 11.40
Price to sales (P/S) 1.43 1.46 1.31 1.69 2.09
Price to book value (P/BV) 1.81 1.78 1.94 1.89 1.50

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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Chevron Corp. P/E ratio increased from 2022 to 2023 and from 2023 to 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Chevron Corp. P/OP ratio increased from 2022 to 2023 and from 2023 to 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chevron Corp. P/S ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Chevron Corp. P/BV ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Price to Earnings (P/E)

Chevron Corp., historical P/E calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
No. shares of common stock outstanding1 1,760,598,537 1,857,269,160 1,906,674,044 1,947,553,346 1,926,376,764
Selected Financial Data (US$)
Net income (loss) attributable to Chevron Corporation (in millions) 17,661 21,369 35,465 15,625 (5,543)
Earnings per share (EPS)2 10.03 11.51 18.60 8.02 -2.88
Share price1, 3 156.92 154.45 161.93 134.85 102.35
Valuation Ratio
P/E ratio4 15.64 13.42 8.71 16.81
Benchmarks
P/E Ratio, Competitors5
ConocoPhillips 13.41 11.92 7.07 14.66
Expand Energy Corp. 4.53 2.21 1.33
Exxon Mobil Corp. 14.21 11.49 8.01 14.11
Occidental Petroleum Corp. 19.28 13.36 4.24 23.89
P/E Ratio, Sector
Oil, Gas & Consumable Fuels 15.24 11.98 7.48 13.75
P/E Ratio, Industry
Energy 15.09 12.28 7.89 14.28

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).

1 Data adjusted for splits and stock dividends.

2 2024 Calculation
EPS = Net income (loss) attributable to Chevron Corporation ÷ No. shares of common stock outstanding
= 17,661,000,000 ÷ 1,760,598,537 = 10.03

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

4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 156.92 ÷ 10.03 = 15.64

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Chevron Corp. P/E ratio increased from 2022 to 2023 and from 2023 to 2024.

Price to Operating Profit (P/OP)

Chevron Corp., historical P/OP calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
No. shares of common stock outstanding1 1,760,598,537 1,857,269,160 1,906,674,044 1,947,553,346 1,926,376,764
Selected Financial Data (US$)
Operating income (loss) (in millions) 28,295 30,265 50,485 23,039 (5,876)
Operating profit per share2 16.07 16.30 26.48 11.83 -3.05
Share price1, 3 156.92 154.45 161.93 134.85 102.35
Valuation Ratio
P/OP ratio4 9.76 9.48 6.12 11.40
Benchmarks
P/OP Ratio, Competitors5
ConocoPhillips 8.50 7.61 4.57 8.66
Expand Energy Corp. 3.49 2.84 11.94
Exxon Mobil Corp. 9.57 7.62 5.65 9.86
Occidental Petroleum Corp. 10.46 7.37 3.78 7.96
P/OP Ratio, Sector
Oil, Gas & Consumable Fuels 9.83 7.99 5.40 10.02
P/OP Ratio, Industry
Energy 9.85 8.25 5.72 10.38

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 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= 28,295,000,000 ÷ 1,760,598,537 = 16.07

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

4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 156.92 ÷ 16.07 = 9.76

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Chevron Corp. P/OP ratio increased from 2022 to 2023 and from 2023 to 2024.

Price to Sales (P/S)

Chevron Corp., historical P/S calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
No. shares of common stock outstanding1 1,760,598,537 1,857,269,160 1,906,674,044 1,947,553,346 1,926,376,764
Selected Financial Data (US$)
Sales and other operating revenues (in millions) 193,414 196,913 235,717 155,606 94,471
Sales per share2 109.86 106.02 123.63 79.90 49.04
Share price1, 3 156.92 154.45 161.93 134.85 102.35
Valuation Ratio
P/S ratio4 1.43 1.46 1.31 1.69 2.09
Benchmarks
P/S Ratio, Competitors5
ConocoPhillips 2.26 2.33 1.68 2.58 3.52
Expand Energy Corp. 5.60 1.81 0.76 1.15
Exxon Mobil Corp. 1.41 1.24 1.12 1.17 1.34
Occidental Petroleum Corp. 1.72 1.78 1.45 1.40 1.39
P/S Ratio, Sector
Oil, Gas & Consumable Fuels 1.53 1.44 1.25 1.47 1.71
P/S Ratio, Industry
Energy 1.54 1.48 1.30 1.51 1.68

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 2024 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= 193,414,000,000 ÷ 1,760,598,537 = 109.86

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

4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 156.92 ÷ 109.86 = 1.43

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chevron Corp. P/S ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Price to Book Value (P/BV)

Chevron Corp., historical P/BV calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
No. shares of common stock outstanding1 1,760,598,537 1,857,269,160 1,906,674,044 1,947,553,346 1,926,376,764
Selected Financial Data (US$)
Total Chevron Corporation stockholders’ equity (in millions) 152,318 160,957 159,282 139,067 131,688
Book value per share (BVPS)2 86.51 86.66 83.54 71.41 68.36
Share price1, 3 156.92 154.45 161.93 134.85 102.35
Valuation Ratio
P/BV ratio4 1.81 1.78 1.94 1.89 1.50
Benchmarks
P/BV Ratio, Competitors5
ConocoPhillips 1.91 2.65 2.75 2.61 2.22
Expand Energy Corp. 1.36 1.02 1.18 1.48
Exxon Mobil Corp. 1.81 2.02 2.29 1.93 1.53
Occidental Petroleum Corp. 1.34 1.67 1.76 1.79 1.33
P/BV Ratio, Sector
Oil, Gas & Consumable Fuels 1.78 1.96 2.15 1.98 1.57
P/BV Ratio, Industry
Energy 1.82 2.03 2.25 2.05 1.60

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 2024 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 152,318,000,000 ÷ 1,760,598,537 = 86.51

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

4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 156.92 ÷ 86.51 = 1.81

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Chevron Corp. P/BV ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.