Returning more cash than it generates. Paid out $78.1B vs $51.4B of free cash flow over the 3 fiscal years to 2025.
Chevron returned $78.1B to shareholders over three years, 152% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Investment surge. Capital spending 9.2% of revenue, up from 4.9% in 2022.
Chevron is spending 9.2% of revenue on facilities and equipment, up from 4.9% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Profit is backed by cash. Free cash flow is 131% of reported profit.
Chevron's free cash flow is 131% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 41 → 40
Share price -1.3%+1
Peer companies moved-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Return on invested capital, operating margin, and return on assets.
Operating margin9.0%
Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score -0.28Sector median: 0.1169 · MAD: 0.0936
Return on assets6.2%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.60Sector median: 0.0444 · MAD: 0.0302
Return on invested capital16.6%
Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 1.12Sector median: 0.0929 · MAD: 0.0648
Other data (not scored)
Gross margin45.4%
SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935
Return on equity10.8%
SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Chevron
Is Chevron getting weaker?
Its latest SEC filing (Aug 6, 2026) got stronger: net margin rose 3.8 points to 9.6%. Its overall score is unchanged at 57/100 since Oct 28, 2026.
How is Chevron valued vs its peers?
Priced about in line with its peers. Valuation scores 40/100 against 404 energy peers.
Is Chevron growing?
Yes, faster than most of its peers. Growth scores 64/100 against 404 energy peers.Earnings per share growth 30.9% vs a peer median of 1.1% (stronger than 73% of peers).Earnings per share growth 30.9% vs peers 1.1% (stronger than 73% of peers).
How profitable is Chevron?
About as profitable as its peers. Profitability scores 57/100 against 404 energy peers.Return on invested capital 16.6% vs a peer median of 9.3% (stronger than 73% of peers).Return on invested capital 16.6% vs peers 9.3% (stronger than 73% of peers).
How risky is Chevron?
Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Debt / equity 0.20× vs a peer median of 0.47× (stronger than 76% of peers).Debt / equity 0.20× vs peers 0.47× (stronger than 76% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Net margin rose 3.8 points to 9.6%
Previous quarter
Latest quarter
Change
Revenue (12 months)
190.0B USD
215.3B USD
+13.3%
Net income (12 months)
11.0B USD
20.6B USD
+87.0%
Free cash flow (12 months)
13.8B USD
27.0B USD
+96.0%
Debt
45.4B USD
37.1B USD
−18.4%
Cash
6.3B USD
9.6B USD
+51.7%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Integrated companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
43.2%
40.9%
40.7%
41.2%
42.8%
▲ 1.5 pts
Net margin
9.6%
14.4%
10.6%
8.7%
6.5%
▼ 2.2 pts
Return on assets (ROA)
6.5%
13.8%
8.2%
6.9%
3.8%
▼ 3.1 pts
Return on equity (ROE)
11.2%
22.3%
13.3%
11.6%
6.6%
▼ 5.0 pts
Free cash flow margin
13.0%
15.3%
9.8%
7.4%
8.8%
▲ 1.4 pts
Current ratio
1.26×
1.47×
1.27×
1.06×
1.15×
▲ 8.8%
Quick ratio
1.01×
1.23×
1.01×
0.83×
0.86×
▲ 4.6%
Debt to equity
0.28×
0.17×
0.16×
0.22×
0.27×
▲ 26%
CVX price history
Price history is added with the daily price update and will appear after the next one.