CHEVRON CORP
CVX · NYSE · CIK 0000093410
SIC 2911
Petroleum Refining
Category
Energy
Entity
operating
Incorp.
DE
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$184.77
+3.15 (+1.73%)
Open
$183.00
High
$185.20
Low
$183.00
Prev Close
$181.62
Volume
5,486,237
52W High
$214.71
52W Low
$129.57
50-day MA
$193.26
Quote as of: 2026-05-11
Market Cap
$366.06B
P/E
32.26
P/B
2.07
PEG
1.11
EPS
5.74
BPS
94.16
Dividend Yield
3.59%
Beta
0.50
ROE
6.60%
ROA
3.80%
D/E Ratio
0.71
Current Ratio
1.15
Net Margin
6.51%
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (6 methods)
$253.41B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $227.15B | +61% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | — | N/A |
Justified P/E 순이익 × 산업 평균 P/E | $184.49B | +98% |
P/B 배수 자본 × 산업 평균 P/B | $279.68B | +31% |
P/S 배수 매출 × 산업 평균 P/S | $378.06B | -3% |
DCF (Gordon) CF × (1+g) / (r − g) | $302.37B | +21% |
DDM (Gordon) D × (1+g) / (r − g) | $32.87B | +1014% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 6 were applicable. Their median fair-value lands +44.5% below the current market cap → the stock trades above most formulas' estimates (overvalued). 4 methods flag overvalued, 0 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +61.2%√(22.5 × 순이익 × 자본)
Current
$366.06B
Implied fair
$227.15B
Gap (current − fair)
+$138.91B(+61.2%)
NetIncome = $12.30B Equity = $186.45B √(22.5 × $12.30B × $186.45B) = $227.15B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
순이익 × (8.5 + 2 × 성장률%)
Not applicable: -
Justified P/E
Overvalued +98.4%순이익 × 산업 평균 P/E
Current
$366.06B
Implied fair
$184.49B
Gap (current − fair)
+$181.58B(+98.4%)
NetIncome = $12.30B Industry P/E = 15× $12.30B × 15 = $184.49B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +30.9%자본 × 산업 평균 P/B
Current
$366.06B
Implied fair
$279.68B
Gap (current − fair)
+$86.39B(+30.9%)
Equity = $186.45B Industry P/B = 1.5× $186.45B × 1.5 = $279.68B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Fair -3.2%매출 × 산업 평균 P/S
Current
$366.06B
Implied fair
$378.06B
Gap (current − fair)
$-12.00B(-3.2%)
Revenue = $189.03B Industry P/S = 2× $189.03B × 2 = $378.06B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Fair +21.1%CF × (1+g) / (r − g)
Current
$366.06B
Implied fair
$302.37B
Gap (current − fair)
+$63.70B(+21.1%)
FCF = $33.94B Discount r = 4.0% + 5.0% = 9.0% Growth g = -2.0% $33.94B × (1 + -2.0%) / (9.0% − -2.0%) = $302.37B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 -2.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +1013.6%D × (1+g) / (r − g)
Current
$366.06B
Implied fair
$32.87B
Gap (current − fair)
+$333.19B(+1013.6%)
- 배당 입력: 순이익의 30% (이론적 배당 — 무배당주 평가용 가정)
- 할인율 9.0%
- 배당 영구 성장률 -2.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | -35.9% | -25.2% | -14.6% | -3.9% | +6.8% |
| 2% | -47.1% | -36.6% | -26.0% | -15.4% | -4.8% |
| 3% | -58.1% | -47.6% | -37.2% | -26.7% | -16.2% |
| 4% | -68.9% | -58.5% | -48.1% | -37.8% | -27.4% |
| 5% | -79.5% | -69.2% | -58.9% | -48.6% | -38.4% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-02-24
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 189,031 | 202,792 | 200,949 | 246,252 | 162,465 |
| Cost of Revenue | 108,214 | 119,206 | 119,196 | 145,416 | 89,372 |
| Net Income | 12,299 | 17,661 | 21,369 | 35,465 | 15,625 |
| EPS (Basic) | 6.65 | 9.76 | 11.41 | 18.36 | 8.15 |
| EPS (Diluted) | 6.63 | 9.72 | 11.36 | 18.28 | 8.14 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 324,012 | 256,938 | 261,632 | 257,709 | 239,535 |
| Current Assets | 38,552 | 40,911 | 41,128 | 50,343 | 33,738 |
| Cash & Equivalents | — | — | 8,178 | 17,678 | — |
| Total Liabilities | 131,836 | 103,781 | 99,703 | 97,467 | 99,595 |
| Current Liabilities | 33,387 | 38,558 | 32,258 | 34,208 | 26,791 |
| Long-term Debt | — | — | — | — | 25,676 |
| Total Equity | 186,450 | 152,318 | 160,957 | 159,282 | 139,067 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 33,939 | 31,492 | 35,609 | 49,602 | 29,187 |
| Investing CF | -15,911 | -8,936 | -15,232 | -12,108 | -5,865 |
| Financing CF | -19,063 | -23,472 | -30,109 | -24,978 | -23,113 |
📄 SEC Filings
Quarterly Report
10-Q
2026-05-07
Open →
Current Report
8-K
2026-05-01
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Current Report
8-K
2026-04-09
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Proxy Statement
DEF 14A
2026-04-07
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Current Report
8-K
2026-03-25
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Annual Report
10-K
2026-02-24
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Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-02-12
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Current Report
8-K
2026-01-30
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Current Report
8-K
2026-01-30
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Current Report
8-K
2026-01-27
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Other filings (90)
Insider Transaction
PRIMARY DOCUMENT
2026-05-08
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Insider Transaction
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2026-05-08
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2026-05-08
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2026-05-06
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2026-04-29
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2026-04-07
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2026-04-07
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2026-04-07
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2026-03-30
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2026-03-26
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Insider Transaction
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2026-03-10
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2026-03-06
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2026-03-04
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Insider Transaction
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Insider Transaction
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Insider Transaction
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Insider Transaction
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Insider Transaction
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Insider Transaction
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2026-01-29
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xsl144X01/primary_doc.xml
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Insider Transaction
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2026-01-15
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Insider Transaction
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2026-01-07
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2026-01-07
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Insider Transaction
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2025-12-19
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2025-12-19
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