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 →
Business Overview
Source: SEC 10-K. Information required by Subpart 1200 of Regulation S-K ("Disclosure by Registrants Engaged in Oil and Gas Producing Activities") is also contained in Item 1 and in Tables I through VII on pages 108 through 120 and Note 18 Properties, Plant and Equipment . Item 3. Legal Proceedings The following is a description of legal proceedings that involve governmental authorities as a party and that the company reasonably believes would result in $1.0 million or more of monetary sanctions, exclusive of interest and costs, under federal, state and local laws that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment. As previously disclosed, on May 20, 2024, the New Mexico Environment Department issued a Notice of Violation (NOV) for alleged violations of state and federal regulations of air quality between October 2022 and September 2023 at different Chevron facilities in New Mexico. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. As previously disclosed, on May 26, 2023, Chevron's refinery in El Segundo, California notified the U.S. EPA that it had inadvertently overstated the number of biofuel credits generated by co-processing in 2022 in violation of the Renewable Fuel Standard program. The parties began negotiating a resolution of the violation in October 2024. Resolution of the violation will result in the payment of a civil penalty of $1.0 million or more. As previously disclosed, on October 31, 2024, California's Bay Area Air District (formerly Bay Area Air Quality Management District) issued two NOVs for the alleged noncompliance with permit conditions that governed operation of certain equipment associated with low-NOx burners at the thermal oxidizers and stack gas heaters for sulfur recovery units 1 & 2 at Chevron's refinery in Richmond, California. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. As previously disclosed, in February 2025, the United States Department of Justice notified Hess of alleged Clean Water Act violations relating to Hess's National Pollutant Discharge Elimination System permit covering operations in Hess facilities in the Gulf of America. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. As previously disclosed, on June 26, 2025, the Colorado Energy & Carbon Management Commission (ECMC) issued a notice alleging violations of certain ECMC rules following the loss of well control incident that occurred in Galeton, Colorado, on April 6, 2025. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. On July 22, 2025, ECMC issued a notice alleging various violations of reporting rules associated with environmental remediation data. Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more. Please see information related to other legal proceedings in Note 16 Litigation . Item 4. Mine Safety Disclosures Not applicable. 29 Table of Contents PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The company's common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 6, 2026, stockholders of record numbered approximately 91,000. There are no restrictions on the company's ability to pay dividends. The information on Chevron's dividends are contained in the Quarterly Results tabulation. Chevron Corporation Issuer Purchases of Equity Securities for Quarter Ended December 31, 2025 Total Number Average Total Number of Shares Approximate Dollar Values of Shares that of Shares Price Paid Purchased as Part of Publicly May Yet be Purchased Under the Program Period Purchased 1, 2 per Share Announced Program (Billions of dollars) 2 October 1 - October 31, 2025 6,121,636 $ 153.55 6,121,482 $38.6 November 1 - November 30, 2025 5,583,177 $ 152.49 5,583,177 $37.7 December 1 - December 31, 2025 8,036,375 $ 150.08 8,034,641 $36.5 Total October 1 - December 31, 2025 19,741,188 $ 151.84 19,739,300 1 Includes common shares repurchased from participants in the company's deferred compensation plans for personal income tax withholdings. 2 Refer to Liquidity and Capital Resources for additional detail regarding the company's authorized stock repurchase program. Item 6. [Reserved] Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The index to Management's Discussion and Analysis of Financial Condition and Results of Operations is presented in the Financial Table of Contents . Item 7A. Quantitative and Qualitative Disclosures About Market Risk The company's discussion of interest rate, foreign currency and commodity price market risk is contained in Management's Discussion and Analysis of Financial Condition
Investment Indicators
$196.83
+4.52 (+2.35%)
Open
$195.11
High
$197.55
Low
$191.54
Prev Close
$192.31
Volume
9,899,550
52W High
$212.76
52W Low
$129.77
50-day MA
$193.30
Quote as of: 2026-07-31
ROE
6.60%
Total Shareholder Yield
6.79%
Market Cap
$381.25B
P/E
33.35
P/B
2.07
PEG
0.84
EPS
5.74
BPS
92.91
Dividend Yield
3.62%
Beta
0.50
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 (7 methods)
$227.15B
Per-method implied market cap
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $227.15B | +68% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $104.54B | +265% |
Justified P/E 순이익 × 산업 평균 P/E | $184.49B | +107% |
P/B 배수 자본 × 산업 평균 P/B | $279.68B | +36% |
P/S 배수 매출 × 산업 평균 P/S | $378.06B | +1% |
DCF (Gordon) CF × (1+g) / (r − g) | $377.10B | +1% |
DDM (Gordon) D × (1+g) / (r − g) | $141.68B | +169% |
▶Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +67.8% below the current market cap → the stock trades above most formulas' estimates (overvalued). 5 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 +67.8%√(22.5 × 순이익 × 자본)
What it measures · Benjamin Graham's conservative safety-margin formula. A high value requires both earnings and equity to be solid, so read it as 'the ceiling for a financially intact company.'
How it is computed · √(22.5 × NetIncome × Equity). 22.5 = max P/E 15 × max P/B 1.5 Graham would pay. Net income is latest FY consolidated net income from DART/XBRL; equity is total equity from the same filing.
When to trust it · Best for stable profitable industrials. Underestimates SaaS/platform/biotech because intangible-heavy businesses carry little book equity.
Current
$381.25B
Implied fair
$227.15B
Gap (current − fair)
+$154.10B(+67.8%)
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
Overvalued +264.7%순이익 × (8.5 + 2 × 성장률%)
What it measures · Graham's 1962 revision that bakes growth into the multiple. Unlike the static Graham Number, this scales linearly with EPS growth so growth stocks aren't punished as hard.
How it is computed · NetIncome × (8.5 + 2g). 8.5 = base P/E for a zero-growth firm; 2g = +2× P/E for every 1pp of EPS growth. g is YoY EPS growth, clamped to [-5%, +25%] so a single big year doesn't blow up the estimate.
When to trust it · Works for firms with proven, somewhat stable growth. Misleading for first-year profits, swing years, or any period where g is distorted by a one-time charge or gain.
Current
$381.25B
Implied fair
$104.54B
Gap (current − fair)
+$276.71B(+264.7%)
NetIncome = $12.30B Growth g = -30.4% → cap -5.0% Multiple = 8.5 + 2 × -5.0 = -1.5× $12.30B × -1.5 = $-18.45B
- EPS 성장률 -30.4%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 8.5x
Justified P/E
Overvalued +106.7%순이익 × 산업 평균 P/E
What it measures · Relative-value benchmark — "should trade at the industry average P/E." Not an absolute intrinsic value; tells you how the firm prices vs its peer set.
How it is computed · NetIncome × industry P/E. Defaults to a market-wide 15× when no industry multiple is provided. Net income is the latest FY consolidated net income.
When to trust it · Most reliable in mature industries with comparable peers (banks, telcos, utilities, refiners). Less useful for big-tech / hardware where industry P/Es span 10×–60×.
Current
$381.25B
Implied fair
$184.49B
Gap (current − fair)
+$196.77B(+106.7%)
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 +36.3%자본 × 산업 평균 P/B
What it measures · Multiplies book equity by industry P/B to imply a fair market cap. Best for asset-heavy businesses (banks, insurers, brokers, REITs) where balance-sheet value is the franchise.
How it is computed · Total Equity × industry P/B. Defaults to 1.5×. Equity is total equity (or parent-owners share) from the latest balance sheet.
When to trust it · Strongest for banks/insurers — asset-liability matching is the business. Materially under-prices SaaS, platforms, and brand-heavy businesses where intangible value dwarfs book equity.
Current
$381.25B
Implied fair
$279.68B
Gap (current − fair)
+$101.58B(+36.3%)
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 +0.8%매출 × 산업 평균 P/S
What it measures · Multiplies revenue by industry P/S. Useful when earnings are negative or noisy (early-stage, restructuring) — revenue stays positive.
How it is computed · Revenue × industry P/S. Defaults to 2.0×. Revenue is the latest FY consolidated top line.
When to trust it · Ignores margin structure — a 30% operating margin business and a -5% one get the same multiple. Only meaningful within peer + margin cohort.
Current
$381.25B
Implied fair
$378.06B
Gap (current − fair)
+$3.19B(+0.8%)
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 +1.1%CF × (1+g) / (r − g)
What it measures · Simplified Gordon-growth DCF — discounting perpetual cash flows. Extremely sensitive to the cash-flow / discount-rate / growth-rate inputs; trust the scenario grid more than the headline number.
How it is computed · FCF × (1+g) / (r − g). FCF preferred from XBRL/DART; falls back to NetIncome, then 5% of Revenue (rough proxy). Discount rate r = risk-free (4%) + equity premium (5%) = 9%. Growth g is EPS YoY clamped to [-2%, +6%], default 3%.
When to trust it · Strongest for steady, predictable businesses. When r-g approaches 0, the denominator blows up; near-perpetuity-growth combos are intentionally voided. Useless for cyclicals (semis, commodities, shipping) where g itself is noise.
Current
$381.25B
Implied fair
$377.10B
Gap (current − fair)
+$4.15B(+1.1%)
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 0.0% (0%~3% 범위 — 실질 GDP 한계)
DDM (Gordon)
Overvalued +169.1%D × (1+g) / (r − g)
What it measures · Values the firm purely on dividends paid to shareholders. Cleanest in theory, but only meaningful when management clearly intends to pay dividends — useless for share-repurchase-only payout policies.
How it is computed · D × (1+g) / (r − g). D from DART alotMatter (배당사항) or |CF dividendsPaid|. If absent, cascades to 30% of NetIncome (typical payout) → 30% of FCF → 1.5% of Revenue. r and g assumptions match DCF.
When to trust it · Most reliable for stable high-yielders (Korean utilities, tobacco, financial holdings). Sharply under-prices buyback-heavy firms (US big tech, parts of Korean IT) — look at the TSY column on the listing page to balance.
Current
$381.25B
Implied fair
$141.68B
Gap (current − fair)
+$239.57B(+169.1%)
Dividend D = $12.75B Discount r = 9.0% Growth g = -2.0% $12.75B × (1 + -2.0%) / (9.0% − -2.0%) = $113.60B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 0.0% (0%~3% 범위 — 실질 GDP 한계)
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% | -33.3% | -22.1% | -11.0% | +0.1% | +11.2% |
| 2% | -44.9% | -33.9% | -22.9% | -11.9% | -0.9% |
| 3% | -56.4% | -45.5% | -34.6% | -23.7% | -12.8% |
| 4% | -67.6% | -56.8% | -46.0% | -35.2% | -24.4% |
| 5% | -78.6% | -67.9% | -57.2% | -46.5% | -35.8% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +77.6% | +107.2% | +136.8% | +166.4% | +196.0% |
| 2% | +46.6% | +75.9% | +105.2% | +134.5% | +163.8% |
| 3% | +16.1% | +45.1% | +74.2% | +103.2% | +132.2% |
| 4% | -13.8% | +15.0% | +43.7% | +72.5% | +101.2% |
| 5% | -43.0% | -14.6% | +13.9% | +42.4% | +70.9% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Showing the latest 5 years only
17 years of financials are available for this stock. Unlock the remaining 12 years (10+ year history) with Pro.
Upgrade to Pro · $1.99/moIn USD millions (per-share figures shown directly) · Financials as of: 2026-02-24
핵심 지표 FY 2025
ROE
6.60%
총주주수익률
6.79%
PER
33.35
PBR
2.07
PSR
2.02
PEG
0.84
EV/EBITDA
19.90
배당수익률
3.62%
ROA
3.80%
부채비율
0.71
유동비율
1.15
매출총이익률
42.75%
영업이익률
0.00%
순이익률
6.51%
EPS
$5.74
BPS
$92.91
실적 추이
📄 SEC Filings
Current Report
8-K
2026-07-31
Open →
Current Report
8-K
2026-05-29
Open →
Current Report
8-K
2026-05-29
Open →
Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-05-15
Open →
Quarterly Report
10-Q
2026-05-07
Open →
Current Report
8-K
2026-05-01
Open →
Current Report
8-K
2026-04-09
Open →
Proxy Statement
DEF 14A
2026-04-07
Open →
Current Report
8-K
2026-03-25
Open →
Annual Report
10-K
2026-02-24
Open →
Institutional Holdings
xslForm13F_X02/primary_doc.xml
2026-02-12
Open →
Current Report
8-K
2026-01-30
Open →
Other filings (88)
11-K
11-K
2026-06-24
Open →
11-K
11-K
2026-06-24
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-06-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-06-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-29
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-22
Open →
144
xsl144X01/primary_doc.xml
2026-05-20
Open →
SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-05-15
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-08
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-05-08
Open →
SD
SD
2026-05-08
Open →
144
xsl144X01/primary_doc.xml
2026-05-06
Open →
SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-29
Open →
ARS
ARS
2026-04-07
Open →
DEFA14A
DEFA14A
2026-04-07
Open →
DEFA14A
DEFA14A
2026-04-07
Open →
DEFA14A
DEFA14A
2026-04-07
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-04-01
Open →
144
xsl144X01/primary_doc.xml
2026-03-30
Open →
SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-26
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-10
Open →
144
xsl144X01/primary_doc.xml
2026-03-06
Open →
3
PRIMARY DOCUMENT
2026-03-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-04
Open →
Insider Transaction
4
2026-03-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-03
Open →
144/A
xsl144X01/primary_doc.xml
2026-03-02
Open →
144
xsl144X01/primary_doc.xml
2026-03-02
Open →
144
xsl144X01/primary_doc.xml
2026-03-02
Open →
144
xsl144X01/primary_doc.xml
2026-03-02
Open →
144
xsl144X01/primary_doc.xml
2026-03-02
Open →
144
xsl144X01/primary_doc.xml
2026-03-02
Open →
144
xsl144X01/primary_doc.xml
2026-02-27
Open →
144
xsl144X01/primary_doc.xml
2026-02-27
Open →
144
xsl144X01/primary_doc.xml
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-20
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-20
Open →
144
xsl144X01/primary_doc.xml
2026-02-18
Open →
144
xsl144X01/primary_doc.xml
2026-02-18
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-17
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-17
Open →
144
xsl144X01/primary_doc.xml
2026-02-13
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-12
Open →
144
xsl144X01/primary_doc.xml
2026-02-12
Open →
144
xsl144X01/primary_doc.xml
2026-02-12
Open →
144
xsl144X01/primary_doc.xml
2026-02-11
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-06
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-03
Open →
144
xsl144X01/primary_doc.xml
2026-02-03
Open →
144
xsl144X01/primary_doc.xml
2026-02-03
Open →
144
xsl144X01/primary_doc.xml
2026-02-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-01-30
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-01-30
Open →