NYSE · Energy

Chevron Corporation

CVX · Oil & Gas Integrated

$191.96

▲ 1.33 (0.7%)

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Mr. Market is currently offering Chevron Corporation at $191.96.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 30.4%

Operating Margin 9.0%

Net Income Margin 6.7%

Fin. Health C

Years to Pay Off Debt 3.3 yrs

Working Capital vs Long-Term Debt -$34.0B

Working Capital $5.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.05x

Cash Flow C

Free Cash Flow $16.6B

CapEx % of Net Income 141.0%

Owner Earnings $50.1B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $382.4B

Enterprise Value $423.0B

P/E (TTM) 33.44

Dividend Yield 3.62%

Exchange NYSE

Key Margins

Gross Profit 30.4%

Operating Margin 9.0%

Net Margin 6.7%

Company Info

Sector Energy

Industry Oil & Gas Integrated

Employees 43039

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Chevron Corporation at $191.96.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $191.96, the stock trades at a 62% premium to its Graham Number of $118.17. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Chevron Corporation

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. It operates through Upstream, Downstream, and All Other segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. Its Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The All Other segment engages in cash management and debt financing; insurance; real estate; and technology activities. It has operations in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005. Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	30.4% ▲	29.4%	30.7%	31.4%
Operating Margin %	9.0% ▼	9.8%	13.3%	16.9%
Net Income %	6.7% ▼	9.1%	10.9%	15.0%
Diluted EPS	6.63 ▼	9.72	11.36	18.28

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$324.0B	$256.9B	$261.6B	$257.7B	N/A
Total Debt	$40.8B ↑	$24.5B	$20.8B	$23.3B	N/A
Working Capital	$5.2B ▲	$2.4B	$8.9B	$16.1B	N/A
Years to Pay Debt	3.31	1.39	0.98	0.66	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$16.6B ▲	$15.0B	$19.8B	$37.6B	N/A
Owner Earnings	$50.1B	$51.8B	$55.0B	$62.7B	N/A
CapEx % of Net Income	141.0%	93.1%	74.1%	33.8%	N/A

Income Statement

	2025	2024	2023	2022
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	41,417,000	45,811,000	47,815,000	65,485,000
Net Income From Continuing Operation Net Minority Interest	12,299,000	17,661,000	21,369,000	35,465,000
Reconciled Depreciation	20,457,000	17,711,000	17,762,000	15,295,000
Reconciled Cost Of Revenue	128,346,000	136,488,000	136,522,000	161,735,000
EBITDA	41,417,000	45,811,000	47,815,000	65,485,000
EBIT	20,960,000	28,100,000	30,053,000	50,190,000
Net Interest Income	-1,217,000	-594,000	-469,000	-516,000
Interest Expense	1,217,000	594,000	469,000	516,000
Normalized Income	12,299,000	17,661,000	21,369,000	35,465,000
Net Income From Continuing And Discontinued Operation	12,299,000	17,661,000	21,369,000	35,465,000
Total Expenses	167,758,000	174,497,000	170,684,000	195,767,000
Diluted Average Shares	1,855,637	1,816,602	1,880,307	1,940,277
Basic Average Shares	1,849,217	1,809,583	1,872,737	1,931,486
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	12,299,000	17,661,000	21,369,000	35,465,000
Net Income Common Stockholders	12,299,000	17,661,000	21,369,000	35,465,000
Net Income	12,299,000	17,661,000	21,369,000	35,465,000
Minority Interests	-186,000	-88,000	-42,000	-143,000
Net Income Including Noncontrolling Interests	12,485,000	17,749,000	21,411,000	35,608,000
Net Income Continuous Operations	12,485,000	17,749,000	21,411,000	35,608,000
Tax Provision	7,258,000	9,757,000	8,173,000	14,066,000
Pretax Income	19,743,000	27,506,000	29,584,000	49,674,000
Other Income Expense	4,286,000	9,183,000	3,824,000	10,240,000
Other Non Operating Income Expenses	1,286,000	4,587,000	-1,307,000	1,655,000
Earnings From Equity Interest	3,000,000	4,596,000	5,131,000	8,585,000
Net Non Operating Interest Income Expense	-1,217,000	-594,000	-469,000	-516,000
Interest Expense Non Operating	1,217,000	594,000	469,000	516,000
Operating Income	16,674,000	18,917,000	26,229,000	39,950,000
Operating Expense	39,412,000	38,009,000	34,162,000	34,032,000
Other Operating Expenses	29,056,000	28,459,000	25,801,000	25,688,000
Other Taxes	5,230,000	4,716,000	4,220,000	4,032,000
Selling General And Administration	5,126,000	4,834,000	4,141,000	4,312,000
Gross Profit	56,086,000	56,926,000	60,391,000	73,982,000
Cost Of Revenue	128,346,000	136,488,000	136,522,000	161,735,000
Total Revenue	184,432,000	193,414,000	196,913,000	235,717,000
Operating Revenue	184,432,000	193,414,000	196,913,000	235,717,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	462,428	673,664	591,197	541,628
Ordinary Shares Number	1,980,248	1,769,012	1,851,480	1,901,048
Share Issued	2,442,677	2,442,677	2,442,677	2,442,677
Net Debt	33,020,000	17,156,000	12,024,000	5,213,000
Total Debt	40,758,000	24,541,000	20,836,000	23,339,000
Tangible Book Value	181,882,000	147,740,000	156,235,000	154,560,000
Invested Capital	225,763,000	176,255,000	181,159,000	182,173,000
Working Capital	5,165,000	2,353,000	8,870,000	16,135,000
Net Tangible Assets	181,882,000	147,740,000	156,235,000	154,560,000
Capital Lease Obligations	1,445,000	604,000	634,000	448,000
Common Stock Equity	186,450,000	152,318,000	160,957,000	159,282,000
Total Capitalization	225,572,000	171,907,000	180,690,000	180,254,000
Total Equity Gross Minority Interest	192,176,000	153,157,000	161,929,000	160,242,000
Minority Interest	5,726,000	839,000	972,000	960,000
Stockholders Equity	186,450,000	152,318,000	160,957,000	159,282,000
Gains Losses Not Affecting Retained Earnings	-2,704,000	-3,000,000	-3,200,000	-3,038,000
Other Equity Adjustments	8,000	-14,000	5,000	-12,000
Foreign Currency Translation Adjustments	-199,000	-259,000	-192,000	-203,000
Minimum Pension Liabilities	-2,509,000	-2,708,000	-3,002,000	-2,811,000
Unrealized Gain Loss	-4,000	-19,000	-11,000	-12,000
Treasury Stock	51,929,000	74,037,000	59,065,000	48,196,000
Retained Earnings	205,365,000	205,852,000	200,025,000	190,024,000
Additional Paid In Capital	33,886,000	21,671,000	21,365,000	18,660,000
Capital Stock	1,832,000	1,832,000	1,832,000	1,832,000
Common Stock	1,832,000	1,832,000	1,832,000	1,832,000
Total Liabilities Net Minority Interest	131,836,000	103,781,000	99,703,000	97,467,000
Total Non Current Liabilities Net Minority Interest	98,449,000	65,223,000	67,445,000	63,259,000
Other Non Current Liabilities	24,543,000	22,094,000	24,226,000	20,396,000
Employee Benefits	4,111,000	3,857,000	4,082,000	4,357,000
Non Current Deferred Liabilities	30,014,000	19,137,000	18,830,000	17,131,000
Non Current Deferred Revenue				20,396,000	20,778,000
Non Current Deferred Taxes Liabilities	30,014,000	19,137,000	18,830,000	17,131,000
Long Term Debt And Capital Lease Obligation	39,781,000	20,135,000	20,307,000	21,375,000
Long Term Capital Lease Obligation	659,000	546,000	574,000	403,000
Long Term Debt	39,122,000	19,589,000	19,733,000	20,972,000
Current Liabilities	33,387,000	38,558,000	32,258,000	34,208,000
Current Debt And Capital Lease Obligation	977,000	4,406,000	529,000	1,964,000
Current Capital Lease Obligation	786,000	58,000	60,000	45,000
Current Debt	191,000	4,348,000	469,000	1,919,000
Other Current Borrowings	191,000	4,348,000	469,000	1,919,000
Payables And Accrued Expenses	32,410,000	34,152,000	31,729,000	32,244,000
Current Accrued Expenses	10,763,000	8,486,000	7,655,000	7,486,000
Payables	21,647,000	25,666,000	24,074,000	24,758,000
Total Tax Payable	2,367,000	3,587,000	3,651,000	5,803,000
Income Tax Payable	844,000	1,872,000	1,863,000	4,381,000
Accounts Payable	19,280,000	22,079,000	20,423,000	18,955,000
Total Assets	324,012,000	256,938,000	261,632,000	257,709,000
Total Non Current Assets	285,460,000	216,027,000	220,504,000	207,366,000
Other Non Current Assets	16,261,000	15,335,000	14,409,000	12,746,000
Non Current Deferred Assets				12,310,000	12,384,000
Non Current Accounts Receivable	1,035,000	877,000	942,000	1,069,000
Investments And Advances	43,867,000	47,438,000	46,812,000	45,238,000
Goodwill And Other Intangible Assets	4,568,000	4,578,000	4,722,000	4,722,000
Goodwill	4,568,000	4,578,000	4,722,000	4,722,000
Net PPE	219,729,000	147,799,000	153,619,000	143,591,000
Accumulated Depreciation	-215,226,000	-198,134,000	-192,462,000	-184,194,000
Gross PPE	434,955,000	345,933,000	346,081,000	327,785,000
Current Assets	38,552,000	40,911,000	41,128,000	50,343,000
Other Current Assets	4,469,000	4,368,000	4,372,000	3,739,000
Prepaid Assets				3,739,000	2,849,000
Inventory	9,711,000	9,074,000	8,612,000	8,247,000
Finished Goods	7,211,000	6,992,000	6,465,000	6,381,000
Raw Materials	2,500,000	2,082,000	2,147,000	1,866,000
Receivables	18,075,000	20,684,000	19,921,000	20,456,000
Accounts Receivable	18,075,000	20,684,000	19,921,000	20,456,000
Allowance For Doubtful Accounts Receivable	-176,000	-259,000	-301,000	-457,000
Gross Accounts Receivable	18,251,000	20,943,000	20,222,000	20,913,000
Cash Cash Equivalents And Short Term Investments	6,297,000	6,785,000	8,223,000	17,901,000
Other Short Term Investments	4,000	4,000	45,000	223,000
Cash And Cash Equivalents	6,293,000	6,781,000	8,178,000	17,678,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	16,592,000	15,044,000	19,780,000	37,628,000
Repurchase Of Capital Stock	-12,079,000	-15,229,000	-14,939,000	-11,255,000
Repayment Of Debt	-14,352,000	-2,618,000	-4,340,000	-8,742,000
Issuance Of Debt	20,218,000	6,186,000	285,000	263,000
Capital Expenditure	-17,347,000	-16,448,000	-15,829,000	-11,974,000
Interest Paid Supplemental Data	942,000	587,000	465,000	525,000
Income Tax Paid Supplemental Data	7,304,000	8,458,000	10,416,000	9,148,000
End Cash Position	7,285,000	8,262,000	9,275,000	19,121,000
Beginning Cash Position	8,262,000	9,275,000	19,121,000	6,795,000
Effect Of Exchange Rate Changes	58,000	-97,000	-114,000	-190,000
Changes In Cash	-1,035,000	-916,000	-9,732,000	12,516,000
Financing Cash Flow	-19,063,000	-23,472,000	-30,109,000	-24,978,000
Cash Flow From Continuing Financing Activities	-19,063,000	-23,472,000	-30,109,000	-24,978,000
Net Other Financing Charges	-469,000	-340,000	-40,000	-114,000
Proceeds From Stock Option Exercised	370,000	330,000	261,000	5,838,000
Cash Dividends Paid	-12,751,000	-11,801,000	-11,336,000	-10,968,000
Common Stock Dividend Paid	-12,751,000	-11,801,000	-11,336,000	-10,968,000
Net Common Stock Issuance	-12,079,000	-15,229,000	-14,939,000	-11,255,000
Common Stock Payments	-12,079,000	-15,229,000	-14,939,000	-11,255,000
Net Issuance Payments Of Debt	5,866,000	3,568,000	-4,055,000	-8,479,000
Net Short Term Debt Issuance	-1,061,000	4,868,000	135,000	263,000
Short Term Debt Payments	-9,877,000	-840,000	0	0
Short Term Debt Issuance	8,816,000	5,708,000	135,000	263,000
Net Long Term Debt Issuance	6,927,000	-1,300,000	-4,190,000	-8,742,000
Long Term Debt Payments	-4,475,000	-1,778,000	-4,340,000	-8,742,000
Long Term Debt Issuance	11,402,000	478,000	150,000	0
Investing Cash Flow	-15,911,000	-8,936,000	-15,232,000	-12,108,000
Cash Flow From Continuing Investing Activities	-15,911,000	-8,936,000	-15,232,000	-12,108,000
Net Other Investing Changes	2,455,000	7,276,000	144,000	1,411,000
Net Investment Purchase And Sale	1,000	41,000	175,000	117,000
Sale Of Investment	17,000	47,000	464,000	124,000
Purchase Of Investment	-16,000	-6,000	-289,000	-7,000
Net Business Purchase And Sale	-1,020,000	195,000	278,000	-1,662,000
Sale Of Business	1,205,000	195,000	278,000	1,200,000
Purchase Of Business	-2,225,000	0	0	-2,862,000
Capital Expenditure Reported	-17,347,000	-16,448,000	-15,829,000	-11,974,000
Operating Cash Flow	33,939,000	31,492,000	35,609,000	49,602,000
Cash Flow From Continuing Operating Activities	33,939,000	31,492,000	35,609,000	49,602,000
Dividend Received Cfo	5,282,000	4,230,000	4,246,000	3,855,000
Change In Working Capital	-1,648,000	100,000	-3,335,000	2,066,000
Change In Other Working Capital	-508,000	-1,225,000	-300,000	-212,000
Change In Payables And Accrued Expense	-4,779,000	2,733,000	-2,850,000	5,598,000
Change In Payable	-4,779,000	2,733,000	-2,850,000	5,598,000
Change In Account Payable	-3,469,000	2,569,000	-49,000	2,750,000
Change In Tax Payable	-1,310,000	164,000	-2,801,000	2,848,000
Change In Income Tax Payable	-1,310,000	164,000	-2,801,000	2,848,000
Change In Prepaid Assets	-109,000	-16,000	-1,202,000	-226,000
Change In Inventory	51,000	-574,000	-320,000	-930,000
Change In Receivables	3,697,000	-818,000	1,337,000	-2,164,000
Changes In Account Receivables	3,829,000	-932,000	1,187,000	-2,317,000
Other Non Cash Items	-1,208,000	-4,313,000	-220,000	-1,299,000
Asset Impairment Charge		500,000	2,180,000	950,000	414,000
Deferred Tax	986,000	1,240,000	298,000	2,124,000
Deferred Income Tax	986,000	1,240,000	298,000	2,124,000
Depreciation Amortization Depletion	20,457,000	17,711,000	17,762,000	15,295,000
Depletion	325,000	429,000	436,000	486,000
Depreciation And Amortization	20,132,000	17,282,000	17,326,000	14,809,000
Depreciation	20,132,000	17,282,000	17,326,000	14,809,000
Operating Gains Losses	-2,415,000	-5,225,000	-4,553,000	-8,997,000
Earnings Losses From Equity Investments	-3,000,000	-4,596,000	-5,131,000	-8,585,000
Gain Loss On Investment Securities				3,855,000	3,659,000
Net Foreign Currency Exchange Gain Loss	585,000	-629,000	578,000	-412,000
Net Income From Continuing Operations	12,485,000	17,749,000	21,411,000	35,608,000

These metrics estimate what Chevron Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$118.17

Margin of Safety

Market Cap ÷ Company Value

1.17

P/B Ratio

2.05

Warren's Owner Earnings

$50.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$184.4B

vs > $1.5B revenue

❌ Strong Financial Condition

1.15x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.62%

vs Uninterrupted dividends

❌ Earnings Growth

-63.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

33.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.05x P/B (P/E×P/B: 68.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-46.83

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$93.01

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	141.0%	93.1%	74.1%	33.8%	N/A
Repurchase of Capital Stock	-$12.1B	-$15.2B	-$14.9B	-$11.3B	N/A
Free Cash Flow	$16.6B ▲	$15.0B ▼	$19.8B ▼	$37.6B •	N/A •
Warren's Owner Earnings	$50.1B	$51.8B	$55.0B	$62.7B	N/A

Peers & Industry Comparison

Oil & Gas Integrated — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
CVX	$191.96	$382.4B	33.44	30.4%	6.7%	$184.4B
XOM Exxon Mobil Corporation	$153.18	$636.7B	25.8	29.8%	7.8%	$326.0B
BP BP p.l.c.	$46.89	$120.7B	38.1	28.9%	1.7%	$193.0B
SHEL Shell PLC	$89.24	$248.8B	14.9	25.4%	6.7%	$266.9B
TTE TotalEnergies SE	$92.14	$205.1B	13.7	38.4%	8.2%	$184.0B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

7.03%

Moderate — some alignment with shareholders

Return on Equity (ROE)

6.6%

Weak — poor returns on equity

Return on Assets (ROA)

3.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$12.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+66.1% YoY

Debt is growing — management is leveraging up

Leadership Team

Michael Wirth

Chairman & CEO

Age 64

Pay: $7,846,953

0.064% of net income

Eimear Bonner

Chief Financial Officer

Age 50

Pay: $2,753,975

0.022% of net income

Mark Nelson

Vice Chairman & Executive VP of Oil, Products and Gas

Age 62

Pay: $3,476,435

0.028% of net income

Robert Clay Neff

President of Upstream

Age 63

Pay: $5,451,007

0.044% of net income

Frank Mount

President of Corporate Business Development

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.18%	182,961,533
State Street Corporation	7.64%	152,281,267
Blackrock Inc.	7.09%	141,290,397
Berkshire Hathaway, Inc	6.53%	130,156,362
Geode Capital Management, LLC	2.19%	43,613,011
Morgan Stanley	1.82%	36,305,638
Charles Schwab Investment Management, Inc.	1.81%	36,036,844
Bank of America Corporation	1.32%	26,295,251

Risk Analysis

Beta (Market Risk)

0.50

Low volatility — more stable than the market

Short Interest

1.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.24x

Conservative balance sheet — low financial risk

52-Week Price Range

Low: $133.77 Current: $191.96 High: $214.71

Currently at 72% of 52-week range

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