Financials Chevron Corporation

Equities

CVX

US1667641005

Oil & Gas Exploration and Production

Market Closed - Nyse Other stock markets 04:02:31 2024-04-26 pm EDT			5-day change	1st Jan Change
165.9 ^USD	+0.37%		+3.68%	+11.22%

Apr. 26	Energy Drops After Mixed Earnings -- Energy Roundup	DJ
Apr. 26	News Highlights : Top Company News of the Day - Friday at 5 PM ET	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	227,869	162,594	226,214	347,069	280,726	306,452	-	-
Enterprise Value (EV) ¹	249,119	201,282	251,908	352,507	293,339	327,430	330,802	329,356
P/E ratio	78.3 x	-28.5 x	14.4 x	9.82 x	13.1 x	12.6 x	12.2 x	12.2 x
Yield	3.95%	6.11%	4.52%	3.16%	4.05%	3.93%	4.14%	4.34%
Capitalization / Revenue	1.56 x	1.72 x	1.39 x	1.41 x	1.4 x	1.51 x	1.55 x	1.57 x
EV / Revenue	1.7 x	2.13 x	1.55 x	1.43 x	1.46 x	1.62 x	1.68 x	1.69 x
EV / EBITDA	6.86 x	14.1 x	6.17 x	5.22 x	6.07 x	6.08 x	5.23 x	5.21 x
EV / FCF	18.9 x	118 x	11.2 x	9.93 x	14.8 x	12.2 x	13 x	14.4 x
FCF Yield	5.3%	0.84%	8.93%	10.1%	6.75%	8.18%	7.69%	6.93%
Price to Book	1.58 x	1.2 x	1.62 x	2.18 x	1.74 x	1.9 x	1.87 x	1.84 x
Nbr of stocks (in thousands)	1,890,872	1,925,323	1,927,686	1,933,639	1,882,048	1,847,320	-	-
Reference price ²	120.5	84.45	117.4	179.5	149.2	165.9	165.9	165.9
Announcement Date	1/31/20	1/29/21	1/28/22	1/27/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	146,516	94,692	162,465	246,252	200,949	202,382	197,244	195,412
EBITDA ¹	36,322	14,289	40,825	67,483	48,293	53,858	63,256	63,158
EBIT ¹	6,334	-6,756	22,351	50,190	30,053	34,729	35,723	35,755
Operating Margin	4.32%	-7.13%	13.76%	20.38%	14.96%	17.16%	18.11%	18.3%
Earnings before Tax (EBT) ¹	5,536	-7,453	21,639	49,674	29,584	33,027	32,215	32,136
Net income ¹	2,924	-5,543	15,625	35,465	21,369	24,385	24,964	23,656
Net margin	2%	-5.85%	9.62%	14.4%	10.63%	12.05%	12.66%	12.11%
EPS ²	1.540	-2.960	8.140	18.28	11.36	13.20	13.59	13.57
Free Cash Flow ¹	13,200	1,700	22,500	35,500	19,800	26,788	25,436	22,829
FCF margin	9.01%	1.8%	13.85%	14.42%	9.85%	13.24%	12.9%	11.68%
FCF Conversion (EBITDA)	36.34%	11.9%	55.11%	52.61%	41%	49.74%	40.21%	36.15%
FCF Conversion (Net income)	451.44%	-	144%	100.1%	92.66%	109.86%	101.89%	96.51%
Dividend per Share ²	4.760	5.160	5.310	5.680	6.040	6.525	6.868	7.192
Announcement Date	1/31/20	1/29/21	1/28/22	1/27/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	44,710	48,129	54,373	68,762	66,644	56,473	50,793	48,896	54,080	47,180	48,716	50,271	52,781	51,269	51,956
EBITDA ¹	12,691	12,145	13,053	20,028	19,254	15,148	13,350	11,647	13,178	10,118	12,260	12,975	13,886	14,156	-
EBIT ¹	8,229	7,140	9,190	16,132	14,937	9,931	9,634	7,957	8,852	3,610	8,040	8,491	8,621	8,256	-
Operating Margin	18.41%	14.84%	16.9%	23.46%	22.41%	17.59%	18.97%	16.27%	16.37%	7.65%	16.5%	16.89%	16.33%	16.1%	-
Earnings before Tax (EBT) ¹	8,055	6,985	9,054	16,003	14,809	9,808	9,519	7,837	8,738	3,490	7,922	7,917	8,124	7,928	5,443
Net income ¹	6,111	5,055	6,259	11,622	11,231	6,353	6,574	6,010	6,526	2,259	5,501	6,198	6,538	6,208	5,439
Net margin	13.67%	10.5%	11.51%	16.9%	16.85%	11.25%	12.94%	12.29%	12.07%	4.79%	11.29%	12.33%	12.39%	12.11%	10.47%
EPS ²	3.190	2.630	3.220	5.950	5.780	3.330	3.460	3.200	3.480	1.220	2.970	3.352	3.508	3.410	2.970
Dividend per Share ²	1.340	1.340	1.420	1.420	1.420	1.420	1.510	1.510	1.510	1.510	1.621	1.620	1.620	1.624	1.726
Announcement Date	10/29/21	1/28/22	4/29/22	7/29/22	10/28/22	1/27/23	4/28/23	7/23/23	10/27/23	2/2/24	4/26/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	21,250	38,688	25,694	5,438	12,613	20,978	24,350	22,904
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.585 x	2.708 x	0.6294 x	0.0806 x	0.2612 x	0.3895 x	0.3849 x	0.3626 x
Free Cash Flow ¹	13,200	1,700	22,500	35,500	19,800	26,788	25,436	22,829
ROE (net income / shareholders' equity)	7.96%	-0.27%	11.5%	23.8%	15.4%	14.7%	15.3%	15.1%
ROA (Net income/ Total Assets)	4.84%	-0.15%	6.52%	14.3%	9.51%	9.36%	8.57%	8.5%
Assets ¹	60,419	3,593,983	239,662	248,622	224,714	260,617	291,392	278,307
Book Value Per Share ²	76.10	70.40	72.40	82.50	85.90	87.40	88.90	90.00
Cash Flow per Share ²	13.60	6.520	15.90	24.50	20.60	22.10	24.10	24.70
Capex ¹	14,100	8,900	8,100	12,000	15,800	17,131	18,983	17,449
Capex / Sales	9.62%	9.4%	4.99%	4.87%	7.86%	8.46%	9.62%	8.93%
Announcement Date	1/31/20	1/29/21	1/28/22	1/27/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Chevron Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

165.9 USD

Average target price

181.4 USD

Spread / Average Target

+9.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
CHEVRON CORPORATION	+11.22%	306B
CONOCOPHILLIPS	+12.21%	153B
CNOOC LIMITED	+51.38%	124B
CANADIAN NATURAL RESOURCES LIMITED	+22.70%	83.43B
EOG RESOURCES, INC.	+12.20%	78.06B
PIONEER NATURAL RESOURCES COMPANY	+19.56%	62.81B
OCCIDENTAL PETROLEUM CORPORATION	+13.52%	60.08B
HESS CORPORATION	+12.74%	49.91B
DIAMONDBACK ENERGY, INC.	+33.97%	37.05B
WOODSIDE ENERGY GROUP LTD	-9.01%	34.99B

Other Oil & Gas Exploration and Production