Company Valuation: Chevron Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 224,551 344,526 280,726 260,291 304,721 400,912 - -
Change - 53.43% -18.52% -7.28% 17.07% 31.57% - -
Enterprise Value (EV) 1 250,245 349,964 293,339 278,047 339,182 419,599 414,900 413,927
Change - 39.85% -16.18% -5.21% 21.99% 23.71% -1.12% -0.23%
P/E 14.4x 9.82x 13.1x 14.9x 23x 12.5x 14.4x 15.1x
PBR 1.62x 2.18x 1.74x 1.73x 1.63x 2.04x 1.99x 1.99x
PEG - 0x -0.3x -1x -0.7x 0x -1.1x -3.47x
Capitalization / Revenue 1.38x 1.4x 1.4x 1.28x 1.61x 1.73x 1.83x 1.86x
EV / Revenue 1.54x 1.42x 1.46x 1.37x 1.79x 1.81x 1.9x 1.92x
EV / EBITDA 6.13x 5.19x 6.07x 6x 8.05x 5.97x 6.48x 6.84x
EV / EBIT 11.2x 6.97x 9.76x 9.89x 16.2x 8.82x 10.1x 11.4x
EV / FCF 11.1x 9.86x 14.8x 18.5x 20.4x 10.3x 11.7x 13.5x
FCF Yield 8.99% 10.1% 6.75% 5.39% 4.89% 9.67% 8.58% 7.41%
Dividend per Share 2 5.31 5.68 6.04 6.52 6.84 7.136 7.455 7.744
Rate of return 4.52% 3.16% 4.05% 4.5% 4.49% 3.49% 3.65% 3.79%
EPS 2 8.14 18.28 11.36 9.72 6.63 16.41 14.19 13.57
Distribution rate 65.2% 31.1% 53.2% 67.1% 103% 43.5% 52.6% 57.1%
Net sales 1 162,465 246,252 200,949 202,792 189,031 231,613 218,629 215,193
EBITDA 1 40,825 67,483 48,293 46,377 42,143 70,339 64,032 60,522
EBIT 1 22,351 50,190 30,053 28,100 20,960 47,562 41,055 36,465
Net income 1 15,625 35,465 21,369 17,661 12,299 31,801 26,191 25,426
Net Debt 1 25,694 5,438 12,613 17,756 34,461 18,686 13,988 13,015
Reference price 2 117.35 179.49 149.16 144.84 152.41 204.38 204.38 204.38
Nbr of stocks (in thousands) 1,913,518 1,919,471 1,882,048 1,797,091 1,999,354 1,961,603 - -
Announcement Date 1/28/22 1/27/23 2/2/24 1/31/25 1/30/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.97x3.38x6.41x5.52% 1,622B
12.48x1.81x5.97x3.49% 401B
8.19x0.61x3.98x6.36% 294B
8.21x0.94x4.1x3.28% 272B
7.94x1.04x4.33x4.59% 197B
6.03x1.66x2.66x7.57% 149B
4.01x1.61x3.02x8.3% 128B
7.46x0.81x1.96x3.8% 98.51B
8.67x0.84x4.15x4.7% 80.22B
Average 8.44x 1.41x 4.06x 5.29% 360.25B
Weighted average by Cap. 10.83x 2.30x 5.32x 5.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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