Company Valuation: Chevron Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 224,551 344,526 280,726 260,291 304,721 399,520 - -
Change - 53.43% -18.52% -7.28% 17.07% 31.11% - -
Enterprise Value (EV) 1 250,245 349,964 293,339 278,047 339,182 418,838 414,219 413,886
Change - 39.85% -16.18% -5.21% 21.99% 23.48% -1.1% -0.08%
P/E 14.4x 9.82x 13.1x 14.9x 23x 13.1x 15.6x 16.2x
PBR 1.62x 2.18x 1.74x 1.73x 1.63x 2.05x 2.03x 2.05x
PEG - 0x -0.3x -1x -0.7x 0x -1x -4.46x
Capitalization / Revenue 1.38x 1.4x 1.4x 1.28x 1.61x 1.74x 1.87x 1.89x
EV / Revenue 1.54x 1.42x 1.46x 1.37x 1.79x 1.82x 1.94x 1.96x
EV / EBITDA 6.13x 5.19x 6.07x 6x 8.05x 5.95x 6.45x 6.78x
EV / EBIT 11.2x 6.97x 9.76x 9.89x 16.2x 9.13x 11x 11.9x
EV / FCF 11.1x 9.86x 14.8x 18.5x 20.4x 10.4x 11.9x 13.6x
FCF Yield 8.99% 10.1% 6.75% 5.39% 4.89% 9.62% 8.4% 7.36%
Dividend per Share 2 5.31 5.68 6.04 6.52 6.84 7.134 7.444 7.722
Rate of return 4.52% 3.16% 4.05% 4.5% 4.49% 3.5% 3.66% 3.79%
EPS 2 8.14 18.28 11.36 9.72 6.63 15.5 13.02 12.54
Distribution rate 65.2% 31.1% 53.2% 67.1% 103% 46% 57.2% 61.6%
Net sales 1 162,465 246,252 200,949 202,792 189,031 229,565 213,840 211,553
EBITDA 1 40,825 67,483 48,293 46,377 42,143 70,446 64,265 61,063
EBIT 1 22,351 50,190 30,053 28,100 20,960 45,855 37,733 34,788
Net income 1 15,625 35,465 21,369 17,661 12,299 30,841 25,652 24,686
Net Debt 1 25,694 5,438 12,613 17,756 34,461 19,318 14,699 14,366
Reference price 2 117.35 179.49 149.16 144.84 152.41 203.67 203.67 203.67
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.($)
13.28x3.43x6.44x5.37% 1,668B
13.52x1.87x6.11x3.4% 411B
7.99x0.58x3.79x6.52% 281B
8.48x0.96x4.24x3.29% 272B
8.26x1.07x4.38x4.5% 202B
6x1.65x2.63x7.61% 148B
4.1x1.62x3.07x7.35% 128B
8.3x0.89x2.19x3.54% 106B
8.68x0.81x4.04x4.69% 80.05B
Average 8.73x 1.43x 4.10x 5.14% 366.18B
Weighted average by Cap. 11.20x 2.35x 5.37x 5.1%

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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-40%: Exceptional extension
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