Company Valuation: Chevron Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 224,551 344,526 280,726 260,291 304,721 411,544 - -
Change - 53.43% -18.52% -7.28% 17.07% 35.06% - -
Enterprise Value (EV) 1 250,245 349,964 293,339 278,047 339,182 431,274 427,095 425,587
Change - 39.85% -16.18% -5.21% 21.99% 27.15% -0.97% -0.35%
P/E 14.4x 9.82x 13.1x 14.9x 23x 13.7x 16x 16.7x
PBR 1.62x 2.18x 1.74x 1.73x 1.63x 2.11x 2.09x 2.11x
PEG - 0x -0.3x -1x -0.7x 0x -1.1x -3.88x
Capitalization / Revenue 1.38x 1.4x 1.4x 1.28x 1.61x 1.8x 1.94x 1.95x
EV / Revenue 1.54x 1.42x 1.46x 1.37x 1.79x 1.89x 2.01x 2.01x
EV / EBITDA 6.13x 5.19x 6.07x 6x 8.05x 6.15x 6.69x 6.97x
EV / EBIT 11.2x 6.97x 9.76x 9.89x 16.2x 9.41x 11.3x 12.2x
EV / FCF 11.1x 9.86x 14.8x 18.5x 20.4x 10.8x 12.3x 14x
FCF Yield 8.99% 10.1% 6.75% 5.39% 4.89% 9.3% 8.15% 7.16%
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% 3.4% 3.55% 3.68%
EPS 2 8.14 18.28 11.36 9.72 6.63 15.36 13.11 12.54
Distribution rate 65.2% 31.1% 53.2% 67.1% 103% 46.4% 56.8% 61.6%
Net sales 1 162,465 246,252 200,949 202,792 189,031 228,316 212,577 211,553
EBITDA 1 40,825 67,483 48,293 46,377 42,143 70,099 63,800 61,042
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 19,729 15,550 14,042
Reference price 2 117.35 179.49 149.16 144.84 152.41 209.80 209.80 209.80
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 A 1/27/23 A 2/2/24 A 1/31/25 A 1/30/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.71x3.51x6.6x5.33% 1,679B
13.58x1.88x6.12x3.42% 412B
8.8x0.61x3.94x5.92% 300B
8.35x0.93x4.06x3.3% 273B
8.41x1.06x4.43x4.53% 201B
6.28x1.76x2.79x7.03% 162B
3.98x1.61x3.03x7.57% 129B
8.02x0.86x2.12x3.66% 102B
8.51x0.81x4.01x4.78% 79.66B
Average 8.85x 1.45x 4.12x 5.06% 370.93B
Weighted average by Cap. 11.46x 2.38x 5.44x 5.04%

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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  5. Valuation Chevron Corporation
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