Chevron Corporation

CVXUS

Chevron Corporation functions as a global energy and chemicals powerhouse, orchestrating its diverse operations worldwide. The company's business is organized into two primary divisions: Upstream and Downstream. The Upstream segment focuses on the full lifecycle of crude oil and natural gas, from their initial exploration and development to production and subsequent transportation. This also encompasses the processing, liquefaction, transit, and regasification of liquefied natural gas (LNG), as well as pipeline transport of crude oil and the movement, storage, and sale of natural gas. Additionally, this segment manages a facility dedicated to converting natural gas into liquid fuels. In contrast, the Downstream segment is tasked with refining crude oil into a variety of petroleum products. Its activities include the merchandising of crude oil, refined goods, and lubricants, in addition to the creation and distribution of renewable fuels. This division is also responsible for moving crude oil and refined products using a range of methods, including pipelines, ships, motor vehicles, and rail cars. Furthermore, it produces and markets bulk petrochemicals, industrial-grade plastics, and additives for both fuels and lubricants. Beyond these core ventures, Chevron is also involved in financial management, debt financing, insurance underwriting, real estate development, and various technology-driven enterprises. Founded in 1879, the company operated as ChevronTexaco Corporation until it officially became Chevron Corporation in 2005. Its corporate headquarters are situated in San Ramon, California.

Founded1879IPO year1921As of2026-08-04
Market Cap
$379.97B
Enterprise Value
$379.97B
EV / LTM Revenue
2.1x
EV / NTM Revenue
1.8x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
1.8x
Gross Profit
5.8x
EBITDA
7.3x
Classification
Sector
Energy
Sub-sector
Integrated Oil & Gas
Listing
CVX
Country
US
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY51%-16%-2%-5%20%-9%
Revenue$155.61B$235.72B$196.91B$193.41B$184.43B$222.06B$202.13B
Gross Profit$48.31B$71.88B$60.39B$56.93B$56.09B
Gross Profit Margin31.0%30.5%30.7%29.4%30.4%
EBITDA$39.36B$65.48B$45.04B$45.81B$41.42B$55.13B$50.19B
EBITDA Margin25.3%27.8%22.9%23.7%22.5%24.8%24.8%
EBIT$16.18B$39.95B$28.50B$18.92B$16.67B$34.11B$31.05B
Net Income$15.63B$35.47B$21.37B$17.66B$12.30B$29.64B$24.24B
Free Cash Flow$21.27B$37.63B$19.78B$15.31B$16.24B
FCF Margin13.7%16.0%10.0%7.9%8.8%
Short-Term Debt$208M$1.92B$469M$4.35B$2.81B
Long-Term Debt$30.66B$20.97B$19.73B$19.59B$39.12B
Cash & Cash Equivalents$5.64B$17.68B$8.18B$6.78B$6.47B
Net Debt$25.23B$5.21B$12.02B$17.16B$35.46B
Net Debt / EBITDA0.6x0.1x0.3x0.4x0.9x
Rule of 4067.4%-6.4%6.1%4.2%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.