Chevron CorporationCVX
NYSE•Energy•Oil & Gas Integrated
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. It operates through Upstream, Downstream, and All Other segments. The Upstream segment engages in the exploration for, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; carbon capture and storage; and operation of a gas-to-liquids plant. Its Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels; transports crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufactures and markets commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The All Other segment engages in cash management and debt financing; insurance; real estate; and technology activities. It has operations in North America, South America, Europe, Africa, Asia, and Australia. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in May 2005. Chevron Corporation was founded in 1879 and is headquartered in Houston, Texas.
Chevron Corporation (CVX) reported trailing twelve months revenue of $185.89B as of March 2026, a 3.7% decline year-over-year. Quarterly revenue reached $47.56B, reflecting a contraction in sales.
Chevron Corporation generated $11.01B in TTM net income, with quarterly EBITDA of $9.05B. The operating margin contracted from 9.3% to 6.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (6.8%) and net margin (4.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 7.6% a year ago, reflecting increased costs or interest expense.
CVX trades at a P/E of 38.0x (a premium multiple) and a P/S of 2.3x. The price-to-book ratio of 2.3x reflects a moderate premium to book value.
The company reported negative free cash flow of $-1.55B, indicating cash consumption over the period. The balance sheet shows $329.55B in total assets with $39.60B in long-term debt against $183.72B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~8.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.2% on average, adequate but below the threshold typically associated with wide moats.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 5.8% — watch for continued compression, which may signal competitive or cost pressure.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 25.6% recently — increasing financial risk even if the current ratio is manageable.
Revenue declined in 6 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 8.3% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation