Value Investor
Start free

Chevron

CVX on NYSE. Chevron sells oil, gas, fuels and chemicals to customers worldwide. Market value $407.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
6.6%high

For every $100 of what the whole company costs, it produced $6.59 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
13.6×fair

You pay 13.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
12.6%five-year median

Each dollar kept in the business earns 13 cents a year. Above 10 is good.

Quality score: 95 of 100. Price score: 91 of 100. Our list needs 70 on quality and 60 on price.

$207.58 a share, 42% above its 1-year low

Over the past year the price has ranged from $146.49 to $217.78.

Dividend: 3.1% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

21.1
37.6
19.8
15.0
16.6
27.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $27 billion in the past 12 months, $16.6 billion in the year to December 2025.

Revenue
$162.5bn$246.3bn$200.9bn$202.8bn$189.0bn
Operating margin
13.8%20.4%15.0%13.9%11.1%
Debt to equity
0.280.170.160.220.27
Shares outstanding
1.93bn1.89bn1.80bn2.01bn1.98bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.27× equity
  • Revenue growth, five yearsStrong, 14.8% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $70.1 billion last quarter, up 56% on a year ago.
  • Profit: $12.1 billion, up 385% on a year ago.
  • Spare cash over the past 12 months: $27 billion, up from $16.1 billion.
  • 15% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $27.5 billion more than cash, up from $24.1 billion a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$50.7bn
December 2024$52.2bn
March 2025$47.6bn
June 2025$44.8bn
September 2025$49.7bn
December 2025$46.9bn
March 2026$48.6bn
June 2026$70.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$4.5bn
December 2024$3.2bn
March 2025$3.5bn
June 2025$2.5bn
September 2025$3.5bn
December 2025$2.8bn
March 2026$2.2bn
June 2026$12.1bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
30 October 2026
Last annual report (10-K)
24 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

27 long-term investors we follow own it, down from 28 last quarter. 4,119 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $637m, $169m of it under preset trading plans.

  • Pate R. Hewitt
    Chief Legal Officer
    Sold
    Date
    18 August 2026
    Shares
    2,470
    Price
    $205.11
    Value
    $506,619
  • Walz Andrew Benjamin
    President, DM&C
    Sold
    Date
    17 August 2026
    Shares
    16,800
    Price
    $201.06
    Value
    $3m
  • Wirth Michael K
    Chairman and CEO, Director
    Sold
    Date
    14 August 2026
    Shares
    317,100
    Price
    $200.46
    Value
    $64m
  • GUSTAVSON JEFF B
    President, New Energies
    Sold
    Date
    11 August 2026
    Shares
    14,044
    Price
    $194.95
    Value
    $3m
  • Wirth Michael K
    Chairman and CEO, Director
    Sold
    Date
    5 August 2026
    Shares
    5,547
    Price
    $187.00
    Value
    $1m
  • HESS JOHN B
    Director
    Sold
    Date
    3 August 2026
    Shares
    810,665
    Price
    $194.12
    Value
    $157m
  • HESS JOHN B
    Director
    Sold
    Date
    20 May 2026
    Shares
    380,000
    Price
    $193.20
    Value
    $73m
  • HESS JOHN B
    Director
    Sold
    Date
    6 May 2026
    Shares
    195,000
    Price
    $184.78
    Value
    $36m
  • Pate R. Hewitt
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    30 March 2026
    Shares
    40,200
    Price
    $213.30
    Value
    $9m
  • Pate R. Hewitt
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    6 March 2026
    Shares
    47,200
    Price
    $192.12
    Value
    $9m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

We couldn’t fully check Chevron’s latest annual report.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We couldn't fully read the 10-K filed 24 Feb 2026, so we can't say there are no warning signs.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • One of our subsidiaries acts as the general partner of a publicly traded limited partnership, Hess Midstream LP, which may involve a…

    Could happen
    One of our subsidiaries acts as the general partner of a publicly traded limited partnership, Hess Midstream LP, which may involve a potential legal liability One of our subsidiaries acts as the general partner of Hess Midstream, a publicly traded limited partnership. Our control of the general partner of Hess Midstream may increase the possibility that we could be subject to claims of breach of duties owed to Hess Midstream, including claims of conflict of interest. Any liability resulting from such claims could have an adverse impact on our future business, financial condition, results of operations and cash flows.
    Read more

  • Chevron is incorporating artificial intelligence technologies into its processes and these technologies may present business, compliance,…

    Could happen
    Chevron is incorporating artificial intelligence technologies into its processes and these technologies may present business, compliance, and reputational risks The company is increasingly utilizing artificial intelligence (“AI”) technologies in certain of its processes, information systems and various operations, and expects that AI will assume a more critical role in its operations over time. The use of AI technologies introduces certain risks to the company, including potential dependency on biased or incorrect AI outputs, new or enhanced regulatory requirements, litigation, privacy risks, cybersecurity risks, reputational harm, liability or other adverse consequences, any of which could adversely affect its business, financial condition and results of operations. Additionally, other unforeseen risks stemming from either the company’s or third-party service providers’ use and development of AI tools and technologies, or the company’s inability to adopt such technologies at the same pace as its competitors, may arise in the future that could adversely affect its business and results of operations.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

It just passed both our tests. The deep dive checks what the numbers can't.

Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.