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Chevron

NYSE:CVX
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CVX
NYSE
$235B
Market Cap
  1. Home
  2. US
  3. Energy
Company description

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The last earnings update was 46 days ago. More info.


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CVX Share Price and Events
Price Volatility
CVX
Industry
5yr Volatility vs Market

Value

 Is Chevron undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Chevron to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Chevron.

NYSE:CVX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CVX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.8
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.803 (1 + (1- 21%) (16.4%))
0.907
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (0.907 * 7.05%)
9.34%

Discounted Cash Flow Calculation for NYSE:CVX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Chevron is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:CVX DCF 1st Stage: Next 5 year cash flow forecast
2018 2019 2020 2021 2022
Levered FCF (USD, Millions) 16,426.78 18,004.51 17,648.50 14,970.68 12,699.17
Source Analyst x8 Analyst x7 Analyst x4 Est @ -15.17% Est @ -15.17%
Present Value
Discounted (@ 9.34%)
15,023.25 15,059.30 13,500.28 10,473.41 8,125.19
Present value of next 5 years cash flows $62,181.43
NYSE:CVX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2022 × (1 + g) ÷ (Discount Rate – g)
= $12,699.17 × (1 + 2.95%) ÷ (9.34% – 2.95%)
$204,522.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $204,522.99 ÷ (1 + 9.34%)5
$130,858.03
NYSE:CVX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $62,181.43 + $130,858.03
$193,039.46
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $193,039.46 / 1,916.15
$100.74
NYSE:CVX Discount to Share Price
Calculation Result
Value per share (USD) From above. $100.74
Current discount Discount to share price of $117.94
= -1 x ($117.94 - $100.74) / $100.74
-17.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Chevron is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Chevron's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Chevron's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CVX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in USD $6.40
NYSE:CVX Share Price ** NYSE (2018-08-15) in USD $117.94
United States of America Oil and Gas Industry PE Ratio Median Figure of 280 Publicly-Listed Oil and Gas Companies 13.43x
United States of America Market PE Ratio Median Figure of 7,193 Publicly-Listed Companies 18.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Chevron.

NYSE:CVX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CVX Share Price ÷ EPS (both in USD)

= 117.94 ÷ 6.40

18.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chevron is overvalued based on earnings compared to the US Oil and Gas industry average.
  • Chevron is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Chevron's expected growth come at a high price?
Raw Data
NYSE:CVX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
7.8%per year
United States of America Oil and Gas Industry PEG Ratio Median Figure of 218 Publicly-Listed Oil and Gas Companies 1.14x
United States of America Market PEG Ratio Median Figure of 5,693 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

NYSE:CVX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.43x ÷ 7.8%

2.37x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chevron is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Chevron's assets?
Raw Data
NYSE:CVX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in USD $79.43
NYSE:CVX Share Price * NYSE (2018-08-15) in USD $117.94
United States of America Oil and Gas Industry PB Ratio Median Figure of 685 Publicly-Listed Oil and Gas Companies 1.23x
United States of America Market PB Ratio Median Figure of 11,718 Publicly-Listed Companies 1.87x
NYSE:CVX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CVX Share Price ÷ Book Value per Share (both in USD)

= 117.94 ÷ 79.43

1.48x

* Primary Listing of Chevron.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chevron is overvalued based on assets compared to the US Oil and Gas industry average.
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Value checks
We assess Chevron's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Chevron has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Chevron expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Chevron expected to grow at an attractive rate?
  • Chevron's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • Chevron's earnings growth is positive but not above the United States of America market average.
  • Chevron's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CVX Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CVX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 7.8%
NYSE:CVX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 1.4%
United States of America Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 10.1%
United States of America Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 6.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CVX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CVX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 185,113 20,353 1
2020-12-31 176,641 35,611 16,547 7
2019-12-31 179,145 33,824 16,153 10
2018-12-31 178,815 30,401 15,428 8
NYSE:CVX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-06-30 142,991 23,665 12,110
2018-03-31 133,606 21,781 10,151
2017-12-31 127,485 20,515 9,195
2017-09-30 121,423 17,981 6,499
2017-06-30 116,785 17,922 5,830
2017-03-31 111,739 15,482 2,910
2016-12-31 103,310 12,846 -497
2016-09-30 101,162 13,540 -1,500
2016-06-30 104,742 13,589 -746
2016-03-31 113,546 18,278 1,295
2015-12-31 122,566 19,456 4,587
2015-09-30 136,376 21,396 8,646

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Chevron's earnings are expected to grow by 7.8% yearly, however this is not considered high growth (20% yearly).
  • Chevron's revenue is expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CVX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Chevron Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CVX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 10.69 10.69 10.69 1.00
2020-12-31 8.92 10.25 7.05 5.00
2019-12-31 8.49 11.11 4.95 12.00
2018-12-31 7.81 8.57 7.26 9.00
NYSE:CVX Past Financials Data
Date (Data in USD Millions) EPS *
2018-06-30 6.40
2018-03-31 5.38
2017-12-31 4.88
2017-09-30 3.46
2017-06-30 3.10
2017-03-31 1.55
2016-12-31 -0.27
2016-09-30 -0.80
2016-06-30 -0.40
2016-03-31 0.69
2015-12-31 2.46
2015-09-30 4.63

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Chevron is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Chevron's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Chevron has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Chevron performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Chevron's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Chevron's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Chevron's 1-year earnings growth exceeds its 5-year average (107.7% vs -27.1%)
  • Chevron's earnings growth has exceeded the US Oil and Gas industry average in the past year (107.7% vs 40.8%).
Earnings and Revenue History
Chevron's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Chevron Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CVX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 142,991.00 12,110.00 5,262.00
2018-03-31 133,606.00 10,151.00 5,154.00
2017-12-31 127,485.00 9,195.00 5,273.00
2017-09-30 121,423.00 6,499.00 5,366.00
2017-06-30 116,785.00 5,830.00 5,256.00
2017-03-31 111,739.00 2,910.00 5,315.00
2016-12-31 103,310.00 -497.00 5,599.00
2016-09-30 101,162.00 -1,500.00 5,246.00
2016-06-30 104,742.00 -746.00 5,220.00
2016-03-31 113,546.00 1,295.00 6,218.00
2015-12-31 122,566.00 4,587.00 6,386.00
2015-09-30 136,376.00 8,646.00 6,688.00
2015-06-30 155,115.00 12,202.00 6,835.00
2015-03-31 173,714.00 17,296.00 6,361.00
2014-12-31 192,308.00 19,241.00 6,167.00
2014-09-30 204,023.00 20,700.00 6,472.00
2014-06-30 208,697.00 20,057.00 6,740.00
2014-03-31 208,433.00 19,757.00 6,437.00
2013-12-31 211,664.00 21,423.00 6,340.00
2013-09-30 213,964.00 23,738.00 6,008.00
2013-06-30 213,081.00 24,041.00 6,079.00
2013-03-31 217,733.00 25,886.00 6,354.00
2012-12-31 222,579.00 26,179.00 6,403.00
2012-09-30 224,771.00 24,057.00 6,629.00
2012-06-30 230,561.00 26,633.00 6,157.00
2012-03-31 237,117.00 27,155.00 6,036.00
2011-12-31 236,286.00 26,895.00 5,961.00
2011-09-30 229,688.00 27,067.00 5,988.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Chevron has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Chevron used its assets less efficiently than the US Oil and Gas industry average last year based on Return on Assets.
  • Chevron has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Chevron's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Chevron has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Chevron's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Chevron's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Chevron is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Chevron's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Chevron's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Chevron Company Filings, last reported 1 month ago.

NYSE:CVX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 153,380.00 38,517.00 7,686.00
2018-03-31 151,566.00 39,745.00 6,504.00
2017-12-31 149,319.00 38,763.00 4,822.00
2017-09-30 147,911.00 41,972.00 6,654.00
2017-06-30 147,388.00 42,864.00 4,775.00
2017-03-31 147,790.00 45,256.00 6,994.00
2016-12-31 146,722.00 46,126.00 7,001.00
2016-09-30 147,952.00 45,585.00 7,672.00
2016-06-30 148,325.00 45,085.00 9,084.00
2016-03-31 151,476.00 42,339.00 8,879.00
2015-12-31 153,886.00 38,549.00 11,332.00
2015-09-30 155,938.00 35,876.00 13,239.00
2015-06-30 155,891.00 31,910.00 12,521.00
2015-03-31 157,001.00 33,933.00 13,107.00
2014-12-31 156,191.00 27,818.00 13,215.00
2014-09-30 157,307.00 25,709.00 14,490.00
2014-06-30 154,747.00 23,548.00 14,235.00
2014-03-31 151,810.00 23,054.00 16,183.00
2013-12-31 150,427.00 20,431.00 16,516.00
2013-09-30 146,073.00 18,581.00 18,580.00
2013-06-30 144,164.00 19,964.00 22,296.00
2013-03-31 141,486.00 14,143.00 19,048.00
2012-12-31 137,832.00 12,192.00 21,913.00
2012-09-30 134,222.00 12,336.00 21,582.00
2012-06-30 131,289.00 10,231.00 21,463.00
2012-03-31 126,326.00 9,275.00 19,768.00
2011-12-31 122,181.00 10,152.00 20,071.00
2011-09-30 121,676.00 9,743.00 20,335.00
  • Chevron's level of debt (25.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (13.8% vs 25.1% today).
  • Debt is well covered by operating cash flow (61.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 18.1x coverage).
X
Financial health checks
We assess Chevron's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Chevron has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Chevron's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.8%
Current annual income from Chevron dividends. Estimated to be 3.95% next year.
If you bought $2,000 of Chevron shares you are expected to receive $76 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Chevron's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Chevron's dividend is below the markets top 25% of dividend payers in United States of America (3.82%).
Upcoming dividend payment

Purchase Chevron on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CVX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
United States of America Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 208 Stocks 4.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 5588 Stocks 2.9%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CVX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 4.81 2.00
2020-12-31 4.84 15.00
2019-12-31 4.66 19.00
2018-12-31 4.49 19.00
NYSE:CVX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-07-25 4.480 3.601
2018-04-25 4.480 3.575
2018-01-31 4.480 3.869
2017-10-25 4.320 3.546
2017-04-26 4.320 3.967
2017-01-25 4.320 3.935
2016-10-26 4.320 3.839
2016-07-27 4.280 4.229
2016-04-27 4.280 4.173
2016-01-27 4.280 4.690
2015-10-28 4.280 4.826
2015-07-29 4.280 5.206
2015-04-29 4.280 4.275
2015-01-28 4.280 3.997
2014-10-29 4.280 3.850
2014-07-30 4.280 3.507
2014-04-30 4.280 3.354
2014-01-29 4.000 3.431
2013-10-30 4.000 3.299
2013-07-31 4.000 3.300
2013-04-24 4.000 3.262
2013-01-31 3.600 3.064
2012-10-31 3.600 3.309
2012-07-25 3.600 3.177
2012-04-25 3.600 3.502
2012-01-25 3.240 3.046
2011-10-26 3.240 3.110
2011-07-27 3.120 3.207
2011-04-27 3.120 3.022
2011-01-26 2.880 2.814
2010-10-27 2.880 3.297
2010-07-28 2.880 3.632
2010-04-28 2.880 3.892
2010-01-27 2.720 3.617
2009-10-28 2.720 3.498
2009-07-29 2.720 3.825
2009-04-29 2.600 3.892
2009-01-28 2.600 3.923
2008-10-29 2.600 3.549
2008-08-18 2.600 3.391

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Chevron's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Chevron's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Chevron afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Chevron has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Chevron's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mike Wirth, image provided by Google.
Mike Wirth
COMPENSATION $11,669,681
AGE 57
TENURE AS CEO 0.5 years
CEO Bio

Mr. Michael K. Wirth, also known as Mike, serves as an Executive Vice President of Chevron Global Downstream LLC. Mr. Wirth has been Chairman and Chief Executive Officer of Chevron Corporation since February 1, 2018. He served as Executive Vice President of Midstream & Development at Chevron Corporation since February 2016 until January 2018. Previously, he served as an Executive Vice President of Downstream & Chemicals at Chevron Corporation since 2006 until 2015. He served as an Executive Vice President of Global Refining Marketing Lubricants Supply & Trading at Chevron Corporation. Mr. Wirth served as an Executive Vice President of Global Downstream at Chevron Corp. since March 2006. He served as the President of Global Supply and Trading of Chevron Corp. from July 14, 2003 to 2006. He joined Chevron in 1982 as a Design Engineer. He served as a Senior Retail Manager of Marketing for Western operations at Chevron since 1998 and General Manager of Retail Marketing since 1999. Mr. Wirth served as the President of Marketing for Caltex Corp. since July 2000. He served as the President of Global Supply and Trading for Asia/Middle East/Africa Marketing Business Unit at ChevronTexaco since October 2001. He served as Vice Chairman of Chevron Corporation since February 1, 2017 until January 2018. He served as a Non Executive Director of Amplefield Limited. He served as a Director of Caltex Australia Ltd. until December 5, 2003. He served as a Director of LG-Caltex in South Korea. Mr. Wirth holds a Bachelor of Science in Chemical Engineering from the University of Colorado, USA.

CEO Compensation
  • Mike's compensation has increased by more than 20% in the past year.
  • Mike's compensation appears reasonable for a company of this size and profit level.
Management Team Tenure

Average tenure and age of the Chevron management team in years:

4.6
Average Tenure
58
Average Age
  • The tenure for the Chevron management team is about average.
Management Team

Mike Wirth

TITLE
Chairman & CEO
COMPENSATION
$12M
AGE
57
TENURE
0.5 yrs

Pat Yarrington

TITLE
VP & CFO
COMPENSATION
$8M
AGE
62
TENURE
9.6 yrs

Joe Geagea

TITLE
Executive Vice President of Technology
COMPENSATION
$9M
AGE
59
TENURE
3.2 yrs

Jay Johnson

TITLE
Executive Vice President of Upstream
COMPENSATION
$11M
AGE
59
TENURE
4.6 yrs

Jeanette Ourada

TITLE
Principal Accounting Officer
AGE
52

Frank Mount

TITLE
General Manager of Investor Relations

Hew Pate

TITLE
VP & General Counsel
COMPENSATION
$6M
AGE
55
TENURE
9 yrs

Joe Naylor

TITLE
Vice President of Policy
AGE
57
TENURE
2.3 yrs

Joe Laymon

TITLE
Vice President of Human Resources and Corporate Services
AGE
65
TENURE
10.6 yrs

James Seutloadi

TITLE
Chairman & GM of Corporate & Government Affairs of Caltex Oil South Africa
Board of Directors Tenure

Average tenure and age of the Chevron board of directors in years:

3.6
Average Tenure
62
Average Age
  • The tenure for the Chevron board of directors is about average.
Board of Directors

James Seutloadi

TITLE
Chairman & GM of Corporate & Government Affairs of Caltex Oil South Africa
TENURE
13.8 yrs

Ron Sugar

TITLE
Lead Director
COMPENSATION
$428K
AGE
69
TENURE
3.6 yrs

Mike Wirth

TITLE
Chairman & CEO
COMPENSATION
$12M
AGE
57
TENURE
0.5 yrs

Rick Hernandez

TITLE
Independent Director
COMPENSATION
$406K
AGE
62
TENURE
9.7 yrs

Wick Moorman

TITLE
Independent Director
COMPENSATION
$406K
AGE
66
TENURE
6.3 yrs

Wanda Austin

TITLE
Independent Director
COMPENSATION
$386K
AGE
64
TENURE
1.7 yrs

Alice Gast

TITLE
Independent Director
COMPENSATION
$400K
AGE
59
TENURE
5.7 yrs

Inge Thulin

TITLE
Independent Director
COMPENSATION
$376K
AGE
64
TENURE
3.6 yrs

Dambisa Moyo

TITLE
Independent Non-Executive Director
COMPENSATION
$376K
AGE
49
TENURE
1.8 yrs

John Frank

TITLE
Independent Director
COMPENSATION
$140K
AGE
61
TENURE
0.8 yrs
Recent Insider Trading
  • No 3 month insider trading information.
Who owns this company?
X
Management checks
We assess Chevron's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap and profit (greater than 0.5% of the company's profit + 0.03% of market cap)? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Chevron has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

External News
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Simply Wall St News

2 Days Left Before Chevron Corporation (NYSE:CVX) Will Start Trading Ex-Dividend, Should Investors Buy?

To qualify for the dividend check of US$1.12 per share, investors must have owned the shares prior to 16 August 2018, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Chevron's latest financial data to analyse its dividend characteristics. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:?

Simply Wall St -

What Should We Expect From Chevron Corporation's (NYSE:CVX) Earnings In The Next 12 Months?

Looking at Chevron Corporation's (NYSE:CVX) earnings update in March 2018, … with earnings expected to grow by a high double-digit of 55.00% in the upcoming year, … 5-year average growth rate of -29.35%.

Simply Wall St -

Is Chevron Corporation (NYSE:CVX) A Financially Strong Company?

Most investors favour these big stocks due to their strong balance sheet and high market liquidity, meaning there are an adundance of stock in the public market available for trading. … In times of low liquidity in the market, these firms won’t be left high and dry. … Using the most recent data for CVX, I will determine its financial status based on its solvency and liquidity, and assess whether the stock is a safe investment.

Simply Wall St -

Does Chevron Corporation's (NYSE:CVX) PE Ratio Signal A Selling Opportunity?

Yes, this expensive multiple can initially be deterring, but there are many company-specific elements which are not captured in such a static ratio – such as its growth outlook and debt obligations … To resolve this problem, I’ll identify some important factors to consider when judging the relative valuation of

Simply Wall St -

Does Chevron Corporation's (NYSE:CVX) PE Ratio Signal A Selling Opportunity?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to begin learning the link between Chevron Corporation (NYSE:CVX)’s fundamentals and stock market performance. … Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind.

Simply Wall St -

Have Investors Priced In Chevron Corporation's (NYSE:CVX) Growth?

Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … CVX’s optimistic future growth appears to have been factored into the current share price, with shares trading above its fair value. … If you believe CVX should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable.

Simply Wall St -

Only 2 Days Left To Chevron Corporation (NYSE:CVX)’s Ex-Dividend Date, Should You Buy?

See our latest analysis for Chevron Here's how I find good dividend stocks Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is its annual yield among the top 25% of dividend payers? … In the near future, analysts are predicting lower payout ratio of 66.48%, leading to a dividend yield of 3.59%. … However, EPS should increase to $7.46, meaning that the lower payout ratio does not necessarily implicate a lower dividend payment.

Simply Wall St -

Why Chevron Corporation (NYSE:CVX) May Not Be As Efficient As Its Industry

See our latest analysis for Chevron Peeling the layers of ROE – trisecting a company’s profitability Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … ROE can be split up into three useful ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity NYSE:CVX Last Perf Apr 27th 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.

Simply Wall St -

How Do Analysts See Chevron Corporation (NYSE:CVX) Performing In The Years Ahead?

Investors may find it useful to understand how market analysts view Chevron's earnings growth trajectory over the next couple of years and whether the future looks brighter. … View our latest analysis for Chevron Analysts' outlook for the upcoming year seems positive, with earnings growing by a robust 25.59%. … NYSE:CVX Future Profit Apr 5th 18 Although it is informative knowing the rate of growth year by year relative to today’s value, it may be more insightful determining the rate at which the earnings are growing on average every year.

Simply Wall St -

Does Chevron Corporation's (NYSE:CVX) Debt Level Pose A Problem?

See our latest analysis for Chevron How does CVX’s operating cash flow stack up against its debt? … Additionally, CVX has generated US$20.52B in operating cash flow during the same period of time, leading to an operating cash to total debt ratio of 52.92%, meaning that CVX’s operating cash is sufficient to cover its debt. … Next Steps: CVX has demonstrated its ability to generate sufficient levels of cash flow, while its debt hovers at an appropriate level.

Simply Wall St -

Company Info

Map
Description

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant. The Downstream segment engages in refining crude oil into petroleum products; marketing crude oil and refined products; transporting crude oil and refined products through pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing commodity petrochemicals, and fuel and lubricant additives, as well as plastics for industrial uses. It is also involved in the cash management and debt financing activities; insurance operations; real estate activities; and technology businesses. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is headquartered in San Ramon, California.

Details
Name: Chevron Corporation
CVX
Exchange: NYSE
Founded: 1879
$234,881,311,518
1,916,147,100
Website: http://www.chevron.com
Address: Chevron Corporation
6001 Bollinger Canyon Road,
San Ramon,
California, 94583,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CVX Common Stock New York Stock Exchange US USD 02. Jan 1968
DB CHV Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
XTRA CHV Common Stock XETRA Trading Platform DE EUR 02. Jan 1968
LSE 0R2Q Common Stock London Stock Exchange GB USD 02. Jan 1968
BRSE CVX Common Stock Berne Stock Exchange CH CHF 02. Jan 1968
ENXTBR CHTEX Common Stock Euronext Brussels BE USD 02. Jan 1968
WBAG CVX Common Stock Wiener Boerse AG AT EUR 02. Jan 1968
SNSE CVX Common Stock Santiago Stock Exchange CL USD 02. Jan 1968
BVC CVX Common Stock Bolsa de Valores de Colombia CO COP 02. Jan 1968
BMV CVX * Common Stock Bolsa Mexicana de Valores MX MXN 02. Jan 1968
BOVESPA CHVX34 BDR EACH REPR 1/2 COM USD0.75 Bolsa de Valores de Sao Paulo BR BRL 27. Aug 2012
BASE CVX CEDEAR EACH REP 1/8 ORD USD0.75 Buenos Aires Stock Exchange AR ARS 28. Sep 2000
Number of employees
Current staff
Staff numbers
51,900
Chevron employees.
Industry
Integrated Oil and Gas
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/08/15 21:17
End of day share price update: 2018/08/15 00:00
Last estimates confirmation: 2018/08/13
Last earnings update: 2018/06/30
Last annual earnings update: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.