Chevron Corporation (CVX) Stock

Chevron Corporation (CVX) is a Energy stock trading at $187.35 (as of 2026-07-17), with a market capitalization of $373.14B and a trailing P/E of 33.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation 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, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. 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 based in San Ramon, California.

Understand Chevron Corporation: how it makes money

Chevron operates an integrated energy and chemicals business, producing and transporting crude oil and natural gas (including LNG and gas-related services) and refining crude oil into downstream products, earning money through sales and other operating revenues.

Chevron runs an integrated two-part operating model, Upstream activities (exploration, development, production, LNG processing and transport, and natural gas transportation and marketing) plus Downstream refining of crude, so its profit engine is tied to what it generates from sales across these operating businesses.

Business quality (Weak): Clear upstream versus downstream operating structure, but the provided data does not include a clean Upstream and Downstream revenue split.

Valuation: At 33× earnings, CVX trades 89% above the Petroleum & Natural Gas average (17×). Note: one-time items can distort reported P/E.

Bull case

  • Integrated upstream plus downstream operations: The company operates in two segments, Upstream and Downstream, spanning crude and natural gas activities plus refining, which provides multiple points of operating engagement within its value chain.
  • Broader energy/logistics capabilities within Upstream: Upstream includes activities beyond production, such as transportation, storage, marketing of natural gas, and LNG processing, liquefaction, regasification, and related transport.

Bear case

  • Complexity across multiple operating activities: Upstream and Downstream both involve a wide range of operations (exploration, production, transportation, storage, LNG processing, and refining), which can increase the difficulty of managing execution and operating conditions.
  • Downstream depends on refining operations: The Downstream segment focuses on refining crude oil, so operating performance is tied to the outcomes of refining and related downstream activities.
Valuation — source: SEC EDGAR (first-party)
Price$187.35
Market Cap$373.14B
P/E Ratio33.9
EV / EBITDA9.3
Price / Book1.97
Price / Sales1.96
FCF Yield3.7%
DCF Value (model)$82.81
DCF Upside vs Price-55.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$189.03B
Net Margin6.5%
Revenue Growth (YoY)2.1%
EPS Growth (YoY)-44.3%
FCF Growth (YoY)-222.7%
Financial Health — source: SEC EDGAR
Altman Z-Score3.39 (safe)
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E33.9
Sector P/E (Energy)19.4
Industry P/E (Petroleum & Natural Gas)19.2
vs Sector75.1%
vs Industry76.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Sells (12mo)2
Top Institutional HolderSTATE STREET CORP ($31.68B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorEnergy
IndustryPetroleum & Natural Gas
CEOMichael K. Wirth
Employees45,298
CountryUS
IPO Date1921-06-24

Related Companies (Business model: Exploration & Production (Upstream Oil & Gas) + Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

  • Exxon Mobil Corporation (XOM)
  • ConocoPhillips (COP)
  • Valero Energy Corporation (VLO)
  • Marathon Petroleum Corporation (MPC)
  • The Williams Companies, Inc. (WMB)
  • Phillips 66 (PSX)
  • Enterprise Products Partners L.P. (EPD)
  • EOG Resources, Inc. (EOG)
CVX earnings history · CVX institutional & insider holders · CVX KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.