# Chevron Corporation (CVX) — Stock CV

Chevron Corporation is a $417B energy company. Revenue grew 10.2% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~0.0 years of free cash flow. It trades at 20.3× earnings — in the most expensive third of its own history.

> Chevron is an integrated energy company with exploration, production, and refining operations worldwide.

## Identity

- **Ticker**: CVX
- **Sector**: Energy
- **Industry**: Oil & Gas Integrated
- **Headquarters**: HOUSTON, TX
- **Employees**: 43 039
- **Website**: https://www.chevron.com
- **Market cap**: $417B
- **Last price**: $212.50
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $215B
- **Net income**: $20.6B
- **Free cash flow**: $27.0B
- **Net debt**: $977M
- **P/E**: 20.3
- **Revenue growth (YoY)**: 10.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 70 |
| Growth | 31 |
| Profitability | 42 |
| Health | 32 |
| Quality | 71 |
| Moat | 44 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +10.2% YoY
- [x] Profitable — $20.6B TTM
- [ ] Profit growing — -28.7% YoY
- [x] Generates cash — $27.0B TTM
- [x] Debt under control — ~0.0y of cash flow to repay
- [x] Established company — $417B market cap
- [x] Not printing shares — -0.9% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — health score 37/100
- [x] Pays a dividend — yield 3.31%
- [x] Valuation not extreme — P/E 20.3

## Experience (career milestones)

- **2023** — September 2023 saw Chevron acquire a majority stake in a Utah hydrogen storage facility
- **FY2022** — Best year on record: $35.5B net income
- **2020** — Despite the failed acquisition of Anadarko, Chevron did acquire Noble Energy for $5 billion in July 2020
- **2019** — Chevron announced its intention to acquire Anadarko Petroleum in a deal valued at $33 billion, but…
- **FY2018** — Became debt-free: cash now exceeds total debt
- **FY2017** — Turned profitable: $9.20B net income after a loss year
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **FY2016** — Revenue already above $100B: $114B in first reported year
- **2011** — Chevron acquired Pennsylvania-based Atlas Energy Inc
- **2010** — The $43 billion project was started in 2010, and was expected to be brought online in 2014
- **2010** — Chevron became the largest private shareholder in the Caspian Pipeline Consortium pipeline
- **Feb 1, 2000** — Illinova Corp. became a wholly owned subsidiary of Dynegy Inc
- **1985** — Socal merged with the Pittsburgh-based Gulf Oil and rebranded as Chevron
- **1984** — Standard Oil of California and Gulf Oil merged in 1984, which was the largest merger in history at that time
- **1900** — Pacific Coast Oil eventually became the largest oil interest in California

## Strengths

- High gross margin (43.6%)
- Revenue growing 10.2% year over year

## Watch-outs

- Thin interest coverage (-5.4×)
- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $162B | $15.6B | $21.1B |
| FY2022 | $246B | $35.5B | $37.6B |
| FY2023 | $201B | $21.4B | $19.8B |
| FY2024 | $203B | $17.7B | $15.0B |
| FY2025 | $189B | $12.3B | $16.6B |

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Source: https://stockcv.com/CVX — derived from company filings; may be delayed or incomplete. Information, not investment advice.