Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Chevron Corp., adjustment to net income (loss) attributable to Chevron Corporation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to Chevron Corporation (as reported) 21,369 35,465 15,625 (5,543) 2,924
Add: Unrealized holding gain (loss) on securities 1 (1) (1) (2) 2
Net income (loss) attributable to Chevron Corporation (adjusted) 21,370 35,464 15,624 (5,545) 2,926

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Chevron Corp., adjusted profitability ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin 10.85% 15.05% 10.04% -5.87% 2.09%
Adjusted net profit margin 10.85% 15.05% 10.04% -5.87% 2.09%
Return on Equity (ROE)
Reported ROE 13.28% 22.27% 11.24% -4.21% 2.03%
Adjusted ROE 13.28% 22.26% 11.23% -4.21% 2.03%
Return on Assets (ROA)
Reported ROA 8.17% 13.76% 6.52% -2.31% 1.23%
Adjusted ROA 8.17% 13.76% 6.52% -2.31% 1.23%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Chevron Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Chevron Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Chevron Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Chevron Corp., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Profitability Ratio
Net profit margin1 10.85% 15.05% 10.04% -5.87% 2.09%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Chevron Corporation 21,370 35,464 15,624 (5,545) 2,926
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Profitability Ratio
Adjusted net profit margin2 10.85% 15.05% 10.04% -5.87% 2.09%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × 21,369 ÷ 196,913 = 10.85%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × 21,370 ÷ 196,913 = 10.85%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Chevron Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Profitability Ratio
ROE1 13.28% 22.27% 11.24% -4.21% 2.03%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Chevron Corporation 21,370 35,464 15,624 (5,545) 2,926
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Profitability Ratio
Adjusted ROE2 13.28% 22.26% 11.23% -4.21% 2.03%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total Chevron Corporation stockholders’ equity
= 100 × 21,369 ÷ 160,957 = 13.28%

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Chevron Corporation ÷ Total Chevron Corporation stockholders’ equity
= 100 × 21,370 ÷ 160,957 = 13.28%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Chevron Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 21,369 35,465 15,625 (5,543) 2,924
Total assets 261,632 257,709 239,535 239,790 237,428
Profitability Ratio
ROA1 8.17% 13.76% 6.52% -2.31% 1.23%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Chevron Corporation 21,370 35,464 15,624 (5,545) 2,926
Total assets 261,632 257,709 239,535 239,790 237,428
Profitability Ratio
Adjusted ROA2 8.17% 13.76% 6.52% -2.31% 1.23%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total assets
= 100 × 21,369 ÷ 261,632 = 8.17%

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Chevron Corporation ÷ Total assets
= 100 × 21,370 ÷ 261,632 = 8.17%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Chevron Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.