Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Analysis of Solvency Ratios

Microsoft Excel LibreOffice Calc

Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Solvency Ratios (Summary)

Chevron Corp., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Debt Ratios
Debt to equity 0.34 0.19 0.22 0.26 0.32
Debt to equity (including operating lease liability) 0.37 0.21 0.22 0.26 0.32
Debt to capital 0.25 0.16 0.18 0.21 0.24
Debt to capital (including operating lease liability) 0.27 0.18 0.18 0.21 0.24
Debt to assets 0.18 0.11 0.14 0.15 0.18
Debt to assets (including operating lease liability) 0.20 0.13 0.14 0.15 0.18
Financial leverage 1.82 1.65 1.64 1.71 1.79
Coverage Ratios
Interest coverage -9.69 7.94 28.51 31.04 -9.75
Fixed charge coverage -1.29 2.62 14.12 9.93 -0.89

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Chevron Corp.’s debt to equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Chevron Corp.’s debt to equity ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Chevron Corp.’s debt to capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Chevron Corp.’s debt to capital ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Chevron Corp.’s debt to assets ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Chevron Corp.’s debt to assets ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Chevron Corp.’s financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.
Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Chevron Corp.’s interest coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Chevron Corp.’s fixed charge coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Equity

Chevron Corp., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term debt 1,548  3,282  5,726  5,192  10,840 
Long-term debt, excluding debt due within one year 42,767  23,691  28,733  33,571  35,286 
Total debt 44,315  26,973  34,459  38,763  46,126 
 
Total Chevron Corporation stockholders’ equity 131,688  144,213  154,554  148,124  145,556 
Solvency Ratio
Debt to equity1 0.34 0.19 0.22 0.26 0.32
Benchmarks
Debt to Equity, Competitors2
ConocoPhillips 0.51 0.43 0.47 0.64 0.78
Exxon Mobil Corp. 0.43 0.24 0.20 0.23 0.26
Debt to Equity, Sector
Oil, Gas & Consumable Fuels 0.40 0.24 0.23 0.28 0.33

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to equity = Total debt ÷ Total Chevron Corporation stockholders’ equity
= 44,315 ÷ 131,688 = 0.34

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Chevron Corp.’s debt to equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Equity (including Operating Lease Liability)

Chevron Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term debt 1,548  3,282  5,726  5,192  10,840 
Long-term debt, excluding debt due within one year 42,767  23,691  28,733  33,571  35,286 
Total debt 44,315  26,973  34,459  38,763  46,126 
Current lease liabilities, operating leases (included in Accrued liabilities) 1,291  1,277  —  —  — 
Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) 2,615  2,608  —  —  — 
Total debt (including operating lease liability) 48,221  30,858  34,459  38,763  46,126 
 
Total Chevron Corporation stockholders’ equity 131,688  144,213  154,554  148,124  145,556 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.37 0.21 0.22 0.26 0.32
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
ConocoPhillips 0.54 0.45 0.47 0.64 0.78
Exxon Mobil Corp. 0.46 0.27 0.20 0.23 0.26
Debt to Equity (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.43 0.27 0.23 0.28 0.33

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Chevron Corporation stockholders’ equity
= 48,221 ÷ 131,688 = 0.37

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Chevron Corp.’s debt to equity ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Capital

Chevron Corp., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term debt 1,548  3,282  5,726  5,192  10,840 
Long-term debt, excluding debt due within one year 42,767  23,691  28,733  33,571  35,286 
Total debt 44,315  26,973  34,459  38,763  46,126 
Total Chevron Corporation stockholders’ equity 131,688  144,213  154,554  148,124  145,556 
Total capital 176,003  171,186  189,013  186,887  191,682 
Solvency Ratio
Debt to capital1 0.25 0.16 0.18 0.21 0.24
Benchmarks
Debt to Capital, Competitors2
ConocoPhillips 0.34 0.30 0.32 0.39 0.44
Exxon Mobil Corp. 0.30 0.20 0.16 0.18 0.20
Debt to Capital, Sector
Oil, Gas & Consumable Fuels 0.29 0.19 0.19 0.22 0.25

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 44,315 ÷ 176,003 = 0.25

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Chevron Corp.’s debt to capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Capital (including Operating Lease Liability)

Chevron Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term debt 1,548  3,282  5,726  5,192  10,840 
Long-term debt, excluding debt due within one year 42,767  23,691  28,733  33,571  35,286 
Total debt 44,315  26,973  34,459  38,763  46,126 
Current lease liabilities, operating leases (included in Accrued liabilities) 1,291  1,277  —  —  — 
Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) 2,615  2,608  —  —  — 
Total debt (including operating lease liability) 48,221  30,858  34,459  38,763  46,126 
Total Chevron Corporation stockholders’ equity 131,688  144,213  154,554  148,124  145,556 
Total capital (including operating lease liability) 179,909  175,071  189,013  186,887  191,682 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.27 0.18 0.18 0.21 0.24
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
ConocoPhillips 0.35 0.31 0.32 0.39 0.44
Exxon Mobil Corp. 0.32 0.22 0.16 0.18 0.20
Debt to Capital (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.30 0.21 0.19 0.22 0.25

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 48,221 ÷ 179,909 = 0.27

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Chevron Corp.’s debt to capital ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Assets

Chevron Corp., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term debt 1,548  3,282  5,726  5,192  10,840 
Long-term debt, excluding debt due within one year 42,767  23,691  28,733  33,571  35,286 
Total debt 44,315  26,973  34,459  38,763  46,126 
 
Total assets 239,790  237,428  253,863  253,806  260,078 
Solvency Ratio
Debt to assets1 0.18 0.11 0.14 0.15 0.18
Benchmarks
Debt to Assets, Competitors2
ConocoPhillips 0.25 0.21 0.21 0.27 0.30
Exxon Mobil Corp. 0.20 0.13 0.11 0.12 0.13
Debt to Assets, Sector
Oil, Gas & Consumable Fuels 0.20 0.13 0.13 0.15 0.17

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= 44,315 ÷ 239,790 = 0.18

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Chevron Corp.’s debt to assets ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Assets (including Operating Lease Liability)

Chevron Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term debt 1,548  3,282  5,726  5,192  10,840 
Long-term debt, excluding debt due within one year 42,767  23,691  28,733  33,571  35,286 
Total debt 44,315  26,973  34,459  38,763  46,126 
Current lease liabilities, operating leases (included in Accrued liabilities) 1,291  1,277  —  —  — 
Noncurrent lease liabilities, operating leases (included in Deferred credits and other noncurrent obligations) 2,615  2,608  —  —  — 
Total debt (including operating lease liability) 48,221  30,858  34,459  38,763  46,126 
 
Total assets 239,790  237,428  253,863  253,806  260,078 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.20 0.13 0.14 0.15 0.18
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
ConocoPhillips 0.26 0.22 0.21 0.27 0.30
Exxon Mobil Corp. 0.22 0.15 0.11 0.12 0.13
Debt to Assets (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.22 0.15 0.13 0.15 0.17

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 48,221 ÷ 239,790 = 0.20

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Chevron Corp.’s debt to assets ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Financial Leverage

Chevron Corp., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Total assets 239,790  237,428  253,863  253,806  260,078 
Total Chevron Corporation stockholders’ equity 131,688  144,213  154,554  148,124  145,556 
Solvency Ratio
Financial leverage1 1.82 1.65 1.64 1.71 1.79
Benchmarks
Financial Leverage, Competitors2
ConocoPhillips 2.10 2.02 2.19 2.40 2.57
Exxon Mobil Corp. 2.12 1.89 1.81 1.86 1.97
Financial Leverage, Sector
Oil, Gas & Consumable Fuels 1.99 1.81 1.77 1.84 1.96

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Financial leverage = Total assets ÷ Total Chevron Corporation stockholders’ equity
= 239,790 ÷ 131,688 = 1.82

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Chevron Corp.’s financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Interest Coverage

Chevron Corp., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation (5,543) 2,924  14,824  9,195  (497)
Add: Net income attributable to noncontrolling interest (18) (79) 36  74  66 
Add: Income tax expense (1,892) 2,691  5,715  (48) (1,729)
Add: Interest and debt expense 697  798  748  307  201 
Earnings before interest and tax (EBIT) (6,756) 6,334  21,323  9,528  (1,959)
Solvency Ratio
Interest coverage1 -9.69 7.94 28.51 31.04 -9.75
Benchmarks
Interest Coverage, Competitors2
ConocoPhillips -2.90 13.24 14.57 -1.38 -3.44
Exxon Mobil Corp. -23.94 25.16 41.41 32.07 18.59
Interest Coverage, Sector
Oil, Gas & Consumable Fuels -13.84 15.60 28.35 13.60 1.15

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Interest coverage = EBIT ÷ Interest expense
= -6,756 ÷ 697 = -9.69

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Chevron Corp.’s interest coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Fixed Charge Coverage

Chevron Corp., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation (5,543) 2,924  14,824  9,195  (497)
Add: Net income attributable to noncontrolling interest (18) (79) 36  74  66 
Add: Income tax expense (1,892) 2,691  5,715  (48) (1,729)
Add: Interest and debt expense 697  798  748  307  201 
Earnings before interest and tax (EBIT) (6,756) 6,334  21,323  9,528  (1,959)
Add: Operating lease costs 2,551  2,621  820  726  943 
Earnings before fixed charges and tax (4,205) 8,955  22,143  10,254  (1,016)
 
Interest and debt expense 697  798  748  307  201 
Operating lease costs 2,551  2,621  820  726  943 
Fixed charges 3,248  3,419  1,568  1,033  1,144 
Solvency Ratio
Fixed charge coverage1 -1.29 2.62 14.12 9.93 -0.89
Benchmarks
Fixed Charge Coverage, Competitors2
ConocoPhillips -1.79 9.51 11.09 -0.92 -2.10
Exxon Mobil Corp. -5.68 5.66 9.89 6.80 3.25
Fixed Charge Coverage, Sector
Oil, Gas & Consumable Fuels -3.54 4.97 11.19 5.50 1.04

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= -4,205 ÷ 3,248 = -1.29

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Chevron Corp.’s fixed charge coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.