Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Analysis of Profitability Ratios 

Microsoft Excel LibreOffice Calc

Profitability Ratios (Summary)

Chevron Corp., profitability ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Return on Sales
Gross profit margin 29.25% 25.04% 27.43% 27.55% 23.97%
Operating profit margin 10.40% -6.45% 0.07% 9.09% 1.84%
Net profit margin 10.04% -5.87% 2.09% 9.33% 6.83%
Return on Investment
Return on equity (ROE) 11.24% -4.21% 2.03% 9.59% 6.21%
Return on assets (ROA) 6.52% -2.31% 1.23% 5.84% 3.62%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Chevron Corp. gross profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Chevron Corp. operating profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Chevron Corp. net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Chevron Corp. ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
ROA A profitability ratio calculated as net income divided by total assets. Chevron Corp. ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Gross Profit Margin

Chevron Corp., gross profit margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Gross profit 45,508  23,660  38,367  43,780  32,283 
Sales and other operating revenues 155,606  94,471  139,865  158,902  134,674 
Profitability Ratio
Gross profit margin1 29.25% 25.04% 27.43% 27.55% 23.97%
Benchmarks
Gross Profit Margin, Competitors2
ConocoPhillips 47.95% 33.87% 47.30% 46.43% 39.37%
Devon Energy Corp. 47.82% 35.05% 35.55% 38.62% 31.51%
Exxon Mobil Corp. 30.90% 30.32% 29.33% 30.96% 31.55%
Occidental Petroleum Corp. 62.79% 52.45% 59.12% 63.15% 55.28%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Gross profit margin = 100 × Gross profit ÷ Sales and other operating revenues
= 100 × 45,508 ÷ 155,606 = 29.25%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Chevron Corp. gross profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Operating Profit Margin

Chevron Corp., operating profit margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Operating income (loss) 16,180  (6,097) 100  14,446  2,480 
Sales and other operating revenues 155,606  94,471  139,865  158,902  134,674 
Profitability Ratio
Operating profit margin1 10.40% -6.45% 0.07% 9.09% 1.84%
Benchmarks
Operating Profit Margin, Competitors2
ConocoPhillips 24.34% -15.25% 19.44% 24.04% -16.00%
Devon Energy Corp. 26.44% -58.41% 2.27% 14.10% 9.99%
Exxon Mobil Corp. 8.68% -16.49% 4.99% 7.92% 5.09%
Occidental Petroleum Corp. 16.21% -71.20% -0.95% 25.56% 4.40%
Operating Profit Margin, Sector
Oil, Gas & Consumable Fuels 11.39% -17.14% 4.21% 10.21% 2.77%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Operating profit margin = 100 × Operating income (loss) ÷ Sales and other operating revenues
= 100 × 16,180 ÷ 155,606 = 10.40%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Chevron Corp. operating profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Net Profit Margin

Chevron Corp., net profit margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 15,625  (5,543) 2,924  14,824  9,195 
Sales and other operating revenues 155,606  94,471  139,865  158,902  134,674 
Profitability Ratio
Net profit margin1 10.04% -5.87% 2.09% 9.33% 6.83%
Benchmarks
Net Profit Margin, Competitors2
ConocoPhillips 17.63% -14.38% 22.07% 17.18% -2.94%
Devon Energy Corp. 23.05% -55.51% -5.71% 28.54% 6.44%
Exxon Mobil Corp. 8.33% -12.57% 5.61% 7.46% 8.31%
Occidental Petroleum Corp. 8.95% -83.28% -3.27% 23.18% 10.48%
Net Profit Margin, Sector
Oil, Gas & Consumable Fuels 10.05% -15.33% 5.15% 9.76% 7.08%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Net profit margin = 100 × Net income (loss) attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × 15,625 ÷ 155,606 = 10.04%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Chevron Corp. net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Return on Equity (ROE)

Chevron Corp., ROE calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 15,625  (5,543) 2,924  14,824  9,195 
Total Chevron Corporation stockholders’ equity 139,067  131,688  144,213  154,554  148,124 
Profitability Ratio
ROE1 11.24% -4.21% 2.03% 9.59% 6.21%
Benchmarks
ROE, Competitors2
ConocoPhillips 17.79% -9.05% 20.55% 19.59% -2.79%
Devon Energy Corp. 30.37% -92.89% -6.12% 33.36% 9.70%
Exxon Mobil Corp. 13.67% -14.28% 7.48% 10.87% 10.50%
Occidental Petroleum Corp. 11.42% -79.85% -1.95% 19.37% 6.37%
ROE, Sector
Oil, Gas & Consumable Fuels 13.56% -14.17% 5.70% 12.01% 7.64%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
ROE = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total Chevron Corporation stockholders’ equity
= 100 × 15,625 ÷ 139,067 = 11.24%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Chevron Corp. ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Return on Assets (ROA)

Chevron Corp., ROA calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation 15,625  (5,543) 2,924  14,824  9,195 
Total assets 239,535  239,790  237,428  253,863  253,806 
Profitability Ratio
ROA1 6.52% -2.31% 1.23% 5.84% 3.62%
Benchmarks
ROA, Competitors2
ConocoPhillips 8.91% -4.31% 10.20% 8.94% -1.17%
Devon Energy Corp. 13.38% -27.04% -2.59% 15.66% 2.97%
Exxon Mobil Corp. 6.80% -6.74% 3.95% 6.02% 5.65%
Occidental Petroleum Corp. 3.09% -18.52% -0.61% 9.42% 3.12%
ROA, Sector
Oil, Gas & Consumable Fuels 6.78% -6.65% 2.95% 6.70% 4.04%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
ROA = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total assets
= 100 × 15,625 ÷ 239,535 = 6.52%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Chevron Corp. ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.