Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Chevron Corp. (NYSE:CVX)

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Enterprise Value to FCFF (EV/FCFF)

Intermediate level


Free Cash Flow to The Firm (FCFF)

Chevron Corp., FCFF calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income (loss) attributable to Chevron Corporation
Net income attributable to noncontrolling interests
Net noncash charges
Net (increase) decrease in operating working capital
Net cash provided by operating activities
Cash payments for interest on debt, net of capitalized interest, net of tax1
Capitalized interest, net of tax2
Capital expenditures
Free cash flow to the firm (FCFF)

Based on: 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), 10-K (filing date: 2016-02-25).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Chevron Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Chevron Corp.’s FCFF increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

Interest Paid, Net of Tax

Chevron Corp., interest paid, net of tax calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Effective Income Tax Rate (EITR)
EITR1
Interest Paid, Net of Tax
Cash payments for interest on debt, net of capitalized interest, before tax
Less: Cash payments for interest on debt, net of capitalized interest, tax2
Cash payments for interest on debt, net of capitalized interest, net of tax
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax
Less: Capitalized interest, tax3
Capitalized interest, net of tax

Based on: 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), 10-K (filing date: 2016-02-25).

1 See details »

2 2019 Calculation
Cash payments for interest on debt, net of capitalized interest, tax = Cash payments for interest on debt, net of capitalized interest × EITR
= × =

3 2019 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= × =


Enterprise Value to FCFF Ratio, Current

Chevron Corp., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
ConocoPhillips
Exxon Mobil Corp.
EV/FCFF, Sector
Oil & Gas Producers

Based on: 10-K (filing date: 2020-02-21).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Chevron Corp., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Enterprise value (EV)1
Free cash flow to the firm (FCFF)2
Valuation Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors4
ConocoPhillips
Exxon Mobil Corp.
EV/FCFF, Sector
Oil & Gas Producers

Based on: 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), 10-K (filing date: 2016-02-25).

1 See details »

2 See details »

3 2019 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Chevron Corp.’s EV/FCFF ratio decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.