Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Enterprise Value (EV)

Microsoft Excel

Current Enterprise Value (EV)

Chevron Corp., current enterprise value calculation

Microsoft Excel
Current share price (P) $156.35
No. shares of common stock outstanding 1,857,269,160
US$ in millions
Common equity (market value)1 290,384
Add: Preferred stock, $1.00 par value; none issued (per books)
Add: Noncontrolling interests (per books) 806
Total equity 291,190
Add: Short-term debt (per books) 529
Add: Long-term debt, excluding debt due within one year (per books) 20,307
Total equity and debt 312,026
Less: Cash and cash equivalents 8,178
Less: Marketable securities 45
Enterprise value (EV) 303,803

Based on: 10-K (reporting date: 2023-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 156.35 × 1,857,269,160


Historical Enterprise Value (EV)

Chevron Corp., EV calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Share price1, 2 $154.45 $161.93 $134.85 $102.35 $109.01
No. shares of common stock outstanding1 1,857,269,160 1,906,674,044 1,947,553,346 1,926,376,764 1,879,324,765
US$ in millions
Common equity (market value)3 286,855 308,748 262,628 197,165 204,865
Add: Preferred stock, $1.00 par value; none issued (book value)
Add: Noncontrolling interests (book value) 806 818 738 918 995
Total equity 287,661 309,566 263,366 198,083 205,860
Add: Short-term debt (book value) 529 1,964 256 1,548 3,282
Add: Long-term debt, excluding debt due within one year (book value) 20,307 21,375 31,113 42,767 23,691
Total equity and debt 308,497 332,905 294,735 242,398 232,833
Less: Cash and cash equivalents 8,178 17,678 5,640 5,596 5,686
Less: Marketable securities 45 223 35 31 63
Enterprise value (EV) 300,274 315,004 289,060 236,771 227,084

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Chevron Corp. Annual Report.

3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 154.45 × 1,857,269,160

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. Chevron Corp. EV increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.