Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Chevron Corp., FCFE calculation

US$ in millions

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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 21,369 35,465 15,625 (5,543) 2,924
Net (income) loss attributable to noncontrolling interests 42 143 64 (18) (79)
Net noncash charges 17,383 11,869 14,859 17,790 22,975
Net (increase) decrease in operating working capital (3,185) 2,125 (1,361) (1,652) 1,494
Net cash provided by operating activities 35,609 49,602 29,187 10,577 27,314
Capital expenditures (15,829) (11,974) (8,056) (8,922) (14,116)
Net borrowings (repayments) of short-term obligations 135 263 (5,572) 651 (2,821)
Proceeds from issuances of long-term debt 150 12,308
Repayments of long-term debt and other financing obligations (4,340) (8,742) (7,364) (5,489) (5,025)
Free cash flow to equity (FCFE) 15,725 29,149 8,195 9,125 5,352

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Chevron Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Chevron Corp. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Price to FCFE Ratio, Current

Chevron Corp., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,857,269,160
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 15,725
FCFE per share 8.47
Current share price (P) 156.35
Valuation Ratio
P/FCFE 18.47
Benchmarks
P/FCFE, Competitors1
ConocoPhillips 13.41
Exxon Mobil Corp. 13.74
Marathon Petroleum Corp. 5.60
Occidental Petroleum Corp. 9.46
Pioneer Natural Resources Co. 18.87
Valero Energy Corp. 6.93
P/FCFE, Sector
Oil, Gas & Consumable Fuels 12.66
P/FCFE, Industry
Energy 13.03

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

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

Chevron Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 15,725 29,149 8,195 9,125 5,352
FCFE per share3 8.47 15.29 4.21 4.74 2.85
Share price1, 4 154.45 161.93 134.85 102.35 109.01
Valuation Ratio
P/FCFE5 18.24 10.59 32.05 21.61 38.28
Benchmarks
P/FCFE, Competitors6
ConocoPhillips 11.74 8.93 10.61 497.58 14.36
Exxon Mobil Corp. 12.46 8.73 19.82 13.70 16.01
Marathon Petroleum Corp. 4.75 3.74 65.05 51.11 5.87
Occidental Petroleum Corp. 8.44 18.76 66.22 1.84
Pioneer Natural Resources Co. 16.98 9.25 10.38 21.68 512.10
Valero Energy Corp. 5.77 6.12 12.51 9.57 7.61
P/FCFE, Sector
Oil, Gas & Consumable Fuels 11.59 8.67 19.42 19.88 12.38
P/FCFE, Industry
Energy 11.95 9.32 20.28 19.46 12.93

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 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 15,725,000,000 ÷ 1,857,269,160 = 8.47

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 154.45 ÷ 8.47 = 18.24

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Chevron Corp. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.