Price to FCFE (P/FCFE)
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Free Cash Flow to Equity (FCFE)
Chevron Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The financial information reveals significant fluctuations in both net cash provided by operating activities and free cash flow to equity over the five-year period. A notable increase in both metrics occurred between 2021 and 2022, followed by varying degrees of adjustment in subsequent years.
- Net Cash from Operations
- Net cash provided by operating activities demonstrated a substantial increase from US$29,187 million in 2021 to US$49,602 million in 2022. This represents a growth of approximately 70.4%. Following this peak, the figure decreased to US$35,609 million in 2023, then further to US$31,492 million in 2024. A slight recovery to US$33,939 million is observed in 2025, but remains below the 2022 high.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity exhibited a similar pattern of growth and subsequent adjustment. It rose dramatically from US$8,195 million in 2021 to US$29,149 million in 2022, an increase of over 255%. FCFE then declined to US$15,725 million in 2023. A moderate increase to US$18,612 million occurred in 2024, and continued to US$22,458 million in 2025. While the 2025 value represents an improvement over 2023 and 2024, it does not reach the peak observed in 2022.
The correlation between net cash from operations and FCFE is apparent. The substantial increase in operating cash flow in 2022 directly contributed to the surge in FCFE during the same period. The subsequent declines and recoveries in operating cash flow are mirrored in the FCFE figures. The difference between the two metrics suggests that factors beyond core operating activities, such as capital expenditures or financing decisions, also influence the final FCFE value.
The observed volatility in FCFE suggests potential sensitivity to external factors impacting the business, such as commodity price fluctuations or changes in operational costs. The trend from 2022 to 2025 indicates a return towards more moderate levels of cash generation after the exceptional performance in 2022.
Price to FCFE Ratio, Current
Chevron Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | |
| P/FCFE, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2025-12-31).
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
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/FCFE, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Chevron Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited considerable fluctuation over the five-year period. Initial values decreased significantly before stabilizing and then increasing again. A detailed examination of the components and the resulting ratio reveals key trends.
- Share Price
- The share price demonstrated an initial increase from 2021 to 2022, rising from US$134.85 to US$161.93. A subsequent decline occurred in 2023, reaching US$154.45, followed by a modest increase to US$156.92 in 2024. The most substantial increase was observed between 2024 and 2025, with the share price reaching US$185.34.
- Free Cash Flow to Equity per Share
- FCFE per share experienced a dramatic increase from US$4.21 in 2021 to US$15.29 in 2022. This was followed by a substantial decrease to US$8.47 in 2023. FCFE per share then showed a pattern of moderate growth, increasing to US$10.57 in 2024 and further to US$11.25 in 2025.
- Price to FCFE Ratio
- The P/FCFE ratio began at 32.05 in 2021, representing a relatively high valuation. A significant decrease was observed in 2022, falling to 10.59, coinciding with the substantial increase in FCFE per share. The ratio then increased to 18.24 in 2023, reflecting the decline in FCFE per share. A slight decrease to 14.84 occurred in 2024, followed by an increase to 16.47 in 2025. The ratio’s movement appears heavily influenced by fluctuations in FCFE per share, with the share price exhibiting a less pronounced impact on the overall ratio.
The largest single-year change in the P/FCFE ratio occurred between 2021 and 2022, a decrease of over 66%. The period between 2022 and 2023 saw a substantial increase in the ratio, driven by the significant reduction in FCFE per share. While the share price generally trended upward, the FCFE per share demonstrated more volatility, ultimately being the dominant factor in the P/FCFE ratio’s fluctuations.