Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Chevron Corp., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reflects notable fluctuations in cash flow metrics over the five-year period ending December 31, 2024.
- Net Cash Provided by Operating Activities
- This metric experienced significant growth from 2020 through 2022, increasing from $10,577 million in 2020 to a peak of $49,602 million in 2022. However, the following years showed a decline, falling to $35,609 million in 2023 and further to $31,492 million in 2024. Despite the decline after 2022, the levels in 2023 and 2024 remain substantially higher than those in 2020 and 2021, indicating overall improvement in operational cash generation over the analyzed period.
- Free Cash Flow to Equity (FCFE)
- FCFE shows a somewhat different trend. After a slight decrease from $9,125 million in 2020 to $8,195 million in 2021, there was a sharp increase in 2022, reaching $29,149 million. This peak was followed by a decline in the next two years, with values of $15,725 million in 2023 and $18,612 million in 2024. Though the FCFE declined post-2022, it remained elevated compared to the early years, indicating improved cash availability for equity holders across the period, albeit with some volatility.
Overall, both key cash flow measures indicate a peak in 2022 followed by a decrease in subsequent years. The trends suggest an environment of strong operational cash generation and enhanced free cash flow in 2022, likely driven by external or internal factors, with a partial reversion towards lower levels in the following years. Nevertheless, the cash flow figures for the most recent years still exceed those of the initial years, suggesting a strengthened liquidity and cash generation capacity relative to 2020 and 2021.
Price to FCFE Ratio, Current
Chevron Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 1,746,393,905 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 18,612) |
| FCFE per share | 10.66 |
| Current share price (P) | 153.02 |
| Valuation Ratio | |
| P/FCFE | 14.36 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| ConocoPhillips | 13.85 |
| Exxon Mobil Corp. | 19.08 |
| Occidental Petroleum Corp. | 4.57 |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | 14.69 |
| P/FCFE, Industry | |
| Energy | 14.46 |
Based on: 10-K (reporting date: 2024-12-31).
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,760,598,537 | 1,857,269,160 | 1,906,674,044 | 1,947,553,346 | 1,926,376,764 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | 18,612) | 15,725) | 29,149) | 8,195) | 9,125) | |
| FCFE per share3 | 10.57 | 8.47 | 15.29 | 4.21 | 4.74 | |
| Share price1, 4 | 156.92 | 154.45 | 161.93 | 134.85 | 102.35 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 14.84 | 18.24 | 10.59 | 32.05 | 21.61 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| ConocoPhillips | 14.39 | 11.74 | 8.93 | 10.61 | 497.58 | |
| Exxon Mobil Corp. | 18.62 | 12.46 | 8.73 | 19.82 | 13.70 | |
| Occidental Petroleum Corp. | 4.67 | 8.44 | 18.76 | 66.22 | — | |
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | 14.74 | 13.35 | 9.60 | 20.45 | 20.23 | |
| P/FCFE, Industry | ||||||
| Energy | 14.64 | 13.75 | 10.44 | 21.48 | 19.69 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 18,612,000,000 ÷ 1,760,598,537 = 10.57
4 Closing price as at the filing date of Chevron Corp. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 156.92 ÷ 10.57 = 14.84
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from 102.35 US$ at the end of 2020 to a peak of 161.93 US$ in 2022. Following this peak, it saw a slight decline to 154.45 US$ in 2023, before experiencing a modest increase to 156.92 US$ in 2024. Overall, the share price increased by approximately 53% over the five-year span, indicating a positive market valuation trend with some volatility in the latter years.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share demonstrated significant fluctuations over the period. Starting at 4.74 US$ in 2020, it declined slightly to 4.21 US$ in 2021. In 2022, a marked increase to 15.29 US$ was observed, more than tripling the previous year's figure. This spike was followed by a decline to 8.47 US$ in 2023, and then a moderate recovery to 10.57 US$ in 2024. Despite volatility, FCFE per share in 2024 remains substantially higher than in 2020 and 2021, suggesting improved cash flow generation available to equity holders in recent years.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio reveals notable shifts in valuation relative to cash flows. Starting at 21.61 in 2020, the ratio increased to 32.05 in 2021, indicating a higher market price relative to FCFE. A sharp reversal occurred in 2022, with the ratio falling to 10.59, reflecting a much lower valuation multiple in the context of the surge in FCFE per share. The ratio then rose again to 18.24 in 2023 before contracting to 14.84 in 2024. This variability suggests changing investor perceptions of value, influenced by fluctuations in FCFE and overall market conditions.
- Overall Insights
- The financial data points to a period of enhanced cash flow generation starting in 2022, coupled with fluctuating investor valuation as evidenced by the P/FCFE ratio movements. While the share price generally rose over the term, the sharp increase in FCFE per share in 2022 likely contributed to a re-rating by the market. Subsequent adjustments in valuation multiples and share price suggest a reversion towards a more normalized assessment of the company's cash flow strength in the latest years. The patterns indicate both improved operational performance and dynamic market sentiment across the analyzed timeframe.