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, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income (loss) attributable to Chevron Corporation 15,625  (5,543) 2,924  14,824  9,195 
Net (income) loss attributable to noncontrolling interests 64  (18) (79) 36  74 
Net noncash charges 14,859  17,790  22,975  16,476  10,770 
Net (increase) decrease in operating working capital (1,361) (1,652) 1,494  (718) 476 
Net cash provided by operating activities 29,187  10,577  27,314  30,618  20,515 
Capital expenditures (8,056) (8,922) (14,116) (13,792) (13,404)
Net borrowings (repayments) of short-term obligations (5,572) 651  (2,821) 2,021  (5,142)
Proceeds from issuances of long-term debt —  12,308  —  218  3,991 
Repayments of long-term debt and other financing obligations (7,364) (5,489) (5,025) (6,741) (6,310)
Free cash flow to equity (FCFE) 8,195  9,125  5,352  12,324  (350)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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 2019 to 2020 but then slightly decreased from 2020 to 2021.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 1,964,813,456
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 8,195 
FCFE per share 4.17
Current share price (P) 174.03
Valuation Ratio
P/FCFE 41.73
Benchmarks
P/FCFE, Competitors1
ConocoPhillips 10.54
Devon Energy Corp. 28.70
Exxon Mobil Corp. 23.29
Occidental Petroleum Corp. 109.77
P/FCFE, Sector
Oil, Gas & Consumable Fuels 24.40

Based on: 10-K (reporting date: 2021-12-31).

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

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 1,947,553,346 1,926,376,764 1,879,324,765 1,900,062,760 1,910,253,256
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 8,195  9,125  5,352  12,324  (350)
FCFE per share3 4.21 4.74 2.85 6.49 -0.18
Share price1, 4 134.85 102.35 109.01 119.39 109.89
Valuation Ratio
P/FCFE5 32.05 21.61 38.28 18.41
Benchmarks
P/FCFE, Competitors6
ConocoPhillips 9.24 45.64 8.52 34.71 7.60
Devon Energy Corp. 22.24 47.03 40.01
Exxon Mobil Corp. 19.82 13.70 16.01 29.23 23.57
Occidental Petroleum Corp. 66.22 1.84 15.74 37.42
P/FCFE, Sector
Oil, Gas & Consumable Fuels 19.67 19.57 12.43 25.34 28.20

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,195,000,000 ÷ 1,947,553,346 = 4.21

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

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 134.85 ÷ 4.21 = 32.05

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 2019 to 2020 but then increased from 2020 to 2021 not reaching 2019 level.