Chevron Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to Chevron Corporation	17,661)	21,369)	35,465)	15,625)	(5,543)
Net (income) loss attributable to noncontrolling interests	88)	42)	143)	64)	(18)
Net noncash charges	12,532)	17,383)	11,869)	14,859)	17,790)
Net (increase) decrease in operating working capital	1,211)	(3,185)	2,125)	(1,361)	(1,652)
Net cash provided by operating activities	31,492)	35,609)	49,602)	29,187)	10,577)
Capital expenditures	(16,448)	(15,829)	(11,974)	(8,056)	(8,922)
Net borrowings (repayments) of short-term obligations	4,868)	135)	263)	(5,572)	651)
Proceeds from issuances of long-term debt	478)	150)	—)	—)	12,308)
Repayments of long-term debt and other financing obligations	(1,778)	(4,340)	(8,742)	(7,364)	(5,489)
Free cash flow to equity (FCFE)	18,612)	15,725)	29,149)	8,195)	9,125)

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).

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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 decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

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

No. shares of common stock outstanding	1,760,598,537
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	18,612)
FCFE per share	10.57
Current share price (P)	139.30
Valuation Ratio
P/FCFE	13.18
Benchmarks
P/FCFE, Competitors¹
ConocoPhillips	13.57
Expand Energy Corp.	—
Exxon Mobil Corp.	18.29
Occidental Petroleum Corp.	3.86
P/FCFE, Sector
Oil, Gas & Consumable Fuels	14.28
P/FCFE, Industry
Energy	14.03

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.

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 price^1, 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
Expand Energy Corp.	—	5.39	3.05	24.23	—
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	15.12	13.12	9.38	20.48	20.23
P/FCFE, Industry
Energy	15.00	13.51	10.18	21.51	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.

² See details »

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.

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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 increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Chevron Corp. (NYSE:CVX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical