Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).


Historical Valuation Ratios (Summary)

Chevron Corp., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Price to earnings (P/E) 43.40 70.06 17.38 15.35 16.02 15.30 16.06 19.58 23.72 22.83 33.71 35.57 68.24 147.60 35.02
Price to operating profit (P/OP) 2,048.65 17.34 15.68 15.61 15.70 19.70 30.41 51.05 84.64 171.67 190.60
Price to sales (P/S) 1.29 1.42 1.24 1.46 1.58 1.48 1.41 1.43 1.47 1.62 1.73 1.56 1.71 1.68 1.67 1.91 1.84 1.70 1.58 1.24
Price to book value (P/BV) 1.02 1.21 1.17 1.42 1.48 1.45 1.43 1.47 1.49 1.56 1.60 1.42 1.49 1.42 1.35 1.44 1.36 1.29 1.27 1.05 1.14 1.02 1.30

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chevron Corp.’s P/S ratio increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020 not reaching Q1 2020 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Chevron Corp.’s P/BV ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.

Price to Earnings (P/E)

Chevron Corp., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 1,867,323,448 1,867,267,832 1,866,978,650 1,879,324,765 1,890,872,188 1,898,418,471 1,904,726,061 1,900,062,760 1,910,774,369 1,916,147,100 1,910,956,734 1,910,253,256 1,899,373,928 1,895,002,689 1,894,556,806 1,893,102,970 1,887,769,320 1,886,520,448 1,884,702,387 1,883,156,295 1,882,036,704 1,881,734,623 1,880,477,711
Selected Financial Data (US$)
Net income (loss) attributable to Chevron Corporation (in millions) (207) (8,270) 3,599  (6,610) 2,580  4,305  2,649  3,730  4,047  3,409  3,638  3,111  1,952  1,450  2,682  415  1,283  (1,470) (725) (588) 2,037  571  2,567 
Earnings per share (EPS)2 -6.15 -4.66 2.08 1.56 7.01 7.76 7.26 7.80 7.43 6.32 5.31 4.81 3.42 3.08 1.54 -0.26 -0.79 -0.40 0.69 2.44 0.00 0.00 0.00
Share price1, 3 72.14 87.20 90.05 109.01 121.89 119.10 116.38 119.39 119.36 123.76 126.01 109.89 115.33 109.43 104.81 111.02 105.39 100.39 101.42 85.30 94.03 84.03 107.57
Valuation Ratio
P/E ratio4 43.40 70.06 17.38 15.35 16.02 15.30 16.06 19.58 23.72 22.83 33.71 35.57 68.24 147.60 35.02
Benchmarks
P/E Ratio, Competitors5
Exxon Mobil Corp. 42.32 25.86 16.34 15.64 20.65 16.83 17.64 16.15 15.14 16.15 15.92 16.28 27.31 29.21 34.90 42.80 38.80 34.45 28.01 20.96

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
EPS = (Net income (loss) attributable to Chevron CorporationQ3 2020 + Net income (loss) attributable to Chevron CorporationQ2 2020 + Net income (loss) attributable to Chevron CorporationQ1 2020 + Net income (loss) attributable to Chevron CorporationQ4 2019) ÷ No. shares of common stock outstanding
= (-207,000,000 + -8,270,000,000 + 3,599,000,000 + -6,610,000,000) ÷ 1,867,323,448 = -6.15

3 Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= 72.14 ÷ -6.15 =

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.

Price to Operating Profit (P/OP)

Chevron Corp., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 1,867,323,448 1,867,267,832 1,866,978,650 1,879,324,765 1,890,872,188 1,898,418,471 1,904,726,061 1,900,062,760 1,910,774,369 1,916,147,100 1,910,956,734 1,910,253,256 1,899,373,928 1,895,002,689 1,894,556,806 1,893,102,970 1,887,769,320 1,886,520,448 1,884,702,387 1,883,156,295 1,882,036,704 1,881,734,623 1,880,477,711
Selected Financial Data (US$)
Operating income (loss) (in millions) (112) (7,894) 2,609  (9,905) 3,030  3,703  3,272  3,290  4,157  3,479  3,520  419  380  398  1,283  (785) 192  (3,429) (2,194) (3,443) 1,236  (2,165) 662 
Operating profit per share2 -8.19 -6.51 -0.30 0.05 7.03 7.60 7.45 7.60 6.06 4.07 2.47 1.30 0.67 0.57 -1.45 -3.28 -4.70 -4.15 -3.48 -1.97 0.00 0.00 0.00
Share price1, 3 72.14 87.20 90.05 109.01 121.89 119.10 116.38 119.39 119.36 123.76 126.01 109.89 115.33 109.43 104.81 111.02 105.39 100.39 101.42 85.30 94.03 84.03 107.57
Valuation Ratio
P/OP ratio4 2,048.65 17.34 15.68 15.61 15.70 19.70 30.41 51.05 84.64 171.67 190.60
Benchmarks
P/OP Ratio, Competitors5
Exxon Mobil Corp. 44.02 20.32 17.57 20.01 16.03 16.38 15.21 18.41 21.32 24.53 26.58 43.10 59.66 76.21 358.52 103.99 59.71 39.53 26.28

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Operating profit per share = (Operating income (loss)Q3 2020 + Operating income (loss)Q2 2020 + Operating income (loss)Q1 2020 + Operating income (loss)Q4 2019) ÷ No. shares of common stock outstanding
= (-112,000,000 + -7,894,000,000 + 2,609,000,000 + -9,905,000,000) ÷ 1,867,323,448 = -8.19

3 Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 72.14 ÷ -8.19 =

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.

Price to Sales (P/S)

Chevron Corp., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 1,867,323,448 1,867,267,832 1,866,978,650 1,879,324,765 1,890,872,188 1,898,418,471 1,904,726,061 1,900,062,760 1,910,774,369 1,916,147,100 1,910,956,734 1,910,253,256 1,899,373,928 1,895,002,689 1,894,556,806 1,893,102,970 1,887,769,320 1,886,520,448 1,884,702,387 1,883,156,295 1,882,036,704 1,881,734,623 1,880,477,711
Selected Financial Data (US$)
Sales and other operating revenues (in millions) 23,997  15,926  29,705  34,574  34,779  36,323  34,189  40,338  42,105  40,491  35,968  36,381  33,892  32,877  31,524  30,142  29,159  27,844  23,070  28,014  32,767  36,829  32,315 
Sales per share2 55.80 61.58 72.51 74.42 77.02 80.57 82.49 83.63 81.09 76.58 72.80 70.50 67.62 65.28 62.64 58.22 57.26 59.21 64.03 68.99 0.00 0.00 0.00
Share price1, 3 72.14 87.20 90.05 109.01 121.89 119.10 116.38 119.39 119.36 123.76 126.01 109.89 115.33 109.43 104.81 111.02 105.39 100.39 101.42 85.30 94.03 84.03 107.57
Valuation Ratio
P/S ratio4 1.29 1.42 1.24 1.46 1.58 1.48 1.41 1.43 1.47 1.62 1.73 1.56 1.71 1.68 1.67 1.91 1.84 1.70 1.58 1.24
Benchmarks
P/S Ratio, Competitors5
Exxon Mobil Corp. 0.72 0.87 0.75 0.88 1.16 1.10 1.19 1.20 1.26 1.29 1.32 1.35 1.55 1.51 1.54 1.54 1.59 1.60 1.51 1.30

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Sales per share = (Sales and other operating revenuesQ3 2020 + Sales and other operating revenuesQ2 2020 + Sales and other operating revenuesQ1 2020 + Sales and other operating revenuesQ4 2019) ÷ No. shares of common stock outstanding
= (23,997,000,000 + 15,926,000,000 + 29,705,000,000 + 34,574,000,000) ÷ 1,867,323,448 = 55.80

3 Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 72.14 ÷ 55.80 = 1.29

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Chevron Corp.’s P/S ratio increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020 not reaching Q1 2020 level.

Price to Book Value (P/BV)

Chevron Corp., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 1,867,323,448 1,867,267,832 1,866,978,650 1,879,324,765 1,890,872,188 1,898,418,471 1,904,726,061 1,900,062,760 1,910,774,369 1,916,147,100 1,910,956,734 1,910,253,256 1,899,373,928 1,895,002,689 1,894,556,806 1,893,102,970 1,887,769,320 1,886,520,448 1,884,702,387 1,883,156,295 1,882,036,704 1,881,734,623 1,880,477,711
Selected Financial Data (US$)
Total Chevron Corporation stockholders’ equity (in millions) 131,774  134,118  143,930  144,213  155,841  156,395  155,045  154,554  153,575  152,198  150,356  148,124  146,713  146,203  146,592  145,556  146,800  147,163  150,307  152,716  154,912  154,669  155,803 
Book value per share (BVPS)2 70.57 71.83 77.09 76.74 82.42 82.38 81.40 81.34 80.37 79.43 78.68 77.54 77.24 77.15 77.38 76.89 77.76 78.01 79.75 81.10 82.31 82.19 82.85
Share price1, 3 72.14 87.20 90.05 109.01 121.89 119.10 116.38 119.39 119.36 123.76 126.01 109.89 115.33 109.43 104.81 111.02 105.39 100.39 101.42 85.30 94.03 84.03 107.57
Valuation Ratio
P/BV ratio4 1.02 1.21 1.17 1.42 1.48 1.45 1.43 1.47 1.49 1.56 1.60 1.42 1.49 1.42 1.35 1.44 1.36 1.29 1.27 1.05 1.14 1.02 1.30
Benchmarks
P/BV Ratio, Competitors5
Exxon Mobil Corp. 0.79 1.03 1.02 1.17 1.59 1.56 1.71 1.75 1.85 1.81 1.72 1.71 1.95 1.91 1.98 2.01 2.03 2.13 2.12 1.98 2.10 1.86 2.15

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
BVPS = Total Chevron Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 131,774,000,000 ÷ 1,867,323,448 = 70.57

3 Closing price as at the filing date of Chevron Corp.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 72.14 ÷ 70.57 = 1.02

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Chevron Corp.’s P/BV ratio increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.