Chevron (CVX) AI Stock Analysis

• Market Cap: $373.19B
• Dividend Yield: 4.54%
• Average Volume (3M): 10.72M
• Price to Earnings (P/E): 27.9
• Beta (1Y): 0.51
• Revenue Growth: -3.44%
• EPS Growth: -22.05%
• Country: US
• Employees: 45,298
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): 1.52
• Shares Outstanding: 2,013,521,600
• 10 Day Avg. Volume: 8,919,199
• 30 Day Avg. Volume: 10,718,024
• PEG Ratio: -0.77
• Price to Book (P/B): 1.63
• Price to Sales (P/S): 1.62
• P/FCF Ratio: 18.27
• Enterprise Value/Market Cap: 1.09
• Enterprise Value/Revenue: 2.18
• Enterprise Value/Gross Profit: 14.78
• Enterprise Value/Ebitda: 9.86
• 1Y Price Target: $186.50
• Price Target Upside: 0.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 21
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: $193.00 ▲(4.13% Upside)
• Action: Reiterated Date: 01/30/26
• Date: Action: Reiterated 01/30/26

The score is driven primarily by solid financial strength (profitability and a strong balance sheet) and a constructive earnings outlook centered on production growth, cost reductions, and shareholder returns. Technicals support the trend but look overbought, and valuation is only moderate due to a higher P/E despite a strong dividend yield.

Positive Factors

Balance sheet strength

A low-leverage, robust balance sheet gives Chevron durable financial flexibility across cycles. It supports capital allocation to high-return projects, sustains dividends and buybacks during lower price periods, and reduces refinancing risk for long‑duration investments.

Production growth visibility

Multiple recent and upcoming project start‑ups (Guyana, Gulf of America, Eastern Mediterranean, TCO, Permian scale) create multi-year volume visibility. Durable production growth supports longer‑term cash flow, reserve replacement, and lowers per‑unit costs through scale and learning effects.

Strong free cash generation

Material adjusted free cash flow and substantial year‑over‑year growth (ex‑asset sales) indicate persistent cash generation capacity. This underpins sustained shareholder returns, enables disciplined reinvestment in high-return projects, and increases resilience to commodity volatility.

Negative Factors

Weaker cash-flow momentum

A decline in operating cash flow and slowing free cash flow growth reduces the cushion for reinvestment and distributions. If sustained, weaker cash momentum can force tighter capital allocation, limit M&A optionality, and make returns more sensitive to oil price swings over the medium term.

Negative revenue and margin pressure

Negative recent revenue trends and compressing EBIT/EBITDA margins point to structural pressure in parts of the portfolio (notably downstream/chemicals cyclical weakness). Even with volume gains, margin compression could limit sustainable profitability and cash flow expansion over the next several quarters.

Regulatory & execution risk (Venezuela)

Chevron's Venezuelan upside depends on approvals, fiscal clarity and licensing; uncertainty can materially constrain planned production expansion. Combined with regional export/logistics disruptions, such policy and execution risks can delay or reduce the long‑term value of incremental volumes.

Chevron Business Overview & Revenue Model

Company Description

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant. The Downstream segment engages in refining crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. It is also involved in the cash management and debt financing activities; insurance operations; real estate activities; and technology businesses. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is based in San Ramon, California.

How the Company Makes Money

Chevron generates revenue primarily through its Upstream and Downstream operations. In the Upstream segment, the company earns money by extracting and selling crude oil and natural gas. The revenue from this segment is significantly influenced by global oil and gas prices, production volumes, and operational efficiency. In the Downstream segment, Chevron makes money from refining crude oil into various petroleum products, including gasoline, jet fuel, and lubricants, which are then sold through a network of retail stations and wholesale markets. The company also benefits from its global supply and trading operations, which optimize the purchase and sale of crude oil and refined products. Significant partnerships, such as joint ventures with other energy companies and strategic alliances in renewable energy projects, further enhance its revenue streams. Additionally, Chevron's efforts in cost management and technological advancements in extraction and refining processes contribute to its profitability.

Chevron Financial Statement Overview

Summary

Strong overall fundamentals: solid profitability and a robust, low-leverage balance sheet (Income Statement 75; Balance Sheet 80). Main offsets are negative recent revenue trends and weaker cash-flow momentum, including declining operating cash flow and free cash flow growth (Cash Flow 70).

Income Statement

Chevron's income statement shows a strong gross profit margin and consistent profitability, although recent revenue growth has been negative. The TTM data indicates a decline in EBIT and EBITDA margins, reflecting potential challenges in operational efficiency. Despite these challenges, the company maintains a solid net profit margin.

Balance Sheet

Chevron's balance sheet is robust with a low debt-to-equity ratio, indicating prudent financial leverage. The return on equity remains healthy, although it has decreased over the past year. The equity ratio is strong, reflecting a stable financial position.

Cash Flow

The cash flow statement reveals a decline in free cash flow growth, which could be a concern. However, the company maintains a reasonable free cash flow to net income ratio, suggesting efficient cash generation relative to earnings. Operating cash flow has decreased, impacting overall cash flow health.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	187.03B	193.41B	196.91B	235.72B	155.61B
Gross Profit	34.38B	56.93B	60.39B	65.59B	45.43B
EBITDA	41.09B	45.81B	47.81B	67.00B	39.36B
Net Income	12.39B	17.66B	21.37B	35.47B	15.63B
Balance Sheet
Total Assets	324.01B	256.94B	261.63B	257.71B	239.53B
Cash, Cash Equivalents and Short-Term Investments	40.75B	6.79B	8.22B	17.90B	5.67B
Total Debt	40.76B	24.54B	20.84B	23.34B	31.37B
Total Liabilities	137.56B	103.78B	99.70B	97.47B	99.59B
Stockholders Equity	186.45B	152.32B	160.96B	159.28B	139.07B
Cash Flow
Free Cash Flow	16.60B	15.04B	19.78B	37.63B	21.09B
Operating Cash Flow	33.90B	31.49B	35.61B	49.60B	29.19B
Investing Cash Flow	-15.90B	-8.94B	-15.23B	-12.11B	-5.87B
Financing Cash Flow	-19.10B	-23.47B	-30.11B	-24.98B	-23.11B

Chevron Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 185.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVX, the sentiment is Positive. The current price of 185.34 is above the 20-day moving average (MA) of 178.82, above the 50-day MA of 164.82, and above the 200-day MA of 151.63, indicating a bullish trend. The MACD of 5.73 indicates Positive momentum. The RSI at 70.84 is Negative, neither overbought nor oversold. The STOCH value of 65.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CVX.

Chevron Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COP	77 Outperform	$135.18B	17.30	12.32%	3.43%	8.41%	-16.12%
CVX	76 Outperform	$373.19B	27.89	7.26%	4.54%	-3.44%	-22.05%
XOM	73 Outperform	$621.93B	22.50	11.03%	3.35%	-4.17%	-14.15%
OXY	72 Outperform	$51.24B	32.53	6.86%	2.39%	-2.48%	-65.26%
SHEL	71 Outperform	$226.50B	13.17	10.13%	3.92%	-6.96%	0.03%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
BP	60 Neutral	$97.83B	1,846.63	0.13%	5.62%	-4.11%	-37.59%

Chevron Corporate Events

Chevron boosts executive pay and long-term equity awards

On January 28, 2026, Chevron’s independent directors completed their annual review of executive compensation and approved base salary increases for key executives, including a $75,000 raise for Chairman and CEO Michael K. Wirth to $1,975,000, as well as higher salaries for CFO Eimear P. Bonner, Vice Chairman Mark A. Nelson, and Chief Legal Officer R. Hewitt Pate, effective March 1, 2026. The Board maintained existing 2026 target bonus percentages under the Chevron Incentive Plan for these executives, while also approving substantial 2026 long-term equity awards under the company’s 2022 Long-Term Incentive Plan, led by a $23 million grant value for Wirth and multi-million-dollar awards for the other named executives, signaling continued emphasis on performance-based and equity-linked compensation for the leadership team.

The most recent analyst rating on (CVX) stock is a Buy with a $188.00 price target. To see the full list of analyst forecasts on Chevron stock, see the CVX Stock Forecast page.

Chevron Adds Thomas Horton to Board and Audit Committee

On January 27, 2026, Chevron Corporation’s board of directors appointed Thomas W. Horton, a partner at Global Infrastructure Partners and former chairman and chief executive of American Airlines and senior executive at AT&T, as a member of its board and as a member of the Audit Committee, effective the same date. In connection with his appointment, the board approved a prorated grant to Horton of its standard annual restricted stock unit award for non-employee directors under the company’s equity compensation plan, along with a prorated annual cash retainer of $155,000, aligning his compensation with Chevron’s existing director pay structure and signaling the addition of a seasoned executive with extensive corporate finance, aviation, and infrastructure experience to its governance and oversight framework.

The most recent analyst rating on (CVX) stock is a Buy with a $188.00 price target. To see the full list of analyst forecasts on Chevron stock, see the CVX Stock Forecast page.

Chevron Issues Floating Rate Notes Due 2075

On December 9, 2025, Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, issued Floating Rate Notes due in 2075, amounting to $154,204,000. These notes are fully guaranteed by Chevron Corporation and will bear interest at a floating rate linked to Compounded SOFR. The issuance is part of a strategic financial maneuver to manage long-term debt, with implications for the company’s financial structure and market positioning.

The most recent analyst rating on (CVX) stock is a Buy with a $167.00 price target. To see the full list of analyst forecasts on Chevron stock, see the CVX Stock Forecast page.

Chevron Modernizes Officer Titles and Roles

On December 3, 2025, Chevron Corporation’s Board of Directors approved amendments to its By-Laws to modernize officer titles and align them with prevailing practices. These changes provide flexibility in officer roles and duties, reflecting a strategic move to streamline corporate governance. Additionally, the Board updated the list of executive officers, adding two new positions and revising titles to better align with industry standards, indicating a shift towards a more contemporary organizational structure.

The most recent analyst rating on (CVX) stock is a Hold with a $165.00 price target. To see the full list of analyst forecasts on Chevron stock, see the CVX Stock Forecast page.

Chevron Announces Upcoming Controller Transition

On October 29, 2025, Chevron announced that Alana K. Knowles will resign as Controller, effective February 28, 2026, in anticipation of her retirement in April 2026. The Board of Directors has appointed Amit R. Ghai as the new Controller, effective March 1, 2026, who has been with Chevron since 2004 and has extensive experience in finance, accounting, and treasury.

The most recent analyst rating on (CVX) stock is a Buy with a $176.00 price target. To see the full list of analyst forecasts on Chevron stock, see the CVX Stock Forecast page.