| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 62 | 22.2x | 17.3x | Around median | |
Growth | 35 | 10.2% | 7.1% | Bottom tier | |
Quality | 75 | 11.3% | 4.5% | Top tier | |
Safety | 84 | 0.6x | 2.6x | Top tier | |
Capital Return | 79 | 3.01% | 0.06% | Top tier | |
Momentum | 98 | 32.2% | -1.6% | Top tier | |
Sentiment | 67 | 14 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
49% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Chevron Corporation combines oil and gas production, refining, and petrochemicals, generating revenue from sales of produced resources and refined and chemical products. Its portfolio includes Permian, Bakken, Guyana, and TCO assets, alongside liquefied natural gas in Australia and West Africa. In quarter 2 of fiscal year 2026 (ended 2026-06-30), U.S. production was approximately 2.1 million barrels of oil equivalent per day and international production approximately two million barrels of oil equivalent per day, while U.S. refinery throughput exceeded one million barrels per day; these activities link its results to production volumes, selling prices, and refining margins.
Chevron's revenue in quarter 2 of fiscal year 2026 (ended 2026-06-30) was approximately $70.1 billion, up 56.3% from the same quarter a year earlier, when it was $44.8 billion. Net income was $12.1 billion and diluted earnings per share were $6.11, with a gross margin of 47.7% versus 40.1% in quarter 2 of fiscal year 2025 (ended 2025-06-30). Production operations improved due to higher selling prices and sales volumes, while refining operations benefited from higher margins, with timing effects contributing to both businesses.
Operating cash flow according to EL7 data was approximately $22.6 billion in quarter 2 of fiscal year 2026 (ended 2026-06-30). For the last 12 months through 2026-06-30, operating cash flow according to EL7 data was approximately $45.3 billion, and free cash flow as calculated by EL7 (operating cash flow minus capital expenditure) for the last 12 months was approximately $27.0 billion, versus share repurchases of $11.1 billion for the same period. This cash generation provides a foundation for investment and shareholder returns, but total debt according to EL7 data was $37.1 billion versus cash and short-term investments of $8.5 billion at the end of quarter 2 of fiscal year 2026.
Q2 FY2026
Last 12 months to 2026-06-30
When: 2026-10-30
Revenue relative to $70.1 billion
Gross margin relative to 47.7%
The discounted cash flow model gives a value of $267, within a range of $211 to $358 and at a discount rate of 8.7%, and measures the present value of expected cash flows while following analysts' earnings estimates. The median target of 6 analysts is $216, within a range of $90 to $243, an estimate that incorporates their growth expectations. The industry multiple valuation is $147, within a range of $123 to $233, and prices earnings for the last 12 months through 2026-06-30 at a median multiple of 14.1 across 11 companies, while the no-growth value is $117 when holding after-tax operating profit constant forever and discounting it at 8.7%. The methods agree in assigning higher values to valuations incorporating growth expectations, but the discounted cash flow estimate of $267 exceeds the analyst median of $216, and both are above the peer comparison value and the no-growth value, highlighting the effect of assumptions about growth and continued cash generation. Analyst targets tend toward optimism and cash flow models toward conservatism across companies, but this general tendency does not determine the ranking of the methods' results for Chevron.
Figures in the text are as of 2026-10-19; the live price is shown at the top of the page.
Chevron's net income was approximately $12.1 billion in quarter 2 of fiscal year 2026 (ended 2026-06-30), and operating cash flow according to EL7 data was approximately $22.6 billion for the same period. For the last 12 months through 2026-06-30, operating cash flow according to EL7 data was approximately $45.3 billion, equivalent to 220% of net income of $20.6 billion. Free cash flow as calculated by EL7 (operating cash flow minus capital expenditure) for the last 12 months was approximately $27.0 billion. These figures support strong cash conversion, while the continuation of favorable selling prices and refining margins remains a factor influencing results.
Chevron stated on the 2026-07-31 call that in June 2026 it signed a 20-year power purchase agreement with Microsoft to provide 2.67 gigawatts of firm capacity through Project Kilby. The agreement requires the customer to pay for contracted capacity regardless of usage, supporting contractual cash flows that are less tied to oil and gas prices. Management targets returns in the mid-teens, but permitting, engineering, procurement, and construction work were still progressing toward the final investment decision at the time of the call. Any additional expansion at the site had not been agreed with Microsoft as of that date.
Automated analysis for informational purposes only — not investment advice.
Operating cash flow relative to $22.6 billion according to EL7 data
Management announced on the 2026-07-31 call that it had achieved $1.5 billion in Hess integration benefits six months ahead of schedule and 50% above the original target. In Bakken, the company extended well laterals by an average of 28% and maintained comparable production with one fewer drilling rig. It also described Guyana as an asset supporting growth in high-margin oil production into the thirties of this century. Separately, news on 2026-10-07 reported an expected one-time tax loss of between $3 billion and $4 billion related to the Hess Midstream transaction, requiring a distinction between operating gains and the impact of that transaction.
Management explained on 2026-07-31 that the CPC pipeline is the main transportation route for TCO's production, and that an extended closure would create problems despite alternatives across the Caspian Sea, by rail, and through storage. The field's total processing capacity had increased to slightly more than one million barrels of oil per day, making transportation reliability important for utilizing this capacity. News on 2026-10-08 reported that Chevron and Shell shut down production at nine facilities in the Gulf of Mexico in preparation for Storm Isaias. Meanwhile, news on 2026-10-10 stated that Chevron's Pascagoula refinery escaped major damage.
Total debt according to EL7 data was approximately $37.1 billion in quarter 2 of fiscal year 2026 (ended 2026-06-30), versus cash and short-term investments of $8.5 billion. Debt rose 25.8% from its level of $29.5 billion in quarter 2 of fiscal year 2025 (ended 2025-06-30). Meanwhile, operating cash flow according to EL7 data was approximately $45.3 billion for the last 12 months through 2026-06-30, supporting financial flexibility. The cash comparison is limited to cash and short-term investments and does not include long-term marketable securities.