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Development of Business Summary Description of Chevron Chevron Corporation 1 , a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing,…
$182.40
$2.31 (-1.25%)
Price from 8 days ago
Operating margin is thin at 8.21%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.6% YoY. The question is whether this is cyclical or a structural shift.
At 32x earnings, the current multiple leaves limited room for execution misses or growth deceleration. ROIC dropped from 7.62% to 3.72%, capital efficiency is deteriorating.
31.8x earnings, 26.3x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$185.89B
▼ -4.6% YoY
Net Income (TTM)
$11.01B
▼ -30.4% YoY
Op. Margin
7.51%
▼ -1.2pp YoY
ROIC
3.69%
▼ -3.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$13.78B
▲ +10.3% YoY
Op. Cash Flow (TTM)
$31.26B
▲ +7.8% YoY
Net Debt
-$488M
Net Cash Position
Cash & Equiv.
$6.32B
5Y CAGR: +14.3%
5Y CAGR: +58.6%
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