Chevron Corp. (CVX) intrinsic value & 10-year financials
Chevron Corp. (CVX) has a Graham intrinsic value of $94.27 per share. At $224.99 on Oct 17, 2026, the stock trades 139% above that value. Over the last 10 fiscal years revenue grew 5.9% a year to $184.4B, with an average return on invested capital of 7.2%.
- Graham intrinsic value
- $94.27
- Share price (Oct 17, 2026)
- $224.99
- Price vs Graham value
- 139% above
- Market cap
- $417.6B
- Revenue (FY2025)
- $184.4B
- Revenue growth (10-yr CAGR)
- 5.9%
- ROIC (10-yr avg)
- 7.2%
- Free cash flow (FY2025)
- $16.6B
CVX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $184.4B | $12.3B | $6.63 | $16.6B | — | 6.4% |
| FY2024 | $193.4B | $17.7B | $9.72 | $15.0B | — | 10.5% |
| FY2023 | $196.9B | $21.4B | $11.36 | $19.8B | — | 12.7% |
| FY2022 | $235.7B | $35.5B | $18.28 | $37.6B | — | 21.7% |
| FY2021 | $155.6B | $15.6B | $8.14 | $21.1B | — | 9.4% |
| FY2020 | $94.5B | -$5.5B | -$2.96 | $1.7B | — | -3.4% |
| FY2019 | $139.9B | $2.9B | $1.54 | $13.2B | — | 1.7% |
| FY2018 | $158.9B | $14.8B | $7.74 | $16.8B | — | 8.5% |
| FY2017 | $134.7B | $9.2B | $4.85 | $7.1B | — | 5.2% |
| FY2016 | $110.2B | -$497.0M | -$0.27 | -$5.3B | — | -0.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Chevron Corporation has demonstrated mature, steady growth, with revenue compounding at 5.9% annually over the past decade.
Chevron Corporation has historically struggled to out-earn its cost of capital, averaging just 7.2% ROIC.
Chevron Corporation has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Chevron Corporation is modeled at 4.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $94.27 per share.