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Chevron Corporation

CVX
39
Oil & Gas Integrated · Energy
Price
$171.56
-4.42 (-2.51%)
Market Cap
$341.69B
Winston Score
39
Winston looking serious
Winston is serious
Below-average fundamentals — multiple weak pillars.

Winston Score below 40. The stock fails on most of our quality checks.

Chevron is one of the largest oil and gas companies in the world. It finds oil and natural gas underground, pulls them out of the earth, and then refines them into products like gasoline, diesel, and jet fuel. It also sells natural gas and chemicals. Its customers include drivers, airlines, factories, and utilities across the globe.

Chevron makes money by selling these fuels and energy products directly and through its gas station network, which includes the Chevron and Texaco brands. It operates in over 180 countries and generates hundreds of billions in annual revenue, giving it the scale to absorb cost swings better than smaller competitors. The biggest risk Chevron faces is that its profits rise and fall sharply with global oil prices, which it cannot control — and growing pressure to shift away from fossil fuels could weigh on long-term demand for its core products.

Winston Score History

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-24.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$427M/ year

↑ Rising (+21% vs prior year)

0.2% of revenue

Below sector average (1%)

R&D investment increasing — building for the future

Insider Activity

0.4%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$6.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Winston looking concerned
Revenue declining

Chevron Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count falling — buybacks

−3.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.92B (2021) → 1.86B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
31.8%
Modest — 31.8% gross margin
Operating Margin
8.8%
Modest — 8.8% operating margin
ROCE
1.8%
Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-4.6%
Shrinking sales (-4.6% YoY)
EPS YoY
-31.6%
Earnings shrinking (-31.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
274%
Turns 274% of profit into real cash
FCF Margin
8.8%
Modest free cash flow (8.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.22
Conservative — low debt load (0.22)
Interest Cover
13.70x
Comfortably covers interest (13.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
25.7x
Growth-priced — P/E 25.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+10.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (25.7 → 14.7)

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Dividends

Dividend Yield
3.83%
Moderate income — 3.83% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+4.5%
Dividend growing modestly (4.5% YoY)

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