Chevron Corporation

CVX

Oil & Gas Integrated · Energy

Price

$186.56

-2.67 (-1.41%)

Market Cap

$371.56B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

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)

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

Politician Trades

33 trades / 12mo

14 Congressional buys and 19 sells on CVX in the last 12 months.

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Growth Profile

For growth stock investors

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

Revenue Growth

+51.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+322.8% YoY

YoY Growth Rate

EPS growth accelerating

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

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$37.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Chevron Corporation grew revenue 51% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

45.5%

Healthy — 45.5% gross margin

Operating Margin

32.0%

Excellent — 32.0% operating margin

ROCE

9.5%

Below par — 9.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+11.2%

Steady sales growth (+11.2% YoY)

EPS YoY

+34.2%

Earnings growing fast (+34.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

219%

Turns 219% of profit into real cash

FCF Margin

13.0%

Converts sales into free cash efficiently (13.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

Interest Cover

23.13x

Comfortably covers interest (23.1x)

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

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Valuation

P/E Ratio (TTM)

17.8x

Fair value — P/E 17.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.5

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

3.64%

Moderate income — 3.64% 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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