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Held by 1,638 of 2,417 reporting institutions (100th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 9 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| XOM | $770.0B | 27.9× | — | 2.3× | -5.0% | — | 8.7% | 11.1% | 9.5% | — | 87 |
| CVX | $462.0B | 35.5× | — | 2.4× | -6.8% | 42.8% | 6.5% | 6.6% | 6.6% | — | 1,638 |
| COP | $187.7B | 24.3× | — | 3.2× | 7.7% | 62.1% | 13.6% | 12.4% | 12.2% | — | 893 |
| MPC | $124.9B | 33.6× | 13.3× | 0.9× | -4.4% | 10.0% | 3.0% | 23.4% | 8.1% | 2.5× | 765 |
| VLO | $111.5B | 52.8× | 21.2× | 0.9× | -5.5% | 4.4% | 1.9% | 9.9% | 7.1% | 0.8× | 752 |
| PSX | $110.3B | 26.2× | 33.5× | 0.8× | -7.5% | 12.3% | 3.3% | 15.1% | 9.0% | 4.8× | 860 |
| PBF | $9.2B | — | 34.3× | 0.3× | -11.4% | -1.9% | -0.5% | -3.0% | -2.1% | 5.1× | 112 |
| CVI | $5.9B | 216.2× | 12.1× | 0.8× | -5.9% | 4.8% | 0.4% | 3.7% | 1.1% | 2.1× | 46 |
| DK | $4.5B | — | 10.2× | 0.4× | -9.5% | 5.7% | -0.2% | -4.2% | -0.6% | 3.7× | 67 |
| CLMT | $4.4B | — | 25.1× | 1.1× | -1.2% | 5.9% | -0.8% | 4.6% | -2.3% | 8.2× | 35 |
Peers = companies sharing CVX's sector (Petroleum Refining) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $235.52 today, the market must believe free cash flow compounds 6.0%/yr for a decade (off $17.14B on the 3-yr avg basis).
The market's 6.0% is more conservative than its 8-yr track record.
Default is 7.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.96B shares (market data) · net debt $977.0M
mean 153.4% · volatility σ 420% · implied rate exceeded in 4/8 yrs
Central path = implied 6.0%/yr growth; shaded band = ±1σ (420%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 77% of free cash flow — sustainable but with limited headroom. Last year: $12.75B dividends + $12.08B buybacks = $24.83B returned on $16.59B FCF.
9 consecutive years of dividend increases · 5%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$2.35B of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~124.6% on $977.0M of debt.
Cash vs short-term debt unavailable.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $189.03B 100.0% | $202.79B 100.0% | $200.95B 100.0% | $246.25B 100.0% | $162.47B 100.0% | $94.69B 100.0% | $146.52B 100.0% | $166.34B 100.0% | $141.72B 100.0% | $114.47B 100.0% |
| Cost of Revenue | $108.21B 57.2% | $119.21B 58.8% | $119.20B 59.3% | $145.42B 59.1% | $92.25B 56.8% | $52.15B 55.1% | $80.11B 54.7% | $94.58B 56.9% | $75.77B 53.5% | $59.32B 51.8% |
| Research & Development | $427.0M 0.2% | $353.0M 0.2% | $320.0M 0.2% | $268.0M 0.1% | $268.0M 0.2% | $435.0M 0.5% | $500.0M 0.3% | $453.0M 0.3% | $433.0M 0.3% | $476.0M 0.4% |
| Selling, General & Admin | $5.13B 2.7% | $4.83B 2.4% | $4.14B 2.1% | $4.31B 1.8% | $4.01B 2.5% | $4.21B 4.4% | $4.14B 2.8% | $3.84B 2.3% | $4.11B 2.9% | $4.30B 3.8% |
| Total Operating Expenses | $169.29B 89.6% | $175.29B 86.4% | $171.37B 85.3% | $196.58B 79.8% | $140.83B 86.7% | $102.14B 107.9% | $140.98B 96.2% | $145.76B 87.6% | $132.50B 93.5% | $116.63B 101.9% |
| Interest Expense | $1.22B 0.6% | $594.0M 0.3% | $469.0M 0.2% | $516.0M 0.2% | $712.0M 0.4% | $697.0M 0.7% | $798.0M 0.5% | $748.0M 0.4% | $307.0M 0.2% | $201.0M 0.2% |
| Other Income (Expense), net | — | — | — | — | — | — | — | — | $2.61B 1.8% | $1.60B 1.4% |
| Pretax Income | $19.74B 10.4% | $27.51B 13.6% | $29.58B 14.7% | $49.67B 20.2% | $21.64B 13.3% | -$7.45B -7.9% | $5.54B 3.8% | $20.57B 12.4% | $9.22B 6.5% | -$2.16B -1.9% |
| Income Tax Expense | $7.26B 3.8% | $9.76B 4.8% | $8.17B 4.1% | $14.07B 5.7% | $5.95B 3.7% | -$1.89B -2.0% | $2.69B 1.8% | $5.71B 3.4% | -$48.0M -0.0% | -$1.73B -1.5% |
| Net Income | $12.30B 6.5% | $17.70B 8.7% | $21.40B 10.6% | $35.50B 14.4% | $15.60B 9.6% | -$5.54B -5.9% | $2.92B 2.0% | $14.82B 8.9% | $9.20B 6.5% | -$497.0M -0.4% |
| Per Share | ||||||||||
| EPS (Basic) | $6.65 | $9.76 | $11.41 | $18.36 | $8.15 | -$2.96 | $1.55 | $7.81 | $4.88 | -$0.27 |
| EPS (Diluted) | $6.63 | $9.72 | $11.36 | $18.28 | $8.14 | -$2.96 | $1.54 | $7.74 | $4.85 | -$0.27 |
| Weighted Avg Shares (Basic) | 1.85B | 1.81B | 1.87B | 1.93B | 1.92B | 1.87B | 1.88B | 1.90B | 1.88B | 1.87B |
| Weighted Avg Shares (Diluted) | 1.86B | 1.82B | 1.88B | 1.94B | 1.92B | 1.87B | 1.90B | 1.91B | 1.90B | 1.87B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-20 | 6 co-filers Chief Legal Officer | Option exercise | 40,700 | $132.69 | $5.4m |
| 2026-10-20 | 6 co-filers Chief Legal Officer | 10b5-1 plan sale | 40,700 | $226.65 | $9.2m |
| 2026-10-20 | 6 co-filers Chief Legal Officer | Option exercise | 40,700 | $0.00 | — |
| 2026-10-19 | 6 co-filers Chief Legal Officer | Option exercise |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 2,400 |
| $132.69 |
| $318k |
| 2026-10-19 | 6 co-filers Chief Legal Officer | 10b5-1 plan sale | 2,400 | $225.61 | $541k |
| 2026-10-19 | 6 co-filers Chief Legal Officer | Option exercise | 2,400 | $0.00 | — |
| 2026-08-28 | Warner Cynthia J Director | Other | 19 | $201.86 | — |
| 2026-08-28 | Hewson Marillyn A Director | Other | 213 | $201.86 | — |
| 2026-08-18 | Pate R. Hewitt Chief Legal Officer | Open-market saleindirect | 2,470 | $205.11 | $507k |
| 2026-08-17 | Moyo Dambisa F Director | Gift | 350 | $0.00 | $0 |
| 2026-08-17 | 5 co-filers President, DM&C | Option exercise | 4,100 | $88.20 | $362k |
| 2026-08-17 | 5 co-filers President, DM&C | Option exercise | 12,700 | $132.69 | $1.7m |
| 2026-08-17 | 5 co-filers President, DM&C | Exercise & sell | 16,800 | $201.06 | $3.4m |
| 2026-08-17 | 5 co-filers President, DM&C | Option exercise | 4,100 | $0.00 | — |
| 2026-08-17 | 5 co-filers President, DM&C | Option exercise | 12,700 | $0.00 | — |
| 2026-08-14 | 4 co-filers Chairman and CEO | Option exercise | 317,100 | $88.20 | $28.0m |
| 2026-08-14 | 4 co-filers Chairman and CEO | Exercise & sell | 306,789 | $200.44 | $61.5m |
| 2026-08-14 | 4 co-filers Chairman and CEO | Exercise & sell | 10,311 | $201.05 | $2.1m |
| 2026-08-14 | 4 co-filers Chairman and CEO | Option exercise | 317,100 | $0.00 | — |
| 2026-08-11 | 7 co-filers President, New Energies | Option exercise | 4,850 | $117.24 | $569k |
| 2026-08-11 | 7 co-filers President, New Energies | Option exercise | 4,633 | $125.35 | $581k |
| 2026-08-11 | 7 co-filers President, New Energies | Option exercise | 4,561 | $113.01 | $515k |
| 2026-08-11 | 7 co-filers President, New Energies | Exercise & sell | 14,044 | $194.95 | $2.7m |
| 2026-08-11 | 7 co-filers President, New Energies | Option exercise | 4,850 | $0.00 | — |
| 2026-08-11 | 7 co-filers President, New Energies | Option exercise | 4,633 | $0.00 | — |
| 2026-08-11 | 7 co-filers President, New Energies | Option exercise | 4,561 | $0.00 | — |
| 2026-08-05 | Wirth Michael K Chairman and CEO | Open-market sale | 5,547 | $187.00 | $1.0m |
| 2026-08-03 | 22 co-filers Group filing | Exercise & sellindirect | 55,510 | $194.07 | $10.8m |
| 2026-08-03 | 22 co-filers Group filing | Exercise & sellindirect | 44,490 | $194.50 | $8.7m |
| 2026-08-03 | 22 co-filers Group filing | Otherindirect | 2,244,497 | $0.00 | $0 |
| 2026-08-03 | 22 co-filers Group filing | Otherindirect | 9,118 | $0.00 | $0 |
| 2026-08-03 | 22 co-filers Group filing | Otherindirect | 439,786 | $0.00 | $0 |
| 2026-08-03 | 22 co-filers Group filing | Other | 8,102 | $0.00 | $0 |
| 2026-08-03 | 22 co-filers Group filing | Option exercise | 170,077 | $55.36 | $9.4m |
| 2026-08-03 | 22 co-filers Group filing | Option exercise | 243,706 | $48.51 | $11.8m |
| 2026-08-03 | 22 co-filers Group filing | Option exercise | 117,498 | $73.21 | $8.6m |
| 2026-08-03 | 22 co-filers Group filing | Option exercise | 103,771 | $98.71 | $10.2m |
| 2026-08-03 | 22 co-filers Group filing | Option exercise | 74,310 | $138.10 | $10.3m |
| 2026-08-03 | 22 co-filers Group filing | Exercise & sell | 174,821 | $194.42 | $34.0m |
| 2026-08-03 | 22 co-filers Group filing | Exercise & sell | 25,179 | $195.28 | $4.9m |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 97th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 7% against ROIC 7% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 56.9 | 54.7 | 55.1 | 56.8 | 59.1 | 59.3 | 58.8 | 57.2 |
| R&D | 0.3 | 0.3 | 0.5 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 |
| SG&A | 2.3 | 2.8 | 4.4 | 2.5 | 1.8 | 2.1 | 2.4 | 2.7 |
| Income Tax | 3.4 | 1.8 | -2.0 | 3.7 | 5.7 | 4.1 | 4.8 | 3.8 |
| Net Income | 8.9 | 2.0 | -5.9 | 9.6 | 14.4 | 10.6 | 8.7 | 6.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CVX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 48.2% | not reported | -0.4% |
| FY2017 | 46.5% | not reported | 6.5% |
| FY2018 | 43.1% | not reported | 8.9% |
| FY2019 | 45.3% | not reported | 2.0% |
| FY2020 | 44.9% | not reported | -5.9% |
| FY2021 | 43.2% | not reported | 9.6% |
| FY2022 | 40.9% | not reported | 14.4% |
| FY2023 | 40.7% | not reported | 10.6% |
| FY2024 | 41.2% | not reported | 8.7% |
| FY2025 | 42.8% | not reported | 6.5% |
Return on equity (7%) and return on invested capital (7%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 1.11x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 7 consecutive years (0.78x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $235.52, free cash flow must compound 6.25%/yr for 10 years. It has done 3.89%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −87.5% | 6.3% |
| FY2021 | 1176.8% | 6.3% |
| FY2022 | 78.1% | 6.3% |
| FY2023 | −47.4% | 6.3% |
| FY2024 | −23.9% | 6.3% |
| FY2025 | 10.3% | 6.3% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 3 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $12.30B | $12.30B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $21.64B | $33.94B |
| Operating cash flow | $33.94B | $33.94B |
| Capex | −$17.35B | $16.59B |
| Free cash flow | $16.59B | $16.59B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -35.4% | not reported | not reported |
| FY2021 | 71.6% | 72.6% | 1.1 points |
| FY2022 | 51.6% | 11.0% | -40.6 points |
| FY2023 | -18.4% | -3.1% | 15.3 points |
| FY2024 | 0.9% | 4.0% | 3.0 points |
| FY2025 | -6.8% | -12.8% | -6.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | not reported | 26.6 days | 64.3 days | not reported |
| FY2020 | 36.6 days | 39.7 days | 76.6 days | -0.3 days |
| FY2021 | 36.8 days | 26.9 days | 65.1 days | -1.4 days |
| FY2022 | 27 days | 20.7 days | 47.6 days | 0.1 days |
| FY2023 | 32 days | 26.4 days | 62.5 days | -4.1 days |
| FY2024 | 33 days | 27.8 days | 67.6 days | -6.8 days |
| FY2025 | 30.9 days | 32.8 days | 65 days | -1.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -10.3 percent |
| FY2020 | -6.7 percent |
| FY2021 | -5.7 percent |
| FY2022 | -5.5 percent |
| FY2023 | -5.4 percent |
| FY2024 | -5.4 percent |
| FY2025 | -6.7 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 7 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.