---
title: Chevron (CVX) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/cvx
ticker: CVX
as_of: 2026-10-17
sector: Energy
industry: Oil & Gas Integrated
---
# Chevron (CVX)

Chevron (CVX) closed at $224.98 on Oct 16, 2026, overvalued by 9% vs its model value of $206.90 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $224.98 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $206.90 |
| Price vs model | overvalued by 9% vs model |
| Range of that model | $127.11 – $533.17 |
| Market value | $444.5B |
| P/E (fiscal 2025) | 33.9 |
| Net margin (fiscal 2025) | 6.7% |
| Free cash flow (fiscal 2025) | $16.6B |
| Dividend yield (trailing twelve months) | 3.13% |
| Beta | 0.52 |
| Cost of capital (WACC) | 7.43% |
| Business classification | Cyclical (Revenue declining (~-3% recent), Moderate margins (7% net margin), Pays dividends, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Largest companies | #23 | $444.5B | https://sweetvaluelab.com/lists/largest-companies |
| Near 52-week highs | #8 | 0.0% | https://sweetvaluelab.com/lists/near-52-week-highs |
| Best performing this year | #50 | +47.6% | https://sweetvaluelab.com/lists/best-performing-this-year |
| Dividend growth streaks | #27 | 38 years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.13% |
| Dividends per share, last 12 months | $7.05 |
| Dividends / free cash flow (fiscal 2025) | 76.9% |
| Raised | 38 years in a row |
| Growth over 5 years | 6.0% a year |
| Latest payment | $1.78, ex-date Aug 19, 2026, paid Sep 10, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 18, 2021 | $5.26 |
| To Aug 18, 2022 | $5.60 |
| To Aug 17, 2023 | $5.95 |
| To Aug 19, 2024 | $6.40 |
| To Aug 19, 2025 | $6.76 |
| Trailing twelve months (to Aug 19, 2026) | $7.05 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $206.90 | $127.11 | $533.17 |
| DCF · Perpetuity growth · 10y | cross check | $170.71 | $111.24 | $407.19 |
| DCF · EBITDA exit · 5y | cross check | $102.28 | $42.09 | $191.38 |
| DCF · EBITDA exit · 10y | cross check | $107.97 | $63.95 | $180.23 |
| P/E · peers | cross check | $80.35 | $80.30 | $120.92 |
| P/E · own history | cross check | $183.16 | $153.01 | $239.16 |
| PEG | sanity check | $319.03 | $319.03 | $319.03 |
| EV/EBITDA · peers | cross check | $67.86 | $43.56 | $90.23 |
| EV/Revenue · peers | cross check | $34.82 | $24.08 | $57.19 |
| Earnings power value | cross check | $65.15 | $50.27 | $87.55 |
| Dividend discount | cross check | $118.00 | $85.01 | $204.66 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 14 open-market sales ($228.6M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 28, 2026 | HEWSON MARILLYN A | Director | Discretionary transaction | 213 | $42,996.2 |
| Aug 28, 2026 | WARNER CYNTHIA J | Director | Discretionary transaction | 19 | $3,835.3 |
| Aug 18, 2026 | Pate R. Hewitt | Chief Legal Officer | Open-market sell | 2,470 | $506,618.7 |
| Aug 17, 2026 | Moyo Dambisa F | Director | Bona fide gift | 350 | $0 |
| Aug 17, 2026 | Walz Andrew Benjamin | President, DM&C | Option/RSU exercise | 4,100 | $361,620 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 6, 2026 | 8-K | 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/93410/000009341026000192/cvx-20261006.htm |
| Oct 5, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/93410/000009341026000188/cvx-20260930.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/93410/000009341026000167/cvx-20260630.htm |
| Jul 31, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/93410/000009341026000162/cvx-20260731.htm |
| May 29, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/93410/000009341026000125/cvx-20260527.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Buffett | 2026-06-30 | 84,375,856 | $14.0B |
| Dodge & Cox | 2026-06-30 | 202,503 | $33.6M |
| Bridgewater | 2026-06-30 | 154,753 | $25.7M |
| Torray | 2026-06-30 | 135,300 | $22.4M |

12 tracked managers in all.

## About

Chevron Corporation functions as a global energy and chemicals powerhouse, orchestrating its diverse operations worldwide. The company's business is organized into two primary divisions: Upstream and Downstream. The Upstream segment focuses on the full lifecycle of crude oil and natural gas, from their initial exploration and development to production and subsequent transportation. This also encompasses the processing, liquefaction, transit, and regasification of liquefied natural gas (LNG), as well as pipeline transport of crude oil and the movement, storage, and sale of natural gas. Additionally, this segment manages a facility dedicated to converting natural gas into liquid fuels. In contrast, the Downstream segment is tasked with refining crude oil into a variety of petroleum products. Its activities include the merchandising of crude oil, refined goods, and lubricants, in addition t…

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Source: https://sweetvaluelab.com/stocks/cvx (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.