CVX Chevron Corporation

energy · 2026-10-20

N/A

fair · 66

Owner-earnings value$199.16

Price$224.37

Margin of safety -11.2%

Returns on capital 12.2/30

Consistency 17.5/22

Margins / pricing power 9.6/16

Balance sheet 13.5/16

Cash conversion 10/10

Capital allocation 3.1/6

Median ROIC10.6%

Gross margin32.4%

Net debt / EBITDA0.6x

FCF conversion103%

Share count / yr+1.4%

Profitable years4/4

Owner earnings (TTM)	25.84B
Owner-earnings yield	5.9%
Free-cash-flow yield	6.1%
Growth used (normalized)	0.0%
Market-implied growth (reverse DCF)	2.8%
Terminal growth	3.0%
Discount rate (hurdle)	9.0%

Yr	Owner earnings	Growth	PV
1	25.84B	0.0%	23.70B
2	25.92B	0.3%	21.82B
3	26.10B	0.7%	20.15B
4	26.36B	1.0%	18.67B
5	26.71B	1.3%	17.36B
6	27.15B	1.7%	16.19B
7	27.70B	2.0%	15.15B
8	28.34B	2.3%	14.22B
9	29.10B	2.7%	13.40B
10	29.97B	3.0%	12.66B

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~3%/yr owner-earnings growth over 10y (reverse DCF); model credits 0%.

Date	Quality	Price	Value	MoS	Rating
2026-10-20	66	$224.37	$199.16	-11.2%	N/A
2026-09-16	66	$217.77	$199.16	-8.5%	N/A
2026-08-13	66	$196.60	$199.16	+1.3%	N/A
2026-07-10	65	$174.05	$104.63	-39.9%	N/A
2026-07-02	65	$165.69	$104.63	-36.9%	N/A
2026-06-25	65	$171.45	$104.63	-39.0%	N/A
2026-06-23	65	$175.98	$104.63	-40.5%	N/A