The business behind the dividend
| Measure | CVX | Median | Formula |
|---|---|---|---|
| Return on equity | 6.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $15.08bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $16.59bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 6.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.23x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.15x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 7.70x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.76x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.6% | 11.6% | 13.3% | 22.3% | 11.2% | -4.2% | 2.0% | 9.6% | 6.2% | -0.3% | 6.6% |
| Net margin | 6.7% | 9.1% | 10.9% | 15.0% | 10.0% | -5.9% | 2.1% | 9.3% | 6.8% | -0.5% | 6.8% |
| Debt to equity | 0.23x | 0.16x | 0.14x | 0.15x | 0.22x | 0.21x | 0.16x | 0.19x | 0.27x | 0.28x | 0.19x |
| Current ratio | 1.15x | 1.06x | 1.27x | 1.47x | 1.26x | 1.18x | 1.07x | 1.25x | 1.03x | 0.93x | 1.15x |
| Cash conversion | 2.76x | 1.78x | 1.67x | 1.40x | 1.87x | — | 9.34x | 2.07x | 2.21x | — | 2.07x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, Chevron pays out less than 5 of them. The median for that group is 35.7%, against this company’s 76.9%.
Closest on free cash flow
- Northern Oil & Gas (NOG) 68.4%
- Exxon Mobil (XOM) 73.0%
- Murphy Oil (MUR) 82.0%
- Helmerich & Payne (HP) 86.4%
Same sector and same denominator, so the figures are comparable. All 40 in energy →