Chevron CVX

NYSE · Petroleum Refining · $428.7B

$212.93−1.86%Nov 5 close · Databento

Every report since 2023 →

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CVX Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $212.931D −1.86%3M +9.25%SMA20 $224.36SMA50 $214.64RSI(14) 40.9

212.93

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 40.9

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

After a story on CVX, the first close moved a median +0.70%. Up 3 of 4; over the next three trading days, a median +0.12%.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$428.7B

Enterprise value$458.0B

Revenue$189.0B −6.8%

EPS, diluted$6.63 −31.8%

Modern Valuation (EOD)

Market Cap$428.7B

Enterprise Value$458.0B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales2.42

P / E (GAAP)34.85

P / FCF—

P / Oper. CF12.63

P / Book2.23

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield2.9%

Shareholder Yield+5.8%

Buyback Yield2.8%

Dividend Yield3.21%

Dividend / sh$6.84

Payout Ratio104%

FCF / sh—

EPS (diluted)$6.63

Compounder & Returns

Rule of 40—

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE6.4%

ROA3.8%

Gross Margin—

Oper. Margin—

Net Margin6.5%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−6.7%

SBC % of FCF—

SBC % of Rev—

Reinvest. Rate1%

Sales Growth Y/Y−6.8%

Sales 3Y CAGR−8.4%

EPS Growth Y/Y−31.8%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+2.1%

Balance Sheet & Scale

Revenue (FY)$189.0B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$12.3B

True FCF (ex-SBC)—

Cash & Equiv$7.3B

Total Debt$36.6B

Net Cash (Debt)$-29.3B

Net Cash % MCap−6.8%

Debt / FCF (yrs)—

Current Ratio1.151.97B sh

Price & Technicals (EOD)

Perf Week−8.01%

Perf Month+3.79%

Perf Quarter+14.13%

Perf Half Y+16.67%

Perf YTD+16.20%

SMA 20 Dist−5.09%$224.36

SMA 50 Dist−0.80%$214.64

SMA 100 Dist+6.12%$200.65

Window High−9.59%$235.52

Window Low+28.51%$165.69

RSI (14) · Vol40.929%v

Income Distribution & Cash Flow ConversionHow every dollar of CVX revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$108.2B ($57.2 / $100)

R&D Reinvestment$427.0M ($0.2 / $100)

SG&A & Other OpEx$5.1B ($2.7 / $100)

Tax & Non-Operating$68.5B ($36.2 / $100)

Net Profit Kept$12.3B ($3.6 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$12.3B (6.5% margin)

Operating Cash Flow (OCF)$33.9B(18.0% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)—

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$162.5B	$246.3B	$200.9B	$202.8B	$189.0B	−6.8%	+3.9%
Cost of Revenue (COGS)	$92.2B	$145.4B	$119.2B	$119.2B	$108.2B	−9.2%	+4.1%
Research & Development (R&D)	$268.0M	$268.0M	$320.0M	$353.0M	$427.0M	+21.0%	+12.4%
Selling, General & Admin (SG&A)	$4.0B	$4.3B	$4.1B	$4.8B	$5.1B	+6.0%	+6.3%
Income Tax Expense	$6.0B	$14.1B	$8.2B	$9.8B	$7.3B	−25.6%	+5.1%
GAAP Net Income	$15.6B	$35.5B	$21.4B	$17.7B	$12.3B	−30.5%	−5.8%
Diluted EPS	$8.14	$18.28	$11.36	$9.72	$6.63	−31.8%	−5.0%
Diluted Shares	1.92B	1.94B	1.88B	1.82B	1.86B	+2.1%	−0.8%
Balance Sheet
Cash & Equivalents	$6.8B	$19.1B	$9.3B	$8.3B	$7.3B	−11.8%	+1.8%
Inventory	$6.8B	$8.2B	$8.6B	$9.1B	$9.7B	+7.0%	+9.3%
Total Current Assets	$33.7B	$50.3B	$41.1B	$40.9B	$38.6B	−5.8%	+3.4%
Total Assets	$239.5B	$257.7B	$261.6B	$256.9B	$324.0B	+26.1%	+7.8%
Total Current Liabilities	$26.8B	$34.2B	$32.3B	$38.6B	$33.4B	−13.4%	+5.7%
Total Debt (Short + Long Term)	$33.7B	$31.7B	$30.7B	$38.3B	$36.6B	−4.5%	+2.1%
Total Liabilities	$99.6B	$97.5B	$99.7B	$103.8B	$131.8B	+27.0%	+7.3%
Stockholders' Equity	$139.9B	$160.2B	$161.9B	$153.2B	$192.2B	+25.5%	+8.3%
Net Cash / (Net Debt)	$-26.9B	$-12.6B	$-21.5B	$-30.1B	$-29.3B	+2.5%	—
Invested Capital	$166.8B	$172.8B	$183.4B	$183.2B	$221.5B	+20.9%	+7.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$29.2B	$49.6B	$35.6B	$31.5B	$33.9B	+7.8%	+3.8%
Depreciation & Amortization (D&A)	$17.9B	$16.3B	$17.3B	$17.3B	$20.1B	+16.5%	+2.9%
Share Repurchases (Buybacks)	$1.4B	$11.3B	$14.9B	$15.2B	$12.1B	−20.7%	+71.9%
Dividends Paid	$10.2B	$11.0B	$11.3B	$11.8B	$12.8B	+8.1%	+5.8%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what CVX did at the next close after each story

Oct 30

ExxonMobil and Chevron warn on diesel as refining margins surge

Financial Times · 6:37 AM ET

+1.75%

Sep 3

Fed's August Beige Book shows moderate wage and price gains across U.S.

Bloomberg Television · 6:31 AM ET

−0.22%

Sep 2

Chevron plans $7 billion expansion of Venezuelan operations

MarketWatch · 1:48 PM ET

+0.35%

Sep 2

Microsoft signs 20-year power deal with Chevron for AI operations

Yahoo Finance · 6:58 AM ET

—

Aug 28

Oil Giant Chevron Is Said to Be in Talks to Expand in Venezuela

NYT Business · 2:27 PM ET

+1.05%

Jul 6

Saudi Arabia cuts crude prices for Asian buyers amid US-Iran nuclear deal talks

Crypto Briefing · 12:44 PM ET

—

Jun 18

Crude falls to lowest level since Iran conflict began after ceasefire deal

Investing.com · 4:54 AM ET

—

The record, by topic

last 90 days · stories · median first close

energy3+1.05%

macro1−0.22%

What happened · big days

16 big days in a year, and what we hold on each

A big day is a close more than 2.89% from the one before, three times CVX’s median day (0.96%). On 13 of the 16, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.89%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayCVXWhat we hold that dayGroup (median of 4) · each

1 Jan 5, 2026+5.10%
Before our storiesgroup +5.9%, moved with CVX
1Jan 5, 2026+5.10%
Before our stories
+5.9% moved with CVXVLO +9.2 · MPC +5.9 · COP +2.6
2 Jan 6, 2026−4.46%
Before our storiesgroup −2.1%, did not move with it
2Jan 6, 2026−4.46%
Before our stories
−2.1% did not move with itMPC −2.6 · COP −2.1 · VLO −1.3
3 Jan 30, 2026+3.34%
Resultsgroup +0.3%, did not move with it
3Jan 30, 2026+3.34%
ResultsFirst close after the Jan 30 results filing
+0.3% did not move with itCOP +1.4 · MPC +0.3 · VLO −0.6
4 Mar 11, 2026+2.95%
Before our storiesgroup +5.3%, moved with CVX
4Mar 11, 2026+2.95%
Before our stories
+5.3% moved with CVXVLO +6.5 · MPC +5.3 · COP +2.5
5 Apr 1, 2026−4.59%
Before our storiesgroup −2.5%, moved with CVX
5Apr 1, 2026−4.59%
Before our stories
−2.5% moved with CVXCOP −2.7 · MPC −2.5 · VLO −2.3
6 Apr 8, 2026−4.29%
Before our storiesgroup −5.0%, moved with CVX
6Apr 8, 2026−4.29%
Before our stories
−5.0% moved with CVXMPC −5.5 · COP −5.0 · VLO −4.7
7 May 6, 2026−3.88%
Before our storiesgroup −5.7%, moved with CVX
7May 6, 2026−3.88%
Before our stories
−5.7% moved with CVXVLO −6.6 · MPC −5.7 · COP −3.6
8 May 20, 2026−3.00%
Before our storiesgroup −2.2%, moved with CVX
8May 20, 2026−3.00%
Before our stories
−2.2% moved with CVXVLO −3.4 · COP −2.2 · MPC −1.8
9 May 26, 2026−3.51%
Before our storiesgroup −2.6%, moved with CVX
9May 26, 2026−3.51%
Before our stories
−2.6% moved with CVXCOP −3.2 · MPC −2.6 · VLO −2.2
10 Jun 15, 2026−3.64%
Nothing on CVXgroup −4.5%, moved with CVX
10Jun 15, 2026−3.64%
Nothing on CVXNo CVX story, brief or results filing in our record that day
−4.5% moved with CVXMPC −4.8 · VLO −4.5 · COP −4.0
11 Jul 7, 2026+3.52%
Nothing on CVXgroup −1.0%, did not move with it
11Jul 7, 2026+3.52%
Nothing on CVXNo CVX story, brief or results filing in our record that day
−1.0% did not move with itCOP +4.7 · MPC −1.0 · VLO −1.5
12 Jul 13, 2026+3.29%
Nothing on CVXgroup +4.6%, moved with CVX
12Jul 13, 2026+3.29%
Nothing on CVXNo CVX story, brief or results filing in our record that day
+4.6% moved with CVXVLO +5.4 · MPC +4.6 · COP +3.5
13 Aug 10, 2026+4.48%
Nothing on CVXgroup +5.6%, moved with CVX
13Aug 10, 2026+4.48%
Nothing on CVXNo CVX story, brief or results filing in our record that day
+5.6% moved with CVXMPC +7.4 · VLO +5.6 · COP +4.6
14 Oct 8, 2026+3.12%
Nothing on CVXgroup +4.0%, moved with CVX
14Oct 8, 2026+3.12%
Nothing on CVXNo CVX story, brief or results filing in our record that day
+4.0% moved with CVXMPC +4.8 · VLO +4.7 · COP +3.4 · XOM +2.7
15 Nov 2, 2026−3.29%
Nothing on CVXgroup −4.3%, moved with CVX
15Nov 2, 2026−3.29%
Nothing on CVXNo CVX story, brief or results filing in our record that day
−4.3% moved with CVXCOP −4.7 · VLO −4.5 · XOM −4.0 · MPC −3.2
16 Nov 4, 2026−3.69%
Nothing on CVXgroup −5.5%, moved with CVX
16Nov 4, 2026−3.69%
Nothing on CVXNo CVX story, brief or results filing in our record that day
−5.5% moved with CVXMPC −8.1 · VLO −5.8 · COP −5.2 · XOM −4.6

A story on the same day is not a cause, and a group move is not proof either. Group: the median of XOM, COP, MPC and VLO that day, the largest companies in CVX’s SEC industry; “moved with CVX” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). CVX reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 31, 2025

day 1+2.74%day 6+0.98%

Reported Jan 30, 2026

day 1+3.34%day 6+5.65%

Reported May 1, 2026

day 1−1.39%day 6−6.05%

Reported Jul 31, 2026

day 1+2.35%day 6−2.99%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 30 report: −6.26%. Four reports is a small sample.

Every report since 2023 →

Each line is CVX’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

CVX against four refining peers, a year at 100

CVX is up 40.0% in a year. Valero Energy is up 2.1 times, Marathon Petroleum 2.0, Phillips 66 is up 88.2% and Conocophillips 57.7%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale so a twofold rise and a 40.0% rise both read honestly.

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CVX +40.0%. Valero Energy ×2.1, Marathon Petroleum ×2.0, Phillips 66 +88.2%, Conocophillips +57.7%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in CVX’s SEC industry (Petroleum Refining) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

XOM	Exxon Mobil	$701.6B	−2.35%
COP	Conocophillips	$164.5B	−1.08%
MPC	Marathon Petroleum	$110.3B	−3.91%
VLO	Valero Energy	$105.2B	−3.86%
PSX	Phillips 66	$103.6B	−4.85%
PBF	PBF Energy	$8.3B	−5.85%
CVI	CVR Energy	$4.3B	−7.37%
DK	Delek US	$4.0B	−4.54%