Question 1

What is Chevron's EV/EBITDA ratio?

Accepted Answer

Chevron (CVX) EV/EBITDA ratio is 10.2× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Chevron?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Chevron specifically, the relevant sector benchmark is the current sector median of 9.9×.

Question 5

Is Chevron's EV/EBITDA ratio high or low?

Accepted Answer

Chevron's EV/EBITDA ratio of 10.2× is above its own 5-year average of 6.9× and above the sector median of 9.9×. That places the current reading at the 92th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Chevron's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Chevron (CVX) EV/EBITDA ratio has ranged from a low of 2.7× in 2006 to a high of 28.2× in 2021. The 5-year average is 6.9× and the 5-year median is 6.7×.

Question 7

What was Chevron's EV/EBITDA ratio in 2025?

Accepted Answer

Chevron (CVX) EV/EBITDA ratio at the end of 2025 was 8.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Chevron's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$303B	$41.4B	8.3×	+2.3×	Dec 31, 2025
2024	$256B	$45.8B	6.0×	-0.5×	Dec 31, 2024
2023	$278B	$45B	6.4×	+1.1×	Dec 31, 2023
2022	$343B	$65.5B	5.3×	-1.0×	Dec 31, 2022
2021	$225B	$39.4B	6.4×	-12.8×	Dec 31, 2021
2020	$161B	$10.4B	19.2×	+9.0×	Dec 31, 2020
2019	$226B	$24.3B	10.2×	+4.4×	Dec 31, 2019
2018	$206B	$40B	5.7×	-4.1×	Dec 31, 2018
2017	$236B	$27.4B	9.9×	-4.6×	Dec 31, 2017
2016	$221B	$18B	14.4×	+6.5×	Dec 31, 2016
2015	$168B	$24.7B	7.9×	+1.9×	Dec 31, 2015
2014	$210B	$37.4B	6.0×	+0.3×	Dec 31, 2014
2013	$238B	$42.1B	5.7×	+2.3×	Dec 31, 2013
2012	$210B	$58.9B	3.4×	+0.1×	Dec 31, 2012
2011	$210B	$60B	3.3×	-0.6×	Dec 31, 2011
2010	$182B	$45.2B	4.0×	-1.1×	Dec 31, 2010
2009	$153B	$30.7B	5.1×	+2.3×	Dec 31, 2009
2008	$147B	$52.6B	2.8×	-1.6×	Dec 31, 2008
2007	$193B	$43.7B	4.4×	+1.4×	Dec 31, 2007
2006	$158B	$52.1B	3.0×	-0.2×	Dec 31, 2006
2005	$126B	$40.4B	3.2×	-0.0×	Dec 31, 2005
2004	$110B	$34.8B	3.2×	-0.9×	Dec 31, 2004
2003	$91.8B	$24.4B	4.1×	-0.2×	Dec 31, 2003
2002	$70.6B	$19.4B	4.3×	—	Dec 31, 2002


Texas Pacific Land (TPL)	46.6×
Enphase Energy (ENPH)	20.4×
Enbridge (ENB)	17.4×
Williams Companies (WMB)	16.7×
Targa Resources (TRGP)	14.7×
Diamondback Energy (FANG)	12.9×
Baker Hughes (BKR)	12.1×
SLB (SLB)	11.6×
ONEOK (OKE)	11.5×
Phillips 66 (PSX)	10.4×
NACCO Industries (NC)	9.9×
Energy Transfer LP (ET)	9.3×
Halliburton (HAL)	8.9×
Valero Energy (VLO)	8.7×
Marathon Petroleum (MPC)	8.5×
National Fuel Gas (NFG)	7.3×
ConocoPhillips (COP)	7.3×
EOG Resources (EOG)	6.7×
Occidental Petroleum (OXY)	6.6×
Devon Energy (DVN)	5.4×
Expand Energy (EXE)	4.0×
APA (APA)	3.4×

EV/EBITDA for Chevron (CVX) 2002-2026

EV/EBITDA daily chart for Chevron (CVX)

Historical EV/EBITDA for Chevron (CVX) from 2002 to 2025

About EV/EBITDA at Chevron (CVX)

Chevron EV/EBITDA by Year

Chevron EV/EBITDA 2025: 8.3×

Chevron EV/EBITDA 2024: 6.0×

Chevron EV/EBITDA 2023: 6.4×

Chevron EV/EBITDA 2022: 5.3×

Chevron EV/EBITDA 2021: 6.4×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Chevron (CVX) Key Financials