Question 1

What is Chevron's P/FCF ratio?

Accepted Answer

Chevron (CVX) P/FCF ratio is 27.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Chevron?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Chevron specifically, the relevant sector benchmark is the current sector median of 19.3×.

Question 5

Is Chevron's P/FCF ratio high or low?

Accepted Answer

Chevron's P/FCF ratio of 27.8× is above its own 5-year average of 15.0× and above the sector median of 19.3×. That places the current reading at the 96th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Chevron (CVX) P/FCF ratio has ranged from a low of 7.8× in 2023 to a high of 76266.4× in 2013. The 5-year average is 15.0× and the 5-year median is 14.7×.

Question 7

What was Chevron's P/FCF ratio in 2025?

Accepted Answer

Chevron (CVX) P/FCF ratio at the end of 2025 was 18.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Chevron's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$303.36B	$16.18B	18.7×	+2.0×	Dec 31, 2025
2024	$256.41B	$15.31B	16.7×	+2.7×	Dec 31, 2024
2023	$277.66B	$19.78B	14.0×	+4.9×	Dec 31, 2023
2022	$342.93B	$37.63B	9.1×	-1.5×	Dec 31, 2022
2021	$224.78B	$21.13B	10.6×	-86.9×	Dec 31, 2021
2020	$161.36B	$1.66B	97.5×	+80.4×	Dec 31, 2020
2019	$225.63B	$13.20B	17.1×	+4.9×	Dec 31, 2019
2018	$205.98B	$16.83B	12.2×	-21.2×	Dec 31, 2018
2017	$236.38B	$7.07B	33.4×	—	Dec 31, 2017
2016	$220.77B	−$5.26B	—	—	Dec 31, 2016
2015	$168.14B	−$10.05B	—	—	Dec 31, 2015
2014	$209.93B	−$3.93B	—	—	Dec 31, 2014
2013	$237.82B	−$2.98B	—	—	Dec 31, 2013
2012	$209.60B	$7.87B	26.6×	+12.2×	Dec 31, 2012
2011	$209.91B	$14.60B	14.4×	-1.1×	Dec 31, 2011
2010	$182.21B	$11.75B	15.5×	—	Dec 31, 2010
2009	$153.43B	−$470.00M	—	—	Dec 31, 2009
2008	$147.28B	$9.97B	14.8×	-8.5×	Dec 31, 2008
2007	$192.86B	$8.30B	23.2×	+8.2×	Dec 31, 2007
2006	$157.76B	$10.51B	15.0×	+4.0×	Dec 31, 2006
2005	$125.69B	$11.40B	11.0×	-2.1×	Dec 31, 2005
2004	$109.78B	$8.38B	13.1×	-0.6×	Dec 31, 2004
2003	$91.82B	$6.69B	13.7×	-16.6×	Dec 31, 2003
2002	$70.60B	$2.33B	30.3×	-24.2×	Dec 31, 2002
2001	$95.00B	$1.74B	54.5×	—	Dec 31, 2001


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Exxon Mobil (XOM)	37.8×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
National Fuel Gas (NFG)	29.1×
Baker Hughes (BKR)	26.4×
ONEOK (OKE)	25.4×
Halliburton (HAL)	19.4×
Kinder Morgan (KMI)	19.2×
EOG Resources (EOG)	18.2×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
First Solar (FSLR)	12.7×
Marathon Petroleum (MPC)	12.6×
Valero Energy (VLO)	12.4×
Devon Energy (DVN)	11.6×
APA (APA)	10.1×
EQT (EQT)	9.8×
Expand Energy (EXE)	9.2×
ConocoPhillips (COP)	8.8×

P/FCF Ratio for Chevron (CVX)

P/FCF Ratio daily chart for Chevron (CVX)

Historical P/FCF Ratio for Chevron (CVX) from 2001 to 2025

About P/FCF Ratio at Chevron (CVX)

Chevron P/FCF Ratio by Year

Chevron P/FCF Ratio 2025: 18.7×

Chevron P/FCF Ratio 2024: 16.7×

Chevron P/FCF Ratio 2023: 14.0×

Chevron P/FCF Ratio 2022: 9.1×

Chevron P/FCF Ratio 2021: 10.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Chevron (CVX) Key Financials

P/FCF Ratio daily chart for Chevron (CVX)

Historical P/FCF Ratio for Chevron (CVX) from 2001 to 2025

About P/FCF Ratio at Chevron (CVX)

Chevron P/FCF Ratio by Year

Chevron P/FCF Ratio 2025: 18.7×

Chevron P/FCF Ratio 2024: 16.7×

Chevron P/FCF Ratio 2023: 14.0×

Chevron P/FCF Ratio 2022: 9.1×

Chevron P/FCF Ratio 2021: 10.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Chevron's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Chevron?

+Is Chevron's P/FCF ratio high or low?

+What is Chevron's historical P/FCF ratio range?

+What was Chevron's P/FCF ratio in 2025?

+Why does Chevron's P/FCF ratio change over time?

Chevron (CVX) Key Financials