Question 1

What is Chevron's P/B ratio?

Accepted Answer

Chevron (CVX) P/B ratio is 2.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Chevron?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Chevron specifically, the relevant sector benchmark is the current sector median of 2.5×.

Question 5

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

Accepted Answer

Chevron's P/B ratio of 2.1× is above its own 5-year average of 1.8× and below the sector median of 2.5×. That places the current reading at the 86th 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/B ratio range?

Accepted Answer

In the available daily series, Chevron (CVX) P/B ratio has ranged from a low of 0.9× in 2020 to a high of 2.8× in 2002. The 5-year average is 1.8× and the 5-year median is 1.8×.

Question 7

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

Accepted Answer

Chevron (CVX) P/B ratio at the end of 2025 was 1.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$186B	1.6×	-0.1×	Dec 31, 2025
2024	$256B	$152B	1.7×	-0.0×	Dec 31, 2024
2023	$278B	$161B	1.7×	-0.4×	Dec 31, 2023
2022	$343B	$159B	2.2×	+0.5×	Dec 31, 2022
2021	$225B	$139B	1.6×	+0.4×	Dec 31, 2021
2020	$161B	$132B	1.2×	-0.3×	Dec 31, 2020
2019	$226B	$144B	1.6×	+0.2×	Dec 31, 2019
2018	$206B	$155B	1.3×	-0.3×	Dec 31, 2018
2017	$236B	$148B	1.6×	+0.1×	Dec 31, 2017
2016	$221B	$146B	1.5×	+0.4×	Dec 31, 2016
2015	$168B	$153B	1.1×	-0.3×	Dec 31, 2015
2014	$210B	$155B	1.4×	-0.2×	Dec 31, 2014
2013	$238B	$149B	1.6×	+0.1×	Dec 31, 2013
2012	$210B	$137B	1.5×	-0.2×	Dec 31, 2012
2011	$210B	$121B	1.7×	-0.0×	Dec 31, 2011
2010	$182B	$105B	1.7×	+0.1×	Dec 31, 2010
2009	$153B	$91.9B	1.7×	-0.0×	Dec 31, 2009
2008	$147B	$86.6B	1.7×	-0.8×	Dec 31, 2008
2007	$193B	$77.1B	2.5×	+0.2×	Dec 31, 2007
2006	$158B	$68.9B	2.3×	+0.3×	Dec 31, 2006
2005	$126B	$62.7B	2.0×	-0.4×	Dec 31, 2005
2004	$110B	$45.2B	2.4×	-0.1×	Dec 31, 2004
2003	$91.8B	$36.3B	2.5×	+0.3×	Dec 31, 2003
2002	$70.6B	$31.6B	2.2×	—	Dec 31, 2002


Texas Pacific Land (TPL)	21.0×
Targa Resources (TRGP)	17.2×
New Era Energy & Digital (NUAI)	11.4×
Williams Companies (WMB)	6.9×
Enphase Energy (ENPH)	4.5×
Marathon Petroleum (MPC)	4.3×
Baker Hughes (BKR)	3.1×
Valero Energy (VLO)	3.1×
SLB (SLB)	2.9×
Halliburton (HAL)	2.6×
Phillips 66 (PSX)	2.6×
ONEOK (OKE)	2.5×
ConocoPhillips (COP)	2.5×
EOG Resources (EOG)	2.5×
National Fuel Gas (NFG)	2.3×
APA (APA)	2.3×
Devon Energy (DVN)	2.0×
Energy Transfer LP (ET)	1.9×
Enbridge (ENB)	1.8×
Occidental Petroleum (OXY)	1.6×
Diamondback Energy (FANG)	1.5×
Expand Energy (EXE)	1.3×
NACCO Industries (NC)	0.9×

P/B Ratio for Chevron (CVX) 2002-2026

P/B Ratio daily chart for Chevron (CVX)

Historical P/B Ratio for Chevron (CVX) from 2002 to 2025

About P/B Ratio at Chevron (CVX)

Chevron P/B Ratio by Year

Chevron P/B Ratio 2025: 1.6×

Chevron P/B Ratio 2024: 1.7×

Chevron P/B Ratio 2023: 1.7×

Chevron P/B Ratio 2022: 2.2×

Chevron P/B Ratio 2021: 1.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Chevron (CVX) Key Financials