Question 1

What is Chevron's P/E ratio?

Accepted Answer

Chevron (CVX) P/E ratio is 34.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Chevron?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Chevron specifically, the relevant sector benchmark is the current sector median of 17.8×.

Question 5

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

Accepted Answer

Chevron's P/E ratio of 34.8× is above its own 5-year average of 17.9× and above the sector median of 17.8×. That places the current reading at the 95th 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/E ratio range?

Accepted Answer

In the available daily series, Chevron (CVX) P/E ratio has ranged from a low of 6.2× in 2008 to a high of 136.9× in 2016. The 5-year average is 17.9× and the 5-year median is 14.9×.

Question 7

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

Accepted Answer

Chevron (CVX) P/E ratio at the end of 2025 was 24.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$12.3B	24.7×	+10.1×	Dec 31, 2025
2024	$256B	$17.7B	14.5×	+1.5×	Dec 31, 2024
2023	$278B	$21.4B	13.0×	+3.3×	Dec 31, 2023
2022	$343B	$35.5B	9.7×	-4.7×	Dec 31, 2022
2021	$225B	$15.6B	14.4×	—	Dec 31, 2021
2020	$161B	-$5.54B	—	—	Dec 31, 2020
2019	$226B	$2.92B	77.2×	+63.3×	Dec 31, 2019
2018	$206B	$14.8B	13.9×	-11.8×	Dec 31, 2018
2017	$236B	$9.2B	25.7×	—	Dec 31, 2017
2016	$221B	-$497M	—	—	Dec 31, 2016
2015	$168B	$4.59B	36.7×	+25.7×	Dec 31, 2015
2014	$210B	$19.2B	10.9×	-0.2×	Dec 31, 2014
2013	$238B	$21.4B	11.1×	+3.1×	Dec 31, 2013
2012	$210B	$26.2B	8.0×	+0.2×	Dec 31, 2012
2011	$210B	$26.9B	7.8×	-1.8×	Dec 31, 2011
2010	$182B	$19B	9.6×	-5.1×	Dec 31, 2010
2009	$153B	$10.5B	14.6×	+8.5×	Dec 31, 2009
2008	$147B	$23.9B	6.2×	-4.2×	Dec 31, 2008
2007	$193B	$18.7B	10.3×	+1.1×	Dec 31, 2007
2006	$158B	$17.1B	9.2×	+0.3×	Dec 31, 2006
2005	$126B	$14.1B	8.9×	+0.7×	Dec 31, 2005
2004	$110B	$13.3B	8.2×	-4.5×	Dec 31, 2004
2003	$91.8B	$7.23B	12.7×	-49.7×	Dec 31, 2003
2002	$70.6B	$1.13B	62.4×	—	Dec 31, 2002


Diamondback Energy (FANG)	138.8×
Texas Pacific Land (TPL)	65.0×
Enphase Energy (ENPH)	36.8×
Williams Companies (WMB)	31.4×
Targa Resources (TRGP)	25.4×
SLB (SLB)	23.3×
ConocoPhillips (COP)	22.1×
Enbridge (ENB)	21.6×
Baker Hughes (BKR)	19.4×
NACCO Industries (NC)	18.1×
Phillips 66 (PSX)	17.8×
Halliburton (HAL)	17.7×
Valero Energy (VLO)	17.5×
ONEOK (OKE)	16.1×
Marathon Petroleum (MPC)	15.6×
EOG Resources (EOG)	14.0×
Devon Energy (DVN)	13.8×
Energy Transfer LP (ET)	13.7×
Occidental Petroleum (OXY)	13.5×
National Fuel Gas (NFG)	13.0×
APA (APA)	9.8×
Expand Energy (EXE)	8.2×

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

P/E Ratio daily chart for Chevron (CVX)

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

About P/E Ratio at Chevron (CVX)

Chevron P/E Ratio by Year

Chevron P/E Ratio 2025: 24.7×

Chevron P/E Ratio 2024: 14.5×

Chevron P/E Ratio 2023: 13.0×

Chevron P/E Ratio 2022: 9.7×

Chevron P/E Ratio 2021: 14.4×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Chevron (CVX) Key Financials