Question 1

What is Chevron's P/S ratio?

Accepted Answer

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

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Chevron?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Chevron specifically, the relevant sector benchmark is the current sector median of 2.2×.

Question 5

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

Accepted Answer

Chevron's P/S ratio of 2.1× is above its own 5-year average of 1.5× and below the sector median of 2.2×. That places the current reading at the 97th 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/S ratio range?

Accepted Answer

In the available daily series, Chevron (CVX) P/S ratio has ranged from a low of 0.5× in 2002 to a high of 2.3× in 2026. The 5-year average is 1.5× and the 5-year median is 1.4×.

Question 7

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

Accepted Answer

Chevron (CVX) P/S 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 revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$184B	1.6×	+0.3×	Dec 31, 2025
2024	$256B	$193B	1.3×	-0.1×	Dec 31, 2024
2023	$278B	$197B	1.4×	-0.0×	Dec 31, 2023
2022	$343B	$236B	1.5×	+0.0×	Dec 31, 2022
2021	$225B	$156B	1.4×	-0.3×	Dec 31, 2021
2020	$161B	$94.5B	1.7×	+0.1×	Dec 31, 2020
2019	$226B	$140B	1.6×	+0.3×	Dec 31, 2019
2018	$206B	$159B	1.3×	-0.5×	Dec 31, 2018
2017	$236B	$135B	1.8×	-0.2×	Dec 31, 2017
2016	$221B	$110B	2.0×	+0.7×	Dec 31, 2016
2015	$168B	$130B	1.3×	+0.2×	Dec 31, 2015
2014	$210B	$200B	1.0×	-0.0×	Dec 31, 2014
2013	$238B	$220B	1.1×	+0.2×	Dec 31, 2013
2012	$210B	$229B	0.9×	+0.1×	Dec 31, 2012
2011	$210B	$246B	0.9×	-0.1×	Dec 31, 2011
2010	$182B	$199B	0.9×	+0.0×	Dec 31, 2010
2009	$153B	$168B	0.9×	+0.4×	Dec 31, 2009
2008	$147B	$269B	0.5×	-0.3×	Dec 31, 2008
2007	$193B	$221B	0.9×	+0.1×	Dec 31, 2007
2006	$158B	$210B	0.8×	+0.1×	Dec 31, 2006
2005	$126B	$205B	0.6×	-0.1×	Dec 31, 2005
2004	$110B	$156B	0.7×	-0.1×	Dec 31, 2004
2003	$91.8B	$120B	0.8×	+0.1×	Dec 31, 2003
2002	$70.6B	$98.9B	0.7×	—	Dec 31, 2002


New Era Energy & Digital (NUAI)	84.8×
Texas Pacific Land (TPL)	39.0×
Williams Companies (WMB)	7.5×
Diamondback Energy (FANG)	3.7×
National Fuel Gas (NFG)	3.6×
Enphase Energy (ENPH)	3.5×
Targa Resources (TRGP)	3.3×
EOG Resources (EOG)	3.3×
ConocoPhillips (COP)	2.8×
Occidental Petroleum (OXY)	2.7×
Baker Hughes (BKR)	2.2×
SLB (SLB)	2.1×
Enbridge (ENB)	2.1×
Devon Energy (DVN)	1.9×
Expand Energy (EXE)	1.9×
APA (APA)	1.7×
ONEOK (OKE)	1.6×
NACCO Industries (NC)	1.4×
Halliburton (HAL)	1.3×
Energy Transfer LP (ET)	0.7×
Valero Energy (VLO)	0.6×
Phillips 66 (PSX)	0.5×
Marathon Petroleum (MPC)	0.5×

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

P/S Ratio daily chart for Chevron (CVX)

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

About P/S Ratio at Chevron (CVX)

Chevron P/S Ratio by Year

Chevron P/S Ratio 2025: 1.6×

Chevron P/S Ratio 2024: 1.3×

Chevron P/S Ratio 2023: 1.4×

Chevron P/S Ratio 2022: 1.5×

Chevron P/S Ratio 2021: 1.4×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Chevron (CVX) Key Financials