Aureus
BGood

Chevron Corporation(CVX)

B

Financial data as of Dec 31, 2025Declining · Energy

FCF Margin9.0%Free Cash Flow / Revenue
Cash Conversion275.9%Operating CF / Net Income
Free Cash Flow$16.6B
Revenue$184.4B
Net Cash-$34.5BNet debt position
Debt / FCF2.5xManageable debt load
Current Ratio1.15Adequate short-term liquidity
YoY FCF Growth-200.0%4 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseB
→
-1Significant YoY FCF decline (-200.0%)
→
-0.5Highly volatile FCF (consistency: 0.91)
→
+1Very low debt-to-FCF ratio (2.5x; 1.6x sector-adjusted)
→
FinalB

Analysis Summary

Strengths

  • Excellent cash conversion (276%)

Concerns

  • Low FCF margin (9.0%)
  • Net debt position ($34.5B) — 2.5x FCF, manageable
  • Significant YoY FCF decline (-200.0%)
  • Highly volatile quarterly FCF

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin9.0%
Net Margin6.7%
Operating CF Margin18.4%
CapEx Ratio9.4%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$34.5BNet debt position
Debt / FCF2.5xManageable debt load
Current Ratio1.15Adequate liquidity
Debt / Equity0.22Low leverage

Quarterly FCF Trend

-200.0% YoYDeclining (-200.0%)

Free cash flow per quarter

Sector Comparison — Energy

FCF Margin ranked against sector peers

View all →

Detailed Metrics

Company NameChevron Corporation
SectorEnergy
Free Cash Flow$16.6B
Revenue$184.4B
Net Income$12.3B
Operating Cash Flow$33.9B
Capital Expenditure$17.3B
FCF Margin9.0%
Cash Conversion Rate275.9%
Net Margin6.7%
Total Debt$40.8B
Total Cash$6.3B
Net Cash-$34.5B
Current Ratio1.15
Debt / Equity0.22
Debt / FCF2.5x
YoY FCF Growth-200.0%
Positive Quarters4 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeB
Data SourceYahoo Finance

Related Research

All research →
Sector Report4 min read

Energy: Nine A-Grades, Twelve Declining Trends

The energy sector prints A-grades but can't sustain momentum. Nine companies earn top marks while twelve show deteriorating cash flow trends.

Aug 10, 2026
EQTCTRAAPAOXY+17
Sector Report4 min read

Energy: Eight A-Grades, Thirteen Declining Trends

Half the sector earns A-grades. Two-thirds are trending down. Something doesn't add up.

Jul 10, 2026
EQTCTRAAPAOXY+17
Sector Report4 min read

Energy: Still 11 A-Grades Despite Five Failures

Natural gas producers dominate the top while refiners struggle. Half the sector shows improving trends.

May 8, 2026
EQTCTRAAPAOXY+17