Chevron Corp (CVX)

Petroleum Refining

Latest Price

$235.52

TTM P/E

22.65

Normalized P/E

20.03

TTM Div Yield

2.96%

Fwd Div Yield

3.02%

Book Value

96.11

P/B Ratio

2.45

Valuation metrics

EPS: $6.63

Book value / share: $93.49

Formula: √(22.5 × EPS × BVPS)

Graham Number

$118.09

50% downside

Norm. op. income: $21.6B (median of 7yr)

Tax rate: 32%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$52.13

78% downside

Base FCF: $19.8B (median of recent 5yr)

Growth: -2%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$77.13

67% downside

EPS: $6.63

Target P/E: 20×

Formula: EPS × P/E

P/E Fair Value

$132.60

44% downside

75.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	154.82M	$25.66B	7.84%	+10.10M	2026-06-30
State Street Corp	148.45M	$24.61B	7.51%	-4.69M	2026-06-30
Vanguard Capital Management LLC	122.90M	$20.37B	6.22%	+415.4K	2026-06-30
Berkshire Hathaway Inc	84.38M	$13.99B	4.27%	--	2026-06-30
Geode Capital Management, LLC	44.54M	$7.35B	2.25%	+858.7K	2026-06-30
Vanguard Portfolio Management LLC	42.48M	$7.04B	2.15%	+163.2K	2026-06-30
Sixth Street Partners Management Company, L.P.	37.71M	$6.25B	1.91%	--	2026-06-30
Charles Schwab Investment Management Inc	37.71M	$6.25B	1.91%	+1.60M	2026-06-30
Morgan Stanley	36.05M	$5.97B	1.82%	-796.0K	2026-06-30
Bank of America Corp	27.21M	$4.51B	1.38%	-424.8K	2026-06-30