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Chevron Corp

CVX · Energy · $448.9B mkt cap · FY2025 filings · · Narrow moat ·

Price verdict withheld — value if growth stopped today unreliable

Narrow moat
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The five investor questions

39

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $155.6B to $184.4B, increasing; diluted EPS 8.14 to 6.63, decreasing.

67

Median gross margin 41.0% over 10y, very stable.

—

Not enough years of ROIC data to score returns on capital.

79

Net debt/EBITDA 1.1x, interest coverage 17x.

69

Owner earnings changed +37.6%/yr over up to the ten most recent annual observations.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
77% above value if growth stopped today
$22.9B
$127.33
$127.33
$224.98
77% above value if growth stopped today

What today’s price assumes: owner earnings growing ~12%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. CVX revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 17, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

20 years of fundamentals

The business, in plain English

Chevron Corp booked $184.4B of revenue in FY2025 in the Energy sector and kept 41.3% of it as gross profit — a solid-margin business by that measure. After every other cost, 6.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $220.9B (FY2007) to $184.4B (FY2025) — about −1.0% a year compounded over 18 years.

The balance sheet carried $50.7B of total debt in FY2025 against $15.1B of owner earnings — roughly 3.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 79/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from CVX’s SEC filings

Sales, as filed$184.4B FY2025
$0$100B$200B2006201320202025
Revenue kept after cost of goods41.3% FY2025
0%20%40%2006201320202025
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.

Cash an owner could take out$15.1B FY2025
$0$20B$40B2006201320202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Chevron Corp makes its money

Chevron Corp's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$184.4B100%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Cost of revenue$108.2B59%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
$76.2B41%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Income before tax$19.7B11%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Income tax$7.3B4%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
$12.3B7%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Flagship explainer

What Chevron Corp owns — and owes

Chevron Corp's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$324.0B100%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Cash and equivalents$7.3B2%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
$50.7B16%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Stockholders’ equity$186.4B58%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Flagship explainer

What drives Chevron Corp’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income$12.3BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Income before tax$19.7BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Operating incomeUnavailableFY2025
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Revenue$184.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Ending assets$324.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Beginning assets$256.9BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000093410-25-000009 · filed Feb 21, 2025
  • 10-K · FY 2024Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Ending equity$186.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Beginning equity$152.3BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000093410-25-000009 · filed Feb 21, 2025
  • 10-K · FY 2024Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Source: · event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Flagship explainer

Where Chevron Corp's cash went

Chevron Corp’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$33.9B100%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Depreciation and amortization$20.1B59%
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000093410-26-000078 · filed Feb 24, 2026
· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Chevron Corp

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

1 holding0 exited13 not holding14/19 resolved5 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Oakmark / Harris Associates1,350 shares$223776 · 0% of eligible reported 13FUnchanged · 0 shares (0%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
29 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  16. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  18. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  19. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  20. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  21. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  23. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  25. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  27. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  28. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 17, 2026

Flagship explainer

What Chevron Corp insiders reported

Records still being gathered — partial as of retrieval Oct 17, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

30 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale63.3 / 100
0406080100WideNarrowShallowNo moatJul 26, 2026Oct 17, 2026

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 17, 2026.

63 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (22 versus 14). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
HEWSON MARILLYN ADirectorDiscretionary transaction (I)Table II · Acquired · Phantom Stock213$201.86$42,9966,400Aug 28, 2026
1 filed lot
  • Table II · Phantom Stock: 213 shares at $201.86 · code I · owned after 6,400 ·
WARNER CYNTHIA JDirectorDiscretionary transaction (I)Table II · Acquired · Phantom Stock19$201.86$3,835426Aug 28, 2026
1 filed lot
  • Table II · Phantom Stock: 19 shares at $201.86 · code I · owned after 426 ·
Pate R. HewittChief Legal OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock2,470$205.1088$506,61910,794Aug 18, 2026
1 filed lot
  • Table I · Common Stock: 2,470 shares at $205.1088 · code S · owned after 10,794 ·
Moyo Dambisa FDirectorGift (G)Table I · Disposed · Common Stock350—Gift (G)—14,495Aug 17, 2026
1 filed lot
  • Table I · Common Stock: 350 shares at — (Gift (G)) · code G · owned after 14,495 ·
Walz Andrew BenjaminPresident, DM&CExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events16,800$121.8323$2,046,783See lot detailAug 17, 2026
2 filed lots
  • Table I · Common Stock: 4,100 shares at $88.20 · code M · owned after 4,114 · Paired event: 4,100 Non-Qualified Stock Option (Right to Buy) → 4,100 Common Stock ·
  • Table I · Common Stock: 12,700 shares at $132.69 · code M · owned after 16,814 · Paired event: 12,700 Non-Qualified Stock Option (Right to Buy) → 12,700 Common Stock ·
Walz Andrew BenjaminPresident, DM&COpen-market or private sale (S)Table I · Disposed · Common Stock16,800$201.0615$3,377,83314Aug 17, 2026
1 filed lot
  • Table I · Common Stock: 16,800 shares at $201.0615 · code S · owned after 14 ·
Walz Andrew BenjaminPresident, DM&CExercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Stock Option (Right to Buy) · 2 paired events16,800—Exercise or conversion of derivative security (M)—See lot detailAug 17, 2026
2 filed lots
  • Table II · Non-Qualified Stock Option (Right to Buy): 4,100 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 4,100 Non-Qualified Stock Option (Right to Buy) → 4,100 Common Stock ·
  • Table II · Non-Qualified Stock Option (Right to Buy): 12,700 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 12,700 Non-Qualified Stock Option (Right to Buy) → 12,700 Common Stock ·
Wirth Michael KDirector, Chairman and CEOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event317,100$88.20$27,968,220343,408Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 317,100 shares at $88.20 · code M · owned after 343,408 · Paired event: 317,100 Non-Qualified Stock Option (Right to Buy) → 317,100 Common Stock ·
Wirth Michael KDirector, Chairman and CEOOpen-market or private sale (S)Table I · Disposed · Common Stock317,100$200.4631$63,566,861See lot detailAug 14, 2026
2 filed lots
  • Table I · Common Stock: 306,789 shares at $200.4433 · code S · owned after 36,619 ·
  • Table I · Common Stock: 10,311 shares at $201.0534 · code S · owned after 26,308 ·
Wirth Michael KDirector, Chairman and CEOExercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Stock Option (Right to Buy) · 1 paired event317,100—Exercise or conversion of derivative security (M)—0Aug 14, 2026
1 filed lot
  • Table II · Non-Qualified Stock Option (Right to Buy): 317,100 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 317,100 Non-Qualified Stock Option (Right to Buy) → 317,100 Common Stock ·
GUSTAVSON JEFF BPresident, New EnergiesExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events14,044$118.5417$1,664,799See lot detailAug 11, 2026
3 filed lots
  • Table I · Common Stock: 4,850 shares at $117.24 · code M · owned after 3,786 · Paired event: 4,850 Non-Qualified Stock Option (Right to Buy) → 4,850 Common Stock ·
  • Table I · Common Stock: 4,633 shares at $125.35 · code M · owned after 3,786 · Paired event: 4,633 Non-Qualified Stock Option (Right to Buy) → 4,633 Common Stock ·
  • Table I · Common Stock: 4,561 shares at $113.01 · code M · owned after 3,786 · Paired event: 4,561 Non-Qualified Stock Option (Right to Buy) → 4,561 Common Stock ·
GUSTAVSON JEFF BPresident, New EnergiesOpen-market or private sale (S)Table I · Disposed · Common Stock14,044$194.9492$2,737,8673,786Aug 11, 2026
1 filed lot
  • Table I · Common Stock: 14,044 shares at $194.9492 · code S · owned after 3,786 ·
GUSTAVSON JEFF BPresident, New EnergiesExercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Stock Option (Right to Buy) · 3 paired events14,044—Exercise or conversion of derivative security (M)—See lot detailAug 11, 2026
3 filed lots
  • Table II · Non-Qualified Stock Option (Right to Buy): 4,850 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 4,850 Non-Qualified Stock Option (Right to Buy) → 4,850 Common Stock ·
  • Table II · Non-Qualified Stock Option (Right to Buy): 4,633 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 4,633 Non-Qualified Stock Option (Right to Buy) → 4,633 Common Stock ·
  • Table II · Non-Qualified Stock Option (Right to Buy): 4,561 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,839 · Paired event: 4,561 Non-Qualified Stock Option (Right to Buy) → 4,561 Common Stock ·
Wirth Michael KDirector, Chairman and CEOOpen-market or private sale (S)Table I · Disposed · Common Stock5,547$186.9958$1,037,26626,308Aug 5, 2026
1 filed lot
  • Table I · Common Stock: 5,547 shares at $186.9958 · code S · owned after 26,308 ·
HESS JOHN BDirectorOpen-market or private sale (S)Table I · Disposed · Common Stock810,665$194.123$157,368,733See lot detailAug 3, 2026
8 filed lots
  • Table I · Common Stock: 55,510 shares at $194.0703 · code S · owned after 222,535 ·
  • Table I · Common Stock: 44,490 shares at $194.4974 · code S · owned after 178,045 ·
  • Table I · Common Stock: 174,821 shares at $194.4221 · code S · owned after 899,555 ·
  • Table I · Common Stock: 25,179 shares at $195.2772 · code S · owned after 874,376 ·
  • Table I · Common Stock: 90,031 shares at $192.7486 · code S · owned after 784,345 ·
  • Table I · Common Stock: 118,657 shares at $193.2886 · code S · owned after 665,688 ·
  • Table I · Common Stock: 271,946 shares at $194.4805 · code S · owned after 393,742 ·
  • Table I · Common Stock: 30,031 shares at $195.1371 · code S · owned after 363,711 ·
HESS JOHN BDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 5 paired events709,362$70.9724$50,345,116See lot detailAug 3, 2026
5 filed lots
  • Table I · Common Stock: 74,310 shares at $138.10 · code M · owned after 1,074,376 · Paired event: 74,310 Non-Qualified Stock Option (Right to Buy) → 74,310 Common Stock ·
  • Table I · Common Stock: 170,077 shares at $55.36 · code M · owned after 535,091 · Paired event: 170,077 Non-Qualified Stock Option (Right to Buy) → 170,077 Common Stock ·
  • Table I · Common Stock: 243,706 shares at $48.51 · code M · owned after 778,797 · Paired event: 243,706 Non-Qualified Stock Option (Right to Buy) → 243,706 Common Stock ·
  • Table I · Common Stock: 117,498 shares at $73.21 · code M · owned after 896,295 · Paired event: 117,498 Non-Qualified Stock Option (Right to Buy) → 117,498 Common Stock ·
  • Table I · Common Stock: 103,771 shares at $98.71 · code M · owned after 1,000,066 · Paired event: 103,771 Non-Qualified Stock Option (Right to Buy) → 103,771 Common Stock ·
HESS JOHN BDirectorExercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Stock Option (Right to Buy) · 5 paired events709,362—Exercise or conversion of derivative security (M)—See lot detailAug 3, 2026
5 filed lots
  • Table II · Non-Qualified Stock Option (Right to Buy): 170,077 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 170,077 Non-Qualified Stock Option (Right to Buy) → 170,077 Common Stock ·
  • Table II · Non-Qualified Stock Option (Right to Buy): 243,706 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 243,706 Non-Qualified Stock Option (Right to Buy) → 243,706 Common Stock ·
  • Table II · Non-Qualified Stock Option (Right to Buy): 117,498 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 117,498 Non-Qualified Stock Option (Right to Buy) → 117,498 Common Stock ·
  • Table II · Non-Qualified Stock Option (Right to Buy): 103,771 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 103,771 Non-Qualified Stock Option (Right to Buy) → 103,771 Common Stock ·
  • Table II · Non-Qualified Stock Option (Right to Buy): 74,310 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 74,310 Non-Qualified Stock Option (Right to Buy) → 74,310 Common Stock ·
HESS JOHN BDirectorOther acquisition or disposition (J)Table I · Disposed · Common Stock2,244,497—Other acquisition or disposition (J)—5,000,000Aug 3, 2026
1 filed lot
  • Table I · Common Stock: 2,244,497 shares at — (Other acquisition or disposition (J)) · code J · owned after 5,000,000 ·
HESS JOHN BDirectorOther acquisition or disposition (J)Table I · Acquired · Common Stock457,006—Other acquisition or disposition (J)—See lot detailAug 3, 2026
3 filed lots
  • Table I · Common Stock: 9,118 shares at — (Other acquisition or disposition (J)) · code J · owned after 16,404 ·
  • Table I · Common Stock: 439,786 shares at — (Other acquisition or disposition (J)) · code J · owned after 439,786 ·
  • Table I · Common Stock: 8,102 shares at — (Other acquisition or disposition (J)) · code J · owned after 365,014 ·

Source-event as of . Retrieved .

Track record

How Chevron Corp’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored CVX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100Indexed price · log scale 201120142017202020232025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, CVX did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Energy context

#2 of 10 scored Energy companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #1COP ConocoPhillips74.5Narrow moat
  2. #3VVV VALVOLINE INC.60.1Narrow moat
  3. #4VLO VALERO ENERGY CORP/TX41.6Shallow moat

Compare CVX with its nearest peers →All Energy companies on the Index →

Common questions about CVX

Does Chevron Corp have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Chevron Corp (CVX) 63.3 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 39, pricing power 67, returns on capital not measurable from the filings, balance-sheet safety 79, capital allocation 69.
Is CVX trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $127.33 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $224.98, that is 77% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has CVX's Moat Score changed over time?
The record logs 30 readings since Jul 17, 2026; the latest reads 63.3 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CVX. See the disclaimer.