CHEVRON CORP (CVX)

Petroleum Refining

Latest Price

$196.83

TTM P/E

34.29

Normalized P/E

17.67

Div Yield

2.64%

Book Value

92.78

P/B Ratio

2.12

Valuation metrics

EPS: $6.63

Book value / share: $100.46

Formula: √(22.5 × EPS × BVPS)

Graham Number

$122.42

38% 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

$56.01

72% 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

$82.89

58% downside

EPS: $6.63

Target P/E: 18×

Formula: EPS × P/E

P/E Fair Value

$119.34

39% downside

71.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
STATE STREET CORP	153.14M	$31.68B	7.73%	+856.6K	2026-03-31
BlackRock, Inc.	144.72M	$29.94B	7.31%	+3.43M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	122.48M	$25.34B	6.19%	--	2026-03-31
Berkshire Hathaway Inc	84.38M	$17.46B	4.26%	-45.78M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	43.68M	$9.00B	2.21%	+64.1K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	42.31M	$8.75B	2.14%	--	2026-03-31
MORGAN STANLEY	36.85M	$7.62B	1.86%	+541.4K	2026-03-31
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	36.12M	$7.47B	1.82%	+81.6K	2026-03-31
BANK OF AMERICA CORP /DE/	27.63M	$5.72B	1.40%	+1.33M	2026-03-31
Fisher Asset Management, LLC	21.89M	$4.53B	1.11%	+415.5K	2026-03-31