CVXCHEVRON CORP

Petroleum Refining

Revenue: $184.4B; 4.6% YoY
Operating margin: —
EBITDA: —
Market cap: $465.3B
Employees: —
Net debt / EBITDA: —; $35.8B net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$27M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
276% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
73% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$465.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$647M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$155.6B	$235.7B	$196.9B	$193.4B	$184.4B	4.6%
Net income	$15.6B	$35.5B	$21.4B	$17.7B	$12.3B	31%
Operating cash flow	$29.2B	$49.6B	$35.6B	$31.5B	$33.9B	7.8%
Capex	$8.1B	$12.0B	$15.8B	$16.4B	$17.3B	5.5%
Buybacks	$1.4B	$11.3B	$14.9B	$15.2B	$12.1B	21%
Dividends	$10.2B	$11.0B	$11.3B	$11.8B	$12.8B	8.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $647M · 80
Net: −$647M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$27M	$18M	222	275
FY2024	$33M	$33M	202	230
FY2023	$27M	−$24M	199	228
FY2022	$24M	$87M	231	218
FY2021	$23M	$54M	146	139