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Forensic Analysis · Refining & Downstream · as of Nov 7, 2026

Chevron Corp (CVX)

A forensic read on Chevron Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
4.1
Distress distance
Clean
Earnings quality
2
Forensic signals
7.3%
ROE
-6.8%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Chevron Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.1, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.4%
FY2025
Return on invested capital. Return on invested capital is 5.4% in the latest fiscal year and slipping across FY2023–FY2025 from 9.8%. After-tax operating profit was $21.8B in FY2023 and $13.6B in FY2025. The capital base behind it grew +13% across FY2023–FY2025, from $222.8B to $251.1B, while the return fell 4.4 points, so the dollars added over that window earned less than the 9.8% the older base was already earning.
150% of FCF
FY2025
Shareholder returns. Returned $24.8B to shareholders (buybacks + dividends) in FY2025 — 150% of free cash flow, but 73% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $73M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 150%.

Key fundamentals

Latest Revenue$189.03B
Revenue Growth YoY-6.8%
Revenue CAGR (2yr)-3.0%
Net Margin6.5%
Free Cash Flow$16.59B
Return on Equity7.3%
Debt / Equity0.21x

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Data from SEC EDGAR public filings · metrics as of Nov 7, 2026. Forensic signals flag probability, not certainty.

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