Chevron's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Chevron (CVX) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Chevron vs Its Competitors
- TTM: Trailing 12-month revenue of 215,261M vs 1,491,987M combined for its competitors (12.6% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+30.2% annualized vs trailing 12 months), vs accelerating (+18.5%) for its tracked peer group.
- Growth: Chevron generated 56.3% revenue growth year over year in Q2 2026, vs 42.6% for its competitors combined.
- Profitability: Its 17.4% net margin compares with 14.0% for the peer group.
- Scale: Chevron ranks #2 of 13 companies by market capitalization in the Oil & Gas Integrated Operations industry, holding 20.8% of industry market cap.
- Peer revenue share: Chevron accounted for 13.7% of combined revenue among its tracked peer group, up from 12.6% a year earlier.
- Peer differentiation: Revenue per employee of $5.00M compares with $3.81M for the peer group (1.3x).
- Structure: Chevron operates in the following segments: Reportable Segment, Aggregation before Other Operating, Other Operating.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
CVX Sales vs. its Competitors, Q2 2026
Chevron reported revenue growth of 56.30 % year on year in Q2 2026, above its competitors' combined revenue growth of 42.64 %.
With a net margin of 17.43 %, Chevron achieved higher profitability than its competitors (13.95 %).
Chevron generated 13.69 % of the combined sales of its peer group, up from 12.64 % a year earlier.
Chevron vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Chevron reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Chevron and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Chevron Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (7) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Chevron's competitor groups requires a Commercial License.
For context: the Oil & Gas Integrated Operations industry grew revenue 19.9% year over year, combined, vs 56.3% for Chevron. Chevron's share of combined industry revenue moved from 4.18% to 5.45%, a gain of 1.27 percentage points.
Chevron's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Chevron Corp | Yes | Yes | No | No |
| Competitors combined (100) | ||||
| High-Confidence Competitors (8) | ||||
| Similar-Size Competitors (6) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 25.00 % (2 of 8) | 0.00 % (0 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
CVX Stock Performance relative to its Competitors
CVX Stock Performance relative to High-Confidence Competitors
CVX Stock Performance relative to Similar-Size Competitors
CVX Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Blue Dolphin Energy Co | 282.9% | Outperformed |
| 2 | Sharkninja Inc | 282.9% | Outperformed |
| 3 | Gran Tierra Energy Inc | 282.9% | Outperformed |
| 4 | Sasol Limited | 282.9% | Outperformed |
| 5 | Calumet Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Chevron's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Chevron's Comment on Competition and Industry Peers
Publicly Traded Peers of Chevron Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Chevron Corp |
420,555.27 | 215,261.00 |
 Exxon Mobil Corporation |
684,383.40 | 396,627.00 |
 Shell Plc |
297,786.92 | 266,886.00 |
 Totalenergies Se |
195,834.46 | 162,863.00 |
 Conocophillips |
164,482.98 | 63,345.00 |
 Equinor Asa |
110,646.54 | 106,462.00 |
| SUBTOTAL | 3,307,112.69 | 2,727,571.48 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Chevron Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Chevron's Competitors Named by the Company
Competitive relationships identified from Chevron reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Greenway Technologies Inc and Subsidiaries | Company report | 85% |
| Ormat Technologies Inc | Company report | 85% |
| Westlake Corporation | Company report | 85% |
| Calethos Inc | Company report | 85% |
| Newmarket Corporation | Company report | 85% |
| Dow Inc | Company report | 85% |
| UMED | Company report | 85% |
| W and t Offshore inc | Company report | 85% |
| Calumet Inc | Company report | 85% |
| Hyzon Motors Inc | Company report | 85% |
| Par Pacific Holdings Inc | Company report | 85% |
| Clean Harbors inc | Company report | 85% |
| Shell Plc | Company report | 85% |
| Pbf Energy Inc | Company report | 85% |
| Cimarex Energy Co | Company report | 85% |
| Gran Tierra Energy Inc | Company report | 85% |
| Phillips 66 | Company report | 85% |
| California Resources Corp | Company report | 85% |
| Southwestern Energy Company | Company report | 85% |
| Ecopetrol S a | Company report | 85% |
| Occidental Petroleum Corporation | Company report | 85% |
| Petrobras Petroleo Brasileiro Sa | Company report | 85% |
| Delek Us Holdings Inc | Company report | 85% |
| Matador Resources Company | Company report | 85% |
| Equinor Asa | Company report | 85% |
| Eni Spa | Company report | 85% |
| Exxon Mobil Corporation | Company report | 85% |
| Imperial Oil Limited | Company report | 85% |
| Whiting Petroleum Corp | Company report | 85% |
| Marathon Petroleum Corporation | Company report | 85% |
| Comstock Resources Inc | Company report | 85% |
| Pioneer Natural Resources Co | Company report | 85% |
| Totalenergies Se | Company report | 85% |
| Marathon Oil Corporation | Company report | 85% |
| Kosmos Energy Ltd | Company report | 85% |
| Conocophillips | Company report | 85% |
| Hess Corporation | Company report | 85% |
| Suncor Energy inc | Company report | 85% |
| Valero Energy Corp | Company report | 85% |
| Eog Resources Inc | Company report | 85% |
| Sasol Limited | Company report | 85% |
| Hollyfrontier Corp | Company report | 85% |
| Diamondback Energy Inc | Company report | 85% |
| Murphy Oil Corporation | Company report | 85% |
| Eqt Corporation | Company report | 85% |
| Goodrich Petroleum Corp | Company report | 85% |
| Devon Energy Corp | Company report | 85% |
| Sunoco Lp | Company report | 85% |
| Callon Petroleum Co | Company report | 85% |
| Bp Plc | Company report | 85% |
| Ashland Inc | Company report | 85% |
| Coterra Energy Inc | Company report | 85% |
| Northern Oil And Gas Inc | Company report | 85% |
| Gulfport Energy Corporation | Company report | 85% |
| Vaalco Energy Inc | Company report | 85% |
| Murphy Usa Inc | Company report | 85% |
| Extraction Oil and Gas Inc | Company report | 85% |
| Cvr Energy Inc | Company report | 85% |
| Valvoline Inc | Company report | 85% |
| Pdc Energy Inc | Company report | 85% |
| Sm Energy Co | Company report | 85% |
| Antero Resources Corporation | Company report | 85% |
| Ypf Sociedad An nima | Company report | 85% |
| Denbury Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Chevron's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Chevron's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Chevron Corp | Reportable Segment, Aggregation before Other Operating 99.73 % |
| Marathon Petroleum Corporation | Refining and Marketing 94.77 % |
| Valero Energy Corp | Refining 96.26 % |
| Phillips 66 | Refining 70.79 % |
| Williams companies inc | Transmission, Power & Gulf 47.62 % |
| Eog Resources Inc | United States of America 98.40 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Chevron's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Chevron Corp | 420,555 | 5,001,533 | 487,116 |
| Exxon Mobil Corporation | 684,383 | 6,838,397 | 707,224 |
| Shell Plc | 297,787 | 3,139,835 | 213,165 |
| Totalenergies Se | 195,834 | 17,683,279 | 1,450,271 |
| Conocophillips | 164,483 | 6,398,485 | 936,263 |
| Equinor Asa | 110,647 | 1,971,518,519 | 93,666,667 |
| PEERS TOTAL | 2,886,557 | 3,805,055 | 344,951 |
Chevron's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Phillips 66 | United States 81.30 % |
| Occidental Petroleum Corporation | Non-US 20.75 % |
| Sharkninja Inc | North America 66.47 % |
| Clean Harbors inc | United States 91.38 % |
| Sm Energy Co | Permian Basin 50.83 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Chevron's Position in Industry Market Structure
Market-capitalization share and concentration across all 13 companies in Chevron's industry classification, broader than the peer set above. Market cap in millions of $.Chevron ranks #2 of 13 companies by market capitalization in its industry, holding 20.82 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,843, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Exxon Mobil Corporation | 717,427 | 34.22 % |
| 2 | Chevron Corp | 436,473 | 20.82 % |
| 3 | Conocophillips | 169,121 | 8.07 % |
| 4 | Bp Plc | 136,503 | 6.51 % |
| 5 | Marathon Petroleum Corporation | 1,234 | 5.2% |
| 6 | Equinor Asa | 1,234 | 5.2% |
| 7 | Valero Energy Corp | 1,234 | 5.2% |
| 8 | Phillips 66 | 1,234 | 5.2% |
| 9 | Suncor Energy inc | 1,234 | 5.2% |
| 11 | Ypf Sociedad An nima | 1,234 | 5.2% |
Market cap and industry share for the rest of Chevron's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-05.
Chevron's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Exxon Mobil Corporation | 717,427 | 50.59 % |
| 2 | Chevron Corp | 436,473 | 44.07 % |
| 3 | Conocophillips | 169,121 | 58.43 % |
| 4 | Bp Plc | 1,234 | 12.3% |
| 5 | Marathon Petroleum Corporation | 1,234 | 12.3% |
| 6 | Equinor Asa | 1,234 | 12.3% |
| 7 | Valero Energy Corp | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Chevron's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-05. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Chevron's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Oil & Gas Integrated Operations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (25 companies). See the full Oil & Gas Integrated Operations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 45.36 % | 21.37 % (avg) | +24.0 pp |
| Operating Margin | 27.18 % | industry median | +27.0 pp |
| EBITDA Margin | 25.68 % | 16.66 % (avg) | +9.0 pp |
| Capital Intensity (Capex / Revenue) | 8.51 % | 4.43 % (avg) | +4.1 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Chevron's Valuation vs Competitive Position
Valuation multiples vs the Oil & Gas Integrated Operations industry average (25 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Oil & Gas Integrated Operations industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 17.7x | 14.1x | +3.7x |
| EV / EBITDA | 7.4x | 9.6x | -2.2x |
| P/B | 1.9x | 2.6x | -0.7x |
| Return on Equity | 10.85 % | industry aggregate | -4.02 % |
| Return on Invested Capital | 11.33 % | 9.58 % (avg) | 1.75 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Chevron's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 17.37 % | -11.92 % | -35.37 % | 71.57 % | 51.57 % | -18.40 % | 0.92 % | -6.79 % |
| Operating Margin | 28.43 % | 22.03 % | 20.01 % | 31.15 % | 32.17 % | 29.55 % | 29.82 % | 28.84 % |
| Return on Invested Capital | 12.27 % | 8.47 % | 5.36 % | 13.89 % | 20.14 % | 14.56 % | 15.02 % | 12.01 % |
| P/E | 14.7x | 76.6x | - | 14.7x | 9.8x | 13.3x | 15.9x | 22.7x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Chevron's Strategic Group Map
Chevron is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Chevron's trailing-12-month revenue growth of 10.2% and operating margin of 27.2% compares with an average of 11.4% growth and 27.8% margin across its 8 closest peers by combined growth, margin and ROIC -- Chevron sits below that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Chevron's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Chevron falls in the Question Mark quadrant: relative market share of 0.61x vs its largest competitor, in an industry growing revenue 14.7% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Chevron's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,843 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 8.51 % vs industry average 4.43 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Chevron's dedicated Suppliers and Customers pages, not here.
Chevron's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Chevron falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Chevron's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 27.0 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+30.2% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
No rule matched.
Opportunities
- Industry revenue growing at a healthy 14.7% median pace.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Chevron's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Chevron Corp | 0.01 | 1.16 | 0.21 |
| Exxon Mobil Corporation | 0.12 | 1.13 | 0.16 |
| Shell Plc | 0.37 | 1.30 | 0.05 |
| Totalenergies Se | 0.28 | 0.97 | 0.02 |
| Conocophillips | 0.49 | 1.36 | 0.45 |
| Equinor Asa | 0.14 | 0.99 | 0.10 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Chevron's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Chevron Corp | Q2 2026 | +56.3 % | +385.6 % |
| Exxon Mobil Corporation | Q3 2026 | +32.7 % | +98.4 % |
| Shell Plc | Q4 2025 | -6.1 % | +9.7 % |
| Totalenergies Se | Q4 2025 | -7.1 % | -16.7 % |
| Conocophillips | Q2 2026 | +36.8 % | +98.8 % |
| Equinor Asa | Q4 2025 | +2.6 % | -42.7 % |
| PEERS TOTAL | +7.6 % | +68.1 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Chevron's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Chevron Corp | Q2 2026 | +36.3 % | +22.3 % |
| Exxon Mobil Corporation | Q3 2026 | - | -17.7 % |
| Shell Plc | Q4 2025 | - | - |
| Totalenergies Se | Q4 2025 | - | - |
| Conocophillips | Q2 2026 | +32.0 % | - |
| Equinor Asa | Q4 2025 | +11.2 % | +14.9 % |
Chevron's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Chevron Corp | 6.40% | 6.49% | 10.85% |
| Exxon Mobil Corporation | 8.87% | 9.71% | 15.39% |
| Shell Plc | 4.89% | 4.22% | 10.33% |
| Totalenergies Se | 4.59% | 11.37% | 11.37% |
| Conocophillips | 7.55% | 8.36% | 14.30% |
| Equinor Asa | 3.84% | 3.20% | 12.49% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Chevron's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Chevron Corp | 20.30 | 1.95 |
| Exxon Mobil Corporation | 17.06 | 1.73 |
| Shell Plc | 16.70 | 1.12 |
| Totalenergies Se | 17.33 | 1.20 |
| Conocophillips | 17.97 | 2.60 |
| Equinor Asa | 21.94 | 1.04 |
| PEERS AVERAGE | 13.30 | 1.21 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.