Skip to content
Compounder
← Stocks

Chevron Corp

CVXWithin bandExpectations · modest

Held by 13 superinvestors.

Price$200.21
Holders13
Total value$14.21B

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-4.6%
Net margin
6.7%
ROE
6.6%
FCF margin
9.0%
Revenue $94.47B → $184.43B · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$182/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$200
cheaperpricier

Zero-growth floor

$111

Central IV

$182

Optimistic top

$224

Chevron Corp (CVX): A conservative value band $111–$224 / sh (zero-growth floor to growth-capped optimistic top); central read about $182. Today’s price sits inside that band (price $200 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 6% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $111

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $117.29 – $224.19 · Greenwald zero-growth $135.48 · zero-growth base $135.48 · reproduction $94.24

Moat Franchise (moat) · terminal value 49% of present value · owner-earnings yield 6% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

Buffett owner-earnings value$110.84 – $135.48 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 114% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $185.31B + capitalized R&D $820.40M（FY 2026, 2024, 2023, 2022） = $94.24 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 6% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 7.4% a year in owner-earnings for the next few years. Revenue actually grew 11.5% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 7 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

13 holders · $14.21B combined · this quarter +0 opened / -1 exited

This quarter2 added6 trimmed1 exited
Holders 11 → 13 · last 8q
Show all 13 holders ▸
  • Thomas Kahn
    Value$404,075Weight (prev→now)0.1% → 0.1%
  • Bill Nygren
    Value$223,776Weight (prev→now)0.0% → 0.0% ▼
  • Steven Check
    Value$207,200Weight (prev→now)0.0% → 0.0% ▼
Exited this quarter (1)
Steven Romick

SEC 13F · notes

Written summary

Chevron Corp (CVX) is held by 13 of the superinvestors tracked on Compounder, with a combined $14.21B in reported 13F value. The largest position belongs to Warren Buffett, where it makes up 4.7% of the portfolio.

Other notable holders by value include Jim Cullen (1.4% of its book), Dodge & Cox (0.0% of its book) and Ray Dalio (0.1% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in CVX, 2 added to existing ones, 6 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Chevron Corp (CVX) also commonly hold →

CVX's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

Stay Updated

New-quarter 13F moves and valuation updates, to your inbox.