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Chevron (NYSE:CVX) E10

: $7.15 (As of Sep. 2022)
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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Chevron's adjusted earnings per share data for the three months ended in Sep. 2022 was $5.780. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $7.15 for the trailing ten years ended in Sep. 2022.

As of today (2022-12-07), Chevron's current stock price is $172.52. Chevron's E10 for the quarter that ended in Sep. 2022 was $7.15. Chevron's Shiller PE Ratio of today is 24.13.

During the past 13 years, the highest Shiller PE Ratio of Chevron was 27.05. The lowest was 6.67. And the median was 11.59.


Chevron (NYSE:CVX) E10 Historical Data

The historical data trend for Chevron's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Chevron Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.61 9.21 8.95 6.83 6.47

Chevron Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.42 6.47 6.59 6.91 7.15

Chevron (NYSE:CVX) E10 Competitive Comparison

For the Oil & Gas Integrated subindustry, Chevron's E10, along with its competitors' market caps and E10 data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Chevron (NYSE:CVX) E10 Distribution

For the Oil & Gas industry and Energy sector, Chevron's E10 distribution charts can be found below:

* The bar in red indicates where Chevron's E10 falls into.



Chevron E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Chevron's adjusted earnings per share data for the three months ended in Sep. 2022 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Sep. 2022 (Change)*Current CPI (Sep. 2022)
=5.78/125.2265*125.2265
=5.780

Current CPI (Sep. 2022) = 125.2265.

Chevron Quarterly Data

per share eps CPI Adj_EPS
201212 3.700 96.871 4.783
201303 3.180 98.209 4.055
201306 2.770 98.518 3.521
201309 2.570 98.790 3.258
201312 2.570 98.326 3.273
201403 2.360 99.695 2.964
201406 2.980 100.560 3.711
201409 2.950 100.428 3.678
201412 1.850 99.070 2.338
201503 1.370 99.621 1.722
201506 0.300 100.684 0.373
201509 1.090 100.392 1.360
201512 -0.310 99.792 -0.389
201603 -0.390 100.470 -0.486
201606 -0.780 101.688 -0.961
201609 0.680 101.861 0.836
201612 0.220 101.863 0.270
201703 1.410 102.862 1.717
201706 0.770 103.349 0.933
201709 1.030 104.136 1.239
201712 1.640 104.011 1.975
201803 1.900 105.290 2.260
201806 1.780 106.317 2.097
201809 2.110 106.507 2.481
201812 1.950 105.998 2.304
201903 1.390 107.251 1.623
201906 2.270 108.070 2.630
201909 1.360 108.329 1.572
201912 -3.510 108.420 -4.054
202003 1.930 108.902 2.219
202006 -4.440 108.767 -5.112
202009 -0.120 109.815 -0.137
202012 -0.330 109.897 -0.376
202103 0.720 111.754 0.807
202106 1.600 114.631 1.748
202109 3.190 115.734 3.452
202112 2.630 117.630 2.800
202203 3.220 121.301 3.324
202206 5.950 125.017 5.960
202209 5.780 125.227 5.780

Add all the adjusted EPS together and divide 10 will get our e10.


Chevron  (NYSE:CVX) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Chevron's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=172.52/7.15
=24.13

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Shiller P/E Ratio of Chevron was 27.05. The lowest was 6.67. And the median was 11.59.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Chevron E10 Related Terms

Thank you for viewing the detailed overview of Chevron's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


Chevron (NYSE:CVX) Business Description

Chevron logo
Address
6001 Bollinger Canyon Road, San Ramon, CA, USA, 94583-2324
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second- largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the U.S. and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2021 stood at 11.3 billion barrels of oil equivalent, including 6.1 billion barrels of liquids and 30.9 trillion cubic feet of natural gas.
Executives
Bonner Eimear P officer: Vice President 6001 BOLLINGER CANYON ROAD SAN RAMON CA 94583
Hewson Marillyn A director C/O CARPENTER TECHNOLOGY CORPORATION PO BOX 14662 READING PA 19612-4662
Inchausti David A officer: Vice Pres. and Comptroller 6001 BOLLINGER CANYON ROAD SAN RAMON CA 94583
Parfitt Colin E officer: Vice President 6001 BOLLINGER CANYON ROAD SAN RAMON CA 94583
Morris Rhonda J officer: Vice President 6001 BOLLINGER CANYON ROAD SAN RAMON CA 94583
Reed Debra L director 488 8TH AVENUE SAN DIEGO CA 92101
Umpleby Iii Donald J director 510 LAKE COOK ROAD SUITE 100 DEERFIELD IL 60015
Nelson Mark A officer: Vice President 6001 BOLLINGER CANYON ROAD SAN RAMON CA 94583
Frank John director C/O OAKTREE CAPITAL MANAGEMENT 333 SOUTH GRAND 28TH FLOOR LOS ANGELES CA 90071
Austin Wanda M director 6001 BOLLINGER CANYON ROAD SAN RAMON CA 94583
Moyo Dambisa F director 10200 S. DEANZA BOULEVARD CUPERTINO CA 95014
Ourada Jeanette L officer: Vice Pres. and Comptroller 6001 BOLLINGER CANYON ROAD SAN RAMON CA 94583
Thulin Inge G director 1250 5TH AVENUE SOUTH NAPLES FL 34102
Cummings Alexander B Jr director
Huntsman Jon M Jr director 500 HUNTSMAN WAY SALT LAKE CITY UT 84108

Chevron (NYSE:CVX) Headlines

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