Market Cap : 304.2 B | Enterprise Value : 318.07 B | PE Ratio : 10.37 | PB Ratio : 1.98 |
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Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Chevron has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Chevron's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Chevron was 9. The lowest was 2. And the median was 6.
The historical data trend for Chevron's Piotroski F-Score 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.
For the Oil & Gas Integrated subindustry, Chevron's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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.
For the Oil & Gas industry and Energy sector, Chevron's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Chevron's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* 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.
This Year (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 6111 + 5055 + 6259 + 11622 = $29,047 Mil. Cash Flow from Operations was 8579 + 9458 + 8055 + 13782 = $39,874 Mil. Revenue was 42552 + 45861 + 52314 + 65372 = $206,099 Mil. Gross Profit was 14414 + 13707 + 16011 + 21669 = $65,801 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (242806 + 239948 + 239535 + 249048 + 257936) / 5 = $245854.6 Mil. Total Assets at the begining of this year (Jun21) was $242,806 Mil. Long-Term Debt & Capital Lease Obligation was $23,005 Mil. Total Current Assets was $51,188 Mil. Total Current Liabilities was $39,121 Mil. |
Net Income was -207 + -665 + 1377 + 3082 = $3,587 Mil. Revenue was 23997 + 24843 + 31076 + 36117 = $116,033 Mil. Gross Profit was 6532 + 6970 + 9222 + 10966 = $33,690 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (223403 + 223063 + 239790 + 241645 + 242806) / 5 = $234141.4 Mil. Total Assets at the begining of last year (Jun20) was $223,403 Mil. Long-Term Debt & Capital Lease Obligation was $39,521 Mil. Total Current Assets was $32,973 Mil. Total Current Liabilities was $28,147 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Chevron's current Net Income (TTM) was 29,047.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Chevron's current Cash Flow from Operations (TTM) was 39,874.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Jun21) |
= | 29047 | / | 242806 | |
= | 0.11963049 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 3587 | / | 223403 | |
= | 0.01605619 |
Chevron's return on assets of this year was 0.11963049. Chevron's return on assets of last year was 0.01605619.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Chevron's current Net Income (TTM) was 29,047. Chevron's current Cash Flow from Operations (TTM) was 39,874.
==> 39,874 > 29,047 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 23005 | / | 245854.6 | |
= | 0.09357157 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 39521 | / | 234141.4 | |
= | 0.16879117 |
Chevron's gearing of this year was 0.09357157. Chevron's gearing of last year was 0.16879117.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 51188 | / | 39121 | |
= | 1.30845326 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 32973 | / | 28147 | |
= | 1.17145699 |
Chevron's current ratio of this year was 1.30845326. Chevron's current ratio of last year was 1.17145699.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Chevron's number of shares in issue this year was 1957.109. Chevron's number of shares in issue last year was 1921.958.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 65801 | / | 206099 | |
= | 0.3192689 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 33690 | / | 116033 | |
= | 0.29034844 |
Chevron's gross margin of this year was 0.3192689. Chevron's gross margin of last year was 0.29034844.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Jun21) |
= | 206099 | / | 242806 | |
= | 0.84882169 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 116033 | / | 223403 | |
= | 0.51938873 |
Chevron's asset turnover of this year was 0.84882169. Chevron's asset turnover of last year was 0.51938873.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 1 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Chevron has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Chevron's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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 |
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