3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Chevron's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was -23.46%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Chevron's 3-Year ROIIC % or its related term are showing as below:
XSWX:CVX's 3-Year ROIIC % is ranked worse than 73.3% of 925
companies
in the Oil & Gas industry
Industry Median: 0.01
vs XSWX:CVX: -23.46
Chevron (XSWX:CVX) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Chevron 3-Year ROIIC % Related Terms
Chevron 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Chevron's 3-Year ROIIC % 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.
XSWX:CVX vs XOM, NFG, DEC: 3-Year ROIIC % Comparison
For the Oil & Gas Integrated subindustry, Chevron's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Chevron's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Chevron's 3-Year ROIIC % falls into.
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Chevron (XSWX:CVX) has a 3-Year ROIIC % of -23.46 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Chevron and its competitors. According to the industry distribution chart, Chevron ranks #678 out of 925 companies in the Oil & Gas industry, placing it in the top 73.3%.
Is Chevron's 3-Year ROIIC % too high?
Chevron's current 3-Year ROIIC % is -23.46. Based on the distribution chart, Chevron ranks #678 out of 925 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Chevron has a GF Score™ of 62/100, reflecting its overall financial health beyond just this single metric.
How does Chevron's 3-Year ROIIC % compare to XOM and NFG?
According to the Oil & Gas industry distribution chart, Chevron ranks #678 out of 925 companies for 3-Year ROIIC %. This places Chevron in the lower half of its industry. The industry median 3-Year ROIIC % is 0.01. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for an Oil & Gas company?
The median 3-Year ROIIC % among Oil & Gas companies is 0.01, based on 925 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Chevron and its competitors. For the Oil & Gas industry, the median 3-Year ROIIC % is 0.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Chevron's current 3-Year ROIIC % is -23.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chevron stock overvalued right now?
Chevron (XSWX:CVX) has a current 3-Year ROIIC % of -23.46. The stock's GF Value™ is CHF119.84, compared to a current price of CHF135.04 — trading 12.7% above its estimated fair value. The current 3-Year ROIIC % is -23.46. Chevron's overall GF Score™ is 62/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Chevron (XSWX:CVX), the current 3-Year ROIIC % is -23.46 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Chevron (XSWX:CVX) Overvalued in 2026?
Based on GuruFocus' analysis, Chevron stock appears to be overvalued.
The current stock price of CHF135.04 is trading 12.7% above its estimated GF Value™ of CHF119.84.
Key valuation signals for XSWX:CVX:
3-Year ROIIC %: -23.46
GF Value™: CHF119.84 vs. price of CHF135.04 (12.7% above fair value)
No single metric tells the full story. See the XSWX:CVX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 2025 worldwide net oil-equivalent production of 3.7 million barrels per day, including 8.5 billion cubic feet per day of natural gas and 2.3 million barrels of liquids per day. Production takes place in North America, South America, Europe, Africa, Asia, and Australia. The company's refining networks arelocated in the United States and Asia, with a total worldwide refining capacity of 1.8 million barrels of oil a day at year-end 2025. Net proved reserves at year-end 2025 stood at 10.6 billion barrels of oil equivalent, consisting of 5.7 billion barrels of liquids and 29.2 trillion cubic feet of natural gas.
62GF Score
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