CVX vs XOM: Chevron and Exxon Mobil compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Exxon Mobil is the larger company, worth $717.4B, about 1.7 times Chevron.
- Chevron grew revenue faster over the last year (+51.4% vs +42.3%).
- Exxon Mobil keeps more of each dollar of revenue as operating profit (12.3% vs 11.5%).
- On earnings, Exxon Mobil is the cheaper stock (29.1x vs 36.8x).
- Exxon Mobil's price assumes faster free cash flow growth: about 10% a year, against 8% for Chevron (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CVX | XOM |
|---|---|---|
| Market cap | $419.8B | $717.4B |
| Share price | $205.15 | $168.94 |
| Revenue (last fiscal year) | $184.4B | $332.2B |
| Free cash flow (last fiscal year) | $16.6B | $23.6B |
| Revenue growth, last year | +51.4% | +42.3% |
| Revenue growth per year, last 5 fiscal years | +4.3% | +4.7% |
| Operating margin | 11.5% | 12.3% |
| Net margin | 9.9% | 8.9% |
| Return on equity | 10.8% | 12.6% |
| P/E (trailing) | 36.8x | 29.1x |
| Price / free cash flow | 25.3x | 30.4x |
| EV / EBITDA | 7.93x | 10.0x |
| FCF growth the price implies | 8.1% | 10.5% |
| Dividend yield | 3.4% | 2.3% |
| Debt / equity | 0.71x | 0.76x |
| Fundamental grade | C | C |
| Superinvestors holding it | 15 | 13 |
| Insider purchases, last 12 months | 2 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Chevron
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $155.6B | $21.1B | 9.5% |
| 2022 | $235.7B | $37.6B | 16.6% |
| 2023 | $196.9B | $19.8B | 13.0% |
| 2024 | $193.4B | $15.0B | 9.4% |
| 2025 | $184.4B | $16.6B | 8.2% |
Exxon Mobil
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $276.7B | $36.1B | 8.1% |
| 2022 | $413.7B | $58.4B | 18.8% |
| 2023 | $344.6B | $33.5B | 15.3% |
| 2024 | $349.6B | $30.7B | 14.0% |
| 2025 | $332.2B | $23.6B | 12.4% |
Where the revenue comes from
Chevron · by segments, 2025
Reportable Segment, Aggregation before Other Operating Segment$184.3B100%
All Other$104M0%
Exxon Mobil
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CVX in InvestinglyQuestions
Which is bigger, Chevron or Exxon Mobil?
Exxon Mobil (XOM), at $717.4B against $419.8B.
Is CVX or XOM cheaper?
By trailing P/E, Exxon Mobil (29.1x) is cheaper than Chevron (36.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CVX or XOM?
Chevron: revenue grew +51.4% over the last year, against +42.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.