Chevron Corp vs VALERO ENERGY CORP/TX, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither company's volume growth prints here, but the multiples price their cycles differently: Chevron at 29.8 times earnings is priced for integrated durability through a soft patch, Valero at 19 for refining margins to hold. Valero earns the better returns, 15.6% on equity against 5.8%, 6.8% on assets against 3.3%, the pure refiner out-earning the supermajor in this stretch. Chevron's answer is the 4% dividend and $339B scale against Valero's 1.7% and $77B. Both run near-zero debt. Free cash favors Valero, 7% against 4.1%. The pair prices a diversified giant against a focused refiner; the giant costs eleven turns more per earnings dollar for economics the refiner currently beats, the premium resting entirely on integration and the dividend.
Comparison updated 2026-07-11.
| Metric | CVX | VLO |
|---|---|---|
| Price | $170.89 | $259.41 |
| Market cap | $339.4B | $77.3B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +7.3% | +9.4% |
| P/E | 29.8 | 18.9 |
| P/B | 1.79 | 2.87 |
| P/S | 1.79 | 0.62 |
| EV/EBITDA | 15.8 | 8.9 |
| Revenue growth | -5.6% | -2.4% |
| Operating margin | — | 5.3% |
| Net margin | 5.8% | 3.4% |
| Return on equity | 5.8% | 15.6% |
| Return on assets | 3.3% | 6.8% |
| Return on invested capital | — | 15.9% |
| FCF yield | 4.1% | 7.0% |
| Dividend yield | 4.0% | 1.7% |
| Debt / equity | 0.03 | 0.04 |
| Current ratio | 1.09 | 1.58 |
| Altman Z (solvency) | 2.91 | 9.40 |
| Piotroski F (quality) | 8 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.