Chevron Corp vs Exxon Mobil Corporation, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Exxon nets 7.6% of each barrel's worth of sales where Chevron nets 5.8%, and for two supermajors that one gap propagates through everything below it. Exxon earns 9.7% on equity and 5.5% on assets, nearly double Chevron's 5.8% and 3.3%, on essentially the same near-zero leverage. Yet the cheaper multiple sits on the more profitable name, Exxon near 23 times earnings to Chevron's 32. Chevron offsets the operating gap with a larger dividend, 3.8% to Exxon's 2.9%, and a slightly higher free-cash yield, 3.9% to 3.2%. What the price is betting is that Chevron's payout and Exxon's scale-driven returns are each worth paying for, just in different coin.
Comparison updated 2026-06-15.
| Metric | CVX | XOM |
|---|---|---|
| Price | $176.32 | $136.40 |
| Market cap | $350.2B | $573.2B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +8.9% | +3.2% |
| P/E | 30.7 | 23.0 |
| P/B | 1.85 | 2.20 |
| P/S | 1.84 | 1.71 |
| EV/EBITDA | 16.3 | 21.4 |
| Revenue growth | -5.6% | -4.2% |
| Net margin | 5.8% | 7.6% |
| Return on equity | 5.8% | 9.7% |
| Return on assets | 3.3% | 5.5% |
| FCF yield | 3.9% | 3.3% |
| Dividend yield | 3.9% | 2.9% |
| Debt / equity | 0.03 | 0.06 |
| Current ratio | 1.09 | 1.04 |
| Altman Z (solvency) | 2.96 | 3.87 |
| Piotroski F (quality) | 8 / 9 | 8 / 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.