Chevron Corp vs YPF Sociedad Anonima, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin gap is stark: Chevron nets 5.8% of revenue even in a soft integrated year, while YPF, Argentina's state-influenced integrated, posts a negative 4.3% net margin through macro and restructuring turmoil. Chevron earns 5.8% on equity and pays a 4% dividend at 29.8 times earnings; YPF's return on equity is negative 7.2% with no usable multiple. Both carry near-zero net debt. YPF's 27.9% free-cash figure is a suppressed-denominator artifact against Chevron's cleaner 4.1%. The pair prices a functioning supermajor against a sovereign-tinged turnaround; Chevron is a dividend bet on a stable major, YPF an option on Argentina's normalization, and the two barely belong on the same axis except by sector code.
Comparison updated 2026-07-11.
| Metric | CVX | YPF |
|---|---|---|
| Price | $170.89 | $45.38 |
| Market cap | $339.4B | $17.8B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +7.3% | +2.1% |
| P/E | 29.8 | — |
| P/B | 1.79 | 1.61 |
| P/S | 1.79 | 0.96 |
| EV/EBITDA | 15.8 | 9.7 |
| Revenue growth | -5.6% | +9.1% |
| Gross margin | — | 27.6% |
| Operating margin | — | 9.4% |
| Net margin | 5.8% | -4.3% |
| Return on equity | 5.8% | -7.2% |
| Return on assets | 3.3% | -2.7% |
| Return on invested capital | — | 12.4% |
| FCF yield | 4.1% | 27.9% |
| Dividend yield | 4.0% | — |
| Debt / equity | 0.03 | 0.00 |
| Current ratio | 1.09 | 0.87 |
| Altman Z (solvency) | 2.91 | 1.36 |
| Piotroski F (quality) | 8 / 9 | 4 / 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.