Chevron Corporation (CVX) vs Equinor ASA (EQNR)

Chevron Corporation and Equinor ASA are both Oil & Gas Integrated companies. Chevron Corporation is the larger, with a market value of $433.3B against $107.4B — 4.0× the size. Equinor ASA trades at the lower P/E: 12.8× against 21.5×. Chevron Corporation grew revenue faster over the last twelve months: 10.2% against 5.78%. Chevron Corporation has the higher net margin (9.57% vs 7.92%) and the lower return on invested capital (8.55% vs 46.6%). Both pay a dividend; Equinor ASA yields more (3.24% vs 3.13%). Across the 22 metrics below, Equinor ASA leads on 14 and Chevron Corporation on 8.

Valuation

Metric CVX EQNR Oil & Gas Integrated median
P/E 21.49 12.80 12.62
P/S 2.06 1.00 1.29
P/B 2.27 2.65 1.62
Price to free cash flow 16.41 9.32 10.23
EV/EBITDA 8.48 2.58 4.86
EV/Sales 2.19 1.00 1.52
Earnings yield 4.65% 7.81% 7.04%
Free cash flow yield 6.09% 10.73% 6.09%

Profitability

Metric CVX EQNR Oil & Gas Integrated median
Gross margin 42.94% 51.16% 39.18%
Operating margin 14.90% 28.44% 14.90%
Net margin 9.57% 7.92% 8.88%
Free cash flow margin 12.55% 10.72% 9.61%
Return on equity 12.01% 21.28% 12.22%
Return on assets 7.09% 6.47% 6.47%
Return on invested capital 8.55% 46.59% 10.61%

Growth

Metric CVX EQNR Oil & Gas Integrated median
Revenue growth (TTM) 10.21% 5.78% 5.63%
EPS growth (last fiscal year) (31.79%) (37.62%) (14.54%)
Revenue growth, 5-year CAGR 14.83% 18.37% 12.04%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CVX EQNR Oil & Gas Integrated median
Debt to equity 0.19 0.56 0.55
Current ratio 1.25 1.18 1.18
Net debt to EBITDA 0.84 0.18 0.80

Dividend

Metric CVX EQNR Oil & Gas Integrated median
Dividend yield 3.13% 3.24% 3.24%
Payout ratio 0.68 0.41 0.52

Size

Metric CVX EQNR Oil & Gas Integrated median
Market cap 433.33b 107.39b 58.96b

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