$Chevron (CVX.US)$Launched in 1921, the US market accounts f...

In the past 5 years, in addition to shrinking in 2019 and 2020, revenue increased for 3 years. Operating profit lost 1 year in 2020, and net profit also lost 1 year in 2020. The average net profit for 5 years was 12.7 billion yuan. Interest expenses in 2022 account for 1.3% of operating profit, and the interest burden is negligible. The return on net assets was 23.8%, the highest for the remaining 4 years at 11.5%.

In the first three quarters of 2023, revenue contracted 18.3%, operating profit shrank by 34.8%, and net profit shrank by 34.4%.

Currently, the price-earnings ratio is 8.2, and the price-earnings ratio is TTM11.2. The 5-year average net profit corresponds to a price-earnings ratio of 22.4, a net price-earnings ratio of 1.7, and a dividend ratio of TTM 4%. The valuation is still high and not very attractive for cyclical stocks.