Chevron or Exxon Mobil: which stock is cheaper in 2026?
As of October 5, 2026, Chevron (CVX) trades at 19.8× earnings (P/E) and Exxon Mobil (XOM) at 21.1×, according to Kaplio. The median across the 128 energy companies above $2bn in Kaplio's universe is 15.3×. Kaplio's verdict: Chevron, no verdict; Exxon Mobil, no verdict. Value range by multiples: $160–$182 for Chevron and $113–$119 for Exxon Mobil. Against its own value range, Chevron is the cheaper of the two today.
According to the Kaplio Summary
The same verdict as each company's page: price range by multiples, the four lights, the expected return if consensus is right and what Buffett and Lynch would say today.
| Chevron (CVX) | Exxon Mobil (XOM) | |
|---|---|---|
| Summary valuation | no verdict ($160–$182) | no verdict ($113–$119) |
| The four lights | Valuation: P/E 19.8× (no verdict) Business: 5-year ROIC 8.2 % (weak) Balance sheet: Net debt/EBITDA 1.0× (solid) Results: 7 of 8 (on track) | Valuation: P/E 21.1× (no verdict) Business: 5-year ROIC 9.2 % (fair) Balance sheet: Net debt/EBITDA 0.5× (solid) Results: 6 of 8 (on track) |
| Expected return (per year) | +6.8 % a year (to 2028) | -0.9 % a year (to 2028) |
| Buffett method | not his style | not his style |
| Lynch method | outside his circle | outside his circle |
Metrics side by side
| Metric | Chevron (CVX) | Exxon Mobil (XOM) |
|---|---|---|
| Overview | ||
| Market Cap | $412B | $680B |
| Price | $206.77 | $164.01 |
| Valuation | ||
| P/E | 19.8× | 21.1× |
| P/B | 2.1× | 2.6× |
| P/S | 2.0× | 1.9× |
| EV/EBITDA | 7.9× | 9.9× |
| FCF Yield | 6.6 % | 4.5 % |
| Dividend Yield | 3.4 % | 2.5 % |
| Profitability | ||
| ROIC | 7.7 % | 7.5 % |
| ROE | 11.0 % | 12.7 % |
| Gross Margin | 31.0 % | 25.1 % |
| Operating Margin | 15.8 % | 10.7 % |
| Net Margin | 9.9 % | 9.1 % |
| Growth | ||
| Revenue 5Y CAGR | 14.3 % | 12.6 % |
| EPS 5Y CAGR | — | — |
| FCF 5Y CAGR | 58.2 % | — |
| Balance Sheet | ||
| Net Debt / EBITDA | 1.0× | 0.5× |
| Debt / Equity | 0.2× | 0.2× |
Trailing twelve months where available; otherwise the latest fiscal year. Growth: five-year compound annual rate.