• Chevron average return on tangible equity for 2023 was 18.13, a 12.5% decline from 2022.
• Chevron average return on tangible equity for 2022 was 20.72, a 409.09% decline from 2021.
• Chevron average return on tangible equity for 2021 was 4.07, a 200% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.