Stock Analysis on Net
Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Exxon Mobil Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.89 1.08 0.82 0.54 0.70
Adjusted 0.86 1.05 0.79 0.53 0.69
Liquidity Ratio
Current Ratio
Reported 1.48 1.41 1.04 0.80 0.78
Adjusted 1.70 1.64 1.30 0.91 0.94
Solvency Ratios
Debt to Equity
Reported 0.20 0.21 0.28 0.43 0.24
Adjusted 0.19 0.20 0.26 0.39 0.23
Debt to Capital
Reported 0.17 0.17 0.22 0.30 0.20
Adjusted 0.16 0.16 0.20 0.28 0.19
Financial Leverage
Reported 1.84 1.89 2.01 2.12 1.89
Adjusted 1.56 1.61 1.69 1.81 1.60
Profitability Ratios
Net Profit Margin
Reported 10.76% 13.98% 8.33% -12.57% 5.61%
Adjusted 11.59% 15.59% 12.75% -18.04% 6.25%
Return on Equity (ROE)
Reported 17.58% 28.58% 13.67% -14.28% 7.48%
Adjusted 15.67% 26.22% 17.13% -17.46% 6.91%
Return on Assets (ROA)
Reported 9.57% 15.10% 6.80% -6.74% 3.95%
Adjusted 10.03% 16.32% 10.11% -9.63% 4.33%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Exxon Mobil Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Exxon Mobil Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Exxon Mobil Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Exxon Mobil Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Exxon Mobil Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Exxon Mobil Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Exxon Mobil Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenue 334,697 398,675 276,692 178,574 255,583
Total assets 376,317 369,067 338,923 332,750 362,597
Activity Ratio
Total asset turnover1 0.89 1.08 0.82 0.54 0.70
Adjusted
Selected Financial Data (US$ in millions)
Sales and other operating revenue 334,697 398,675 276,692 178,574 255,583
Adjusted total assets2 386,951 380,712 349,013 334,465 369,434
Activity Ratio
Adjusted total asset turnover3 0.86 1.05 0.79 0.53 0.69

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Sales and other operating revenue ÷ Total assets
= 334,697 ÷ 376,317 = 0.89

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Sales and other operating revenue ÷ Adjusted total assets
= 334,697 ÷ 386,951 = 0.86

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 96,609 97,631 59,154 44,893 50,052
Current liabilities 65,316 69,045 56,643 56,363 63,989
Liquidity Ratio
Current ratio1 1.48 1.41 1.04 0.80 0.78
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 110,880 113,101 73,694 50,767 60,157
Adjusted current liabilities3 65,316 69,045 56,566 55,960 63,989
Liquidity Ratio
Adjusted current ratio4 1.70 1.64 1.30 0.91 0.94

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 96,609 ÷ 65,316 = 1.48

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 110,880 ÷ 65,316 = 1.70

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Exxon Mobil Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 41,573 41,193 47,704 67,640 46,920
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Solvency Ratio
Debt to equity1 0.20 0.21 0.28 0.43 0.24
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 47,583 46,787 52,894 72,802 52,613
Adjusted total equity3 247,624 236,992 206,015 184,413 231,395
Solvency Ratio
Adjusted debt to equity4 0.19 0.20 0.26 0.39 0.23

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= 41,573 ÷ 204,802 = 0.20

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 47,583 ÷ 247,624 = 0.19

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Exxon Mobil Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 41,573 41,193 47,704 67,640 46,920
Total capital 246,375 236,242 216,281 224,790 238,570
Solvency Ratio
Debt to capital1 0.17 0.17 0.22 0.30 0.20
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 47,583 46,787 52,894 72,802 52,613
Adjusted total capital3 295,207 283,779 258,909 257,215 284,008
Solvency Ratio
Adjusted debt to capital4 0.16 0.16 0.20 0.28 0.19

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 41,573 ÷ 246,375 = 0.17

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 47,583 ÷ 295,207 = 0.16

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Exxon Mobil Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 376,317 369,067 338,923 332,750 362,597
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Solvency Ratio
Financial leverage1 1.84 1.89 2.01 2.12 1.89
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 386,951 380,712 349,013 334,465 369,434
Adjusted total equity3 247,624 236,992 206,015 184,413 231,395
Solvency Ratio
Adjusted financial leverage4 1.56 1.61 1.69 1.81 1.60

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 376,317 ÷ 204,802 = 1.84

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 386,951 ÷ 247,624 = 1.56

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Exxon Mobil Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil 36,010 55,740 23,040 (22,440) 14,340
Sales and other operating revenue 334,697 398,675 276,692 178,574 255,583
Profitability Ratio
Net profit margin1 10.76% 13.98% 8.33% -12.57% 5.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss) including noncontrolling interests2 38,802 62,151 35,291 (32,207) 15,983
Sales and other operating revenue 334,697 398,675 276,692 178,574 255,583
Profitability Ratio
Adjusted net profit margin3 11.59% 15.59% 12.75% -18.04% 6.25%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × 36,010 ÷ 334,697 = 10.76%

2 Adjusted net income (loss) including noncontrolling interests. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) including noncontrolling interests ÷ Sales and other operating revenue
= 100 × 38,802 ÷ 334,697 = 11.59%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Exxon Mobil Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil 36,010 55,740 23,040 (22,440) 14,340
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Profitability Ratio
ROE1 17.58% 28.58% 13.67% -14.28% 7.48%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss) including noncontrolling interests2 38,802 62,151 35,291 (32,207) 15,983
Adjusted total equity3 247,624 236,992 206,015 184,413 231,395
Profitability Ratio
Adjusted ROE4 15.67% 26.22% 17.13% -17.46% 6.91%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to ExxonMobil ÷ Total ExxonMobil share of equity
= 100 × 36,010 ÷ 204,802 = 17.58%

2 Adjusted net income (loss) including noncontrolling interests. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) including noncontrolling interests ÷ Adjusted total equity
= 100 × 38,802 ÷ 247,624 = 15.67%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Exxon Mobil Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil 36,010 55,740 23,040 (22,440) 14,340
Total assets 376,317 369,067 338,923 332,750 362,597
Profitability Ratio
ROA1 9.57% 15.10% 6.80% -6.74% 3.95%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss) including noncontrolling interests2 38,802 62,151 35,291 (32,207) 15,983
Adjusted total assets3 386,951 380,712 349,013 334,465 369,434
Profitability Ratio
Adjusted ROA4 10.03% 16.32% 10.11% -9.63% 4.33%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to ExxonMobil ÷ Total assets
= 100 × 36,010 ÷ 376,317 = 9.57%

2 Adjusted net income (loss) including noncontrolling interests. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) including noncontrolling interests ÷ Adjusted total assets
= 100 × 38,802 ÷ 386,951 = 10.03%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.