Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

Enterprise Value to EBITDA (EV/EBITDA) 

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Exxon Mobil Corp., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to ExxonMobil 36,010 55,740 23,040 (22,440) 14,340
Add: Net income attributable to noncontrolling interest 1,344 1,837 558 (811) 434
Add: Income tax expense 15,429 20,176 7,636 (5,632) 5,282
Earnings before tax (EBT) 52,783 77,753 31,234 (28,883) 20,056
Add: Interest expense 849 798 947 1,158 830
Earnings before interest and tax (EBIT) 53,632 78,551 32,181 (27,725) 20,886
Add: Depreciation and depletion, includes impairments 20,641 24,040 20,607 46,009 18,998
Earnings before interest, tax, depreciation and amortization (EBITDA) 74,273 102,591 52,788 18,284 39,884

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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Exxon Mobil Corp. EBITDA increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Enterprise Value to EBITDA Ratio, Current

Exxon Mobil Corp., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 459,272
Earnings before interest, tax, depreciation and amortization (EBITDA) 74,273
Valuation Ratio
EV/EBITDA 6.18
Benchmarks
EV/EBITDA, Competitors1
Chevron Corp. 6.38
ConocoPhillips 6.06
Marathon Petroleum Corp. 5.02
Occidental Petroleum Corp. 5.74
Pioneer Natural Resources Co. 6.84
Valero Energy Corp. 4.16
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 5.96
EV/EBITDA, Industry
Energy 6.13

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Exxon Mobil Corp., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 431,696 465,686 373,021 310,294 275,467
Earnings before interest, tax, depreciation and amortization (EBITDA)2 74,273 102,591 52,788 18,284 39,884
Valuation Ratio
EV/EBITDA3 5.81 4.54 7.07 16.97 6.91
Benchmarks
EV/EBITDA, Competitors4
Chevron Corp. 6.34 4.74 7.18 18.57 6.39
ConocoPhillips 5.64 3.82 6.34 23.12 4.13
Marathon Petroleum Corp. 4.50 3.11 8.48 7.23
Occidental Petroleum Corp. 5.41 3.70 5.30 10.32
Pioneer Natural Resources Co. 6.44 4.16 10.66 22.82 8.69
Valero Energy Corp. 3.64 3.15 10.17 47.76 6.00
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 5.63 4.19 7.13 39.03 6.59
EV/EBITDA, Industry
Energy 5.81 4.40 7.34 66.20 7.54

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 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 431,696 ÷ 74,273 = 5.81

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Exxon Mobil Corp. EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.