Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

Enterprise Value to FCFF (EV/FCFF) 

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Free Cash Flow to The Firm (FCFF)

Exxon Mobil Corp., FCFF 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
Net (income) loss attributable to noncontrolling interests 1,344 1,837 558 (811) 434
Net noncash charges 22,270 19,414 20,369 39,572 14,019
Changes in operational working capital, excluding cash and debt (4,255) (194) 4,162 (1,653) 923
Net cash provided by operating activities 55,369 76,797 48,129 14,668 29,716
Cash interest paid, net of tax1 391 446 565 652 370
Interest capitalized, net of tax2 772 561 452 552 482
Additions to property, plant and equipment (21,919) (18,407) (12,076) (17,282) (24,361)
Free cash flow to the firm (FCFF) 34,613 59,398 37,070 (1,410) 6,207

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
FCFF Free cash flow to the firm is the cash flow available to the Exxon Mobil Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Exxon Mobil Corp. FCFF increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Interest Paid, Net of Tax

Exxon Mobil Corp., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1 33.00% 33.00% 31.00% 17.00% 34.00%
Interest Paid, Net of Tax
Cash interest paid, before tax 584 666 819 786 560
Less: Cash interest paid, tax2 193 220 254 134 190
Cash interest paid, net of tax 391 446 565 652 370
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax 1,152 838 655 665 731
Less: Interest capitalized, tax3 380 277 203 113 249
Interest capitalized, net of tax 772 561 452 552 482

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 2023 Calculation
Cash interest paid, tax = Cash interest paid × EITR
= 584 × 33.00% = 193

3 2023 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 1,152 × 33.00% = 380


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 459,272
Free cash flow to the firm (FCFF) 34,613
Valuation Ratio
EV/FCFF 13.27
Benchmarks
EV/FCFF, Competitors1
Chevron Corp. 14.95
ConocoPhillips 16.53
Marathon Petroleum Corp. 7.04
Occidental Petroleum Corp. 11.83
Pioneer Natural Resources Co. 16.52
Valero Energy Corp. 7.28
EV/FCFF, Sector
Oil, Gas & Consumable Fuels 12.57
EV/FCFF, Industry
Energy 12.86

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

1 Click competitor name to see calculations.

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


Enterprise Value to FCFF Ratio, Historical

Exxon Mobil Corp., historical EV/FCFF 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
Free cash flow to the firm (FCFF)2 34,613 59,398 37,070 (1,410) 6,207
Valuation Ratio
EV/FCFF3 12.47 7.84 10.06 44.38
Benchmarks
EV/FCFF, Competitors4
Chevron Corp. 14.85 8.27 13.33 106.63 16.67
ConocoPhillips 15.38 7.43 10.72 92.48 13.21
Marathon Petroleum Corp. 6.31 5.22 7.80 13.14
Occidental Petroleum Corp. 11.15 5.95 8.39 25.58 45.65
Pioneer Natural Resources Co. 15.55 6.73 9.41 67.23 173.74
Valero Energy Corp. 6.36 5.39 10.62 9.96
EV/FCFF, Sector
Oil, Gas & Consumable Fuels 11.89 7.29 10.53 331.68 21.78
EV/FCFF, Industry
Energy 12.19 7.75 10.84 194.07 22.00

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/FCFF = EV ÷ FCFF
= 431,696 ÷ 34,613 = 12.47

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Exxon Mobil Corp. EV/FCFF ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.