Exxon Mobil Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to ExxonMobil	33,680)	36,010)	55,740)	23,040)	(22,440)
Net (income) loss attributable to noncontrolling interests	1,383)	1,344)	1,837)	558)	(811)
Net noncash charges	21,785)	22,270)	19,414)	20,369)	39,572)
Changes in operational working capital, excluding cash and debt	(1,826)	(4,255)	(194)	4,162)	(1,653)
Net cash provided by operating activities	55,022)	55,369)	76,797)	48,129)	14,668)
Cash interest paid, net of tax¹	418)	391)	446)	565)	652)
Interest capitalized, net of tax²	855)	772)	561)	452)	552)
Additions to property, plant and equipment	(24,306)	(21,919)	(18,407)	(12,076)	(17,282)
Free cash flow to the firm (FCFF)	31,989)	34,613)	59,398)	37,070)	(1,410)

Based on: 10-K (reporting date: 2024-12-31), 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).

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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 decreased from 2022 to 2023 and from 2023 to 2024.

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

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	33.00%	33.00%	33.00%	31.00%	17.00%
Interest Paid, Net of Tax
Cash interest paid, before tax	624)	584)	666)	819)	786)
Less: Cash interest paid, tax²	206)	193)	220)	254)	134)
Cash interest paid, net of tax	418)	391)	446)	565)	652)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	1,276)	1,152)	838)	655)	665)
Less: Interest capitalized, tax³	421)	380)	277)	203)	113)
Interest capitalized, net of tax	855)	772)	561)	452)	552)

Based on: 10-K (reporting date: 2024-12-31), 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).

¹ See details »

² 2024 Calculation
Cash interest paid, tax = Cash interest paid × EITR
= 624 × 33.00% = 206

³ 2024 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 1,276 × 33.00% = 421

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	495,772)
Free cash flow to the firm (FCFF)	31,989)
Valuation Ratio
EV/FCFF	15.50
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	16.98
ConocoPhillips	15.50
Expand Energy Corp.	285.86
Occidental Petroleum Corp.	12.33
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	16.04
EV/FCFF, Industry
Energy	15.81

Based on: 10-K (reporting date: 2024-12-31).

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.

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

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	504,190)	431,696)	465,686)	373,021)	310,294)
Free cash flow to the firm (FCFF)²	31,989)	34,613)	59,398)	37,070)	(1,410)
Valuation Ratio
EV/FCFF³	15.76	12.47	7.84	10.06	—
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	18.98	14.85	8.27	13.33	106.63
ConocoPhillips	16.31	15.38	7.43	10.72	92.48
Expand Energy Corp.	269.74	3.73	4.83	8.86	—
Occidental Petroleum Corp.	13.73	11.15	5.95	8.39	25.58
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	16.89	12.98	7.65	10.82	163.02
EV/FCFF, Industry
Energy	16.78	13.30	8.21	11.17	117.62

Based on: 10-K (reporting date: 2024-12-31), 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).

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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 504,190 ÷ 31,989 = 15.76

⁴ Click competitor name to see calculations.

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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 increased from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp. (NYSE:XOM)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical