Enterprise Value to FCFF (EV/FCFF)
Paying user area
Try for free
Exxon Mobil Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Exxon Mobil Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to The Firm (FCFF)
Exxon Mobil Corp., FCFF calculation
US$ in millions
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, 2 See details »
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities exhibited a substantial increase from 14,668 million US dollars in 2020 to a peak of 76,797 million US dollars in 2022. This sharp rise suggests a significant improvement in the company's operational cash generation capability during this period. However, following 2022, the cash flows from operations decreased to 55,369 million in 2023 and slightly declined further to 55,022 million in 2024, indicating some stabilization but at levels below the 2022 peak.
- Free Cash Flow to the Firm (FCFF)
- The FCFF showed a marked improvement over the analyzed period. It started with a negative figure of -1,410 million US dollars in 2020, reflecting a cash outflow situation for the firm’s free cash flow. The FCFF then increased substantially to 37,070 million in 2021 and further to 59,398 million in 2022, mirroring the trend in operating cash flow. Despite this growth, the FCFF declined to 34,613 million in 2023 and decreased even more to 31,989 million in 2024. This decrease after 2022 indicates a reduction in the free cash available to the firm despite overall still positive cash flow levels.
- Overall Trends and Insights
- Both net operating cash flows and FCFF improved markedly between 2020 and 2022, pointing toward enhanced cash-generating effectiveness and capital expenditure management. The peak in 2022 for both metrics was followed by a downward adjustment over the next two years. This downward trend after 2022 could be indicative of changes in operational efficiency, investment policies, or market conditions affecting cash flow generation. Although still positive, the reductions in 2023 and 2024 suggest a need to monitor operational performance and capital allocation closely going forward.
Interest Paid, Net of Tax
Exxon Mobil Corp., interest paid, net of tax calculation
US$ in millions
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).
2 2024 Calculation
Cash interest paid, tax = Cash interest paid × EITR
= × =
3 2024 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= × =
- Effective income tax rate (EITR)
- The effective income tax rate increased significantly from 17% in 2020 to 31% in 2021, and then showed a slight increase to 33% by 2022. This higher rate of 33% remained stable through 2023 and 2024, indicating a consistent tax burden over the most recent three years. The initial sharp rise may reflect changes in tax regulations or shifts in the company's geographic income distribution.
- Cash interest paid, net of tax
- Cash interest paid, net of tax, demonstrated a downward trend overall, declining from $652 million in 2020 to $565 million in 2021, and further to $446 million in 2022. The amount continued to decrease to $391 million in 2023 before a slight increase was observed in 2024 to $418 million. The general decline over these years might indicate effective debt management or refinancing at lower rates, while the increase in the last year could suggest new borrowings or changes in interest terms.
- Interest capitalized, net of tax
- Interest capitalized, net of tax, showed an upward trajectory over the period analyzed. Starting at $552 million in 2020, the value decreased to $452 million in 2021 but then rose notably to $561 million in 2022. This increasing trend accelerated with $772 million in 2023 and reached $855 million in 2024. The rising capitalization of interest suggests increased investments in capital projects or assets under construction, reflecting possible expansion or modernization efforts within the company.
Enterprise Value to FCFF Ratio, Current
Exxon Mobil Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Occidental Petroleum Corp. | |
| EV/FCFF, Sector | |
| Oil, Gas & Consumable Fuels | |
| EV/FCFF, Industry | |
| Energy | |
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.
Enterprise Value to FCFF Ratio, Historical
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 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Occidental Petroleum Corp. | ||||||
| EV/FCFF, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| EV/FCFF, Industry | ||||||
| Energy | ||||||
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).
3 2024 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value shows an overall upward trend from 310,294 million US dollars in 2020 to an estimated 504,190 million US dollars in 2024. There was a significant increase between 2020 and 2022, with EV rising by approximately 50%, followed by a slight decline in 2023. However, the value rebounds sharply in 2024, reaching the highest point in the five-year period.
- Free Cash Flow to the Firm (FCFF)
- FCFF demonstrated considerable volatility over the period. Starting with a negative cash flow of -1,410 million US dollars in 2020, the firm experienced a strong recovery in 2021 and 2022, with free cash flows increasing substantially to 37,070 million and 59,398 million US dollars respectively. After peaking in 2022, FCFF declined noticeably in 2023 and 2024, dropping to 34,613 million and 31,989 million US dollars. Though lower, the cash flows in the latter years remain positive and significantly above the 2020 level.
- EV/FCFF Ratio
- The EV to FCFF ratio exhibits a fluctuating pattern, reflecting changes in both enterprise value and free cash flow. The ratio was at 10.06 in 2021 and decreased to 7.84 in 2022, indicating increased free cash flow relative to enterprise value during that year. However, the ratio rose again in subsequent years, reaching 12.47 in 2023 and further increasing to 15.76 in 2024. The rising ratio in recent years suggests that enterprise value is growing faster than free cash flow, which could imply a higher valuation multiple or a potential slowdown in cash flow growth relative to market valuation.