Exxon Mobil Corp. (XOM)

Price to FCFE (P/FCFE)

Difficulty: Intermediate

Exxon Mobil Corp., FCFE calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net income attributable to ExxonMobil
	Net income attributable to noncontrolling interests
	Net noncash charges
	Changes in operational working capital, excluding cash and debt
	Net cash provided by operating activities
	Additions to property, plant and equipment
	Additions to long-term debt
	Reductions in long-term debt
	Additions to short-term debt
	Reductions in short-term debt
	Additions/(reductions) in commercial paper, and debt with three months or less maturity
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Exxon Mobil Corp.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Exxon Mobil Corp.’s FCFE increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.

Exxon Mobil Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Chevron Corp.
ConocoPhillips
EOG Resources Inc.
Occidental Petroleum Corp.
Phillips 66
P/FCFE, Sector
Oil & Gas Producers
P/FCFE, Industry
Oil & Gas

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Exxon Mobil Corp., historical P/FCFE calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Chevron Corp.
	ConocoPhillips
	EOG Resources Inc.
	Occidental Petroleum Corp.
	Phillips 66
	P/FCFE, Sector
	Oil & Gas Producers
	P/FCFE, Industry
	Oil & Gas

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Exxon Mobil Corp.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Exxon Mobil Corp.’s P/FCFE ratio declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.

	Exxon Mobil Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality