Price to FCFE (P/FCFE)
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
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Free Cash Flow to Equity (FCFE)
Exxon Mobil Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
Net cash provided by operating activities and free cash flow to equity (FCFE) exhibited fluctuating performance over the five-year period. While operating cash flow generally remained strong, FCFE demonstrated a more pronounced pattern of increase followed by decline.
- Net Cash from Operations
- Net cash provided by operating activities increased significantly from $48.129 billion in 2021 to $76.797 billion in 2022. This represents a substantial improvement in the company’s ability to generate cash from its core business. However, operating cash flow subsequently decreased to $55.369 billion in 2023, and continued to decline modestly to $55.022 billion in 2024 and $51.970 billion in 2025. Despite these declines, the level remained above the 2021 figure.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a dramatic increase from $16.399 billion in 2021 to $51.170 billion in 2022, mirroring the increase in operating cash flow. This suggests improved profitability and efficient capital management. Following the peak in 2022, FCFE decreased to $33.211 billion in 2023, $25.704 billion in 2024, and further to $23.665 billion in 2025. This consistent downward trend indicates a diminishing capacity to generate cash available to equity holders, despite continued positive cash flow from operations.
- Relationship between Operating Cash Flow and FCFE
- While both metrics moved in the same direction, the magnitude of change in FCFE was greater than that of operating cash flow. This suggests that factors beyond core operations, such as changes in capital expenditures, debt financing, or dividend payments, significantly impacted the cash available to equity holders. The divergence between the two metrics became more apparent in the later years, indicating a growing influence of these non-operating factors on FCFE.
The observed trends suggest a period of strong financial performance in 2022, followed by a gradual erosion of cash flow available to equity holders. Further investigation into the specific drivers of these changes, particularly regarding capital allocation and financing decisions, would be necessary to fully understand the underlying dynamics.
Price to FCFE Ratio, Current
Exxon Mobil Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | |
| P/FCFE, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Exxon Mobil Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/FCFE, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values indicate a relatively high valuation based on FCFE, followed by a period of decline and subsequent increase. A detailed examination of the components and the resulting ratio reveals specific trends.
- Share Price
- The share price demonstrates an increasing trend overall. From 2021 to 2022, a substantial increase is noted, followed by a slight decrease in 2023. The price then recovers in 2024 and experiences significant growth in 2025, reaching its highest value within the observed timeframe.
- FCFE per Share
- Free Cash Flow to Equity per share shows a marked increase from 2021 to 2022. However, this is followed by a decline in both 2023 and 2024. The trend plateaus in 2025, with a slight decrease from the 2024 value, though remaining significantly above the 2021 level.
- P/FCFE Ratio
- The P/FCFE ratio begins at 19.82 in 2021, then decreases substantially to 8.73 in 2022, coinciding with the increase in FCFE per share. The ratio increases again in 2023 to 12.46, driven by a decrease in FCFE per share and a slight decrease in share price. A further increase is observed in 2024, reaching 18.62, and continues to rise sharply in 2025, culminating in a ratio of 26.53. This final increase is attributable to a significant rise in share price coupled with a relatively stable FCFE per share.
The interplay between share price and FCFE per share significantly influences the P/FCFE ratio. The initial high ratio in 2021 suggests a premium valuation relative to the generated free cash flow. The subsequent decrease in 2022 indicates that the market valuation adjusted downwards as FCFE increased. The increases observed in 2024 and 2025 suggest a growing investor willingness to pay a higher price for each dollar of FCFE, potentially reflecting increased confidence in future performance or a shift in market sentiment.