Price to FCFE (P/FCFE)
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) 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: 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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities experienced significant fluctuations over the observed period. Starting at $14,668 million in 2020, there was a remarkable increase in 2021, reaching $48,129 million. This upward trend continued in 2022, with a substantial peak at $76,797 million. However, following this peak, the figure declined noticeably to $55,369 million in 2023 and then slightly decreased again to $55,022 million in 2024. Despite the decline after 2022, operating cash flow remained considerably higher than the initial level in 2020, indicating strong operating cash generation capacity over the long term.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity showed a different pattern compared to operating cash flow. It started at $17,527 million in 2020 and decreased moderately to $16,399 million in 2021. In 2022, FCFE surged significantly, more than tripling to $51,170 million, showing a strong ability to generate cash available for equity holders in that fiscal year. However, following this surge, FCFE experienced a decline in the subsequent years, dropping to $33,211 million in 2023 and further decreasing to $25,704 million in 2024. Although it dropped from its peak, FCFE values in 2023 and 2024 remained above the levels seen in 2020 and 2021, suggesting an overall improvement in cash flows relative to equity holders compared to the earlier years.
- Comparative Observations
- Both key cash flow metrics demonstrate a peak in 2022, followed by a decline through 2023 and 2024. The peak year suggests particularly favorable operating and equity cash flow conditions in 2022, which were not sustained at the same level in subsequent years. The disparity in the trends between operating cash flow and FCFE, particularly before 2022, may indicate changes in capital expenditures, financing activities, or working capital adjustments that impacted free cash flow differently than operating cash alone. Despite recent declines, both measures maintain levels well above the starting point in 2020, indicating an overall positive longer-term trend in cash generation efficiency.
Price to FCFE Ratio, Current
Exxon Mobil Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| 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 | |
| Occidental Petroleum Corp. | |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | |
| P/FCFE, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2024-12-31).
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| Occidental Petroleum Corp. | ||||||
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2024 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 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend over the five-year period. Starting at $56.7 at the end of 2020, it increased significantly to $109.73 by the end of 2022. After a slight decline in 2023 to $104.32, the price rebounded to $110.3 in 2024, indicating strong market confidence and recovery to peak levels.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed notable volatility during the same period. It decreased slightly from $4.14 in 2020 to $3.87 in 2021, then surged dramatically to $12.57 in 2022. Following this peak, the FCFE per share declined to $8.37 in 2023 and further to $5.92 in 2024, suggesting fluctuations in cash generation available to equity holders, with a peak in the middle of the observed timeframe.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio mirrored the inverse relationship between share price and FCFE per share. Starting at 13.7 in 2020, it increased to a high of 19.82 in 2021 despite declining FCFE, reflecting possibly increased market valuation relative to cash flow at that time. The ratio then dropped sharply to 8.73 in 2022 due to the large increase in FCFE per share, indicating the share price was undervalued relative to cash flow. It rose again to 12.46 in 2023 and further to 18.62 in 2024, reflecting the decrease in FCFE per share while the share price remained relatively high.
- Overall Insights
- The data points to a period of significant fluctuation in cash flow generation with a generally increasing share price. The inverse volatility between the FCFE per share and the P/FCFE ratio highlights changing market perceptions of value relative to underlying cash flows. The peak FCFE in 2022 and subsequent decline suggest a possible cyclical or event-driven cash flow variation, while the share price maintained a generally positive trend, indicating investor optimism or other positive market factors influencing the stock valuation.