Enterprise Value (EV)
Current Enterprise Value (EV)
ExxonMobil Holdings Corp., current enterprise value calculation
| Current share price (P) | $179.67 |
| No. shares of common stock outstanding | 4,079,222,444 |
| US$ in millions | |
| Common equity (market value)1 | 732,914) |
| Add: Noncontrolling interests (per books) | 7,240) |
| Total equity | 740,154) |
| Add: Notes and loans payable (per books) | 9,296) |
| Add: Long-term debt, excluding due within one year (per books) | 34,241) |
| Total equity and debt | 783,691) |
| Less: Cash and cash equivalents | 10,681) |
| Enterprise value (EV) | 773,010) |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 179.67 × 4,079,222,444
Historical Enterprise Value (EV)
ExxonMobil Holdings Corp., EV calculation
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.
2 Closing price as at the filing date of ExxonMobil Holdings Corp. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 150.68 × 4,166,763,453
The enterprise value (EV) exhibits a long-term upward trajectory between 2021 and 2025, characterized by overall growth interrupted by a moderate contraction in 2023 and a subsequent acceleration in the final two years of the period.
- Enterprise Value Trends
- EV increased from US$ 373,021 million in 2021 to US$ 667,944 million by 2025. A peak was reached in 2022 at US$ 465,686 million, followed by a decline to US$ 431,696 million in 2023. A strong recovery followed, with the most significant year-over-year increase occurring between 2024 and 2025, where EV rose by approximately 32.8%.
- Equity Valuation Dynamics
- Common equity market value closely mirrors the movements of the total enterprise value. Market equity rose from US$ 325,013 million in 2021 to US$ 627,848 million in 2025. The correlation between the market value of equity and total equity remains tight, suggesting that the market valuation is closely aligned with the book value of equity throughout the observed timeframe.
- Capital Structure Observations
- Total equity and debt levels followed a similar pattern of growth and correction, rising from US$ 379,823 million in 2021 to US$ 678,625 million in 2025. The narrow variance between the total equity and debt figure and the enterprise value indicates that the net debt component has remained relatively stable relative to the overall capitalization of the entity.
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