Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
ExxonMobil Holdings 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).
The financial trajectory from 2021 to 2025 is characterized by a significant liquidity peak in 2022, followed by a progressive decline and stabilization of cash generation metrics through the end of the period.
- Net Cash Provided by Operating Activities
- Operating cash flows exhibited a sharp increase between 2021 and 2022, rising from US$ 48,129 million to a peak of US$ 76,797 million. Following this surge, a downward correction occurred in 2023, with values remaining relatively stable but trending slightly lower through 2024 and 2025, ending the period at US$ 51,970 million.
- Free Cash Flow to Equity (FCFE)
- FCFE demonstrated more pronounced volatility than operating cash flows. After a substantial increase from US$ 16,399 million in 2021 to US$ 51,170 million in 2022, FCFE entered a consistent period of contraction. The value declined to US$ 33,211 million in 2023 and continued to diminish annually, reaching US$ 23,665 million by December 31, 2025.
- Cash Flow Conversion and Retention Patterns
- Analysis of the relationship between operating cash flow and FCFE reveals a peak in conversion efficiency during 2022. While operating cash flows decreased by approximately 32.3% between 2022 and 2025, FCFE declined more severely by approximately 53.7% over the same timeframe. This divergence suggests that a smaller proportion of operating cash was available to equity holders in the latter years of the period compared to the 2022 peak.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Price to FCFE Ratio, Current
ExxonMobil Holdings Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 4,079,222,444 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 23,665) |
| FCFE per share | 5.80 |
| Current share price (P) | 179.67 |
| Valuation Ratio | |
| P/FCFE | 30.97 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | 20.04 |
| ConocoPhillips | 27.87 |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | 25.92 |
| P/FCFE, Industry | |
| Energy | 26.14 |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
ExxonMobil Holdings Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,166,763,453 | 4,339,143,313 | 3,967,844,307 | 4,070,984,988 | 4,233,592,429 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | 23,665) | 25,704) | 33,211) | 51,170) | 16,399) | |
| FCFE per share3 | 5.68 | 5.92 | 8.37 | 12.57 | 3.87 | |
| Share price1, 4 | 150.68 | 110.30 | 104.32 | 109.73 | 76.77 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 26.53 | 18.62 | 12.46 | 8.73 | 19.82 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | 16.47 | 14.84 | 18.24 | 10.59 | 32.05 | |
| ConocoPhillips | 21.01 | 14.39 | 11.74 | 8.93 | 10.61 | |
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | 21.56 | 16.60 | 13.84 | 9.33 | 19.75 | |
| P/FCFE, Industry | ||||||
| Energy | 21.91 | 16.35 | 14.25 | 10.19 | 20.81 | |
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
= 23,665,000,000 ÷ 4,166,763,453 = 5.68
4 Closing price as at the filing date of ExxonMobil Holdings Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 150.68 ÷ 5.68 = 26.53
6 Click competitor name to see calculations.
The analysis of the Price to Free Cash Flow to Equity (P/FCFE) ratio reveals a period of significant volatility followed by a sustained upward trend. While the share price has experienced overall growth over the five-year period, the FCFE per share has trended downward since 2022, leading to a substantial expansion of the P/FCFE multiple.
- Share Price Evolution
- The share price demonstrated a general upward trajectory, increasing from 76.77 US$ in 2021 to 150.68 US$ by the end of 2025. A notable acceleration in value is observed between 2024 and 2025, where the price rose by approximately 36%.
- FCFE per Share Performance
- Free Cash Flow to Equity per share experienced a sharp peak in 2022 at 12.57 US$, representing a significant increase from the 3.87 US$ recorded in 2021. However, a consistent decline followed, with values dropping to 8.37 US$ in 2023, 5.92 US$ in 2024, and reaching a period low of 5.68 US$ in 2025.
- P/FCFE Ratio Dynamics
- The P/FCFE ratio shifted from 19.82 in 2021 to a low of 8.73 in 2022, driven by the surge in FCFE per share which outpaced the rise in share price. Following 2022, the ratio climbed steadily to 12.46 in 2023 and 18.62 in 2024. By 2025, the ratio reached 26.53, the highest level in the observed period.
- Valuation Insight
- The divergence between a rising share price and declining FCFE per share after 2022 indicates an expansion in the valuation multiple. The transition from a ratio of 8.73 to 26.53 suggests that the market has assigned a higher premium to the company's equity despite a reduction in the actual cash flows available to shareholders.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?