XOM
EXXON MOBIL CORP
Energy • CIK: 0000034088
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Market Cap
$518.16B
P/E (TTM)
18.0x
Rev Growth (TTM)
-5.0%
Net Margin (TTM)
8.7%
FCF Yield (TTM)
4.6%
FCF Margin (TTM)
7.1%
What Changed
10-K FY 2025 vs 10-K FY 2024
Critical Liability Findingsnot disclosed in FY 2024 10-K→$6.85B performance guarantees + climate change lawsuits...
Accounting Aggressivenessneutral→conservative
Earnings Quality Score7/10→8/10
Accounting Red Flagspresent→resolved
Chemical Products Segment Growthnot reported in FY 2024 10-K→17.27%
Revenue trajectory: declined 4.96% in FY 2025, just below the 5% materiality...·Climate change lawsuit resolution: monitor any adverse judgments or settlements...·Accounting conservatism durability: watch whether conservative aggressiveness is...
Filing Intelligence
6.0/10
10-K filed Feb 18, 2026 • FY 2025
Executive Summary
Future performance is subject to market volatility, commodity prices, and operational costs, with a focus on long-term investments.. Significant contingent liabilities exist related to numerous...
Key Concerns
- ●Significant contingent liabilities exist related to numerous climate change lawsuits filed by governmental entities.
- ●The company has $6.85 billion in non-debt related guarantees, primarily for performance under contracts.
- ●Geopolitical Volatility and Trade Tensions (high)
Key Strengths
- ●ExxonMobil generated strong operating cash flow exceeding net income, indicating high quality earnings.
- ●Capital allocation priorities focus on low-cost growth projects, growing dividends, and share repurchases, demonstrating a disciplined...
- ●The company highlights its strong competitive advantages, including scale, integrated operations, and technology, positioning it as a...
Cash Flow Health
Free Cash Flow8/8 positive
TTM$23.6B
Q4 '25
$5.2B-14%
Q3 '25
$6.1B+15%
FCF Margin
TTM7.1%
Q4 '256.4%-11%
Sector: 8.8%Below Avg
OCF Margin15.6%
OCF/NI1.80x
CapEx Coverage1.8x
FCF Yield4.6%
FCF Growth (2Y)-26%
Cash Conversion Cycle
46 days
DSO: 46+DIO: 0−DPO: 0
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.2%
Div Yield3.3%
+Buyback (TTM)3.9%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.3%
FCF Payout Ratio72.9%
Free Cash Flow (TTM)$23.6B
Stock Repurchases (TTM)$20.3B
Capital Return / FCF158.8%
Est. Dividends Paid (TTM)$17.2B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
9.5%
Stable
-0.0% YoY-5.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
9.0%
8Q: 9.6%
Asset Turnover
0.74x
8Q: 0.75x
Leverage (1+D/E)
1.17x
D/E: 0.17x
DuPont: 7.7% ≈ 9.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.12x
8Q:1.14x
-41.2%
Invested Cap Turn
1.06x
8Q:1.07x
-27.8%
CapEx Intensity
9.1%
8Q:8.3%
CapEx/Depreciation
1.09x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $332.2B | $82.3B↓3.5% | $85.3B↑4.6% | $81.5B↓2.0% | $83.1B↓0.4% | $83.4B↓7.3% | $90.0B↓3.3% | $93.1B↑12.0% | $83.1B |
Operating Income | $41.3B | $8.0B↓26.5% | $10.9B↑2.1% | $10.7B↓7.7% | $11.6B↑18.2% | $9.8B↓24.7% | $13.0B↓4.7% | $13.7B↑10.5% | $12.4B |
Net Income | $28.8B | $6.5B↓13.9% | $7.5B↑6.6% | $7.1B↓8.2% | $7.7B↑1.4% | $7.6B↓11.6% | $8.6B↓6.8% | $9.2B↑12.4% | $8.2B |
Operating Cash Flow | $52.0B | $12.7B↓14.3% | $14.8B↑28.0% | $11.6B↓10.8% | $13.0B↑5.9% | $12.2B↓30.4% | $17.6B↑66.4% | $10.6B↓28.0% | $14.7B |
Free Cash Flow | $23.6B | $5.2B↓13.7% | $6.1B↑15.1% | $5.3B↓25.3% | $7.1B↑30.8% | $5.4B↓52.7% | $11.4B↑163.8% | $4.3B↓54.9% | $9.6B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
18.0x
Volatile
8Q: 63.3x+1854%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
18.0x
vs – sector
Cash Flow
23.0x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
1.9P/E per %ROIC
ROIC: 9.5%
Shareholder Returns
Dividend
3.3%
Buyback
3.9%
Total Yield
7.2%
Market Cap$518.16B
EV$542.20B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
78/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
11.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
9.5%
8Q:–
-5.0%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 9.0%
Asset Turnover: 0.74x
Earnings Quality
Cash Conversion
1.80x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin44.5%
Capital Efficiency
Invested Capital Turnover1.06x
Working Capital
Cash Conversion Cycle46 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
35/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-5.0%
OpInc Growth YoY
-18.2%
EPS Growth YoY
-14.5%
FCF 3Y CAGR
-26.1%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 21.1%
⚠Sustainability Index: 1.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
44.5%
Operating
12.4%
Above Avg in sector
Net
8.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-1.6 pts
FCF: 7.1% | Net: 8.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $32.86B
Interest Coverage
–
Balance sheet risk & solvency analysis