Latest Ratios: P/E Ratio 16.9x · EV/EBITDA 9.2x · ROE 10.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $687.5B | $518.1B | $462.3B | $405.1B | $463.8B | $261.6B | $176.1B | $298.0B | $288.9B | $356.0B | $376.4B |
| Enterprise Value | $720.4B | $550.9B | $481.0B | $415.2B | $475.4B | $302.5B | $239.3B | $341.8B | $323.7B | $395.1B | $415.5B |
| P/E Ratio → | 16.90 | 17.96 | 13.72 | 11.25 | 8.32 | 11.35 | — | 20.77 | 13.86 | 18.06 | 48.01 |
| P/S Ratio | 1.77 | 1.60 | 1.36 | 1.21 | 1.16 | 0.95 | 0.99 | 1.17 | 1.03 | 1.50 | 1.88 |
| P/B Ratio | 2.68 | 1.94 | 1.71 | 1.91 | 2.29 | 1.49 | 1.07 | 1.50 | 1.46 | 1.83 | 2.17 |
| P/FCF | 16.00 | 21.94 | 15.05 | 12.11 | 7.94 | 7.26 | — | 55.64 | 17.57 | 24.28 | 63.59 |
| P/OCF | 13.23 | 9.97 | 8.40 | 7.32 | 6.04 | 5.44 | 12.00 | 10.03 | 8.02 | 11.84 | 17.05 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.70 | 1.42 | 1.24 | 1.19 | 1.09 | 1.34 | 1.34 | 1.16 | 1.67 | 2.07 |
| EV / EBITDA | 9.21 | 9.19 | 7.62 | 6.38 | 5.40 | 6.78 | — | 10.76 | 7.92 | 12.46 | 16.57 |
| EV / EBIT | 21.23 | 13.16 | 9.65 | 7.74 | 6.05 | 9.40 | — | 16.36 | 10.20 | 20.50 | 49.34 |
| EV / FCF | — | 23.33 | 15.66 | 12.41 | 8.14 | 8.39 | — | 63.83 | 19.69 | 26.95 | 70.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.7% | 21.7% | 22.6% | 25.1% | 25.9% | 23.5% | 4.6% | 21.9% | 24.2% | 23.8% | 21.8% |
| Operating Margin | 10.5% | 10.5% | 11.7% | 13.3% | 16.1% | 8.7% | -16.5% | 5.0% | 7.9% | 5.8% | 1.4% |
| Net Profit Margin | 8.9% | 8.9% | 9.9% | 10.8% | 14.0% | 8.3% | -12.6% | 5.6% | 7.5% | 8.3% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 13.9% | 17.4% | 29.5% | 13.6% | -12.4% | 7.2% | 10.6% | 10.7% | 4.5% |
| ROA | 6.4% | 6.4% | 8.1% | 9.7% | 15.7% | 6.9% | -6.5% | 4.0% | 6.0% | 5.8% | 2.4% |
| ROIC | 8.6% | 8.6% | 11.6% | 15.3% | 22.3% | 8.1% | -9.4% | 4.0% | 7.1% | 4.6% | 1.0% |
| ROCE | 8.9% | 8.9% | 11.4% | 14.6% | 22.0% | 8.6% | -10.2% | 4.3% | 7.6% | 4.8% | 1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.15 | 0.20 | 0.20 | 0.27 | 0.41 | 0.24 | 0.19 | 0.22 | 0.25 |
| Debt / EBITDA | 0.73 | 0.73 | 0.66 | 0.64 | 0.47 | 1.07 | — | 1.48 | 0.92 | 1.34 | 1.71 |
| Net Debt / Equity | — | 0.12 | 0.07 | 0.05 | 0.06 | 0.23 | 0.39 | 0.22 | 0.18 | 0.20 | 0.22 |
| Net Debt / EBITDA | 0.55 | 0.55 | 0.30 | 0.15 | 0.13 | 0.92 | — | 1.38 | 0.85 | 1.23 | 1.56 |
| Debt / FCF | — | 1.39 | 0.61 | 0.30 | 0.20 | 1.13 | — | 8.19 | 2.11 | 2.67 | 6.61 |
| Interest Coverage | 69.44 | 69.44 | 50.07 | 63.17 | 98.43 | 33.98 | -23.94 | 25.16 | 41.41 | 32.07 | 18.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 1.31 | 1.48 | 1.41 | 1.04 | 0.80 | 0.78 | 0.84 | 0.82 | 0.87 |
| Quick Ratio | 0.79 | 0.79 | 0.97 | 1.09 | 1.06 | 0.71 | 0.46 | 0.49 | 0.51 | 0.52 | 0.55 |
| Cash Ratio | 0.15 | 0.15 | 0.33 | 0.48 | 0.43 | 0.12 | 0.08 | 0.05 | 0.05 | 0.05 | 0.08 |
| Asset Turnover | — | 0.72 | 0.75 | 0.89 | 1.08 | 0.82 | 0.54 | 0.70 | 0.81 | 0.68 | 0.61 |
| Inventory Turnover | 9.64 | 9.64 | 11.16 | 9.97 | 12.10 | 11.28 | 9.04 | 10.77 | 11.16 | 10.64 | 10.41 |
| Days Sales Outstanding | — | 50.22 | 47.00 | 41.46 | 38.22 | 42.72 | 42.07 | 38.51 | 32.28 | 39.39 | 38.92 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 3.3% | 3.6% | 3.7% | 3.2% | 5.7% | 8.4% | 4.9% | 4.8% | 3.7% | 3.3% |
| Payout Ratio | 59.7% | 59.7% | 49.6% | 41.5% | 26.8% | 64.8% | — | 102.2% | 66.2% | 66.0% | 158.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 5.6% | 7.3% | 8.9% | 12.0% | 8.8% | — | 4.8% | 7.2% | 5.5% | 2.1% |
| FCF Yield | 6.2% | 4.6% | 6.6% | 8.3% | 12.6% | 13.8% | — | 1.8% | 5.7% | 4.1% | 1.6% |
| Buyback Yield | 2.9% | 3.9% | 4.2% | 4.4% | 3.3% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% |
| Total Shareholder Yield | 5.4% | 7.2% | 7.9% | 8.1% | 6.5% | 5.8% | 8.7% | 5.1% | 5.0% | 3.9% | 3.6% |
| Shares Outstanding | — | $4.3B | $4.3B | $4.1B | $4.2B | $4.3B | $4.3B | $4.3B | $4.2B | $4.3B | $4.2B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying XOM stock.
Exxon Mobil Corporation's current P/E ratio is 16.9x. The historical average is 16.6x. This places it at the 59th percentile of its historical range.
Exxon Mobil Corporation's current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.8x.
Exxon Mobil Corporation's return on equity (ROE) is 10.7%. The historical average is 18.9%.
Based on historical data, Exxon Mobil Corporation is trading at a P/E of 16.9x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Exxon Mobil Corporation's current dividend yield is 2.41% with a payout ratio of 59.7%.
Exxon Mobil Corporation has 21.7% gross margin and 10.5% operating margin. Operating margin between 10-20% is typical for established companies.
Exxon Mobil Corporation's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity price cyclicality compressing margins
Metrics are mathematically derived from official filings.
Trailing Premium Masks Forward Discount
Based on reported figures, XOM trades at 24.66 times trailing earnings but only 12.48 times forward earnings, a gap that suggests the market is discounting recent earnings as cyclically elevated rather than durable.
The compression from trailing to forward P/E implies analysts expect earnings to normalize from the 2026 rebound, which is consistent with the cyclical revenue swings visible across the ten-quarter series. Against peers, XOM's trailing multiple sits well above Shell at 16.69 and TotalEnergies at 15.35, while its forward EV/EBITDA of 6.77 sits in line with the group, suggesting the trailing premium reflects timing rather than a structurally richer valuation. Investors should monitor whether forward estimates hold if crude and crack spreads soften.
Margin Recovery Still Commodity-Dependent
As reported in the financial statements, XOM's operating margin recovered from 6.4% in 2026Q1 to 17.0% in 2026Q3, yet remains well below the 12-13% range seen in 2024 only after adjusting for the 2026 price environment.
The swing from single-digit to double-digit operating margins over two quarters indicates how strongly XOM's earnings track crude and refined product prices rather than volume growth. The 2026Q1 gross margin of 37.7% against a 2025Q4 trough of 18.9% suggests the gross line is volatile enough that operating margin is a more stable read on earning power. Net margin of 13.9% in the latest quarter remains a useful reference, but the sustainability of peak-cycle margins warrants further investigation.
ROIC Rebound Lags Peer Efficiency
According to recent SEC filings, XOM's ROIC climbed from roughly 1.3% to 4.7% over the last three quarters, while EOG's 19.1% ROIC shows how far the integrated model trails higher-return upstream operators.
The improvement in ROIC reflects both margin recovery and a relatively stable asset base, but the absolute level remains low for a company of this scale. ROE of 5.7% in 2026Q3 against 17.6% for Shell and 17.9% for TotalEnergies suggests XOM is compounding capital at a slower rate than integrated European peers. The gap may be partly structural given the capital intensity of offshore and refining assets, and investors should monitor whether Permian and Guyana growth lifts returns over time.
Debt Spike Reversed Quickly
Based on EDBL's reported figures, XOM's debt-to-equity ratio rose to 0.26 in 2025Q4 before falling to 0.13 by 2026Q3, while interest coverage improved to 117.04 times, indicating a temporary borrowing episode rather than a leverage trend.
The reversal of the debt build within two quarters suggests management used short-term borrowing to bridge a working capital or timing gap rather than to fund structural expansion. Interest coverage above 100 times in the latest quarter implies debt service is effectively unconstrained at current earnings levels, though the coverage ratio is volatile across quarters. Refinancing risk appears low based on reported figures, but the sharp coverage swings suggest the metric is sensitive to earnings timing.
Working Capital Metrics Mislead on Efficiency
As reported in the financial statements, XOM's cash conversion cycle swung from -18 days in 2026Q1 to 12 days in 2025Q1, a range that suggests working capital metrics are distorted by commodity timing rather than operational efficiency.
A negative cash conversion cycle for an integrated producer is most often a function of payment timing on crude purchases and receivable collection rather than supplier leverage, so it should not be read as operational excellence. The DIO and DPO figures move with liftings and refinery runs, making the quarterly CCC noisy. Analysts should prefer a trailing four-quarter average and asset turnover trends when assessing efficiency for XOM.