NYSE · Energy

Exxon Mobil Corporation

XOM · Oil & Gas Integrated

$153.34

▲ 0.59 (0.39%)

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Mr. Market is currently offering Exxon Mobil Corporation at $153.34.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 22.0%

Operating Margin 10.5%

Net Income Margin 8.9%

Fin. Health C

Years to Pay Off Debt 1.5 yrs

Working Capital vs Long-Term Debt -$16.9B

Working Capital $11.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.46x

Cash Flow C

Free Cash Flow $23.6B

CapEx % of Net Income 98.3%

Owner Earnings $83.2B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $637.4B

Enterprise Value $679.0B

P/E (TTM) 25.81

Dividend Yield 2.64%

Exchange NYSE

Key Margins

Gross Profit 22.0%

Operating Margin 10.5%

Net Margin 8.9%

Company Info

Sector Energy

Industry Oil & Gas Integrated

Employees 57900

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Exxon Mobil Corporation at $153.34.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $153.34, the stock trades at a 58% premium to its Graham Number of $96.99. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Exxon Mobil Corporation

Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States, Canada, and internationally. The company operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products segment offers fuels, aromatics, and catalysts, as well as licensing services. Its Chemical Products segment manufactures and sells olefins, polyolefins, and intermediates. The Specialty Products segment offers finished lubricants, basestocks, waxes, synthetics, elastomers, and resins. It is also involved in the manufacture, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, and other specialty products; and pursuit of lower-emission and business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima resin systems, carbon materials, low-carbon data center, and lithium. In addition, the company offers aviation fuel. It sells its products under the Exxon, Esso, and Mobil brands. Exxon Mobil Corporation was founded in 1870 and is headquartered in Spring, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	22.0% ▼	22.6%	25.1%	25.9%	N/A
Operating Margin %	10.5% ▼	11.7%	13.3%	16.1%	N/A
Net Income %	8.9% ▼	9.9%	10.8%	14.0%	N/A
Diluted EPS	6.70 ▼	7.84	8.89	13.26	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$449.0B	$453.5B	$376.3B	$369.1B
Total Debt	$43.5B ↑	$41.7B	$41.6B	$41.2B
Working Capital	$11.1B ▼	$21.7B	$31.3B	$28.6B
Years to Pay Debt	1.51	1.24	1.15	0.74

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$23.6B ▼	$30.7B	$33.5B	$58.4B	N/A
Owner Earnings	$83.2B	$81.4B	$78.6B	$98.2B	N/A
CapEx % of Net Income	98.3%	72.2%	60.9%	33.0%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	67,864,000	73,311,000	74,273,000	102,591,000
Net Income From Continuing Operation Net Minority Interest	28,844,000	33,680,000	36,010,000	55,740,000
Reconciled Depreciation	25,993,000	23,442,000	20,641,000	24,040,000
Reconciled Cost Of Revenue	252,665,000	262,505,000	250,555,000	295,608,000
EBITDA	67,864,000	73,311,000	74,273,000	102,591,000
EBIT	41,871,000	49,869,000	53,632,000	78,551,000
Net Interest Income	-603,000	-996,000	-849,000	-798,000
Interest Expense	603,000	996,000	849,000	798,000
Normalized Income	28,844,000	33,680,000	36,010,000	55,740,000
Net Income From Continuing And Discontinued Operation	28,844,000	33,680,000	36,010,000	55,740,000
Total Expenses	289,967,000	299,595,000	290,236,000	334,647,000
Diluted Average Shares	4,305,075	4,298,000	4,052,000	4,205,000
Basic Average Shares	4,305,075	4,295,918	4,050,619	4,203,620
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	28,844,000	33,680,000	36,010,000	55,740,000
Net Income Common Stockholders	28,844,000	33,680,000	36,010,000	55,740,000
Net Income	28,844,000	33,680,000	36,010,000	55,740,000
Minority Interests	-920,000	-1,383,000	-1,344,000	-1,837,000
Net Income Including Noncontrolling Interests	29,764,000	35,063,000	37,354,000	57,577,000
Net Income Continuous Operations	29,764,000	35,063,000	37,354,000	57,577,000
Tax Provision	11,504,000	13,810,000	15,429,000	20,176,000
Pretax Income	41,268,000	48,873,000	52,783,000	77,753,000
Other Income Expense	7,933,000	10,217,000	9,171,000	14,523,000
Other Non Operating Income Expenses	2,869,000	4,023,000	2,786,000	3,060,000
Earnings From Equity Interest	5,064,000	6,194,000	6,385,000	11,463,000
Net Non Operating Interest Income Expense	-603,000	-996,000	-849,000	-798,000
Interest Expense Non Operating	603,000	996,000	849,000	798,000
Operating Income	33,938,000	39,652,000	44,461,000	64,028,000
Operating Expense	37,302,000	37,090,000	39,681,000	39,039,000
Other Operating Expenses	1,007,000	826,000	751,000	1,025,000
Other Taxes	25,167,000	26,288,000	29,011,000	27,919,000
Selling General And Administration	11,128,000	9,976,000	9,919,000	10,095,000
General And Administrative Expense		9,976,000	9,919,000	10,095,000	9,574,000
Other Gand A		9,976,000	9,919,000	10,095,000	9,574,000
Salaries And Wages			714,000	482,000	786,000
Gross Profit	71,240,000	76,742,000	84,142,000	103,067,000
Cost Of Revenue	252,665,000	262,505,000	250,555,000	295,608,000
Total Revenue	323,905,000	339,247,000	334,697,000	398,675,000
Operating Revenue	323,905,000	339,247,000	334,697,000	398,675,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	3,840,000	3,666,000	4,048,000	3,937,000
Ordinary Shares Number	4,179,000	4,353,095	3,971,000	4,082,000
Share Issued	8,019,000	8,019,095	8,019,000	8,019,000
Net Debt	26,543,000	14,730,000	6,196,000	8,254,000
Total Debt	43,537,000	41,710,000	41,573,000	41,193,000
Tangible Book Value	259,386,000	263,705,000	204,802,000	195,049,000
Invested Capital	296,610,000	301,464,000	242,537,000	232,943,000
Working Capital	11,052,000	21,683,000	31,293,000	28,586,000
Net Tangible Assets	259,386,000	263,705,000	204,802,000	195,049,000
Capital Lease Obligations	6,313,000	3,951,000	3,838,000	3,299,000
Common Stock Equity	259,386,000	263,705,000	204,802,000	195,049,000
Total Capitalization	287,314,000	296,509,000	238,447,000	232,309,000
Total Equity Gross Minority Interest	266,626,000	270,606,000	212,538,000	202,473,000
Minority Interest	7,240,000	6,901,000	7,736,000	7,424,000
Stockholders Equity	259,386,000	263,705,000	204,802,000	195,049,000
Gains Losses Not Affecting Retained Earnings	-10,863,000	-14,619,000	-11,989,000	-13,270,000
Other Equity Adjustments	-10,863,000	-14,619,000	-11,989,000	-13,270,000
Treasury Stock	258,395,000	238,817,000	254,917,000	240,293,000
Retained Earnings	482,494,000	470,903,000	453,927,000	432,860,000
Capital Stock	46,150,000	46,238,000	17,781,000	15,752,000
Common Stock	46,150,000	46,238,000	17,781,000	15,752,000
Total Liabilities Net Minority Interest	182,354,000	182,869,000	163,779,000	166,594,000
Total Non Current Liabilities Net Minority Interest	110,024,000	112,562,000	98,463,000	97,549,000
Other Non Current Liabilities	26,178,000	25,719,000	24,228,000	21,733,000
Employee Benefits	8,847,000	9,700,000	10,496,000	10,045,000
Non Current Pension And Other Postretirement Benefit Plans	8,847,000	9,700,000	10,496,000	10,045,000
Dueto Related Parties Non Current	542,000	1,346,000	1,804,000	2,338,000
Non Current Deferred Liabilities	40,216,000	39,042,000	24,452,000	22,874,000
Non Current Deferred Taxes Liabilities	40,216,000	39,042,000	24,452,000	22,874,000
Long Term Debt And Capital Lease Obligation	34,241,000	36,755,000	37,483,000	40,559,000
Long Term Capital Lease Obligation	6,313,000	3,951,000	3,838,000	3,299,000
Long Term Debt	27,928,000	32,804,000	33,645,000	37,260,000
Current Liabilities	72,330,000	70,307,000	65,316,000	69,045,000
Current Debt And Capital Lease Obligation	9,296,000	4,955,000	4,090,000	634,000
Current Debt	9,296,000	4,955,000	4,090,000	634,000
Other Current Borrowings	6,234,000	4,892,000	4,009,000	181,000
Line Of Credit	3,000	63,000	6,000	379,000
Commercial Paper	3,059,000	0	75,000	74,000
Payables And Accrued Expenses	63,034,000	65,352,000	61,226,000	68,411,000
Payables	63,034,000	65,352,000	61,226,000	68,411,000
Other Payable	12,619,000	11,197,000	11,086,000	11,474,000
Dueto Related Parties Current	8,694,000	10,378,000	11,885,000	14,585,000
Total Tax Payable	5,672,000	7,632,000	7,006,000	9,183,000
Income Tax Payable	2,123,000	4,055,000	3,189,000	5,214,000
Accounts Payable	36,049,000	36,145,000	31,249,000	33,169,000
Total Assets	448,980,000	453,475,000	376,317,000	369,067,000
Total Non Current Assets	365,598,000	361,485,000	279,708,000	271,436,000
Other Non Current Assets	20,908,000	19,967,000	17,138,000	16,951,000
Non Current Prepaid Assets	6,130,000	7,084,000	7,527,000	8,049,000
Non Current Accounts Receivable	6,263,000	5,763,000	5,846,000	6,944,000
Investments And Advances	32,924,000	34,353,000	34,257,000	34,800,000
Investmentin Financial Assets	271,000	343,000	177,000	278,000
Available For Sale Securities	271,000	343,000	177,000	278,000
Long Term Equity Investment	32,653,000	34,010,000	34,080,000	34,522,000
Net PPE	299,373,000	294,318,000	214,940,000	204,692,000
Accumulated Depreciation	-270,686,000	-259,585,000	-272,445,000	-268,001,000
Gross PPE	570,059,000	553,903,000	487,385,000	472,693,000
Other Properties	25,366,000	23,823,000	22,768,000	18,335,000
Current Assets	83,382,000	91,990,000	96,609,000	97,631,000
Other Current Assets	1,837,000	1,598,000	1,906,000	1,782,000
Restricted Cash	0	158,000	29,000	25,000
Inventory	26,302,000	23,524,000	25,120,000	24,435,000
Finished Goods	22,979,000	19,444,000	20,528,000	20,434,000
Raw Materials	3,323,000	4,080,000	4,592,000	4,001,000
Receivables	44,562,000	43,681,000	38,015,000	41,749,000
Other Receivables	8,818,000	8,399,000	7,719,000	8,905,000
Accounts Receivable	35,744,000	35,282,000	30,296,000	32,844,000
Allowance For Doubtful Accounts Receivable	-270,000	-162,000	-170,000	-168,000
Gross Accounts Receivable	36,014,000	35,444,000	30,466,000	33,012,000
Cash Cash Equivalents And Short Term Investments	10,681,000	23,029,000	31,539,000	29,640,000
Cash And Cash Equivalents	10,681,000	23,029,000	31,539,000	29,640,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	23,612,000	30,716,000	33,450,000	58,390,000
Repurchase Of Capital Stock	-20,273,000	-19,629,000	-17,748,000	-15,155,000
Repayment Of Debt	-6,512,000	-5,911,000	-1,178,000	-8,080,000
Issuance Of Debt	6,565,000	899,000	939,000	860,000
Capital Expenditure	-28,358,000	-24,306,000	-21,919,000	-18,407,000
Interest Paid Supplemental Data	1,752,000	1,900,000	1,736,000	1,504,000
Income Tax Paid Supplemental Data	11,563,000	13,293,000	15,473,000	15,364,000
End Cash Position	10,681,000	23,187,000	31,568,000	29,665,000
Beginning Cash Position	23,187,000	31,568,000	29,665,000	6,802,000
Effect Of Exchange Rate Changes	532,000	-676,000	105,000	-78,000
Changes In Cash	-13,038,000	-7,705,000	1,798,000	22,941,000
Financing Cash Flow	-39,081,000	-42,789,000	-34,297,000	-39,114,000
Cash Flow From Continuing Financing Activities	-39,081,000	-42,789,000	-34,297,000	-39,114,000
Net Other Financing Charges	-1,630,000	-1,444,000	-1,369,000	-1,800,000
Cash Dividends Paid	-17,231,000	-16,704,000	-14,941,000	-14,939,000
Common Stock Dividend Paid	-17,231,000	-16,704,000	-14,941,000	-14,939,000
Net Common Stock Issuance	-20,273,000	-19,629,000	-17,748,000	-15,155,000
Common Stock Payments	-20,273,000	-19,629,000	-17,748,000	-15,155,000
Net Issuance Payments Of Debt	53,000	-5,012,000	-239,000	-7,220,000
Net Short Term Debt Issuance	-1,150,000	-4,761,000	-1,163,000	-7,852,000
Short Term Debt Payments	-5,404,000	-4,761,000	-1,163,000	-8,075,000
Short Term Debt Issuance	4,254,000	0	0	223,000
Net Long Term Debt Issuance	1,203,000	-251,000	924,000	632,000
Long Term Debt Payments	-1,108,000	-1,150,000	-15,000	-5,000
Long Term Debt Issuance	2,311,000	899,000	939,000	637,000
Investing Cash Flow	-25,927,000	-19,938,000	-19,274,000	-14,742,000
Cash Flow From Continuing Investing Activities	-25,927,000	-19,938,000	-19,274,000	-14,742,000
Net Other Investing Changes	6,564,000	6,913,000	5,640,000	6,755,000
Net Investment Purchase And Sale	-4,133,000	-3,299,000	-2,995,000	-3,090,000
Purchase Of Investment	-4,133,000	-3,299,000	-2,995,000	-3,090,000
Net Business Purchase And Sale	0	754,000	0	0
Sale Of Business	0	754,000	0	0
Net PPE Purchase And Sale	-28,358,000	-24,306,000	-21,919,000	-18,407,000
Purchase Of PPE	-28,358,000	-24,306,000	-21,919,000	-18,407,000
Operating Cash Flow	51,970,000	55,022,000	55,369,000	76,797,000
Cash Flow From Continuing Operating Activities	51,970,000	55,022,000	55,369,000	76,797,000
Dividend Received Cfo	3,006,000	191,000	509,000	-2,446,000
Dividend Paid Cfo				-2,446,000	-668,000
Change In Working Capital	-7,728,000	-1,826,000	-4,255,000	-194,000
Change In Other Current Assets	-164,000	389,000	-426,000	-688,000
Change In Payables And Accrued Expense	-222,000	5,627,000	-4,727,000	18,460,000
Change In Payable	-222,000	5,627,000	-4,727,000	18,460,000
Change In Inventory	-4,300,000	-1,812,000	-3,472,000	-6,947,000
Change In Receivables	-3,042,000	-6,030,000	4,370,000	-11,019,000
Other Non Cash Items	1,664,000	1,087,000	1,897,000	-1,025,000
Provisionand Write Offof Assets	-1,430,000	-1,712,000	-1,501,000	-1,932,000
Deferred Tax	765,000	-865,000	634,000	3,758,000
Deferred Income Tax	765,000	-865,000	634,000	3,758,000
Depreciation Amortization Depletion	25,993,000	23,442,000	20,641,000	24,040,000
Operating Gains Losses	-64,000	-358,000	90,000	-2,981,000
Pension And Employee Benefit Expense	-64,000	-358,000	90,000	-2,981,000
Net Income From Continuing Operations	29,764,000	35,063,000	37,354,000	57,577,000

These metrics estimate what Exxon Mobil Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$96.99

Margin of Safety

Market Cap ÷ Company Value

1.08

P/B Ratio

2.46

Warren's Owner Earnings

$83.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$323.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.15x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.64%

vs Uninterrupted dividends

❌ Earnings Growth

-49.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

25.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.46x P/B (P/E×P/B: 63.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-23.81

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$90.72

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	98.3%	72.2%	60.9%	33.0%	N/A
Repurchase of Capital Stock	-$20.3B	-$19.6B	-$17.7B	-$15.2B	N/A
Free Cash Flow	$23.6B ▼	$30.7B ▼	$33.5B ▼	$58.4B •	N/A •
Warren's Owner Earnings	$83.2B	$81.4B	$78.6B	$98.2B	N/A

Peers & Industry Comparison

Oil & Gas Integrated — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
XOM	$153.34	$637.4B	25.81	22.0%	8.9%	$323.9B
CVX Chevron Corporation	$192.03	$382.5B	33.5	42.4%	5.9%	$185.7B
BP BP p.l.c.	$46.92	$120.8B	38.2	28.9%	1.7%	$193.0B
SHEL Shell PLC	$89.29	$249.0B	14.9	25.4%	6.7%	$266.9B
TTE TotalEnergies SE	$92.14	$205.1B	13.7	38.4%	8.2%	$184.0B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.08%

Low — management has little skin in the game

Return on Equity (ROE)

11.1%

Adequate — returns are moderate

Return on Assets (ROA)

6.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$20.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+4.4% YoY

Debt is roughly stable

Leadership Team

Darren Woods

Chairman of the Board, President & CEO

Age 60

Pay: $7,112,378

0.025% of net income

Jon Gibbs

Senior President of ExxonMobil Global Operations

Age 53

Pay: $3,315,918

0.011% of net income

Neil Chapman

Senior Vice President

Age 63

Pay: $4,194,959

0.015% of net income

Jack Williams Jr.

Senior Vice President

Age 61

Pay: $4,132,439

0.014% of net income

Neil Hansen

Senior VP & CFO

Age 50

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.34%	429,761,518
Blackrock Inc.	7.49%	311,222,419
State Street Corporation	4.93%	205,114,242
FMR, LLC	3.17%	131,721,707
Geode Capital Management, LLC	2.31%	95,923,254
Bank of America Corporation	1.81%	75,152,366
Morgan Stanley	1.79%	74,457,855
JPMORGAN CHASE & CO	1.69%	70,376,165

Risk Analysis

Beta (Market Risk)

0.18

Low volatility — more stable than the market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.18x

Conservative balance sheet — low financial risk

Current Ratio

1.04x

Adequate liquidity

52-Week Price Range

Low: $101.19 Current: $153.34 High: $176.41

Currently at 69% of 52-week range

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