NYSE · Energy

Exxon Mobil Corporation

XOM · Oil & Gas Integrated

$137.81

▼ -2.93 (-2.08%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

F⤢

Gross Profit Margin 16.7%

Operating Margin 6.4%

Net Income Margin 5.0%

Fin. Health

D⤢

Years to Pay Off Debt 11.4 yrs

Working Capital vs Long-Term Debt -$29.7B

Working Capital $3.4B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 2.25x

Cash Flow

C⤢

Free Cash Flow $2.2B

CapEx % of Net Income 154.7%

Owner Earnings $17.4B

Profitability

Gross Profit Margin 16.7%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 6.4%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 5.0%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 11.4 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$29.7B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $3.4B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $2.2B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 154.7%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $17.4B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap $571.2B

Enterprise Value $633.8B

P/E (TTM) 23.20

Dividend Yield 2.87%

Exchange NYSE

Key Margins

Gross Profit 16.7%

Operating Margin 6.4%

Net Margin 5.0%

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 $137.81.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $137.81, the stock trades at a 271% premium to its Graham Number of $37.16. 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.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	16.7%▼	20.0%•	N/A
Operating Margin %	6.4%▼	7.5%•	N/A
Net Income %	5.0%▼	8.1%•	N/A
Diluted EPS	1.00▼	1.53•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$464.4B	$449.0B	N/A
Total Debt	$47.7B▲	$43.5B•	N/A
Working Capital	$3.4B▼	$11.1B•	N/A
Years to Pay Debt	11.39	6.70	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$2.2B▼	$5.2B•	N/A
Owner Earnings	$17.4B	$21.7B	N/A
CapEx % of Net Income	154.7%	114.6%	N/A

Income Statement

	2026	2025	2024
Tax Rate For Calcs	0	0
Normalized EBITDA	14,033,000	15,909,000
Net Income From Continuing Operation Net Minority Interest	4,183,000	6,501,000
Reconciled Depreciation	6,771,000	7,715,000
Reconciled Cost Of Revenue	69,268,000	64,065,000
EBITDA	14,033,000	15,909,000
EBIT	7,262,000	8,194,000
Net Interest Income	-295,000	-163,000
Interest Expense	295,000	163,000
Normalized Income	4,183,000	6,501,000
Net Income From Continuing And Discontinued Operation	4,183,000	6,501,000
Total Expenses	77,814,000	74,036,000
Diluted Average Shares	4,202,000	4,249,020
Basic Average Shares	4,183,000	4,249,020
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	4,183,000	6,501,000
Net Income Common Stockholders	4,183,000	6,501,000
Net Income	4,183,000	6,501,000
Minority Interests	-289,000	-108,000
Net Income Including Noncontrolling Interests	4,472,000	6,609,000
Net Income Continuous Operations	4,472,000	6,609,000
Tax Provision	2,495,000	1,422,000
Pretax Income	6,967,000	8,031,000
Other Income Expense	1,915,000	2,191,000
Other Non Operating Income Expenses	546,000	1,225,000
Earnings From Equity Interest	1,369,000	966,000
Net Non Operating Interest Income Expense	-295,000	-163,000
Interest Expense Non Operating	295,000	163,000
Operating Income	5,347,000	6,003,000
Operating Expense	8,546,000	9,971,000
Other Operating Expenses	126,000	543,000
Other Taxes	5,736,000	6,400,000
Selling General And Administration	2,684,000	3,028,000
General And Administrative Expense			2,617,000
Other Gand A			2,617,000
Gross Profit	13,893,000	15,974,000
Cost Of Revenue	69,268,000	64,065,000
Total Revenue	83,161,000	80,039,000
Operating Revenue	83,161,000	80,039,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	3,874,000	3,840,000
Ordinary Shares Number	4,144,947	4,179,000
Share Issued	8,018,947	8,019,000
Net Debt	39,226,000	26,543,000
Total Debt	47,661,000	43,537,000
Tangible Book Value	254,381,000	259,386,000
Invested Capital	302,042,000	296,610,000
Working Capital	3,409,000	11,052,000
Net Tangible Assets	254,381,000	259,386,000
Capital Lease Obligations		6,313,000	3,951,000
Common Stock Equity	254,381,000	259,386,000
Total Capitalization	287,511,000	287,314,000
Total Equity Gross Minority Interest	260,996,000	266,626,000
Minority Interest	6,615,000	7,240,000
Stockholders Equity	254,381,000	259,386,000
Gains Losses Not Affecting Retained Earnings	-11,098,000	-10,863,000
Other Equity Adjustments	-11,098,000	-10,863,000
Treasury Stock	263,291,000	258,395,000
Retained Earnings	482,344,000	482,494,000
Capital Stock	46,426,000	46,150,000
Common Stock	46,426,000	46,150,000
Total Liabilities Net Minority Interest	203,414,000	182,354,000
Total Non Current Liabilities Net Minority Interest	109,036,000	110,024,000
Other Non Current Liabilities	26,386,000	26,178,000
Employee Benefits	8,940,000	8,847,000
Non Current Pension And Other Postretirement Benefit Plans	8,940,000	8,847,000
Dueto Related Parties Non Current	562,000	542,000
Non Current Deferred Liabilities	40,018,000	40,216,000
Non Current Deferred Taxes Liabilities	40,018,000	40,216,000
Long Term Debt And Capital Lease Obligation	33,130,000	34,241,000
Long Term Capital Lease Obligation		6,313,000	3,951,000
Long Term Debt	33,130,000	27,928,000
Current Liabilities	94,378,000	72,330,000
Current Debt And Capital Lease Obligation	14,531,000	9,296,000
Current Debt	14,531,000	9,296,000
Other Current Borrowings		6,234,000	4,892,000
Line Of Credit		3,000	63,000
Commercial Paper		3,059,000	0
Payables And Accrued Expenses	79,847,000	63,034,000
Payables	79,847,000	63,034,000
Other Payable		12,619,000	11,197,000
Dueto Related Parties Current		8,694,000	10,378,000
Total Tax Payable	2,759,000	5,672,000
Income Tax Payable	2,759,000	2,123,000
Accounts Payable	77,088,000	36,049,000
Total Assets	464,410,000	448,980,000
Total Non Current Assets	366,623,000	365,598,000
Other Non Current Assets	21,717,000	20,908,000
Non Current Prepaid Assets		6,130,000	7,084,000
Non Current Accounts Receivable		6,263,000	5,763,000
Investments And Advances	46,125,000	32,924,000
Investmentin Financial Assets		271,000	343,000
Available For Sale Securities		271,000	343,000
Long Term Equity Investment	46,125,000	32,653,000	34,010,000
Net PPE	298,781,000	299,373,000
Accumulated Depreciation		-270,686,000	-259,585,000
Gross PPE		570,059,000	553,903,000
Other Properties		25,366,000	23,823,000
Current Assets	97,787,000	83,382,000
Other Current Assets	2,594,000	1,837,000
Restricted Cash		0	158,000
Inventory	24,975,000	26,302,000
Finished Goods	21,838,000	22,979,000
Raw Materials	3,137,000	3,323,000
Receivables	61,783,000	44,562,000
Other Receivables		8,818,000	8,399,000
Accounts Receivable	61,783,000	35,744,000
Allowance For Doubtful Accounts Receivable		-270,000	-162,000
Gross Accounts Receivable		36,014,000	35,444,000
Cash Cash Equivalents And Short Term Investments	8,435,000	10,681,000
Cash And Cash Equivalents	8,435,000	10,681,000

Cash Flow

	2026	2025	2024
Free Cash Flow	2,235,000	5,229,000
Repurchase Of Capital Stock	-4,868,000	-5,379,000
Repayment Of Debt	-5,560,000	-1,684,000
Issuance Of Debt	9,969,000	3,450,000
Capital Expenditure	-6,470,000	-7,450,000
Interest Paid Supplemental Data	561,000	279,000
Income Tax Paid Supplemental Data		3,715,000	2,099,000
End Cash Position	8,435,000	10,681,000
Beginning Cash Position	10,681,000	13,869,000
Effect Of Exchange Rate Changes	-45,000	0
Changes In Cash	-2,201,000	-3,188,000
Financing Cash Flow	-4,900,000	-8,734,000
Cash Flow From Continuing Financing Activities	-4,900,000	-8,734,000
Net Other Financing Charges	-107,000	-755,000
Cash Dividends Paid	-4,334,000	-4,366,000
Common Stock Dividend Paid	-4,334,000	-4,366,000
Net Common Stock Issuance	-4,868,000	-5,379,000
Common Stock Payments	-4,868,000	-5,379,000
Net Issuance Payments Of Debt	4,409,000	1,766,000
Net Short Term Debt Issuance	3,673,000	1,695,000
Short Term Debt Payments	-5,402,000	-589,000
Short Term Debt Issuance	9,075,000	2,284,000
Net Long Term Debt Issuance	736,000	71,000
Long Term Debt Payments	-158,000	-1,095,000
Long Term Debt Issuance	894,000	1,166,000
Investing Cash Flow	-6,006,000	-7,133,000
Cash Flow From Continuing Investing Activities	-6,006,000	-7,133,000
Net Other Investing Changes	851,000	3,477,000
Net Investment Purchase And Sale	-387,000	-3,160,000
Purchase Of Investment	-387,000	-3,160,000
Net PPE Purchase And Sale	-6,470,000	-7,450,000
Purchase Of PPE	-6,470,000	-7,450,000
Operating Cash Flow	8,705,000	12,679,000
Cash Flow From Continuing Operating Activities	8,705,000	12,679,000
Change In Working Capital	-1,758,000	-2,728,000
Other Non Cash Items	-780,000	-1,194,000
Depreciation Amortization Depletion	6,771,000	7,715,000
Net Income From Continuing Operations	4,472,000	6,609,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $81.1B ▲ $83.2B +2.6%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 22.8% ▼ 16.7% -6.1pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 6.6% ▼ 6.4% -0.2pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 9.5% ▼ 5.0% -4.5pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$83.2B/qtr (≈$332.6B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.04x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$2.2B

vs Positive

Operating Cash Flow

$8.7B

Latest quarter · Buffett's cash reality check

ROIC

1.1%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

2.2x

Net Assets: $261.0B

Asset Context — Oil & Gas Integrated

Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.

Peers & Industry Comparison

Oil & Gas Integrated — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
XOM	$137.81	$571.2B	23.20	16.7%	5.0%	$83.2B
CVX Chevron Corporation	$173.63	$345.8B	30.2	42.4%	5.9%	$185.7B
BP BP p.l.c.	$39.10	$100.7B	31.8	28.9%	1.7%	$193.0B
SHEL Shell PLC	$78.81	$218.5B	12.3	25.9%	7.0%	$267.3B
TTE TotalEnergies SE	$80.43	$178.9B	11.9	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

0.09%

Low — management has little skin in the game

Return on Equity (ROE)

1.6%

Weak — poor returns on equity

Return on Assets (ROA)

0.9%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$20.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+9.5% YoY

Debt is roughly stable

Leadership Team

Darren Woods

Chairman of the Board, President & CEO

Age 60

Pay: $7,112,378

0.170% of net income

Jon Gibbs

Senior President of ExxonMobil Global Operations

Age 53

Pay: $3,315,918

0.079% of net income

Neil Chapman

Senior Vice President

Age 63

Pay: $4,194,959

0.100% of net income

Jack Williams Jr.

Senior Vice President

Age 61

Pay: $4,132,439

0.099% of net income

Neil Hansen

Senior VP & CFO

Age 50

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	7.79%	322,741,137
Vanguard Capital Management LLC	6.54%	271,198,613
State Street Corporation	5.16%	213,904,380
FMR, LLC	3.38%	140,010,460
Vanguard Portfolio Management LLC	2.79%	115,629,047
Geode Capital Management, LLC	2.30%	95,478,649
JPMORGAN CHASE & CO	2.07%	85,599,509
Morgan Stanley	1.73%	71,718,998

Risk Analysis

Beta (Market Risk)

0.15

Low volatility — more stable than the market

Short Interest

1.1% 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: $105.53 Current: $137.81 High: $176.41

Currently at 46% of 52-week range

Exxon Mobil Corporation

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis