Latest Ratios: P/E Ratio 21.1x · EV/EBITDA 10.3x · 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 | $587.1B | $518.1B | $462.3B | $405.1B | $463.8B | $261.6B | $176.1B | $298.0B | $288.9B | $356.0B | $376.4B |
| Enterprise Value | $620.0B | $550.9B | $481.0B | $415.2B | $475.4B | $302.5B | $239.3B | $341.8B | $323.7B | $395.1B | $415.5B |
| P/E Ratio → | 21.14 | 17.96 | 13.72 | 11.25 | 8.32 | 11.35 | — | 20.77 | 13.86 | 18.06 | 48.01 |
| P/S Ratio | 1.81 | 1.60 | 1.36 | 1.21 | 1.16 | 0.95 | 0.99 | 1.17 | 1.03 | 1.50 | 1.88 |
| P/B Ratio | 2.29 | 1.94 | 1.71 | 1.91 | 2.29 | 1.49 | 1.07 | 1.50 | 1.46 | 1.83 | 2.17 |
| P/FCF | 24.86 | 21.94 | 15.05 | 12.11 | 7.94 | 7.26 | — | 55.64 | 17.57 | 24.28 | 63.59 |
| P/OCF | 11.30 | 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 | 10.34 | 9.19 | 7.62 | 6.38 | 5.40 | 6.78 | 14.45 | 10.76 | 7.92 | 11.72 | 16.57 |
| EV / EBIT | 18.27 | 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 | 4.08 | 1.48 | 0.92 | 1.26 | 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 | 3.82 | 1.38 | 0.85 | 1.16 | 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 | 2.8% | 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 | 4.7% | 5.6% | 7.3% | 8.9% | 12.0% | 8.8% | — | 4.8% | 7.2% | 5.5% | 2.1% |
| FCF Yield | 4.0% | 4.6% | 6.6% | 8.3% | 12.6% | 13.8% | — | 1.8% | 5.7% | 4.1% | 1.6% |
| Buyback Yield | 3.5% | 3.9% | 4.2% | 4.4% | 3.3% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% |
| Total Shareholder Yield | 6.3% | 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 |
Geopolitical and commodity volatility
According to recent market data, XOM trades at a forward P/E of 12.39, which appears to discount the volatility of its upstream segment while pricing in the long-term integration benefits of the Pioneer Natural Resources acquisition relative to its historical valuation averages and global integrated peers.
The divergence between the TTM P/E of 20.38 and the forward multiple suggests that the market anticipates a recovery in earnings power, likely driven by the integration of lower-cost Permian assets. Investors should monitor whether this valuation premium over European peers remains sustainable if commodity prices fail to support the current capital return program.
Based on reported figures, XOM's ROIC has trended downward from 3.4% in 2024Q1 to 1.3% in 2026Q1, indicating that the company is struggling to maintain historical compounding rates as capital intensity rises to support new, long-cycle development projects in Guyana and the Permian Basin.
The decline in ROIC suggests that the incremental capital deployed is not yet generating returns commensurate with the company's cost of capital. This trend warrants further investigation into whether the recent surge in asset base expansion is creating a drag on overall efficiency or if this represents a temporary gestation period for new production.
As reported in financial statements, XOM's cash conversion cycle has shifted from 13 days in 2024Q1 to -18 days in 2026Q1, primarily driven by a significant extension in days payable outstanding, which suggests the company is increasingly leveraging its supplier base to manage liquidity.
While a negative CCC often indicates strong bargaining power, the rapid shift suggests a defensive posture to preserve cash amidst margin compression. Analysts should consider whether this reliance on extended payment terms is sustainable or if it risks straining critical relationships within the oilfield services supply chain.
According to recent SEC filings, XOM maintains a conservative debt-to-equity ratio of 0.18, which provides a robust buffer for capital allocation despite the recent increase in total debt to $47.7B to fund inorganic growth initiatives and maintain shareholder distributions during periods of lower free cash flow.
The interest coverage ratio of 11.21x in 2026Q1 remains comfortable, suggesting that debt service is not currently a primary risk to the company's financial stability. However, the trend of rising debt-to-EBITDA suggests that management is willing to utilize the balance sheet to bridge the gap between cyclical earnings troughs and long-term strategic objectives.
The P/E ratio is frequently misapplied to XOM, as it obscures the impact of non-cash LIFO inventory adjustments and massive depreciation charges that are inherent to the company's capital-intensive, integrated business model, often leading to a distorted view of true operational earning power.
Investors should instead prioritize EV/EBITDA or cash-flow-based metrics, which better account for the company's debt structure and the non-cash nature of its upstream asset base. Relying solely on P/E may lead to an inaccurate assessment of the company's ability to generate sustainable cash returns across the commodity price cycle.
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 21.1x. The historical average is 16.6x. This places it at the 90th percentile of its historical range.
Exxon Mobil Corporation's current EV/EBITDA is 10.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
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 21.1x. This is at the 90th 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 2.83% 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.