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XOM, Exxon Mobil Corporation

Integrated Oil & Gas capital-intensive Cyclical

Exxon Mobil is an integrated oil company. It finds and pumps crude oil and natural gas, refines them into fuels and lubricants, and turns the same molecules into petrochemicals — the building blocks of plastics — selling to businesses and motorists in the United States and most countries of the world. It makes its money on the spread between what it costs to get a barrel out of the ground and through a plant, and the price the market pays for what comes out.

Certain industry participants, including ExxonMobil, are expanding the scope of investments in lower-emission energy and emission-reduction services and technologies.

Information on oil and gas reserves is contained in the "Oil and Gas Reserves" part of the "Supplemental Information on Oil and Gas Exploration and Production Activities" portion of the Financial Section of this report.

Latest annual: FY2025 10-K

XOM · Exxon Mobil Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$332.2B

−5.0% YoY · 13% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $368.8B 5-yr avg $345.1B

Operating margin 12.3% 5-yr avg 14.3%

ROIC 12% 5-yr avg 16%

Owner-earnings margin 8% 5-yr avg 10%

Free cash flow margin 8% 5-yr avg 10%

Next report Est. 11/2–11/5 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~35 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: This is the commodity-or-franchise question in its purest form: Exxon sells goods priced by world supply and demand, not by Exxon, so the test is the cost position — whether its scale buys it the cheapest barrels to produce and the most efficient refineries and chemical plants, the kind of low-cost berth that earns a return above the cost of capital across a full cycle rather than only at the top of one. Watch the returns through good years and bad, since pricing power here is a thing to prove, not to assume; the filing names the industry as highly competitive and warns that a downturn cuts straight into results. The bad case is plain — a glutted market and weak prices against a capital-hungry asset base that must keep spending to stand still, with borrowings already on the books. The figures for margins, returns on capital, and the debt are in the record below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 7% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Drafted from the company's filings and reviewed by hand; every number is shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$200.6B	$244.4B	$290.2B	$264.9B	$181.5B	$285.6B	$413.7B	$344.6B	$349.6B	$332.2B	$368.8B	RevenueRevenue
5%	4%	4%	4%	6%	3%	2%	3%	3%	3%	3%	SG&A / revenueSG&A/rev
1%	0%	0%	0%	1%	0%	0%	0%	0%	0%	0%	R&D / revenueR&D/rev
$483M	$18.7B	$31.0B	$20.1B	($28.9B)	$31.2B	$77.8B	$52.8B	$48.9B	$41.3B	$45.4B	Operating incomeOp. inc.
0.2%	7.6%	10.7%	7.6%	−15.9%	10.9%	18.8%	15.3%	14.0%	12.4%	12.3%	Operating marginOp. mgn
$8.0B	$18.7B	$31.0B	$20.1B	($28.9B)	$31.2B	$77.8B	$52.8B	$48.9B	$41.3B	—	Pretax incomePretax
$7.8B	$19.7B	$20.8B	$14.3B	($22.4B)	$23.0B	$55.7B	$36.0B	$33.7B	$28.8B	$32.8B	Net incomeNet inc.
-5%	-6%	31%	26%	—	24%	26%	29%	28%	28%	26%	Effective tax rateTax rate
											Cash flow & returns
$22.1B	$30.1B	$36.0B	$29.7B	$14.7B	$48.1B	$76.8B	$55.4B	$55.0B	$52.0B	$59.7B	Operating cash flowOp. cash
$22.3B	$19.9B	$18.7B	$19.0B	$46.0B	$20.6B	$24.0B	$20.6B	$23.4B	$26.0B	$29.6B	Depreciation & amortizationD&A
($8.1B)	($9.5B)	($3.6B)	($3.6B)	($8.9B)	$4.5B	($3.0B)	($1.3B)	($2.1B)	($2.9B)	($2.7B)	Working capital & otherWC & other
$16.2B	$15.4B	$19.6B	$24.4B	$17.3B	$12.1B	$18.4B	$21.9B	$24.3B	$28.4B	$29.2B	CapexCapex
8.1%	6.3%	6.7%	9.2%	9.5%	4.2%	4.4%	6.4%	7.0%	8.5%	7.9%	Capex / revenueCapex/rev
$5.9B	$14.7B	$16.4B	$10.7B	($2.6B)	$36.1B	$58.4B	$33.5B	$30.7B	$23.6B	$30.6B	Owner earningsOwner earn.
3.0%	6.0%	5.7%	4.0%	−1.4%	12.6%	14.1%	9.7%	8.8%	7.1%	8.3%	Owner earnings marginOE mgn
$5.9B	$14.7B	$16.4B	$5.4B	($2.6B)	$36.1B	$58.4B	$33.5B	$30.7B	$23.6B	$30.6B	Free cash flowFCF
3.0%	6.0%	5.7%	2.0%	−1.4%	12.6%	14.1%	9.7%	8.8%	7.1%	8.3%	Free cash flow marginFCF mgn
$12.5B	$13.0B	$13.8B	$14.7B	$14.9B	$14.9B	$14.9B	$14.9B	$16.7B	$17.2B	$17.2B	Dividends paidDiv. paid
$977M	$747M	$626M	$594M	$405M	$155M	$15.2B	$17.7B	$19.6B	$20.3B	—	BuybacksBuybacks
($12.4B)	($15.7B)	($16.4B)	($23.1B)	($18.5B)	($10.2B)	($14.7B)	($19.3B)	($19.9B)	($25.9B)	—	Investing cash flowInv. cash
($9.3B)	($15.1B)	($19.4B)	($6.6B)	$5.3B	($35.4B)	($39.1B)	($34.3B)	($42.8B)	($39.1B)	—	Financing cash flowFin. cash
($434M)	$314M	($257M)	$33M	($219M)	($33M)	($78M)	$105M	($676M)	$532M	—	Exchange-rate effectFX
($48M)	($480M)	($135M)	$47M	$1.3B	$2.4B	$22.9B	$1.9B	($8.4B)	($12.5B)	—	Change in cashΔ cash
0%	9%	10%	7%	-11%	11%	28%	18%	12%	10%	12%	ROICROIC
5%	11%	11%	7%	-14%	14%	29%	18%	13%	11%	13%	Return on equityROE
−3%	4%	4%	−0%	−24%	5%	21%	10%	6%	4%	6%	Retained to equityRetained/eq
											Balance sheet
$3.7B	$3.2B	$3.0B	$3.1B	$4.4B	$6.8B	$29.6B	$31.5B	$23.0B	$10.7B	$10.6B	Cash & investmentsCash+inv
$16.0B	$21.3B	$19.6B	$21.1B	$16.3B	$26.9B	$32.8B	$30.3B	$35.3B	$35.7B	$60.6B	ReceivablesReceiv.
$17.8B	$21.7B	$21.1B	$24.7B	$17.5B	$26.6B	$33.2B	$31.2B	$36.1B	$36.0B	$44.1B	Accounts payablePayables
($1.8B)	($427M)	($1.4B)	($3.6B)	($1.2B)	$260M	($325M)	($953M)	($863M)	($305M)	$16.5B	Operating working capitalOper. WC
$41.4B	$47.1B	$48.0B	$50.1B	$44.9B	$59.2B	$97.6B	$96.6B	$92.0B	$83.4B	$100.8B	Current assetsCur. assets
$47.6B	$57.8B	$57.1B	$64.0B	$56.4B	$56.6B	$69.0B	$65.3B	$70.3B	$72.3B	$88.8B	Current liabilitiesCur. liab.
0.9×	0.8×	0.8×	0.8×	0.8×	1.0×	1.4×	1.5×	1.3×	1.2×	1.1×	Current ratioCurr. ratio
$244.2B	$252.6B	$247.1B	$253.0B	$227.6B	$216.6B	$204.7B	$214.9B	$294.3B	$299.4B	—	Net PP&ENet PP&E
$330.3B	$348.7B	$346.2B	$362.6B	$332.8B	$338.9B	$369.1B	$376.3B	$453.5B	$449.0B	$464.5B	Total assetsAssets
$30.7B	$27.9B	$20.5B	$26.3B	$47.2B	$43.4B	$40.6B	$37.5B	$36.8B	$34.2B	$32.2B	Total debtDebt
$27.0B	$24.7B	$17.5B	$23.3B	$42.8B	$36.6B	$10.9B	$5.9B	$13.7B	$23.6B	$21.6B	Net debt / (cash)Net debt
1.1×	31.1×	40.4×	24.2×	-24.9×	33.0×	97.4×	62.2×	49.1×	68.4×	58.5×	Interest coverageInt. cov.
$156.5B	$154.2B	$147.7B	$163.7B	$168.6B	$163.2B	$166.6B	$163.8B	$182.9B	$182.4B	—	Total liabilitiesTotal liab.
$6.5B	$6.8B	$6.7B	$7.3B	$7.0B	$7.1B	$7.4B	$7.7B	$6.9B	$7.2B	—	Noncontrolling interestsNCI
$167.3B	$187.7B	$191.8B	$191.7B	$157.2B	$168.6B	$195.0B	$204.8B	$263.7B	$259.4B	$259.4B	Shareholders’ equityEquity
											Per share
4.18B	4.26B	4.27B	4.27B	4.27B	4.28B	4.21B	4.05B	4.30B	4.30B	4.17B	Shares out (basic avg)Shares
$48.03	$57.42	$67.97	$62.05	$42.50	$66.82	$98.38	$85.04	$81.34	$77.17	$88.35	Revenue / shareRev/sh
$1.88	$4.63	$4.88	$3.36	$-5.25	$5.39	$13.26	$8.89	$7.84	$6.70	$7.85	EPS (basic)EPS
$1.42	$3.45	$3.85	$2.51	$-0.61	$8.43	$13.89	$8.26	$7.15	$5.48	$7.32	Owner earnings / shareOE/sh
$1.42	$3.45	$3.85	$1.25	$-0.61	$8.43	$13.89	$8.26	$7.15	$5.48	$7.32	Free cash flow / shareFCF/sh
$2.98	$3.05	$3.23	$3.43	$3.48	$3.49	$3.55	$3.69	$3.89	$4.00	$4.13	Dividends / shareDiv/sh
$3.87	$3.62	$4.58	$5.71	$4.05	$2.82	$4.38	$5.41	$5.66	$6.59	$6.99	Cap. spending / shareCapex/sh
$40.06	$44.10	$44.92	$44.88	$36.79	$39.43	$46.39	$50.54	$61.36	$60.25	$62.14	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+5.4%/yr	+12.7%/yr
Owner earnings / share	+16.2%/yr	—
EPS	+15.2%/yr	—
Dividends / share	+3.3%/yr	+2.8%/yr
Capital spending / share	+6.1%/yr	+10.2%/yr
Book value / share	+4.6%/yr	+10.4%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $28.8B of profit but $23.6B of owner earnings: $5.2B less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$28.8B

Owner earnings$23.6B · 7% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$28.8B	$33.7B	$36.0B	$55.7B	$23.0B
Depreciation & amortizationnon-cash charge added back	+$26.0B	+$23.4B	+$20.6B	+$24.0B	+$20.6B
Working capital & othertiming of cash in and out, other non-cash items	−$2.9B	−$2.1B	−$1.3B	−$3.0B	+$4.5B
Cash from operations	$52.0B	$55.0B	$55.4B	$76.8B	$48.1B
Capital expenditurecash put back in to keep running and to grow	−$28.4B	−$24.3B	−$21.9B	−$18.4B	−$12.1B
Owner earnings	$23.6B	$30.7B	$33.5B	$58.4B	$36.1B
Owner-earnings marginowner earnings ÷ revenue	7%	9%	10%	14%	13%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 68.4×

Comfortable

Operating income $41.3B ÷ interest expense $603M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $23.6B · 0.6× operating profit

Modest net debt

Cash $10.7B − debt $34.2B

What this means
Netting $10.7B of cash and short-term investments against $34.2B of debt leaves $23.6B owed, about 0.6× a year's operating profit (0.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 10%

Solid through the cycle

10-yr median, range -11%–28%; 10% latest = NOPAT $29.5B ÷ invested capital $282.9B

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 7%

Solid through the cycle

10-yr median margin, range -1%–14%; latest $23.6B = operating cash $52.0B − maintenance capex $28.4B

Industry peers: median 9%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 7% of revenue this year, a 7% median across 10 years.
Are earnings backed by cash? 1.80×

Cash-backed

Cash from ops $52.0B ÷ net income $28.8B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 159%

Returned more than it generated

Dividends + buybacks $37.5B ÷ Owner Earnings $23.6B — this fiscal year

What this means
The company returned more than it generated: against $23.6B of Owner Earnings, $37.5B (159%) went back to shareholders, $17.2B dividends, $20.3B buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands. This year's proportion is 159%; across the record (2016–2025) it is 98%, the capital-allocation section below.
Investing or harvesting? 1.09×

Maintaining

Capex $28.4B ÷ depreciation & amortization as filed $26.0B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $332.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.15×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $34.2B vs $11.1B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +104%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $7.99/share (latest year $7.01), the averaged base the calculator's gate runs on, and book value is $63.08/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 2 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 6% → 14% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 6% early to 14% lately, median 11% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +11%/yr

What this means
Owner earnings grew about 11% a year over the record.
Worst year 2020 · −15.9% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Share count +0.3%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.
How management talks about it Owner’s terms

What this means
The record and the register agree: capital is compounding and the filing reasons in an owner’s terms — per-share value, return on capital, the long term — not a promoter’s.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$100.8B

Cash & short-term investments$10.6B
Receivables$60.6B
Other current assets$29.6B

Current liabilities$88.8B

Debt due within a year$10.1B
Accounts payable$74.5B
Other current liabilities$4.2B

Current ratio1.13×all current assets ÷ what's due · Graham looked for 2×

Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio

Cash ratio0.12×strictest: cash alone against what's due

Working capital$12.0Bthe cushion left after near-term bills

Debt due this year vs. cash$10.1B due · $10.6B cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+42.3%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.1×

Deeper floors

Tangible book value$259.4Bequity stripped of goodwill & intangibles

Net current asset value($97.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$17.0B$6.8B of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $419.8B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$197.8B · 47%
Dividends$147.5B · 35%
Buybacks$76.3B · 18%

Returned to owners$223.8B
98% of the owner earnings the business produced over the span, $147.5B as dividends and $76.3B as buybacks.
Average price paid for buybacks$104.53
Across the years where the filing reports a share count, 730M shares were bought for $76.3B, about $104.53 each. Year to year the price paid ranged from $50.63 (2020) to $115.46 (2024); its heaviest year, 2025, paid $111.39 ($20.3B).
Net change in share count−0.1%
The diluted count barely moved (4177M to 4174M): buybacks roughly offset the stock issued to staff.
Dividend record$4.00/sh
Paid in 10 of the years on record, the per-share dividend growing about 3% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	D.W. Woods	$23.6M	$40.1M	$36.1B
2022	D.W. Woods	$35.9M	$89.7M	$58.4B
2023	D.W. Woods	$36.9M	$23.6M	$33.5B
2024	D.W. Woods	$44.1M	$48.8M	$30.7B
2025	D.W. Woods	$33.0M	$60.0M	$23.6B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

What an owner would ask, FY2025

read the 10-K →

Who stands behind the reserve estimates?
Internal — the filing names no independent petroleum engineering firm
“ExxonMobil has a dedicated Global Reserves and Resources group that provides technical oversight and is separate from the operating organization.”verify →
Which reported numbers are a judgment call?
Management names Oil & gas reserve estimates, Depletion & DD&A as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Integrated Oil & Gas

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
XOMExxon Mobil Corporation	$332.2B	—	10.8%	10%	7%
SHELShell PLC	$266.9B	—	10.8%	9%	—
TTETotalEnergies SE	$201.2B	37%4y	7.7%	7%	—
BPBP p.l.c.	$192.5B	—	6.5%	8%	6%
CVXChevron Corporation	$184.4B	41%	8.2%	5%	9%
EQNREquinor ASA	$106.5B	54%	24.6%	19%	9%
PBRPetroleo Brasileiro S.A. Petrobras ADS	$86.3B	43%	23.4%	29%	24%
SUSuncor Energy Inc.	as filed: C$52.4B	—	16.2%	9%	—
Group median	—	—	10.8%	9%	9%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Exxon Mobil Corporation has delivered.

Today’s price $

Through the cycle, Exxon Mobil Corporation earns about $21.8B on its 6.6% median owner-earnings margin. This year’s 7.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($21.8B) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−13%/yr

Owner-earnings growth · ’16→’25+11%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $30.6B on 4112M shares outstanding, per the 10-Q cover, as of 2026-06-30; net debt $21.6B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh XOM against another business →

The owners of XOM: the meeting and the votes →

Cite: Owner Scorecard, "Exxon Mobil Corporation (XOM), the owner's record," https://ownerscorecard.com/c/XOM, data as of 2026-08-17.

Manual order: ← XNCR its page in the Manual XOMA →

Industry order: ← TTE the Integrated Oil & Gas chapter