Exxon Mobil Corp. (NYSE:XOM)

Asset Turnover

The reported total asset turnover showed a marked improvement from 0.54 in 2020 to a peak of 1.08 in 2022, indicating enhanced efficiency in using assets to generate revenue. However, a decline was observed in subsequent years, dropping to 0.75 by 2024. The adjusted figures reflect a similar trend, with asset turnover improving until 2022 before decreasing.

Liquidity Ratios

Both reported and adjusted current ratios improved significantly from 2020 through 2023, rising from below or around 1.0 to values exceeding 1.4, suggesting strengthening short-term liquidity. In 2024, these ratios showed a slight decline but remained higher than 2020 levels, indicating robust current asset coverage of current liabilities during the period.

Leverage Ratios

The debt to equity and debt to capital ratios demonstrated a consistent downward trend across the years. The reported debt to equity fell from 0.43 in 2020 to 0.16 in 2024, and debt to capital decreased from 0.30 to 0.14. Similarly, adjusted ratios mirrored these declines, highlighting a reduction in reliance on debt financing and a strengthening equity base.

Financial Leverage

Financial leverage, both reported and adjusted, steadily decreased from 2020 through 2024. Reported leverage decreased from 2.12 to 1.72, while adjusted leverage dropped from 1.81 to 1.45, indicating a gradual reduction in the company’s use of debt relative to equity, potentially lowering financial risk.

Profitability Margins

The net profit margin experienced significant volatility. The company moved from negative margins in 2020 (-12.57% reported) to positive peaks around 13.98% in 2022, followed by a decline in the last two years, settling at 9.93% reported in 2024. Adjusted margins were more pronounced, showing a strong recovery after 2020, peaking higher in 2022, but also declining thereafter. This pattern suggests recovery from a loss-making year and improved profitability before some softening in later periods.

Return on Equity (ROE)

ROE showed a recovery trend after negative returns in 2020, peaking notably in 2022 with reported ROE reaching 28.58%, before decreasing to 12.77% in 2024. Adjusted ROE followed a similar trajectory but exhibited a more pronounced decline in the latest year. This indicates enhanced equity profitability through 2022 with some reduction in efficiency to generate shareholder returns in the most recent period.

Return on Assets (ROA)

ROA improved from negative figures in 2020 to a high in 2022 (15.1% reported), with a downward movement thereafter to 7.43% reported in 2024. Adjusted ROA values reflected a similar trend but with somewhat higher peaks and a steeper decline at the end of the period. These trends suggest fluctuations in asset profitability, generally improving to 2022, followed by diminished returns on total assets in recent years.

The annual financial data reveals several key trends regarding the company's revenue, asset base, and asset utilization efficiency over the five-year period.

Revenue Trends

Sales and other operating revenue exhibited significant growth from 2020 to 2022, rising sharply from 178,574 million US dollars to 398,675 million US dollars. This period reflects an aggressive expansion or improvement in the company's core operations. However, in 2023, revenue declined to 334,697 million US dollars, followed by a slight increase to 339,247 million US dollars in 2024. This indicates some volatility and potential challenges in maintaining the peak revenue levels achieved in 2022.

Asset Base Development

Total assets increased steadily from 332,750 million US dollars in 2020 to 453,475 million US dollars in 2024, representing a notable expansion in the company's asset base. Adjusted total assets, which may account for specific asset reclassifications or adjustments, followed a similar rising trend, growing from 334,465 million US dollars to 460,015 million US dollars over the same period. This upward trajectory indicates ongoing investments or acquisitions contributing to asset growth.

Asset Turnover Ratios

The reported total asset turnover ratio, a measure of how efficiently the company uses its assets to generate sales, improved markedly from 0.54 in 2020 to a peak of 1.08 in 2022, reflecting enhanced operational efficiency and effective asset utilization during this time. However, this ratio declined in subsequent years to 0.89 in 2023 and further to 0.75 in 2024. The adjusted total asset turnover showed a similar pattern, rising from 0.53 in 2020 to 1.05 in 2022 and then decreasing to 0.86 and 0.74 in 2023 and 2024 respectively. The reduction in asset turnover ratios after 2022 may suggest that asset growth outpaced sales growth or that there were inefficiencies in utilizing the expanded asset base.

Overall Assessment

The data indicates a phase of rapid revenue growth accompanied by effective asset usage leading up to 2022. Beyond that point, despite continued asset accumulation, there was a decline in revenue and asset turnover ratios, signaling potential challenges in sustaining operational efficiency and revenue generation proportional to asset investment. These trends suggest a need for reviewing asset management strategies and revenue optimization to enhance future performance.

Current Assets

Current assets showed a significant upward trend from 44,893 million USD at the end of 2020 to a peak of 97,631 million USD at the end of 2022. Following this peak, current assets slightly decreased to 96,609 million USD in 2023 and further to 91,990 million USD in 2024. This indicates substantial growth in liquid or short-term assets during the first three years, with a modest contraction in the last two years observed.

Current Liabilities

Current liabilities remained relatively stable between 56,363 million USD in 2020 and 56,643 million USD in 2021. Afterward, there was a noticeable increase to 69,045 million USD in 2022, where it plateaued in 2023 with a slight decrease to 65,316 million USD before rising again to 70,307 million USD in 2024. The upward movement in liabilities from 2021 onward suggests increased short-term obligations.

Reported Current Ratio

The reported current ratio improved consistently over the five-year period, increasing from 0.8 in 2020 to 1.48 in 2023, before declining slightly to 1.31 in 2024. This reflects an overall enhancement in liquidity position, with assets available to cover current liabilities rising notably, particularly between 2020 and 2023. The minor reduction in 2024 may indicate some moderation in liquidity.

Adjusted Current Assets

Adjusted current assets demonstrated a similar pattern to current assets but at higher absolute values, starting from 50,767 million USD in 2020 and reaching a peak of 113,101 million USD in 2022. Following the peak, a decrease is noticed to 110,880 million USD in 2023 and further down to 102,466 million USD in 2024. This adjusted measure suggests a consistent upward trend in more precisely defined liquid assets over the initial three years with a mild reduction thereafter.

Adjusted Current Liabilities

Adjusted current liabilities nearly mirrored reported current liabilities, starting at 55,960 million USD in 2020 and increasing modestly to 56,566 million USD in 2021, then rising significantly to 69,045 million USD by 2022. This figure remained stable at 65,316 million USD in 2023 and rose to 70,307 million USD in 2024. The similarity between adjusted and reported liabilities indicates adjustments likely focused on asset classification rather than liabilities.

Adjusted Current Ratio

The adjusted current ratio consistently exceeded the reported current ratio across all years, beginning at 0.91 in 2020 and peaking at 1.7 in 2023 before declining to 1.46 in 2024. This ratio reveals stronger liquidity when considering adjustments. The rising trend up to 2023 highlights improving ability to meet short-term obligations, with a subsequent slight decline reflecting reduced liquid asset coverage in the most recent year.

Total Debt

The total debt decreased significantly from 67,640 million USD in 2020 to 41,193 million USD in 2022, followed by a slight increase to 41,710 million USD in 2024. The overall trend shows a reduction in debt levels over the five-year period, indicating improved debt management or repayment.

Total ExxonMobil Share of Equity

The total equity showed a consistent upward trend from 157,150 million USD in 2020 to 263,705 million USD in 2024. This represents a substantial increase, reflecting growth in shareholder value and retained earnings over time.

Reported Debt to Equity Ratio

The reported debt to equity ratio decreased steadily from 0.43 in 2020 to 0.16 in 2024. This decline suggests a strengthening financial position with lower reliance on debt relative to equity, highlighting improved solvency and reduced financial risk.

Adjusted Total Debt

The adjusted total debt followed a similar pattern to the reported total debt, dropping from 72,802 million USD in 2020 to 46,787 million USD in 2022, with a slight increase to 48,188 million USD in 2024. The adjustments likely reflect accounting or valuation changes, but the downward trend remains consistent.

Adjusted Total Equity

Adjusted equity also increased steadily from 184,413 million USD in 2020 to 316,188 million USD in 2024, mirroring the trend of reported equity but at a higher base level. This suggests that the company’s net asset base has grown significantly when accounting for adjustments.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio declined from 0.39 in 2020 to 0.15 in 2024. This reduction reinforces the observed improvement in financial stability and capital structure strength based on adjusted figures, underscoring a lower proportion of debt financing relative to equity.

Overall, the data demonstrates a clear trend of deleveraging and equity growth over the period analyzed. Both reported and adjusted figures indicate a consistent improvement in the debt to equity ratios, showing enhanced financial health and decreased leverage. The equity base has expanded substantially, supporting a stronger capital position despite minor increases in total debt in the most recent years. This pattern suggests strategic financial management aimed at strengthening the balance sheet and reducing risk exposure.

Total Debt

The total debt shows a decreasing trend from 67,640 million US dollars in 2020 to 41,193 million in 2022, followed by a slight increase to 41,710 million by 2024. This indicates an initial significant reduction in debt burden, later stabilizing at a lower level.

Total Capital

Total capital decreases slightly from 224,790 million in 2020 to 216,281 million in 2021, then rises steadily to 305,415 million by 2024. This growth suggests increased funding or equity infusion during the latter years, contributing to an expanding capital base.

Reported Debt to Capital Ratio

The reported debt to capital ratio declines continuously from 0.30 in 2020 to 0.14 in 2024. This reflects an improving leverage position, with a smaller proportion of capital financed through debt over time.

Adjusted Total Debt

The adjusted total debt follows a pattern similar to total debt, decreasing from 72,802 million in 2020 to 46,787 million in 2022, and then increasing slightly to 48,188 million in 2024. This demonstrates a consistent reduction in debt obligations when adjustments are considered, with minor stabilization afterward.

Adjusted Total Capital

Adjusted total capital increases from 257,215 million in 2020 to 364,376 million in 2024, reflecting substantial capital growth over the period. The continuous rise suggests successful capital expansion efforts or asset growth under the adjusted basis.

Adjusted Debt to Capital Ratio

This ratio similarly decreases from 0.28 in 2020 to 0.13 in 2024, indicating a consistent reduction in leverage when adjustments are taken into account. The declining ratio reinforces the trend of improved capital structure and reduced reliance on debt financing.

Total Assets

The total assets demonstrate a consistent upward trend over the analyzed period. Starting from 332,750 million US dollars at the end of 2020, the total assets increased modestly through 2021 and 2022, reaching 369,067 million US dollars. Growth continued in 2023 with assets reaching 376,317 million US dollars, followed by a more substantial increase in 2024, culminating at 453,475 million US dollars. This indicates a steady expansion in the asset base, with a marked acceleration in the final year observed.

Total ExxonMobil Share of Equity

The total share of equity attributable to ExxonMobil also increased progressively each year. Beginning at 157,150 million US dollars in 2020, equity rose steadily to 168,577 million in 2021 and 195,049 million in 2022. Growth continued through 2023 and 2024, reaching 204,802 million and 263,705 million US dollars respectively. The equity growth rate appears to have accelerated notably in 2024, suggesting stronger retained earnings or capital injections relative to prior years.

Reported Financial Leverage

Reported financial leverage, measured as a ratio, exhibits a continuous declining trend, decreasing from 2.12 in 2020 to 1.72 in 2024. This downward movement suggests a reduction in reliance on debt relative to equity, indicating an improvement in the company's capital structure and potentially lower financial risk over time.

Adjusted Total Assets

The adjusted total assets follow a pattern similar to total assets but at slightly higher values, indicating adjustments that increase asset value. From 334,465 million US dollars in 2020, adjusted assets steadily increased to 349,013 million in 2021 and 380,712 million in 2022, then moderately to 386,951 million in 2023. A significant jump is observed in 2024, where adjusted total assets reach 460,015 million US dollars, consistent with the trend observed in total assets.

Adjusted Total Equity

Adjusted total equity rises each year, beginning at 184,413 million US dollars in 2020 and increasing consistently to 206,015 million in 2021, 236,992 million in 2022, and 247,624 million in 2023. This trend continues into 2024 with a notable increase to 316,188 million US dollars, mirroring the uplift seen in adjusted assets and indicating enhanced shareholder value under the adjusted basis.

Adjusted Financial Leverage

The adjusted financial leverage ratio also decreases each year, moving from 1.81 in 2020 to 1.45 in 2024. This steady decline aligns with the trend in reported financial leverage and supports the conclusion of reduced debt levels relative to equity, signifying a strengthening balance sheet and potentially better financial stability.

Net income (loss) attributable to ExxonMobil

The net income showed a significant turnaround from a loss of US$22,440 million in 2020 to a substantial profit of US$23,040 million in 2021. This positive momentum continued with profits increasing further to US$55,740 million in 2022. However, there was a decline in net income in the following years, reducing to US$36,010 million in 2023 and US$33,680 million in 2024, indicating some volatility but remaining profitable.

Sales and other operating revenue

Sales and operating revenue exhibited a strong upward trend from US$178,574 million in 2020 to US$398,675 million in 2022, reflecting substantial growth. Thereafter, a decline occurred in 2023 to US$334,697 million, followed by a slight recovery to US$339,247 million in 2024. Overall, revenues increased markedly compared to 2020, but showed some fluctuations after reaching the peak in 2022.

Reported net profit margin (%)

The reported net profit margin sharply shifted from a negative margin of -12.57% in 2020 to a positive margin of 8.33% in 2021. The margin peaked at 13.98% in 2022, then declined to 10.76% in 2023 and decreased further to 9.93% in 2024. This pattern indicates improved profitability in 2021 and 2022, followed by a gradual contraction in profit margins, though remaining solidly positive.

Adjusted net income (loss) including noncontrolling interests

Adjusted net income, which accounts for noncontrolling interests, mirrored the trajectory of reported net income but with larger magnitude of losses and gains. The company transitioned from a US$32,207 million loss in 2020 to a US$35,291 million profit in 2021, and then strengthened to a peak adjusted profit of US$62,151 million in 2022. Adjusted net income dropped to US$38,802 million in 2023 and further to US$27,168 million in 2024, demonstrating a similar downward trend post-2022.

Adjusted net profit margin (%)

The adjusted net profit margin followed the trend observed in adjusted net income. It improved markedly from -18.04% in 2020 to 12.75% in 2021 and attained the highest margin of 15.59% in 2022. The margin then declined distinctly to 11.59% in 2023 and continued to fall to 8.01% in 2024. Despite the decline, the margin remained positive after 2020, indicating sustained profitability though at reduced levels.

Net Income (Loss) Attributable to ExxonMobil

The net income experienced a significant turnaround from a loss of 22,440 million USD in 2020 to a profit of 23,040 million USD in 2021. This upward trend continued strongly in 2022, reaching 55,740 million USD. However, in 2023 and 2024, net income declined to 36,010 million USD and 33,680 million USD respectively, indicating some volatility but maintaining profitability.

Total ExxonMobil Share of Equity

The equity attributable to shareholders exhibited consistent growth over the period, increasing from 157,150 million USD in 2020 to 263,705 million USD in 2024. This steady increase reflects strengthening financial stability and accumulation of shareholder value across the years.

Reported Return on Equity (ROE)

The reported ROE showed a marked improvement beginning from a negative 14.28% in 2020 to positive 13.67% in 2021. It peaked at a high of 28.58% in 2022, then declined to 17.58% in 2023, and further lowered to 12.77% in 2024. The pattern indicates an overall high profitability in relation to equity particularly in 2022, followed by a decreasing trend in subsequent years.

Adjusted Net Income (Loss) Including Noncontrolling Interests

Adjusted net income follows a similar trajectory to reported net income but with higher absolute values. It moved from a loss of 32,207 million USD in 2020 to gains of 35,291 million USD in 2021 and peaked at 62,151 million USD in 2022. The adjusted figures then declined to 38,802 million USD in 2023 and 27,168 million USD in 2024, indicating adjustments amplify the profit and loss swings but mirror the general income trend.

Adjusted Total Equity

Adjusted total equity demonstrated continuous growth from 184,413 million USD in 2020 to 316,188 million USD in 2024. The increase is consistent and suggests balance sheet strength when considering adjustments for noncontrolling interests or other factors.

Adjusted Return on Equity (Adjusted ROE)

Adjusted ROE showed a negative value of -17.46% in 2020, improving to a positive 17.13% in 2021 and peaking at 26.22% in 2022. Thereafter, it declined to 15.67% in 2023 and further to 8.59% in 2024. This trajectory indicates that while underlying profitability adjusted for additional factors remains strong, it follows a downward trend similar to the reported ROE.

Net Income (Loss) Attributable to ExxonMobil

The net income experienced a significant turnaround from a substantial loss of -22,440 million USD at the end of 2020 to a strong profit of 23,040 million USD in 2021. This upward trajectory continued sharply into 2022, reaching 55,740 million USD, followed by a decline in subsequent years to 36,010 million USD in 2023 and further to 33,680 million USD in 2024. Although profitability decreased after the peak in 2022, the company maintained positive net income.

Total Assets

Total assets showed consistent growth over the five-year period, starting at 332,750 million USD in 2020 and increasing modestly through 2021 and 2023. A more pronounced rise occurred between 2023 and 2024, where total assets jumped significantly to 453,475 million USD, indicating substantial asset accumulation or revaluation during the latest period.

Reported Return on Assets (ROA)

The reported ROA mirrored the net income trend, beginning with a negative return of -6.74% in 2020 that shifted to a positive 6.8% in 2021. It peaked at 15.1% in 2022 before declining to 9.57% in 2023 and falling further to 7.43% in 2024. This indicates an improvement in asset profitability until 2022, followed by a decreasing efficiency in generating earnings from assets.

Adjusted Net Income (Loss) Including Noncontrolling Interests

Adjusted net income exhibited a similar but more pronounced trend compared to reported net income. It started with a large loss of -32,207 million USD in 2020, then improved sharply to 35,291 million USD in 2021, and peaked at 62,151 million USD in 2022. In the years following, adjusted net income decreased to 38,802 million USD in 2023 and further to 27,168 million USD in 2024, reflecting a notable reduction in adjusted profitability after 2022.

Adjusted Total Assets

Adjusted total assets grew steadily over the review period, beginning at 334,465 million USD in 2020 and increasing each year to reach 460,015 million USD in 2024. This consistent rise aligns with the trend in reported assets, demonstrating continued investment or asset growth under the adjusted basis.

Adjusted Return on Assets (ROA)

Adjusted ROA followed the overall profitability trend with a negative figure of -9.63% in 2020, turning positive in 2021 at 10.11%, and reaching a high of 16.32% in 2022. Subsequently, it declined to 10.03% in 2023 and further to 5.91% in 2024. This suggests that while the company achieved strong returns on assets on an adjusted basis, there was a clear reduction in asset efficiency in the last two years.