Stock Analysis on Net
Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Exxon Mobil Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2024 12.77% = 7.43% × 1.72
Sep 30, 2024 12.55% = 7.30% × 1.72
Jun 30, 2024 12.73% = 7.41% × 1.72
Mar 31, 2024 15.98% = 8.68% × 1.84
Dec 31, 2023 17.58% = 9.57% × 1.84
Sep 30, 2023 19.09% = 10.24% × 1.86
Jun 30, 2023 24.48% = 13.41% × 1.82
Mar 31, 2023 29.54% = 15.89% × 1.86
Dec 31, 2022 27.04% = 14.29% × 1.89
Sep 30, 2022 27.87% = 14.01% × 1.99
Jun 30, 2022 21.97% = 10.59% × 2.07
Mar 31, 2022 15.24% = 7.27% × 2.10
Dec 31, 2021 13.67% = 6.80% × 2.01
Sep 30, 2021 -3.67% = -1.75% × 2.10
Jun 30, 2021 -8.41% = -3.95% × 2.13
Mar 31, 2021 -12.17% = -5.72% × 2.13
Dec 31, 2020 -14.28% = -6.74% × 2.12
Sep 30, 2020 — = — × 2.02
Jun 30, 2020 — = — × 2.01
Mar 31, 2020 — = — × 1.95

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Exxon Mobil Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2024 12.77% = 9.93% × 0.75 × 1.72
Sep 30, 2024 12.55% = 9.92% × 0.74 × 1.72
Jun 30, 2024 12.73% = 10.03% × 0.74 × 1.72
Mar 31, 2024 15.98% = 9.90% × 0.88 × 1.84
Dec 31, 2023 17.58% = 10.76% × 0.89 × 1.84
Sep 30, 2023 19.09% = 11.01% × 0.93 × 1.86
Jun 30, 2023 24.48% = 13.38% × 1.00 × 1.82
Mar 31, 2023 29.54% = 14.87% × 1.07 × 1.86
Dec 31, 2022 27.04% = 13.23% × 1.08 × 1.89
Sep 30, 2022 27.87% = 13.41% × 1.05 × 1.99
Jun 30, 2022 21.97% = 11.06% × 0.96 × 2.07
Mar 31, 2022 15.24% = 8.40% × 0.86 × 2.10
Dec 31, 2021 13.67% = 8.33% × 0.82 × 2.01
Sep 30, 2021 -3.67% = -2.45% × 0.72 × 2.10
Jun 30, 2021 -8.41% = -6.21% × 0.64 × 2.13
Mar 31, 2021 -12.17% = -10.55% × 0.54 × 2.13
Dec 31, 2020 -14.28% = -12.57% × 0.54 × 2.12
Sep 30, 2020 — = — × — × 2.02
Jun 30, 2020 — = — × — × 2.01
Mar 31, 2020 — = — × — × 1.95

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Exxon Mobil Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2024 12.77% = 0.71 × 0.98 × 14.29% × 0.75 × 1.72
Sep 30, 2024 12.55% = 0.70 × 0.98 × 14.49% × 0.74 × 1.72
Jun 30, 2024 12.73% = 0.70 × 0.98 × 14.66% × 0.74 × 1.72
Mar 31, 2024 15.98% = 0.70 × 0.98 × 14.48% × 0.88 × 1.84
Dec 31, 2023 17.58% = 0.70 × 0.98 × 15.62% × 0.89 × 1.84
Sep 30, 2023 19.09% = 0.67 × 0.99 × 16.62% × 0.93 × 1.86
Jun 30, 2023 24.48% = 0.71 × 0.99 × 18.96% × 1.00 × 1.82
Mar 31, 2023 29.54% = 0.72 × 0.99 × 20.73% × 1.07 × 1.86
Dec 31, 2022 27.04% = 0.72 × 0.99 × 18.49% × 1.08 × 1.89
Sep 30, 2022 27.87% = 0.75 × 0.99 × 18.02% × 1.05 × 1.99
Jun 30, 2022 21.97% = 0.73 × 0.98 × 15.40% × 0.96 × 2.07
Mar 31, 2022 15.24% = 0.73 × 0.98 × 11.83% × 0.86 × 2.10
Dec 31, 2021 13.67% = 0.75 × 0.97 × 11.43% × 0.82 × 2.01
Sep 30, 2021 -3.67% = — × — × -2.44% × 0.72 × 2.10
Jun 30, 2021 -8.41% = — × — × -7.26% × 0.64 × 2.13
Mar 31, 2021 -12.17% = — × — × -12.86% × 0.54 × 2.13
Dec 31, 2020 -14.28% = — × — × -15.07% × 0.54 × 2.12
Sep 30, 2020 — = — × — × — × — × 2.02
Jun 30, 2020 — = — × — × — × — × 2.01
Mar 31, 2020 — = — × — × — × — × 1.95

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Exxon Mobil Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2024 7.43% = 9.93% × 0.75
Sep 30, 2024 7.30% = 9.92% × 0.74
Jun 30, 2024 7.41% = 10.03% × 0.74
Mar 31, 2024 8.68% = 9.90% × 0.88
Dec 31, 2023 9.57% = 10.76% × 0.89
Sep 30, 2023 10.24% = 11.01% × 0.93
Jun 30, 2023 13.41% = 13.38% × 1.00
Mar 31, 2023 15.89% = 14.87% × 1.07
Dec 31, 2022 14.29% = 13.23% × 1.08
Sep 30, 2022 14.01% = 13.41% × 1.05
Jun 30, 2022 10.59% = 11.06% × 0.96
Mar 31, 2022 7.27% = 8.40% × 0.86
Dec 31, 2021 6.80% = 8.33% × 0.82
Sep 30, 2021 -1.75% = -2.45% × 0.72
Jun 30, 2021 -3.95% = -6.21% × 0.64
Mar 31, 2021 -5.72% = -10.55% × 0.54
Dec 31, 2020 -6.74% = -12.57% × 0.54
Sep 30, 2020 — = — × —
Jun 30, 2020 — = — × —
Mar 31, 2020 — = — × —

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2024 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

Exxon Mobil Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2024 7.43% = 0.71 × 0.98 × 14.29% × 0.75
Sep 30, 2024 7.30% = 0.70 × 0.98 × 14.49% × 0.74
Jun 30, 2024 7.41% = 0.70 × 0.98 × 14.66% × 0.74
Mar 31, 2024 8.68% = 0.70 × 0.98 × 14.48% × 0.88
Dec 31, 2023 9.57% = 0.70 × 0.98 × 15.62% × 0.89
Sep 30, 2023 10.24% = 0.67 × 0.99 × 16.62% × 0.93
Jun 30, 2023 13.41% = 0.71 × 0.99 × 18.96% × 1.00
Mar 31, 2023 15.89% = 0.72 × 0.99 × 20.73% × 1.07
Dec 31, 2022 14.29% = 0.72 × 0.99 × 18.49% × 1.08
Sep 30, 2022 14.01% = 0.75 × 0.99 × 18.02% × 1.05
Jun 30, 2022 10.59% = 0.73 × 0.98 × 15.40% × 0.96
Mar 31, 2022 7.27% = 0.73 × 0.98 × 11.83% × 0.86
Dec 31, 2021 6.80% = 0.75 × 0.97 × 11.43% × 0.82
Sep 30, 2021 -1.75% = — × — × -2.44% × 0.72
Jun 30, 2021 -3.95% = — × — × -7.26% × 0.64
Mar 31, 2021 -5.72% = — × — × -12.86% × 0.54
Dec 31, 2020 -6.74% = — × — × -15.07% × 0.54
Sep 30, 2020 — = — × — × — × —
Jun 30, 2020 — = — × — × — × —
Mar 31, 2020 — = — × — × — × —

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2024 is the increase in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Exxon Mobil Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2024 9.93% = 0.71 × 0.98 × 14.29%
Sep 30, 2024 9.92% = 0.70 × 0.98 × 14.49%
Jun 30, 2024 10.03% = 0.70 × 0.98 × 14.66%
Mar 31, 2024 9.90% = 0.70 × 0.98 × 14.48%
Dec 31, 2023 10.76% = 0.70 × 0.98 × 15.62%
Sep 30, 2023 11.01% = 0.67 × 0.99 × 16.62%
Jun 30, 2023 13.38% = 0.71 × 0.99 × 18.96%
Mar 31, 2023 14.87% = 0.72 × 0.99 × 20.73%
Dec 31, 2022 13.23% = 0.72 × 0.99 × 18.49%
Sep 30, 2022 13.41% = 0.75 × 0.99 × 18.02%
Jun 30, 2022 11.06% = 0.73 × 0.98 × 15.40%
Mar 31, 2022 8.40% = 0.73 × 0.98 × 11.83%
Dec 31, 2021 8.33% = 0.75 × 0.97 × 11.43%
Sep 30, 2021 -2.45% = — × — × -2.44%
Jun 30, 2021 -6.21% = — × — × -7.26%
Mar 31, 2021 -10.55% = — × — × -12.86%
Dec 31, 2020 -12.57% = — × — × -15.07%
Sep 30, 2020 — = — × — × —
Jun 30, 2020 — = — × — × —
Mar 31, 2020 — = — × — × —

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The primary reason for the increase in net profit margin ratio over Q4 2024 is the increase in effect of taxes measured by tax burden ratio.