Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Exxon Mobil Corp., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 0.20 0.21 0.28 0.43 0.24
Debt to equity (including operating lease liability) 0.23 0.24 0.31 0.46 0.27
Debt to capital 0.17 0.17 0.22 0.30 0.20
Debt to capital (including operating lease liability) 0.19 0.19 0.24 0.32 0.22
Debt to assets 0.11 0.11 0.14 0.20 0.13
Debt to assets (including operating lease liability) 0.13 0.13 0.16 0.22 0.15
Financial leverage 1.84 1.89 2.01 2.12 1.89
Coverage Ratios
Interest coverage 63.17 98.43 33.98 -23.94 25.16
Fixed charge coverage 13.03 20.62 9.13 -5.68 5.66

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Exxon Mobil Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Exxon Mobil Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Exxon Mobil Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Exxon Mobil Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Exxon Mobil Corp. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Exxon Mobil Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Exxon Mobil Corp. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Exxon Mobil Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Exxon Mobil Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Debt to Equity

Exxon Mobil Corp., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Notes and loans payable 4,090 634 4,276 20,458 20,578
Long-term debt, excluding due within one year 37,483 40,559 43,428 47,182 26,342
Total debt 41,573 41,193 47,704 67,640 46,920
 
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Solvency Ratio
Debt to equity1 0.20 0.21 0.28 0.43 0.24
Benchmarks
Debt to Equity, Competitors2
Chevron Corp. 0.13 0.15 0.23 0.34 0.19
ConocoPhillips 0.38 0.35 0.44 0.51 0.43
Marathon Petroleum Corp. 1.12 0.96 0.97 1.42 0.86
Occidental Petroleum Corp. 0.65 0.66 1.46 1.95 1.13
Valero Energy Corp. 0.44 0.49 0.75 0.78 0.44
Debt to Equity, Sector
Oil, Gas & Consumable Fuels 0.28 0.29 0.40 0.55 0.36
Debt to Equity, Industry
Energy 0.29 0.30 0.42 0.58 0.37

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= 41,573 ÷ 204,802 = 0.20

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Exxon Mobil Corp. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Equity (including Operating Lease Liability)

Exxon Mobil Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Notes and loans payable 4,090 634 4,276 20,458 20,578
Long-term debt, excluding due within one year 37,483 40,559 43,428 47,182 26,342
Total debt 41,573 41,193 47,704 67,640 46,920
Operating lease liability due within one year (included in Accounts payable and accrued liabilities) 1,617 1,527 1,367 1,168 1,211
Long-term operating lease liability (included in Other long-term obligations) 4,393 4,067 3,823 3,994 4,482
Total debt (including operating lease liability) 47,583 46,787 52,894 72,802 52,613
 
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Solvency Ratio
Debt to equity (including operating lease liability)1 0.23 0.24 0.31 0.46 0.27
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Chevron Corp. 0.16 0.17 0.25 0.37 0.21
ConocoPhillips 0.40 0.36 0.45 0.54 0.45
Marathon Petroleum Corp. 1.17 1.01 1.03 1.49 0.93
Occidental Petroleum Corp. 0.69 0.69 1.49 2.01 1.17
Valero Energy Corp. 0.48 0.54 0.82 0.84 0.50
Debt to Equity (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.31 0.32 0.43 0.59 0.39
Debt to Equity (including Operating Lease Liability), Industry
Energy 0.33 0.33 0.45 0.62 0.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total ExxonMobil share of equity
= 47,583 ÷ 204,802 = 0.23

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Exxon Mobil Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Debt to Capital

Exxon Mobil Corp., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Notes and loans payable 4,090 634 4,276 20,458 20,578
Long-term debt, excluding due within one year 37,483 40,559 43,428 47,182 26,342
Total debt 41,573 41,193 47,704 67,640 46,920
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Total capital 246,375 236,242 216,281 224,790 238,570
Solvency Ratio
Debt to capital1 0.17 0.17 0.22 0.30 0.20
Benchmarks
Debt to Capital, Competitors2
Chevron Corp. 0.11 0.13 0.18 0.25 0.16
ConocoPhillips 0.28 0.26 0.31 0.34 0.30
Marathon Petroleum Corp. 0.53 0.49 0.49 0.59 0.46
Occidental Petroleum Corp. 0.39 0.40 0.59 0.66 0.53
Valero Energy Corp. 0.30 0.33 0.43 0.44 0.31
Debt to Capital, Sector
Oil, Gas & Consumable Fuels 0.22 0.22 0.29 0.36 0.26
Debt to Capital, Industry
Energy 0.23 0.23 0.30 0.37 0.27

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 41,573 ÷ 246,375 = 0.17

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Exxon Mobil Corp. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Capital (including Operating Lease Liability)

Exxon Mobil Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Notes and loans payable 4,090 634 4,276 20,458 20,578
Long-term debt, excluding due within one year 37,483 40,559 43,428 47,182 26,342
Total debt 41,573 41,193 47,704 67,640 46,920
Operating lease liability due within one year (included in Accounts payable and accrued liabilities) 1,617 1,527 1,367 1,168 1,211
Long-term operating lease liability (included in Other long-term obligations) 4,393 4,067 3,823 3,994 4,482
Total debt (including operating lease liability) 47,583 46,787 52,894 72,802 52,613
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Total capital (including operating lease liability) 252,385 241,836 221,471 229,952 244,263
Solvency Ratio
Debt to capital (including operating lease liability)1 0.19 0.19 0.24 0.32 0.22
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Chevron Corp. 0.14 0.15 0.20 0.27 0.18
ConocoPhillips 0.28 0.26 0.31 0.35 0.31
Marathon Petroleum Corp. 0.54 0.50 0.51 0.60 0.48
Occidental Petroleum Corp. 0.41 0.41 0.60 0.67 0.54
Valero Energy Corp. 0.32 0.35 0.45 0.46 0.33
Debt to Capital (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.24 0.24 0.30 0.37 0.28
Debt to Capital (including Operating Lease Liability), Industry
Energy 0.25 0.25 0.31 0.38 0.29

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 47,583 ÷ 252,385 = 0.19

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Exxon Mobil Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Debt to Assets

Exxon Mobil Corp., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Notes and loans payable 4,090 634 4,276 20,458 20,578
Long-term debt, excluding due within one year 37,483 40,559 43,428 47,182 26,342
Total debt 41,573 41,193 47,704 67,640 46,920
 
Total assets 376,317 369,067 338,923 332,750 362,597
Solvency Ratio
Debt to assets1 0.11 0.11 0.14 0.20 0.13
Benchmarks
Debt to Assets, Competitors2
Chevron Corp. 0.08 0.09 0.13 0.18 0.11
ConocoPhillips 0.20 0.18 0.22 0.25 0.21
Marathon Petroleum Corp. 0.32 0.30 0.30 0.37 0.29
Occidental Petroleum Corp. 0.27 0.27 0.39 0.45 0.35
Valero Energy Corp. 0.18 0.19 0.24 0.28 0.18
Debt to Assets, Sector
Oil, Gas & Consumable Fuels 0.15 0.15 0.19 0.25 0.18
Debt to Assets, Industry
Energy 0.15 0.15 0.20 0.25 0.18

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 41,573 ÷ 376,317 = 0.11

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Exxon Mobil Corp. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

Exxon Mobil Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Notes and loans payable 4,090 634 4,276 20,458 20,578
Long-term debt, excluding due within one year 37,483 40,559 43,428 47,182 26,342
Total debt 41,573 41,193 47,704 67,640 46,920
Operating lease liability due within one year (included in Accounts payable and accrued liabilities) 1,617 1,527 1,367 1,168 1,211
Long-term operating lease liability (included in Other long-term obligations) 4,393 4,067 3,823 3,994 4,482
Total debt (including operating lease liability) 47,583 46,787 52,894 72,802 52,613
 
Total assets 376,317 369,067 338,923 332,750 362,597
Solvency Ratio
Debt to assets (including operating lease liability)1 0.13 0.13 0.16 0.22 0.15
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Chevron Corp. 0.10 0.11 0.15 0.20 0.13
ConocoPhillips 0.20 0.18 0.23 0.26 0.22
Marathon Petroleum Corp. 0.33 0.31 0.32 0.39 0.32
Occidental Petroleum Corp. 0.28 0.29 0.40 0.47 0.37
Valero Energy Corp. 0.20 0.21 0.26 0.31 0.20
Debt to Assets (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.16 0.16 0.20 0.26 0.19
Debt to Assets (including Operating Lease Liability), Industry
Energy 0.17 0.17 0.21 0.27 0.20

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 47,583 ÷ 376,317 = 0.13

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Exxon Mobil Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Financial Leverage

Exxon Mobil Corp., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets 376,317 369,067 338,923 332,750 362,597
Total ExxonMobil share of equity 204,802 195,049 168,577 157,150 191,650
Solvency Ratio
Financial leverage1 1.84 1.89 2.01 2.12 1.89
Benchmarks
Financial Leverage, Competitors2
Chevron Corp. 1.63 1.62 1.72 1.82 1.65
ConocoPhillips 1.95 1.95 2.00 2.10 2.02
Marathon Petroleum Corp. 3.52 3.24 3.26 3.84 2.93
Occidental Petroleum Corp. 2.45 2.41 3.69 4.31 3.19
Valero Energy Corp. 2.39 2.59 3.14 2.75 2.47
Financial Leverage, Sector
Oil, Gas & Consumable Fuels 1.93 1.95 2.12 2.25 2.02
Financial Leverage, Industry
Energy 1.95 1.97 2.15 2.29 2.04

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 376,317 ÷ 204,802 = 1.84

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Exxon Mobil Corp. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Interest Coverage

Exxon Mobil Corp., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil 36,010 55,740 23,040 (22,440) 14,340
Add: Net income attributable to noncontrolling interest 1,344 1,837 558 (811) 434
Add: Income tax expense 15,429 20,176 7,636 (5,632) 5,282
Add: Interest expense 849 798 947 1,158 830
Earnings before interest and tax (EBIT) 53,632 78,551 32,181 (27,725) 20,886
Solvency Ratio
Interest coverage1 63.17 98.43 33.98 -23.94 25.16
Benchmarks
Interest Coverage, Competitors2
Chevron Corp. 64.08 97.27 31.39 -9.69 7.94
ConocoPhillips 21.88 36.07 15.38 -2.90 13.24
Marathon Petroleum Corp. 12.06 18.13 3.22 -9.21 4.50
Occidental Petroleum Corp. 7.80 14.71 3.30 -10.03 1.17
Valero Energy Corp. 20.88 28.24 3.56 -2.57 8.68
Interest Coverage, Sector
Oil, Gas & Consumable Fuels 27.70 42.90 13.22 -10.84 9.35
Interest Coverage, Industry
Energy 26.19 39.88 12.58 -11.55 6.66

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 53,632 ÷ 849 = 63.17

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Exxon Mobil Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Fixed Charge Coverage

Exxon Mobil Corp., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil 36,010 55,740 23,040 (22,440) 14,340
Add: Net income attributable to noncontrolling interest 1,344 1,837 558 (811) 434
Add: Income tax expense 15,429 20,176 7,636 (5,632) 5,282
Add: Interest expense 849 798 947 1,158 830
Earnings before interest and tax (EBIT) 53,632 78,551 32,181 (27,725) 20,886
Add: Operating lease cost 3,539 3,165 2,893 3,166 3,476
Earnings before fixed charges and tax 57,171 81,716 35,074 (24,559) 24,362
 
Interest expense 849 798 947 1,158 830
Operating lease cost 3,539 3,165 2,893 3,166 3,476
Fixed charges 4,388 3,963 3,840 4,324 4,306
Solvency Ratio
Fixed charge coverage1 13.03 20.62 9.13 -5.68 5.66
Benchmarks
Fixed Charge Coverage, Competitors2
Chevron Corp. 9.57 18.28 8.43 -1.29 2.62
ConocoPhillips 17.14 28.76 11.94 -1.79 9.51
Marathon Petroleum Corp. 8.98 13.15 2.52 -5.84 3.13
Occidental Petroleum Corp. 3.09 6.42 1.78 -4.00 0.91
Valero Energy Corp. 12.65 17.27 2.57 -1.02 4.90
Fixed Charge Coverage, Sector
Oil, Gas & Consumable Fuels 10.18 16.86 6.12 -3.78 4.01
Fixed Charge Coverage, Industry
Energy 9.42 15.31 5.71 -3.89 2.96

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 57,171 ÷ 4,388 = 13.03

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Exxon Mobil Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.