Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Exxon Mobil Corp., FCFF calculation
US$ in millions
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, 2 See details »
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Exxon Mobil Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Exxon Mobil Corp. FCFF increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
Interest Paid, Net of Tax
Exxon Mobil Corp., interest paid, net of tax calculation
US$ in millions
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).
2 2023 Calculation
Cash interest paid, tax = Cash interest paid × EITR
= 584 × 33.00% = 193
3 2023 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 1,152 × 33.00% = 380
Enterprise Value to FCFF Ratio, Current
Exxon Mobil Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 546,588) |
| Free cash flow to the firm (FCFF) | 34,613) |
| Valuation Ratio | |
| EV/FCFF | 15.79 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Chevron Corp. | 15.00 |
| ConocoPhillips | 15.38 |
| Marathon Petroleum Corp. | 5.62 |
| Occidental Petroleum Corp. | 10.77 |
| Valero Energy Corp. | 6.15 |
| EV/FCFF, Sector | |
| Oil, Gas & Consumable Fuels | 12.86 |
| EV/FCFF, Industry | |
| Energy | 13.00 |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Exxon Mobil Corp., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | 431,696) | 465,686) | 373,021) | 310,294) | 275,467) | |
| Free cash flow to the firm (FCFF)2 | 34,613) | 59,398) | 37,070) | (1,410) | 6,207) | |
| Valuation Ratio | ||||||
| EV/FCFF3 | 12.47 | 7.84 | 10.06 | — | 44.38 | |
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Chevron Corp. | 14.85 | 8.27 | 13.33 | 106.63 | 16.67 | |
| ConocoPhillips | 15.38 | 7.43 | 10.72 | 92.48 | 13.21 | |
| Marathon Petroleum Corp. | 6.31 | 5.22 | 7.80 | — | 13.14 | |
| Occidental Petroleum Corp. | 11.15 | 5.95 | 8.39 | 25.58 | 45.65 | |
| Valero Energy Corp. | 6.36 | 5.39 | 10.62 | — | 9.96 | |
| EV/FCFF, Sector | ||||||
| Oil, Gas & Consumable Fuels | 11.74 | 7.32 | 10.61 | 399.27 | 21.17 | |
| EV/FCFF, Industry | ||||||
| Energy | 12.06 | 7.80 | 10.93 | 210.37 | 21.44 | |
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).
3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 431,696 ÷ 34,613 = 12.47
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Exxon Mobil Corp. EV/FCFF ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |