The business behind the dividend
| Measure | XOM | Median | Formula |
|---|---|---|---|
| Return on equity | 11.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 13.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $26.48bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $23.61bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 12.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 8.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.16x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 68.44x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.15x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.10x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.80x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.1% | 12.8% | 17.6% | 28.6% | 13.7% | -14.3% | 7.5% | 10.9% | 10.5% | 4.7% | 10.9% |
| Return on capital employed | 13.8% | 16.0% | 21.4% | 33.0% | 14.6% | -13.9% | 9.1% | 14.3% | 8.7% | 4.0% | 13.8% |
| Operating margin | 12.4% | 14.0% | 15.3% | 18.8% | 11.3% | -16.2% | 7.8% | 11.1% | 7.9% | 4.0% | 11.1% |
| Net margin | 8.7% | 9.6% | 10.5% | 13.5% | 8.3% | -12.6% | 5.6% | 7.5% | 8.3% | 3.9% | 8.3% |
| Debt to equity | 0.16x | 0.16x | 0.20x | 0.21x | 0.27x | 0.32x | 0.15x | 0.13x | 0.15x | 0.18x | 0.16x |
| Current ratio | 1.15x | 1.31x | 1.48x | 1.41x | 1.04x | 0.80x | 0.78x | 0.84x | 0.82x | 0.87x | 0.87x |
| Cash conversion | 1.80x | 1.63x | 1.54x | 1.38x | 2.09x | — | 2.07x | 1.73x | 1.53x | 2.82x | 1.73x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, Exxon Mobil pays out less than 6 of them. The median for that group is 35.7%, against this company’s 73.0%.
Closest on free cash flow
- Matador Resources (MTDR) 60.5%
- Northern Oil & Gas (NOG) 68.4%
- Chevron (CVX) 76.9%
- Murphy Oil (MUR) 82.0%
Same sector and same denominator, so the figures are comparable. All 40 in energy →