MeritValue

EXXON MOBIL CORP

XOMdata completeness 100%19 fiscal years on file
The thesis, from the filings

EXXON MOBIL CORP earns about 19% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$276.7B1$413.7B2$344.6B3$349.6B3$332.2B3
Net income$23B4$55.7B5$36B6$33.7B6$28.8B6
Operating cash flow$48.1B7$76.8B8$55.4B9$55B9$52B9
Capital expenditure$12.1B10$18.4B11$21.9B12$24.3B12$28.4B12
Free cash flow (derived)$36.1B7$58.4B8$33.5B9$30.7B9$23.6B9
Total debt$8.28B13$889M14$8.17B15$9.85B16$18.6B17
Cash & equivalents$6.8B18$29.6B19$31.5B20$23B21$10.7B21
Diluted shares4.28B4.21B4.05B4.30B4.30B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$602.52
your share of equity
Profit it earned you last year
$67
Free cash flow it threw off
$54.85
Debt you’d be carrying
$43.1

10 shares is a claim on $602.52 of net worth that earned you $67 and generated $54.85 of cash last year, against $43.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
19% avg · 5y
FY21 14%FY22 35%FY23 21%FY24 14%FY25 11%

It earned an average 19% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 124% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000034088-22-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000034088-25-000010 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000034088-26-000045 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000034088-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000034088-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000034088-26-000045 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000034088-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000034088-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000034088-26-000045 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000034088-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000034088-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000034088-26-000045 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000034088-22-000011 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000034088-23-000020 (LongTermDebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000034088-24-000018 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000034088-25-000010 (LongTermDebtCurrent)
  17. 10-K · period ending 2025-12-31 · accession 0000034088-26-000045 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0000034088-23-000020 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000034088-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000034088-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0000034088-26-000045 (CashAndCashEquivalentsAtCarryingValue)