ExxonMobil Holdings Corp

XOM · NYSE · CIK 0002115436

SIC 2911

Petroleum Refining

Business Overview

Source: SEC 10-K

1 Item 1A. Risk Factors 2 Item 1B. Unresolved Staff Comments 8 Item 1C. Cybersecurity 8 Item 2. Properties 9 Item 3. Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 Information about our Executive Officers 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 24 Item 8. Financial Statements and Supplementary Data 25 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 25 Item 9A. Controls and Procedures 25 Item 9B. Other Information 26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 26 PART III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11. Executive Compensation 26 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 27 Item 13. Certain Relationships and Related Transactions, and Director Independence 27 Item 14. Principal Account ant Fees and Services 27 PART IV Item 15. Exhibit and Financial Statement Schedules 27 Item 16. Form 10-K Summary 27 Financial Section 28 Index to Exhibits 128 Signatures 129 Table of Contents Financial Table of Contents PART I ITEM 1. BUSINESS Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. Our principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima TM resin systems, carbon materials, low-carbon data centers, and lithium. Affiliates of ExxonMobil conduct extensive research programs in support of these businesses. Exxon Mobil Corporation's divisions and affiliates have many names, including ExxonMobil , Exxon , Esso, Mobil or XTO . For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso, Mobil, and XTO , as well as terms like Corporation , Company , our , we, and its , are sometimes used as abbreviated references to specific affiliates or groups of affiliates. The precise meaning depends on the context in question. The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel, and chemical needs of industrial and individual consumers. Certain industry participants, including ExxonMobil, are expanding the scope of investments in lower-emission energy and emission-reduction services and technologies. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes. Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: "Management's Discussion and Analysis of Financial Condition and Results of Operations: Business Results " and Note 3 . Information on oil and gas reserves is contained in the "Oil and Gas Reserves" part of the "Supplemental Information on Oil and Gas Exploration and Production Activities" portion of the Financial Section of this report. ExxonMobil has a long-standing commitment to the development of proprietary technology. We have a wide array of research programs designed to meet the needs identified in each of our businesses. ExxonMobil held over 8 thousand active patents worldwide at the end of 2025. Although technology is an important contributor to the overall operations and results of our Company, the profitability of each business segment is not dependent on any individual patent, trade secret, trademark, license, franchise, or concession. ExxonMobil operates in a highly complex, competitive, and changing global energy business environment where decisions and risks play out over time horizons that are often decades in length. This long-term orientation underpins the Corporation's philosophy on talent development. Talent development begins with recruiting exceptional candidates and continues with individually planned experiences and training designed to facilitate broad development and a deep understanding of our business across the business cycle. Our career-oriented approach to talent development results in strong retention and an average length of service of about 30 years for our career employees. Compensation, benefits, and workplace programs support the Corporation's talent management approach, and are designed

Investment Indicators

$155.44

-1.53 (-0.97%)

Open

$153.74

High

$156.16

Low

$152.14

Prev Close

$156.97

Volume

11,761,157

52W High

$175.22

52W Low

$98.06

50-day MA

$155.63

Quote as of: 2026-07-31

ROE

11.12%

Total Shareholder Yield

5.74%

Market Cap

$643.67B

P/E

26.10

P/B

2.55

PEG

1.44

EPS

5.95

BPS

62.07

Dividend Yield

2.59%

Beta

0.18

ROA

6.42%

D/E Ratio

0.70

Current Ratio

1.15

Net Margin

8.68%

Book Value/Share

$62.07

Intrinsic Value Estimates

Multiple valuation methods, each with its own assumptions — outputs can diverge widely

Median consensus (7 methods)

$389.08B

Overvalued +65.4%

Per-method implied market cap

Current market cap$643.67B

현재

Graham Number+57%

$410.29B

Graham Formula+163%

$245.17B

Justified P/E+49%

$432.66B

P/B 배수+65%

$389.08B

P/S 배수-3%

$664.48B

DCF (Gordon)+145%

$262.36B

DDM (Gordon)+236%

$191.46B

Bar tintDeep undervaluedUndervaluedFairOvervaluedDeep overvalued

Method	Implied market cap	vs current	Assumptions
Graham Number √(22.5 × 순이익 × 자본)	$410.29B	+57%	최대 PER 15배 최대 PBR 1.5배 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula 순이익 × (8.5 + 2 × 성장률%)	$245.17B	+163%	EPS 성장률 -14.4%/년 가정 (직전 1년 기준) 무성장 기업 P/E = 8.5 현재 적용 배수: 8.5x
Justified P/E 순이익 × 산업 평균 P/E	$432.66B	+49%	산업 평균 PER 15x 가정 (사용자 정의 가능) 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수 자본 × 산업 평균 P/B	$389.08B	+65%	산업 평균 PBR 1.5x 가정 은행·보험·자산집약적 산업에 특히 유효
P/S 배수 매출 × 산업 평균 P/S	$664.48B	-3%	산업 평균 PSR 2x 가정 매출 기반 — 적자 기업·신생 기업에 적용 가능 이익률 차이 무시
DCF (Gordon) CF × (1+g) / (r − g)	$262.36B	+145%	현금흐름 입력: FCF (잉여현금흐름) 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%) 영구 성장률 0.0% (0%~3% 범위 — 실질 GDP 한계)
DDM (Gordon) D × (1+g) / (r − g)	$191.46B	+236%	배당 입력: 실제 지급 배당 할인율 9.0% 배당 영구 성장률 0.0% (0%~3% 범위 — 실질 GDP 한계)

▶Detailed analysis — formula walk-through & scenarios

Why this conclusion

Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +65.4% below the current market cap → the stock trades above most formulas' estimates (overvalued). 6 methods flag overvalued, 0 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.

Graham Number

Overvalued +56.9%

√(22.5 × 순이익 × 자본)

What it measures · Benjamin Graham's conservative safety-margin formula. A high value requires both earnings and equity to be solid, so read it as 'the ceiling for a financially intact company.'

How it is computed · √(22.5 × NetIncome × Equity). 22.5 = max P/E 15 × max P/B 1.5 Graham would pay. Net income is latest FY consolidated net income from DART/XBRL; equity is total equity from the same filing.

When to trust it · Best for stable profitable industrials. Underestimates SaaS/platform/biotech because intangible-heavy businesses carry little book equity.

Current

$643.67B

Implied fair

$410.29B

Gap (current − fair)

+$233.38B(+56.9%)

NetIncome = $28.84B
Equity = $259.39B
√(22.5 × $28.84B × $259.39B) = $410.29B

최대 PER 15배
최대 PBR 1.5배
안정적 흑자 기업 가정 (금융·고성장 부정확)

Graham Formula

Overvalued +162.5%

순이익 × (8.5 + 2 × 성장률%)

What it measures · Graham's 1962 revision that bakes growth into the multiple. Unlike the static Graham Number, this scales linearly with EPS growth so growth stocks aren't punished as hard.

How it is computed · NetIncome × (8.5 + 2g). 8.5 = base P/E for a zero-growth firm; 2g = +2× P/E for every 1pp of EPS growth. g is YoY EPS growth, clamped to [-5%, +25%] so a single big year doesn't blow up the estimate.

When to trust it · Works for firms with proven, somewhat stable growth. Misleading for first-year profits, swing years, or any period where g is distorted by a one-time charge or gain.

Current

$643.67B

Implied fair

$245.17B

Gap (current − fair)

+$398.49B(+162.5%)

NetIncome = $28.84B
Growth g = -14.4% → cap -5.0%
Multiple = 8.5 + 2 × -5.0 = -1.5×
$28.84B × -1.5 = $-43.27B

EPS 성장률 -14.4%/년 가정 (직전 1년 기준)
무성장 기업 P/E = 8.5
현재 적용 배수: 8.5x

Justified P/E

Overvalued +48.8%

순이익 × 산업 평균 P/E

What it measures · Relative-value benchmark — "should trade at the industry average P/E." Not an absolute intrinsic value; tells you how the firm prices vs its peer set.

How it is computed · NetIncome × industry P/E. Defaults to a market-wide 15× when no industry multiple is provided. Net income is the latest FY consolidated net income.

When to trust it · Most reliable in mature industries with comparable peers (banks, telcos, utilities, refiners). Less useful for big-tech / hardware where industry P/Es span 10×–60×.

Current

$643.67B

Implied fair

$432.66B

Gap (current − fair)

+$211.01B(+48.8%)

NetIncome = $28.84B
Industry P/E = 15×
$28.84B × 15 = $432.66B

산업 평균 PER 15x 가정 (사용자 정의 가능)
동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장

P/B 배수

Overvalued +65.4%

자본 × 산업 평균 P/B

What it measures · Multiplies book equity by industry P/B to imply a fair market cap. Best for asset-heavy businesses (banks, insurers, brokers, REITs) where balance-sheet value is the franchise.

How it is computed · Total Equity × industry P/B. Defaults to 1.5×. Equity is total equity (or parent-owners share) from the latest balance sheet.

When to trust it · Strongest for banks/insurers — asset-liability matching is the business. Materially under-prices SaaS, platforms, and brand-heavy businesses where intangible value dwarfs book equity.

Current

$643.67B

Implied fair

$389.08B

Gap (current − fair)

+$254.59B(+65.4%)

Equity = $259.39B
Industry P/B = 1.5×
$259.39B × 1.5 = $389.08B

산업 평균 PBR 1.5x 가정
은행·보험·자산집약적 산업에 특히 유효

P/S 배수

Fair -3.1%

매출 × 산업 평균 P/S

What it measures · Multiplies revenue by industry P/S. Useful when earnings are negative or noisy (early-stage, restructuring) — revenue stays positive.

How it is computed · Revenue × industry P/S. Defaults to 2.0×. Revenue is the latest FY consolidated top line.

When to trust it · Ignores margin structure — a 30% operating margin business and a -5% one get the same multiple. Only meaningful within peer + margin cohort.

Current

$643.67B

Implied fair

$664.48B

Gap (current − fair)

$-20.81B(-3.1%)

Revenue = $332.24B
Industry P/S = 2×
$332.24B × 2 = $664.48B

산업 평균 PSR 2x 가정
매출 기반 — 적자 기업·신생 기업에 적용 가능
이익률 차이 무시

DCF (Gordon)

Overvalued +145.3%

CF × (1+g) / (r − g)

What it measures · Simplified Gordon-growth DCF — discounting perpetual cash flows. Extremely sensitive to the cash-flow / discount-rate / growth-rate inputs; trust the scenario grid more than the headline number.

How it is computed · FCF × (1+g) / (r − g). FCF preferred from XBRL/DART; falls back to NetIncome, then 5% of Revenue (rough proxy). Discount rate r = risk-free (4%) + equity premium (5%) = 9%. Growth g is EPS YoY clamped to [-2%, +6%], default 3%.

When to trust it · Strongest for steady, predictable businesses. When r-g approaches 0, the denominator blows up; near-perpetuity-growth combos are intentionally voided. Useless for cyclicals (semis, commodities, shipping) where g itself is noise.

Current

$643.67B

Implied fair

$262.36B

Gap (current − fair)

+$381.31B(+145.3%)

FCF = $23.61B
Discount r = 4.0% + 5.0% = 9.0%
Growth g = -2.0%
$23.61B × (1 + -2.0%) / (9.0% − -2.0%) = $210.36B

현금흐름 입력: FCF (잉여현금흐름)
할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
영구 성장률 0.0% (0%~3% 범위 — 실질 GDP 한계)

DDM (Gordon)

Overvalued +236.2%

D × (1+g) / (r − g)

What it measures · Values the firm purely on dividends paid to shareholders. Cleanest in theory, but only meaningful when management clearly intends to pay dividends — useless for share-repurchase-only payout policies.

How it is computed · D × (1+g) / (r − g). D from DART alotMatter (배당사항) or |CF dividendsPaid|. If absent, cascades to 30% of NetIncome (typical payout) → 30% of FCF → 1.5% of Revenue. r and g assumptions match DCF.

When to trust it · Most reliable for stable high-yielders (Korean utilities, tobacco, financial holdings). Sharply under-prices buyback-heavy firms (US big tech, parts of Korean IT) — look at the TSY column on the listing page to balance.

Current

$643.67B

Implied fair

$191.46B

Gap (current − fair)

+$452.21B(+236.2%)

Dividend D = $17.23B
Discount r = 9.0%
Growth g = -2.0%
$17.23B × (1 + -2.0%) / (9.0% − -2.0%) = $153.51B

배당 입력: 실제 지급 배당
할인율 9.0%
배당 영구 성장률 0.0% (0%~3% 범위 — 실질 GDP 한계)

DCF sensitivity: discount rate × terminal growth

Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.

g \ r	7%	8%	9%	10%	11%
1%	+61.9%	+88.9%	+115.9%	+142.9%	+169.9%
2%	+33.6%	+60.4%	+87.1%	+113.8%	+140.5%
3%	+5.9%	+32.3%	+58.8%	+85.3%	+111.7%
4%	-21.4%	+4.8%	+31.1%	+57.3%	+83.5%
5%	-48.1%	-22.1%	+3.8%	+29.8%	+55.8%

DDM sensitivity: discount rate × dividend growth

Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.

g \ r	7%	8%	9%	10%	11%
1%	+121.9%	+158.9%	+195.9%	+232.9%	+269.9%
2%	+83.1%	+119.7%	+156.4%	+193.0%	+229.6%
3%	+45.1%	+81.3%	+117.6%	+153.9%	+190.1%
4%	+7.8%	+43.7%	+79.6%	+115.5%	+151.4%
5%	-28.8%	+6.7%	+42.3%	+77.9%	+113.5%