EQNR vs XOM: Equinor ASA ADR and Exxon Mobil compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Exxon Mobil is the larger company, worth $717.4B, about 6.6 times Equinor ASA ADR.
- Exxon Mobil grew revenue faster over the last year (+42.3% vs +2.6%).
- Equinor ASA ADR keeps more of each dollar of revenue as operating profit (23.8% vs 12.3%).
- On earnings, Equinor ASA ADR is the cheaper stock (22.2x vs 29.1x).
- Exxon Mobil's price assumes faster free cash flow growth: about 10% a year, against 4% for Equinor ASA ADR (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EQNR | XOM |
|---|---|---|
| Market cap | $109.1B | $717.4B |
| Share price | $43.01 | $168.94 |
| Revenue (last fiscal year) | $106.5B | $332.2B |
| Free cash flow (last fiscal year) | $6.0B | $23.6B |
| Revenue growth, last year | +2.6% | +42.3% |
| Revenue growth per year, last 5 fiscal years | +4.0% | +4.7% |
| Operating margin | 23.8% | 12.3% |
| Net margin | 4.7% | 8.9% |
| Return on equity | 12.5% | 12.6% |
| P/E (trailing) | 22.2x | 29.1x |
| Price / free cash flow | 18.2x | 30.4x |
| EV / EBITDA | 3.34x | 10.0x |
| FCF growth the price implies | 3.8% | 10.5% |
| Dividend yield | 3.5% | 2.3% |
| Debt / equity | 2.26x | 0.76x |
| Fundamental grade | D | C |
| Superinvestors holding it | 2 | 13 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equinor ASA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $90.9B | $20.8B | 37.0% |
| 2022 | $150.8B | $26.4B | 52.3% |
| 2023 | $107.2B | $18.7B | 33.4% |
| 2024 | $103.8B | $7.3B | 29.8% |
| 2025 | $106.5B | $6.0B | 23.8% |
Exxon Mobil
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $276.7B | $36.1B | 8.1% |
| 2022 | $413.7B | $58.4B | 18.8% |
| 2023 | $344.6B | $33.5B | 15.3% |
| 2024 | $349.6B | $30.7B | 14.0% |
| 2025 | $332.2B | $23.6B | 12.4% |
Where the revenue comes from
Equinor ASA ADR · by segments, 2025
MMP$104.8B70%
E&P Norway$34.4B23%
E&P International$5.1B3%
E&P USA$4.3B3%
REN$192M0%
Other$132M0%
Exxon Mobil
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EQNR in InvestinglyQuestions
Which is bigger, Equinor ASA ADR or Exxon Mobil?
Exxon Mobil (XOM), at $717.4B against $109.1B.
Is EQNR or XOM cheaper?
By trailing P/E, Equinor ASA ADR (22.2x) is cheaper than Exxon Mobil (29.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, EQNR or XOM?
Exxon Mobil: revenue grew +42.3% over the last year, against +2.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.