Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

Chevron Corp., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 1.28 1.64 1.06 0.60 0.93
Net fixed asset turnover (including operating lease, right-of-use asset) 1.24 1.59 1.03 0.59 0.90
Total asset turnover 0.75 0.91 0.65 0.39 0.59
Equity turnover 1.22 1.48 1.12 0.72 0.97

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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Chevron Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Chevron Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Chevron Corp. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Chevron Corp. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Net Fixed Asset Turnover

Chevron Corp., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Properties, plant and equipment, net 153,619 143,591 146,961 156,618 150,494
Long-term Activity Ratio
Net fixed asset turnover1 1.28 1.64 1.06 0.60 0.93
Benchmarks
Net Fixed Asset Turnover, Competitors2
ConocoPhillips 0.80 1.21 0.71 0.47 0.77
Exxon Mobil Corp. 1.56 1.95 1.28 0.78 1.01
Marathon Petroleum Corp. 4.23 4.98 3.20 1.79 2.72
Occidental Petroleum Corp. 0.48 0.63 0.43 0.27 0.25
Valero Energy Corp. 4.79 5.69 3.69 2.14 3.70
Net Fixed Asset Turnover, Sector
Oil, Gas & Consumable Fuels 1.62 2.05 1.33 0.79 1.13
Net Fixed Asset Turnover, Industry
Energy 1.65 2.08 1.35 0.83 1.17

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 2023 Calculation
Net fixed asset turnover = Sales and other operating revenues ÷ Properties, plant and equipment, net
= 196,913 ÷ 153,619 = 1.28

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Chevron Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Chevron Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
 
Properties, plant and equipment, net 153,619 143,591 146,961 156,618 150,494
Right-of-use assets, operating leases (included in Deferred charges and other assets) 5,422 4,262 3,668 3,949 4,074
Properties, plant and equipment, net (including operating lease, right-of-use asset) 159,041 147,853 150,629 160,567 154,568
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 1.24 1.59 1.03 0.59 0.90
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
ConocoPhillips 0.79 1.20 0.70 0.46 0.75
Exxon Mobil Corp. 1.51 1.89 1.24 0.76 0.98
Marathon Petroleum Corp. 4.08 4.81 3.09 1.72 2.58
Occidental Petroleum Corp. 0.47 0.62 0.43 0.27 0.25
Valero Energy Corp. 4.62 5.50 3.55 2.05 3.54
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Oil, Gas & Consumable Fuels 1.57 2.00 1.29 0.77 1.10
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Energy 1.61 2.02 1.32 0.80 1.14

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 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales and other operating revenues ÷ Properties, plant and equipment, net (including operating lease, right-of-use asset)
= 196,913 ÷ 159,041 = 1.24

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Chevron Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Total Asset Turnover

Chevron Corp., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Total assets 261,632 257,709 239,535 239,790 237,428
Long-term Activity Ratio
Total asset turnover1 0.75 0.91 0.65 0.39 0.59
Benchmarks
Total Asset Turnover, Competitors2
ConocoPhillips 0.59 0.84 0.51 0.30 0.46
Exxon Mobil Corp. 0.89 1.08 0.82 0.54 0.70
Marathon Petroleum Corp. 1.73 1.97 1.41 0.82 1.26
Occidental Petroleum Corp. 0.38 0.50 0.35 0.22 0.19
Valero Energy Corp. 2.30 2.89 1.97 1.25 2.01
Total Asset Turnover, Sector
Oil, Gas & Consumable Fuels 0.95 1.17 0.83 0.52 0.73
Total Asset Turnover, Industry
Energy 0.94 1.15 0.82 0.52 0.72

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 2023 Calculation
Total asset turnover = Sales and other operating revenues ÷ Total assets
= 196,913 ÷ 261,632 = 0.75

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Chevron Corp. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Equity Turnover

Chevron Corp., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales and other operating revenues 196,913 235,717 155,606 94,471 139,865
Total Chevron Corporation stockholders’ equity 160,957 159,282 139,067 131,688 144,213
Long-term Activity Ratio
Equity turnover1 1.22 1.48 1.12 0.72 0.97
Benchmarks
Equity Turnover, Competitors2
ConocoPhillips 1.14 1.64 1.01 0.63 0.93
Exxon Mobil Corp. 1.63 2.04 1.64 1.14 1.33
Marathon Petroleum Corp. 6.08 6.40 4.58 3.14 3.68
Occidental Petroleum Corp. 0.93 1.22 1.28 0.96 0.60
Valero Energy Corp. 5.49 7.49 6.18 3.45 4.97
Equity Turnover, Sector
Oil, Gas & Consumable Fuels 1.83 2.28 1.77 1.17 1.48
Equity Turnover, Industry
Energy 1.83 2.26 1.76 1.20 1.47

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 2023 Calculation
Equity turnover = Sales and other operating revenues ÷ Total Chevron Corporation stockholders’ equity
= 196,913 ÷ 160,957 = 1.22

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Chevron Corp. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.