Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Chevron Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net fixed asset turnover
- The ratio exhibits a steady upward trend from the first available data point in March 2021, increasing from 0.6 to a peak of 1.64 in March 2023. Following this peak, the ratio declines gradually, dropping to 1.3 by March 2025. This pattern suggests an initial improvement in the efficiency of utilizing fixed assets to generate sales, followed by a reduction in efficiency towards the later periods.
- Total asset turnover
- A progressive increase is observed from 0.39 in March 2021 to 0.91 in the first quarter of 2023, indicating enhanced overall asset efficiency. Post this peak, the ratio experiences a decline and stabilization around the 0.75 to 0.77 range from late 2023 through March 2025. This indicates that after a period of improving asset utilization, the company's ability to generate sales from total assets has plateaued at a lower level.
- Equity turnover
- Equity turnover increases steadily from 0.72 in March 2021 to a high of 1.48 by December 2022, indicating improved sales generation relative to shareholders' equity. Subsequently, there is a moderate decline, with the ratio stabilizing near the 1.21 to 1.29 range from the end of 2023 through early 2025. This trend reflects a peak in efficiency followed by a period of relative stability in equity utilization.
Net Fixed Asset Turnover
Chevron Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||
| Properties, plant and equipment, net | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024)
÷ Properties, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- The sales and other operating revenues exhibited significant volatility across the periods analyzed. Starting at approximately 29,705 million USD in the first quarter of 2020, revenues sharply declined to a low of around 15,926 million USD in the second quarter of 2020, likely reflecting the impact of adverse market conditions during that period. Subsequently, a recovery trend became evident, with revenues rising steadily to reach a peak of about 65,372 million USD in the second quarter of 2022. Following this peak, the revenues experienced a gradual downward adjustment, fluctuating in the 48,000 to 52,000 million USD range from 2023 onward, with a slight decreasing tendency towards the first quarter of 2025, where they stood near 46,101 million USD.
- Properties, Plant and Equipment, Net
- The net value of properties, plant, and equipment displayed relative stability throughout the examined timeframe. Starting at around 149,220 million USD in the first quarter of 2020, there was a gradual decline over the subsequent periods, dipping to approximately 142,768 million USD by the fourth quarter of 2022. An upward adjustment followed in 2023, peaking near 153,972 million USD in the first quarter of 2024. Thereafter, the net fixed assets slightly decreased again, reaching close to 148,124 million USD by the third quarter of 2024. Overall, the asset base showed minor fluctuations but remained largely within the 140,000 to 155,000 million USD range during the observed quarters.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio presented a clear upward trajectory from the mid-point of 2020 through to late 2022, increasing from 0.6 to a peak of 1.64 in the fourth quarter of 2022. This upward movement indicates an improvement in the efficiency of asset utilization to generate sales revenue during this period. Following the peak, there was a gradual moderation in turnover ratio, declining to approximately 1.28 by the fourth quarter of 2023. The ratio then stabilized, maintaining values near 1.3 through the first quarter of 2025. This pattern suggests an initial phase of enhanced operational efficiency, followed by stabilization at a higher turnover level compared to the starting point.
- Overall Observations
- The data reflect a recovery and growth phase in revenue following a significant downturn in early 2020, indicative of market rebounds or operational adjustments. Capital investment levels, as measured by net fixed assets, remained mostly steady with some cyclical variations, suggesting controlled asset management. The improvement in fixed asset turnover ratio corresponds with the revenue growth phase, highlighting enhanced asset productivity. The stabilization of this ratio in later periods suggests maturity in operating efficiency amid fluctuating revenues. The downward trend in revenues after mid-2022 should be monitored in conjunction with asset levels and turnover ratios to assess sustained operational performance.
Total Asset Turnover
Chevron Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- There is a notable fluctuation in sales and operating revenues over the observed periods. Beginning with approximately $29.7 billion in the first quarter of 2020, revenues experienced a sharp decline in the second quarter of 2020, dropping to about $15.9 billion, likely reflecting the impacts of economic disturbances. Following this low point, a consistent recovery trend is observed, with revenues increasing steadily through 2021 and peaking near $65.4 billion in the second quarter of 2022. Post-peak, revenues exhibit some volatility but generally trend downward, fluctuating between approximately $48 billion and $52 billion through the end of 2023 and into 2024. The first quarter of 2025 closes with revenues around $46.1 billion, indicating a moderate decline relative to prior peaks.
- Total Assets
- Total assets show relative stability with modest growth throughout the periods analyzed. Starting at roughly $236.7 billion in early 2020, total assets dipped slightly during mid-2020 but rebounded and generally increased over the following years. Peaks are observed near the end of 2022 and early 2023 with asset values surpassing $263 billion. Thereafter, total assets maintain a somewhat stable range around $256 billion through 2024 and into the first quarter of 2025, suggesting a controlled asset base without radical expansion or contraction.
- Total Asset Turnover Ratio
- The total asset turnover ratio reveals an improving efficiency in the use of assets to generate revenues over the timeline. Data becomes available starting from the third quarter of 2020, showing a ratio of 0.39. This ratio improves steadily, peaking at 0.91 in both the fourth quarter of 2022 and first quarter of 2023, corresponding to periods of higher revenue relative to asset base size. Subsequent quarters show a gradual decline and stabilization of the ratio around 0.75 from late 2023 through early 2025. This pattern indicates enhanced asset utilization efficiency during the recovery period post-2020 followed by a normalization to slightly lower but stable turnover levels.
- Summary
- The data indicates a strong recovery in revenue generation following a significant downturn in early 2020, with revenues reaching historic highs in 2022 before declining moderately. Total assets have grown slightly but exhibit overall stability, reflecting measured capital management. The increase in asset turnover ratio during the recovery period suggests improved asset efficiency in generating sales, though this efficiency moderates to a steady state in recent quarters. Collectively, these patterns suggest that the company navigated through volatile market conditions with a recovery in operating performance and maintains balanced asset management with sustained efficiency.
Equity Turnover
Chevron Corp., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||
| Total Chevron Corporation stockholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Equity turnover
= (Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024)
÷ Total Chevron Corporation stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- The sales and operating revenues exhibit a notable volatility over the observed periods. Initially, there is a sharp decline from 29,705 million USD in March 2020 to 15,926 million USD in June 2020, likely reflecting the impact of external disruptions around that time. From June 2020 onward, revenues demonstrate a general upward trend, peaking at 65,372 million USD in June 2022. This peak is followed by a fluctuating decline and partial recovery, with revenues reaching approximately 52,000 million USD in late 2023 before trending downward toward approximately 46,000 million USD by March 2025. The pattern suggests cyclical influences combined with external market factors affecting sales performance.
- Total Stockholders’ Equity
- Stockholders’ equity shows a gradual increase from 143,930 million USD in March 2020 to a peak of around 165,265 million USD in September 2023. This steady growth is relatively consistent, with occasional minor declines observed after peak levels in late 2023. Post-peak, equity decreases modestly to around 149,244 million USD by March 2025, indicating potential distributions, changes in retained earnings, or asset revaluations. Overall, the equity base demonstrates resilience and growth over the medium term, though with recent signs of contraction.
- Equity Turnover Ratio
- The equity turnover ratio, which measures the efficiency of using equity to generate sales, is missing data for earlier periods and begins at 0.72 in September 2020. It shows a consistent upward trend, rising to a peak of 1.48 by June 2022. After reaching this high, the ratio declines steadily, falling to approximately 1.29 by March 2025. This pattern indicates improved capital utilization up to mid-2022, followed by a reduction in turnover efficiency, which could be attributed to the decline in sales revenues not being fully matched by reductions in equity or changing operational factors.
- Summary of Observations
- Overall, the data reflects initial disruptions in revenue, followed by recovery and growth into mid-2022. Stockholders’ equity has grown consistently but shows some contraction in recent periods. The efficiency of equity utilization follows a similar pattern—improving significantly until mid-2022, then declining. This suggests that while the company managed to enhance capital productivity during the recovery phase, recent conditions have moderated these gains, highlighting the dynamic nature of the operating environment and potential shifts in market or operational drivers.