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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Chevron Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The analysis of turnover ratios over the observed quarterly periods reveals distinct trends in asset utilization and equity efficiency.
- Net Fixed Asset Turnover
- The net fixed asset turnover demonstrated a consistent upward trajectory starting at 0.62 and peaking at 1.64 by the end of 2022, indicating improving efficiency in generating revenue from fixed assets. However, following this peak, the ratio gradually declined through 2023 and into 2024, stabilizing around 1.3 before experiencing a sharp decrease to 0.85 by the last reported quarter. This pattern suggests that after a period of enhanced utilization, the company's fixed assets were less effectively leveraged towards the end of the term analyzed.
- Total Asset Turnover
- Total asset turnover also showed an increasing trend initially, rising from 0.40 in early 2021 to 0.91 at the end of 2022, reflecting improved overall efficiency in asset usage. From 2023 onwards, this ratio began a gradual decline, settling near 0.75 for several quarters before dropping more notably to 0.57 in the final quarter. The sustained period of moderate decrease indicates possible challenges in asset deployment or changes in asset base composition affecting turnover.
- Equity Turnover
- Equity turnover exhibited growth from 0.73 to a high of 1.48 by December 2022, suggesting increased revenue generation relative to shareholders' equity. Subsequent quarters showed a mild downward trend stabilizing around the 1.2–1.3 range through 2023 and much of 2024. Toward the end of the timeline, this ratio decreased more significantly, ending at 0.98. This trend points toward diminished efficiency in using equity to generate sales in the latest period.
Overall, the data reflects strong operational improvements in asset and equity utilization through 2022, with a peak across all presented turnover ratios. The subsequent years reveal a gradual decline, highlighting a potential reduction in asset and equity efficiency, with the most pronounced decreases observed in the final quarters. These findings suggest that while the company was able to leverage its resources effectively initially, more recent periods may have faced operational or market factors that impacted turnover performance.
Net Fixed Asset Turnover
Chevron Corp., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024)
÷ Properties, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the examined quarterly periods.
- Sales and Other Operating Revenues
- Sales and other operating revenues exhibited a general upward movement from the first quarter of 2021 through mid-2022, peaking in the second quarter of 2022. This was followed by a decline toward the end of 2022 and early 2023. Subsequently, revenues showed fluctuations without a clear directional trend but remained below the mid-2022 peak until the last recorded quarter in 2025 when a slight increase is observed.
- Properties, Plant and Equipment, Net
- The net value of properties, plant, and equipment experienced a gradual reduction from the first quarter of 2021 until early 2023, indicating possible depreciation exceeding new investments or asset disposals. From early 2023 onward, a turn in trend is visible with a moderate rise in net fixed assets until late 2024, followed by significant growth in the final quarter of 2025. This substantial increase might suggest large capital expenditures or revaluations in that period.
- Net Fixed Asset Turnover Ratio
- This ratio showed a consistent increase from the first quarter of 2021 to late 2022, reaching its peak around the fourth quarter of 2022, which indicates improved efficiency in generating sales from fixed assets during that timeframe. After the peak, the ratio experienced a notable decline throughout 2023 and stabilized with slight fluctuations near the value of 1.3 until late 2024. A significant drop is observed in the last quarter of 2025, lowering the ratio to 0.85, likely reflecting the impact of the sharp increase in net fixed assets without a corresponding rise in sales during the same period.
Overall, the data suggests a period of growth in revenues and asset utilization efficiency until late 2022, followed by stabilization and a recent decrease in asset turnover efficiency coinciding with significant capital additions. This pattern may indicate a strategic phase of investment aiming at future growth, while current sales levels have not yet fully capitalized on the expanded asset base.
Total Asset Turnover
Chevron Corp., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2025 Calculation
Total asset turnover
= (Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends over the examined periods. Sales and other operating revenues show a general pattern of increase through 2021 and much of 2022, peaking in mid-2022 before experiencing a gradual decline from late 2022 into 2023. A moderate recovery is observed in some quarters of 2023 and 2024, yet the revenues decline again toward the end of the forecast horizon in 2025.
Total assets steadily increase from early 2021 through the majority of 2024, reflecting a gradual growth in the company's asset base. There is a significant jump in total assets in the third quarter of 2025, suggesting a major acquisition, investment, or revaluation event during that period. Prior to this spike, the asset base shows minor fluctuations but remains relatively stable without substantial volatility.
Total asset turnover, a measure of efficiency indicating how well assets generate revenue, improves considerably from 0.4 in early 2021 to a peak of 0.91 near the end of 2021 and beginning of 2023. Subsequently, there is a noticeable decline from early 2023 onward, stabilizing around 0.75 for most of 2023 and 2024, before dropping sharply to 0.57 in the third quarter of 2025. This decline in turnover coinciding with the large increase in total assets suggests that the company may not have fully optimized the use of its expanded asset base by that time.
- Sales and Other Operating Revenues
- Experience growth from early 2021 to mid-2022, reaching a high point before gradually declining through 2023 and 2024. A slight rebound is followed by another downward trend approaching 2025.
- Total Assets
- Gradual and steady growth across most periods from 2021 through mid-2024, with a sudden, notable increase in late 2025 indicating a significant change in the company’s asset structure.
- Total Asset Turnover
- Shows strong improvement through 2021, peaking in the 0.9 range, then experiences a decline in efficiency starting in 2023, stabilizing before decreasing sharply alongside the dramatic asset increase in 2025.
Overall, the data suggest a period of expanding operational scale and asset base followed by challenges in maintaining revenue generation relative to assets, particularly after the large asset increase in 2025. This points to potential operational or integration challenges during the latest period or potentially expanded but underutilized capacity.
Equity Turnover
Chevron Corp., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2025 Calculation
Equity turnover
= (Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024)
÷ Total Chevron Corporation stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends in the quarterly performance over the analyzed periods.
- Sales and Other Operating Revenues
- There was a clear upward trajectory from the first quarter of 2021 through mid-2022, peaking around the second quarter of 2022. Following this peak, revenues experienced a decline into late 2022 and early 2023, before stabilizing somewhat in the subsequent quarters. The values show some volatility but generally trend downward from mid-2023 through to late 2025, with a slight recovery observed in the last recorded quarter.
- Total Stockholders’ Equity
- The equity values display consistent growth from the beginning of 2021 through early 2023, reflecting an accumulation of retained earnings or other increases in equity components. However, starting roughly mid-2023, equity begins to decline steadily over the quarters, suggesting possible distributions, losses, or adjustments impacting the equity base. The downward trend persists with some fluctuations, culminating in a notable increase in the last reported quarter, which breaks the declining pattern.
- Equity Turnover Ratio
- This ratio, indicating efficiency in generating sales from equity, improved significantly from early 2021, peaking during late 2021 and early 2022. After reaching high levels, it dipped gradually over the next several quarters and remained relatively stable around 1.2 to 1.3 from mid-2023 onwards, with a marked drop at the final data point. The decline in the equity turnover ratio towards the end of the period could signify decreased operational efficiency or a relative reduction in sales compared to equity.
In summary, the company experienced growth in revenues and equity through 2021 into early/mid-2022, followed by a period of revenue contraction and equity erosion starting in mid-2023. The efficiency in utilizing equity to generate sales improved initially but showed signs of weakening towards the end of the observed timeframe. These dynamics suggest evolving challenges in maintaining growth and capital efficiency in the latter part of the period under review.