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.
Long-term Activity Ratios (Summary)
Chevron Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
The analysis of the quarterly financial ratios reveals distinct trends in operational efficiency and asset management over the observed periods.
- Net Fixed Asset Turnover
- This ratio demonstrates a general upward trend starting at 0.6 in March 2020 and peaking at 1.64 in March 2023, indicating improving efficiency in using fixed assets to generate revenue. However, following the peak, there is a gradual decline observed through to June 2025, settling around 1.27. This decrease suggests a slight reduction in efficiency or possibly increased fixed assets not yet fully utilized.
- Total Asset Turnover
- This ratio also shows steady growth from an initial value of 0.39 in March 2020, increasing to a peak of 0.91 in the first quarter of 2023. After this peak, it exhibits a mild decline and stabilization, maintaining around 0.75 from mid-2023 through mid-2025. This pattern indicates improved overall asset utilization until early 2023, with a plateau thereafter, pointing to consistent but less accelerating asset productivity.
- Equity Turnover
- The equity turnover ratio follows a similar growth trajectory, increasing from 0.72 in March 2020 to a peak of 1.48 in March 2023. Post-peak, the ratio shows a moderate decline and then stabilizes near 1.27 by mid-2025. This suggests enhanced utilization of shareholders' equity to generate sales up to early 2023, followed by a stabilization phase, which may reflect adjustments in equity base or sales growth rates.
Overall, the data suggest significant improvements in asset and equity utilization across the periods analyzed, with peaks typically around early 2023. Subsequently, the stabilizing or slightly declining ratios hint at a potential maturation phase in operational efficiency or asset deployment.
Net Fixed Asset Turnover
Chevron Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales and other operating revenues | 44,375) | 46,101) | 48,334) | 48,926) | 49,574) | 46,580) | 48,933) | 51,922) | 47,216) | 48,842) | 54,523) | 63,508) | 65,372) | 52,314) | 45,861) | 42,552) | 36,117) | 31,076) | 24,843) | 23,997) | 15,926) | 29,705) | |||||||
| Properties, plant and equipment, net | 147,442) | 148,124) | 147,799) | 147,891) | 153,003) | 153,641) | 153,619) | 153,972) | 142,768) | 142,951) | 143,591) | 144,144) | 144,410) | 144,444) | 146,961) | 147,945) | 151,208) | 154,003) | 156,618) | 142,383) | 143,850) | 149,220) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.27 | 1.30 | 1.31 | 1.31 | 1.29 | 1.27 | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | 1.06 | 0.91 | 0.77 | 0.62 | 0.60 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| ConocoPhillips | 0.61 | 0.61 | 0.58 | 0.78 | 0.80 | 0.79 | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | 0.71 | 0.64 | 0.51 | 0.39 | 0.47 | — | — | — | |||||||
| Exxon Mobil Corp. | 1.12 | 1.16 | 1.15 | 1.13 | 1.14 | 1.55 | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | 1.28 | 1.10 | 0.96 | 0.81 | 0.78 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024)
÷ Properties, plant and equipment, net
= (44,375 + 46,101 + 48,334 + 48,926)
÷ 147,442 = 1.27
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends across key metrics. Sales and other operating revenues exhibited significant fluctuation over the observed period. Initially, from March 31, 2020, through December 31, 2020, revenues showed some volatility, with a marked decrease in the second quarter of 2020 followed by recovery. Starting in March 31, 2021, there was a consistent upward trend in revenues, peaking around mid-2022. However, after this peak, revenues displayed a gradual decline towards the end of 2025, suggesting some cyclical or market-related effects.
Properties, plant and equipment, net progressed with relative stability but showed subtle variations. The asset base slightly decreased from early 2020 into late 2021, suggesting either disposals or depreciation effects. Beginning in late 2022 and into 2023, the net value of fixed assets increased notably, reflecting possible new investments or capital expenditures. Towards the latter quarters of 2024 and into 2025, these asset values stabilized and showed minor fluctuations, indicating possible maintenance or limited expansion activities during that time frame.
The net fixed asset turnover ratio, which measures efficiency in generating sales from fixed assets, displayed a distinct upward trajectory from the third quarter of 2020 through early 2023. This improvement indicates enhanced utilization of the fixed asset base to generate revenue. The ratio increased from approximately 0.6 to above 1.6, demonstrating a considerable operational efficiency gain during this period. Subsequently, from 2023 onwards, the ratio demonstrated a slight decline and stabilized around 1.27 to 1.31, which may indicate that the rapid gains in asset utilization had plateaued and the company achieved a steady state of operational efficiency.
- Sales and Operating Revenues
- Experienced initial volatility in 2020, with recovery and growth reaching a peak in mid-2022, followed by a gradual downward trend through 2025.
- Properties, Plant, and Equipment, Net
- Displayed moderate decline through 2021, followed by growth in 2022-2023, then stabilized with minor variations into 2025.
- Net Fixed Asset Turnover
- Significantly improved from Q3 2020 through early 2023, indicating better asset utilization, and then slightly decreased and stabilized around 1.3 through 2025.
Overall, the data suggests a phase of recovery and operational efficiency improvement starting in 2020, peaking in mid-2022 to early 2023, with moderate declines in sales and asset turnover ratios thereafter. The investment in properties, plant, and equipment during 2022-2023 appears to have supported revenue growth and improved asset utilization, though latter periods indicate a normalization of these factors.
Total Asset Turnover
Chevron Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales and other operating revenues | 44,375) | 46,101) | 48,334) | 48,926) | 49,574) | 46,580) | 48,933) | 51,922) | 47,216) | 48,842) | 54,523) | 63,508) | 65,372) | 52,314) | 45,861) | 42,552) | 36,117) | 31,076) | 24,843) | 23,997) | 15,926) | 29,705) | |||||||
| Total assets | 250,820) | 256,397) | 256,938) | 259,232) | 260,644) | 261,651) | 261,632) | 263,927) | 251,779) | 255,886) | 257,709) | 259,735) | 257,936) | 249,048) | 239,535) | 239,948) | 242,806) | 241,645) | 239,790) | 223,063) | 223,403) | 236,677) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.75 | 0.75 | 0.75 | 0.75 | 0.76 | 0.74 | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | 0.65 | 0.56 | 0.48 | 0.40 | 0.39 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| ConocoPhillips | 0.47 | 0.46 | 0.45 | 0.57 | 0.59 | 0.58 | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | 0.51 | 0.41 | 0.34 | 0.27 | 0.30 | — | — | — | |||||||
| Exxon Mobil Corp. | 0.74 | 0.75 | 0.75 | 0.74 | 0.74 | 0.88 | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | 0.82 | 0.72 | 0.64 | 0.54 | 0.54 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Total asset turnover
= (Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024)
÷ Total assets
= (44,375 + 46,101 + 48,334 + 48,926)
÷ 250,820 = 0.75
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- The sales and other operating revenues exhibit a significant decline in the second quarter of 2020, dropping sharply from approximately 29.7 billion to 15.9 billion US dollars, likely reflecting external market impacts during that period. Subsequently, revenues progressively recover and grow through 2021 and 2022, peaking around mid-2022 at over 65 billion US dollars in the second quarter, indicating a robust recovery phase. However, from the latter part of 2022 through 2023 and into early 2024, there is a noticeable decline in revenues, decreasing from the mid-60 billion range to approximately 46 to 48 billion US dollars. Toward the end of the observed period, from late 2024 into mid-2025, sales show a gradual downward trend, dropping below 45 billion US dollars by the second quarter of 2025, which could suggest market challenges or operational factors influencing revenue.
- Total Assets
- Total assets remain relatively stable with slight fluctuations around the 240 to 260 billion US dollar range throughout the entire period. Beginning near 236.7 billion US dollars in the first quarter of 2020, total assets slightly decrease mid-2020, then gradually increase and peak around 263.9 billion US dollars toward late 2023. Following this peak, total assets demonstrate minor decreases but generally hold steady above 250 billion US dollars through mid-2025, suggesting consistent asset base management with no major asset expansions or divestitures.
- Total Asset Turnover
- The total asset turnover ratio, indicative of how efficiently assets generate revenue, was not available for early 2020 quarters but shows a clear upward trend from late 2020 onwards. Starting at 0.39, the ratio increases steadily, reaching a high of 0.91 by the first two quarters of 2022 and remaining near this peak into early 2023. Post this peak, a gradual decline in turnover is observed, dropping to approximately 0.75 by mid-2025. This pattern suggests that efficiency in asset utilization improved markedly through 2021 and early 2022 but has somewhat weakened in the subsequent period, stabilizing at a moderate level toward the end of the dataset.
Equity Turnover
Chevron Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales and other operating revenues | 44,375) | 46,101) | 48,334) | 48,926) | 49,574) | 46,580) | 48,933) | 51,922) | 47,216) | 48,842) | 54,523) | 63,508) | 65,372) | 52,314) | 45,861) | 42,552) | 36,117) | 31,076) | 24,843) | 23,997) | 15,926) | 29,705) | |||||||
| Total Chevron Corporation stockholders’ equity | 146,417) | 149,244) | 152,318) | 156,202) | 159,233) | 160,625) | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | 139,067) | 135,862) | 133,182) | 131,888) | 131,688) | 131,774) | 134,118) | 143,930) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 1.28 | 1.29 | 1.27 | 1.24 | 1.24 | 1.21 | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | 1.12 | 0.99 | 0.87 | 0.73 | 0.72 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| ConocoPhillips | 0.88 | 0.88 | 0.84 | 1.11 | 1.13 | 1.12 | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | 1.01 | 0.82 | 0.66 | 0.52 | 0.63 | — | — | — | |||||||
| Exxon Mobil Corp. | 1.25 | 1.29 | 1.29 | 1.27 | 1.27 | 1.61 | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | 1.64 | 1.50 | 1.35 | 1.15 | 1.14 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Equity turnover
= (Sales and other operating revenuesQ2 2025
+ Sales and other operating revenuesQ1 2025
+ Sales and other operating revenuesQ4 2024
+ Sales and other operating revenuesQ3 2024)
÷ Total Chevron Corporation stockholders’ equity
= (44,375 + 46,101 + 48,334 + 48,926)
÷ 146,417 = 1.28
2 Click competitor name to see calculations.
The financial data reveals significant fluctuations and trends in sales, stockholders’ equity, and equity turnover over the observed periods.
- Sales and Other Operating Revenues
- Sales experienced a steep decline in the first half of 2020, reaching a low point in the second quarter. Subsequently, there was a steady recovery through 2021 and early 2022, peaking in the second quarter of 2022. After this peak, revenues showed a downward trend with some variability, decreasing progressively from late 2022 through mid-2025. This suggests a recovery phase post-2020 disruption, followed by a period of declining sales.
- Total Chevron Corporation Stockholders’ Equity
- Stockholders’ equity initially decreased slightly from early 2020 to late 2020, stabilizing around the 130 billion range. From 2021 through 2022, there was a gradual upward trend, culminating in a peak in late 2022. From 2023 onward, equity values display a steady decline through mid-2025. This pattern indicates initial pressure on equity, recovery and growth through 2022, followed by contraction in subsequent years.
- Equity Turnover
- Starting in mid-2020, equity turnover showed a consistent upward trajectory through 2022, moving from below 1.0 to about 1.48 by the end of 2022, indicating increasing efficiency in asset utilization relative to equity. After reaching this peak, turnover ratios experienced a decline and then slight fluctuations, generally maintaining a level slightly above 1.2 through 2025. This suggests an improvement in operational efficiency during the recovery phase, with some normalization in later periods.
Overall, the data indicates a period of disruption and contraction in early 2020 likely related to external economic factors, followed by a recovery phase with increased sales and equity until late 2022. Post-2022, both revenue and equity show a downward trend, while equity turnover stabilizes at elevated levels compared to pre-2020 figures, implying relatively maintained operational efficiency despite declining sales and equity values.