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: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Long-term Activity Ratios (Summary)
Chevron Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The analysis of long-term activity ratios reveals a consistent cyclical pattern across all measured metrics, characterized by an initial increase in efficiency, a period of relative stability, and a significant decline beginning in the latter half of 2025.
- Net Fixed Asset Turnover
- Efficiency in utilizing fixed assets increased from 1.22 in March 2022 to a peak of 1.64 by December 2022. Following this peak, a gradual downward trend was observed, with the ratio stabilizing between 1.27 and 1.31 from March 2024 through December 2024. However, a sharp contraction occurred in September 2025, where the ratio dropped to 0.85, remaining stagnant at this lower level through March 2026.
- Total Asset Turnover
- A similar trajectory is evident in total asset utilization. The ratio rose from 0.71 in March 2022 to a peak of 0.91 in December 2022 and March 2023. This was followed by a slow decline and a prolonged period of stability around 0.75 between March 2024 and March 2025. A substantial decrease is noted starting in September 2025, with the ratio falling to 0.57 and ending the period at 0.56 in March 2026.
- Equity Turnover
- Equity utilization peaked at 1.48 in December 2022, up from 1.21 in March 2022. After a gradual decline to 1.21 by March 2024, the ratio showed a slight recovery to 1.29 by March 2025. Similar to the other activity ratios, a marked decline occurred in September 2025, falling to 0.98, before a marginal recovery to 1.01 by March 2026.
The synchronized decline across all three ratios starting in late 2025 suggests a systemic shift, likely resulting from either a significant increase in the asset and equity base without a proportional increase in revenue, or a substantial contraction in operational revenue generation relative to the invested capital.
Net Fixed Asset Turnover
Chevron Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q1 2026 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025)
÷ Properties, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The Net Fixed Asset Turnover ratio exhibits three distinct phases: an initial period of expansion peaking in late 2022, a prolonged phase of stabilization through mid-2025, and a significant structural decline beginning in the third quarter of 2025.
- Revenue and Asset Efficiency (2022–2023)
- An upward trend in efficiency is observed throughout 2022, with the Net Fixed Asset Turnover ratio rising from 1.22 in March to a peak of 1.64 by December. This improvement was primarily driven by a surge in sales and other operating revenues, which peaked at 65,372 million US dollars in June 2022, while net properties, plant, and equipment remained relatively constant at approximately 144 billion US dollars.
- Stabilization Period (2023–June 2025)
- Between March 2023 and June 2025, the turnover ratio entered a period of relative stability, fluctuating within a narrow band between 1.27 and 1.62. During this window, revenues normalized, generally ranging between 44 billion and 52 billion US dollars, and net fixed assets remained steady, oscillating between 142 billion and 154 billion US dollars. This indicates a consistent relationship between the company's asset base and its revenue-generating capacity during this interval.
- Structural Decline and Asset Expansion (September 2025–March 2026)
- A sharp contraction in the turnover ratio is observed starting in September 2025, where the value dropped to 0.85 and remained depressed through March 2026. This decline is directly attributable to a substantial increase in net properties, plant, and equipment, which jumped from 147,442 million US dollars in June 2025 to 219,494 million US dollars in September 2025. Because operating revenues did not increase proportionally to this capital expansion—remaining under 49 billion US dollars—the efficiency of fixed asset utilization decreased significantly.
Total Asset Turnover
Chevron Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q1 2026 Calculation
Total asset turnover
= (Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals three distinct phases of operational efficiency and asset utilization from March 2022 through March 2026.
- Initial Efficiency Growth (2022)
- A positive trend is observed throughout 2022, with the total asset turnover ratio increasing from 0.71 in March to a peak of 0.91 by December. This improvement was primarily driven by a significant surge in sales and other operating revenues, which reached a period high of 65,372 million USD in June 2022, while the total asset base remained relatively stable between 249,048 million USD and 259,735 million USD.
- Stabilization Period (2023 – Mid-2025)
- Following the 2022 peak, the turnover ratio experienced a gradual decline and entered a period of stabilization. From March 2023 to June 2025, the ratio converged toward a baseline of approximately 0.75. During this interval, revenues normalized, fluctuating between 44,375 million USD and 51,922 million USD, while total assets remained consistent, generally ranging between 250,820 million USD and 263,927 million USD.
- Asset Expansion and Ratio Compression (Late 2025 – 2026)
- A significant structural shift is evident starting in the third quarter of 2025. Total assets increased sharply from 250,820 million USD in June 2025 to 326,501 million USD in September 2025, maintaining a level above 324,000 million USD through March 2026. In the absence of a proportional increase in operating revenues, the total asset turnover ratio dropped precipitously to 0.57 in September 2025 and further declined to 0.56 by March 2026. This indicates a substantial expansion of the asset base that has not yet yielded a corresponding increase in revenue generation.
Equity Turnover
Chevron Corp., equity turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q1 2026 Calculation
Equity turnover
= (Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025
+ Sales and other operating revenuesQ2 2025)
÷ Total Chevron Corporation stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial trajectory of equity turnover exhibits three distinct phases: a period of expansion in efficiency, a phase of relative stability, and a subsequent contraction coinciding with a significant increase in the equity base.
- Revenue Performance
- Sales and other operating revenues experienced a sharp peak in the second and third quarters of 2022, reaching a maximum of 65,372 million US dollars in June 2022. Following this peak, revenues trended downward and stabilized within a range of approximately 44,000 to 49,000 million US dollars from early 2023 through March 2026.
- Stockholders' Equity Trends
- Total stockholders' equity remained relatively consistent, fluctuating between 146,219 and 165,265 million US dollars from March 2022 through December 2024. A substantial increase is observed starting in June 2025, where equity rose to 189,843 million US dollars and maintained a level above 183,000 million US dollars through the end of the analyzed period in March 2026.
- Equity Turnover Efficiency
- The equity turnover ratio initially improved, climbing from 1.21 in March 2022 to a peak of 1.48 in December 2022, primarily driven by the surge in operating revenues. This was followed by a gradual decline throughout 2023, leading to a period of stability between 1.21 and 1.29 during 2024. A sharp contraction occurred in June 2025, with the ratio falling to 0.98, reflecting the impact of the expanded equity base against stagnant revenue levels. A marginal recovery to 1.01 was noted by March 2026.