Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Chevron Corp., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2024-12-31), 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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Chevron Corp. inventory turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Chevron Corp. receivables turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Chevron Corp. payables turnover ratio decreased from 2022 to 2023 and from 2023 to 2024. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Chevron Corp. working capital turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Chevron Corp. number of days of inventory outstanding deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Chevron Corp. number of days of receivables outstanding deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Chevron Corp. operating cycle deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Chevron Corp. number of days of payables outstanding increased from 2022 to 2023 and from 2023 to 2024. |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Chevron Corp. cash conversion cycle improved from 2022 to 2023 and from 2023 to 2024. |
Inventory Turnover
Chevron Corp., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenues | 193,414) | 196,913) | 235,717) | 155,606) | 94,471) | |
| Inventories | 9,074) | 8,612) | 8,247) | 6,305) | 5,676) | |
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | 21.32 | 22.86 | 28.58 | 24.68 | 16.64 | |
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| ConocoPhillips | 30.26 | 40.16 | 64.39 | 37.94 | 18.75 | |
| Exxon Mobil Corp. | 14.42 | 13.32 | 16.32 | 14.73 | 9.47 | |
| Occidental Petroleum Corp. | 12.76 | 13.97 | 17.79 | 14.06 | 9.38 | |
| Inventory Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 16.94 | 16.74 | 21.24 | 18.17 | 11.29 | |
| Inventory Turnover, Industry | ||||||
| Energy | 15.83 | 15.61 | 19.68 | 16.89 | 10.74 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Inventory turnover = Sales and other operating revenues ÷ Inventories
= 193,414 ÷ 9,074 = 21.32
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Chevron Corp. inventory turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Receivables Turnover
Chevron Corp., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenues | 193,414) | 196,913) | 235,717) | 155,606) | 94,471) | |
| Accounts and notes receivable, less allowance | 20,684) | 19,921) | 20,456) | 18,419) | 11,471) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 9.35 | 9.88 | 11.52 | 8.45 | 8.24 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| ConocoPhillips | 8.27 | 10.28 | 11.09 | 7.00 | 7.13 | |
| Expand Energy Corp. | 3.47 | 10.20 | 9.82 | 6.55 | — | |
| Exxon Mobil Corp. | 9.62 | 11.05 | 12.14 | 10.29 | 10.93 | |
| Occidental Petroleum Corp. | 7.58 | 8.84 | 8.56 | 6.17 | 8.42 | |
| Receivables Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 9.18 | 10.46 | 11.55 | 8.95 | 9.51 | |
| Receivables Turnover, Industry | ||||||
| Energy | 8.69 | 9.74 | 10.83 | 8.55 | 8.81 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Receivables turnover = Sales and other operating revenues ÷ Accounts and notes receivable, less allowance
= 193,414 ÷ 20,684 = 9.35
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Chevron Corp. receivables turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Payables Turnover
Chevron Corp., payables turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenues | 193,414) | 196,913) | 235,717) | 155,606) | 94,471) | |
| Accounts payable | 22,079) | 20,423) | 18,955) | 16,454) | 10,950) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 8.76 | 9.64 | 12.44 | 9.46 | 8.63 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| ConocoPhillips | 9.14 | 11.04 | 12.84 | 9.16 | 7.04 | |
| Expand Energy Corp. | 5.48 | 14.23 | 23.42 | 23.70 | — | |
| Exxon Mobil Corp. | 9.39 | 10.71 | 12.02 | 10.39 | 10.20 | |
| Occidental Petroleum Corp. | 7.12 | 7.75 | 9.09 | 6.66 | 5.96 | |
| Payables Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 9.00 | 10.23 | 12.15 | 9.78 | 9.08 | |
| Payables Turnover, Industry | ||||||
| Energy | 8.87 | 9.91 | 11.78 | 9.56 | 8.93 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Payables turnover = Sales and other operating revenues ÷ Accounts payable
= 193,414 ÷ 22,079 = 8.76
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Chevron Corp. payables turnover ratio decreased from 2022 to 2023 and from 2023 to 2024. |
Working Capital Turnover
Chevron Corp., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | 40,911) | 41,128) | 50,343) | 33,738) | 26,078) | |
| Less: Current liabilities | 38,558) | 32,258) | 34,208) | 26,791) | 22,183) | |
| Working capital | 2,353) | 8,870) | 16,135) | 6,947) | 3,895) | |
| Sales and other operating revenues | 193,414) | 196,913) | 235,717) | 155,606) | 94,471) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | 82.20 | 22.20 | 14.61 | 22.40 | 24.25 | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| ConocoPhillips | 15.54 | 12.98 | 13.30 | 11.37 | 2.80 | |
| Expand Energy Corp. | — | 4.67 | — | — | — | |
| Exxon Mobil Corp. | 15.65 | 10.70 | 13.95 | 110.19 | — | |
| Occidental Petroleum Corp. | — | — | 32.45 | 13.76 | 29.88 | |
| Working Capital Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 23.80 | 13.82 | 14.76 | 34.02 | — | |
| Working Capital Turnover, Industry | ||||||
| Energy | 20.63 | 13.28 | 14.47 | 30.84 | 155.07 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Working capital turnover = Sales and other operating revenues ÷ Working capital
= 193,414 ÷ 2,353 = 82.20
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Chevron Corp. working capital turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
Average Inventory Processing Period
Chevron Corp., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | 21.32 | 22.86 | 28.58 | 24.68 | 16.64 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | 17 | 16 | 13 | 15 | 22 | |
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| ConocoPhillips | 12 | 9 | 6 | 10 | 19 | |
| Exxon Mobil Corp. | 25 | 27 | 22 | 25 | 39 | |
| Occidental Petroleum Corp. | 29 | 26 | 21 | 26 | 39 | |
| Average Inventory Processing Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 22 | 22 | 17 | 20 | 32 | |
| Average Inventory Processing Period, Industry | ||||||
| Energy | 23 | 23 | 19 | 22 | 34 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 21.32 = 17
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Chevron Corp. number of days of inventory outstanding deteriorated from 2022 to 2023 and from 2023 to 2024. |
Average Receivable Collection Period
Chevron Corp., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 9.35 | 9.88 | 11.52 | 8.45 | 8.24 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 39 | 37 | 32 | 43 | 44 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| ConocoPhillips | 44 | 36 | 33 | 52 | 51 | |
| Expand Energy Corp. | 105 | 36 | 37 | 56 | — | |
| Exxon Mobil Corp. | 38 | 33 | 30 | 35 | 33 | |
| Occidental Petroleum Corp. | 48 | 41 | 43 | 59 | 43 | |
| Average Receivable Collection Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 40 | 35 | 32 | 41 | 38 | |
| Average Receivable Collection Period, Industry | ||||||
| Energy | 42 | 37 | 34 | 43 | 41 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 9.35 = 39
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Chevron Corp. number of days of receivables outstanding deteriorated from 2022 to 2023 and from 2023 to 2024. |
Operating Cycle
Chevron Corp., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 17 | 16 | 13 | 15 | 22 | |
| Average receivable collection period | 39 | 37 | 32 | 43 | 44 | |
| Short-term Activity Ratio | ||||||
| Operating cycle1 | 56 | 53 | 45 | 58 | 66 | |
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| ConocoPhillips | 56 | 45 | 39 | 62 | 70 | |
| Exxon Mobil Corp. | 63 | 60 | 52 | 60 | 72 | |
| Occidental Petroleum Corp. | 77 | 67 | 64 | 85 | 82 | |
| Operating Cycle, Sector | ||||||
| Oil, Gas & Consumable Fuels | 62 | 57 | 49 | 61 | 70 | |
| Operating Cycle, Industry | ||||||
| Energy | 65 | 60 | 53 | 65 | 75 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 17 + 39 = 56
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Chevron Corp. operating cycle deteriorated from 2022 to 2023 and from 2023 to 2024. |
Average Payables Payment Period
Chevron Corp., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 8.76 | 9.64 | 12.44 | 9.46 | 8.63 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 42 | 38 | 29 | 39 | 42 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| ConocoPhillips | 40 | 33 | 28 | 40 | 52 | |
| Expand Energy Corp. | 67 | 26 | 16 | 15 | — | |
| Exxon Mobil Corp. | 39 | 34 | 30 | 35 | 36 | |
| Occidental Petroleum Corp. | 51 | 47 | 40 | 55 | 61 | |
| Average Payables Payment Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 41 | 36 | 30 | 37 | 40 | |
| Average Payables Payment Period, Industry | ||||||
| Energy | 41 | 37 | 31 | 38 | 41 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.76 = 42
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Chevron Corp. number of days of payables outstanding increased from 2022 to 2023 and from 2023 to 2024. |
Cash Conversion Cycle
Chevron Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 17 | 16 | 13 | 15 | 22 | |
| Average receivable collection period | 39 | 37 | 32 | 43 | 44 | |
| Average payables payment period | 42 | 38 | 29 | 39 | 42 | |
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | 14 | 15 | 16 | 19 | 24 | |
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| ConocoPhillips | 16 | 12 | 11 | 22 | 18 | |
| Exxon Mobil Corp. | 24 | 26 | 22 | 25 | 36 | |
| Occidental Petroleum Corp. | 26 | 20 | 24 | 30 | 21 | |
| Cash Conversion Cycle, Sector | ||||||
| Oil, Gas & Consumable Fuels | 21 | 21 | 19 | 24 | 30 | |
| Cash Conversion Cycle, Industry | ||||||
| Energy | 24 | 23 | 22 | 27 | 34 | |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 17 + 39 – 42 = 14
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Chevron Corp. cash conversion cycle improved from 2022 to 2023 and from 2023 to 2024. |