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
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Long-term Activity Ratios (Summary)
ConocoPhillips, 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).
The analysis of the turnover ratios over the reported periods reveals notable trends and fluctuations in asset and equity utilization efficiency.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows an initial increase from 0.47 in March 2020, reaching a peak of 1.21 in March 2023. This upward trend indicates improving efficiency in using fixed assets to generate sales. However, after peaking, there is a gradual decline from 1.21 down to 0.58 by March 2025, suggesting a reduction in fixed asset utilization efficiency in the most recent periods.
- Total Asset Turnover
- Total asset turnover follows a similar pattern, starting at 0.30 in March 2020 and increasing steadily to a high of 0.84 by March 2023. This reflects enhanced utilization of the company's total assets to generate revenue. Post-March 2023, the ratio declines steadily and reaches 0.45 by March 2025, indicating a downturn in asset efficiency.
- Equity Turnover
- The equity turnover ratio exhibits significant growth from 0.63 in March 2020 to a peak of 1.64 in March 2023, signifying increasing effectiveness in using shareholders’ equity to generate revenue. Following this peak, a downward trend emerges, with the ratio decreasing to 0.84 by March 2025. This pattern mirrors the trends seen in the asset turnover ratios and suggests a similar decline in equity efficiency over the latter periods.
Overall, the data points to a sustained improvement in asset and equity turnover ratios through to early 2023, demonstrating strengthening operational efficiency. However, the subsequent decline across all ratios from 2023 through early 2025 signals potential challenges or changes in asset and equity deployment effectiveness that may warrant further investigation.
Net Fixed Asset Turnover
ConocoPhillips, 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 | ||||||||||||||||||||||||||||
| Net properties, plants and equipment, net of accumulated DD&A | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| 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)
÷ Net properties, plants and equipment, net of accumulated DD&A
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
-
The revenue figures demonstrate significant volatility from 2020 through early 2021, with a marked recovery beginning in the first quarter of 2021. Initial values in 2020 were relatively low, reflecting a decline from over 6 billion US dollars in Q1 2020 down to approximately 2.7 billion US dollars in Q2 2020. Subsequently, revenues showed a strong upward trend, peaking notably in the last quarter of 2021 at more than 15 billion US dollars.
During 2022, revenues continued an overall upward trajectory, reaching a peak near 21 billion US dollars in mid-2022 before experiencing a decline in subsequent quarters. Revenues during 2023 showed a more fluctuating pattern, with a decline in the middle of the year followed by a modest recovery by year-end. In 2024 and early 2025, revenues generally stabilized, fluctuating around the 13 to 16 billion US dollars range, which is below the 2022 peak levels but higher than the depressed 2020 figures.
- Net Properties, Plants and Equipment, Net of Accumulated DD&A
-
The net property, plant, and equipment values remained relatively stable around 40 to 41 billion US dollars throughout 2020 before a sharp and substantial increase beginning in early 2021. From the first quarter of 2021 onward, the values escalated markedly, reaching the mid-60 billion US dollars range by late 2022 and continuing a gradual increase into 2023 and early 2024.
A significant jump is observed at the end of the time series, where these asset figures surge dramatically to over 94 billion US dollars by the end of 2024 and early 2025, indicating a major increase in capital investment, acquisitions, or revaluation of assets.
- Net Fixed Asset Turnover
-
Data for this ratio is available starting mid-2020, showing a general upward trend through 2021 and 2022. The ratio increased from below 0.5 units in early 2020 to a peak above 1.2 in the first quarters of 2022 and 2023, indicating improved efficiency in generating sales revenue from fixed assets.
However, from mid-2023 onward, a declining trend is observed, with the ratio gradually decreasing below 1.0 and continuing to fall to around 0.58 by the first quarter of 2025. This decline coincides with the drastic increase in net fixed assets, implying that the growth in asset base outpaced the increase in revenue during this period, resulting in reduced turnover efficiency.
Total Asset Turnover
ConocoPhillips, 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 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| 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.
The analysis of the quarterly financial data reveals several notable trends in the company’s operational performance and asset management over the given periods.
- Sales and Other Operating Revenues
- The sales revenues show considerable volatility over the observed quarters. Initial values in early 2020 were moderate, with a dip in the second quarter of 2020, likely influenced by external factors during that period. Starting from the first quarter of 2021, there was a significant upward trend in revenues, peaking in the last quarter of 2021. Following this peak, the revenues remained relatively high but exhibited a downward trend through 2022 and much of 2023. A mild recovery in sales is observed towards the end of 2023 into early 2025, suggesting some stabilization or increased demand after the previous decline.
- Total Assets
- Total assets maintained a relatively steady level throughout 2020 with slight fluctuations. A substantial increase occurred by the end of 2020 and throughout 2021, indicating possible expansion, acquisitions, or investment activities. Asset levels stabilized somewhat during 2022 and 2023, followed by a remarkable jump in total assets by 2025, likely illustrating a significant strategic investment or asset acquisition during that latter period.
- Total Asset Turnover
- The total asset turnover ratio started at a low level near 0.3 in late 2020 but improved markedly through 2021, reaching a peak of 0.84 by late 2022. This indicates increasing efficiency in generating revenues from assets during that timeframe. However, from the late 2022 peak onward, the ratio declined gradually, stabilizing somewhat but remaining lower through to early 2025. This decline may indicate growing asset bases not yet fully converted to revenue or potentially reduced operational efficiency relative to asset size.
In summary, the company experienced a recovery and growth phase in revenues and asset utilization efficiency during 2021 and 2022, followed by a period of revenue decline and decreased asset utilization efficiency into 2023 and early 2025. Total assets, meanwhile, increased significantly towards the end, suggesting increased investment or acquisition activity despite the declining turnover ratio. This dynamic implies strategic moves to grow asset capacity, possibly in anticipation of future revenue increases or market positioning.
Equity Turnover
ConocoPhillips, 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 | ||||||||||||||||||||||||||||
| Common stockholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| 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)
÷ Common stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and other operating revenues
-
The sales revenue demonstrates significant volatility over the quarters. Initially, in early 2020, revenues were relatively low, with a notable drop in the second quarter likely influenced by external market conditions. Following this, a strong recovery began by the second half of 2020, continuing into 2021 where sales steadily increased, peaking in the fourth quarter of 2021.
In 2022, revenues remained high with a slight peak in the middle of the year but showed some decline towards the end of 2022 and continuing into early 2023. Mid-2023 saw a partial rebound, although the figures did not reach the highs observed in late 2021 or mid-2022. The trend for late 2023 through early 2025 indicates moderate fluctuations with some growth noted by the final reported quarter in March 2025.
- Common stockholders’ equity
-
Equity started around 31 billion USD in early 2020, with a modest decline through the end of 2020. From 2021 onward, equity rose substantially, peaking near 50 billion USD by the end of 2021 and maintaining levels close to this range throughout 2022 and the early part of 2023.
Equity remained relatively stable through mid-2023, followed by a moderate increase during late 2023 and early 2024, culminating in a significant jump in early 2025 to above 65 billion USD. This rise suggests enhanced capital or retained earnings growth towards the most recent periods analyzed.
- Equity turnover ratio
-
The equity turnover ratio data begins from the third quarter of 2020, where it registered at 0.63 and then dropped to 0.52 in the subsequent quarter. From late 2020 through late 2021, the ratio exhibited a steady and substantial upward trend, rising from 0.66 to a peak of 1.64, suggesting improved efficiency in generating sales from equity during this period.
After this peak, the ratio slightly decreased but remained at relatively high levels through 2022 and most of 2023, indicating continued operational effectiveness. Toward the end of the data series, the ratio declines to below 1, reaching 0.84 and 0.88 by the first quarters of 2025, which may indicate a reduced efficiency compared to the prior peaks or changes in asset utilization or capital structure.