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)
ConocoPhillips, 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 the given financial ratios demonstrates distinct trends in asset and equity utilization over the periods observed.
- Net Fixed Asset Turnover
- This ratio exhibits a clear upward movement from March 2021 through December 2022, increasing from 0.39 to a peak of 1.21. This suggests improved efficiency in generating revenue from net fixed assets during this period. However, from the start of 2023, the ratio shows a declining trend, dropping gradually to 0.58 by March 2025. The initial rise could reflect investment in fixed assets becoming more productive, whereas the subsequent decrease indicates diminished efficiency or perhaps increased asset base without proportional revenue growth.
- Total Asset Turnover
- There is a consistent increase from 0.27 in March 2021 to a maximum of 0.84 in December 2022, signaling an enhancement in total asset utilization. After this peak, the ratio declines steadily to 0.45 by June 2025 before a slight uptick to 0.49 by September 2025. The overall pattern suggests that while total assets were increasingly effective at generating revenues initially, this effectiveness diminishes in the later periods, potentially due to slower revenue growth relative to asset accumulation or other operational inefficiencies.
- Equity Turnover
- The equity turnover ratio also follows a similar pattern, rising from 0.52 in March 2021 to 1.64 in December 2022, indicating strong use of equity to generate revenue over that timeframe. After this high point, the ratio falls to 0.84 by March 2025 but shows a modest recovery towards 0.92 by September 2025. This trend may reflect fluctuating returns on shareholder equity, with initial growth succeeded by contraction and partial rebound, suggesting changes in profitability or capital structure.
In summary, all three turnover ratios demonstrate significant improvement through to late 2022, pointing to an overall enhancement in asset and equity efficiency during that period. Subsequent declines in 2023 and 2024 imply challenges in sustaining those gains, possibly related to operational or market conditions affecting revenue generation relative to the asset and equity base. Moderate recovery signals in late 2024 and into 2025 suggest potential stabilization or adaptation to these challenges.
Net Fixed Asset Turnover
ConocoPhillips, 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 | 15,031) | 14,004) | 16,517) | 14,236) | 13,041) | 13,620) | 13,848) | 14,729) | 14,250) | 12,351) | 14,811) | 18,558) | 21,013) | 21,161) | 17,762) | 15,120) | 11,326) | 9,556) | 9,826) | ||||||
| Net properties, plants and equipment, net of accumulated DD&A | 93,498) | 95,242) | 94,316) | 94,356) | 70,725) | 70,226) | 69,907) | 70,044) | 65,561) | 65,452) | 65,090) | 64,866) | 63,673) | 64,008) | 64,642) | 64,911) | 56,689) | 57,717) | 58,270) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.64 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 0.85 | 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 | ||||||
| Exxon Mobil Corp. | 1.09 | 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 | ||||||
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)
÷ Net properties, plants and equipment, net of accumulated DD&A
= (15,031 + 14,004 + 16,517 + 14,236)
÷ 93,498 = 0.64
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- Sales and other operating revenues exhibit notable fluctuations over the analyzed periods. The revenue started at $9,826 million in the first quarter of 2021, generally increasing and reaching a peak of $21,161 million by mid-2022. After this peak, revenues showed a declining trend, dropping to approximately $14,811 million by the first quarter of 2023. Revenues then experienced modest fluctuations, stabilizing around a range of $13,000 to $15,000 million from early 2024 through to the third quarter of 2025, with a slight increase to $16,517 million in the first quarter of 2025 before declining again.
- Net Properties, Plants and Equipment, Net of Accumulated Depreciation, Depletion & Amortization (DD&A)
- The net value of properties, plants, and equipment remained relatively stable between $57,000 million and $65,000 million from 2021 through late 2023. A significant increase occurred starting in the fourth quarter of 2023, where the asset base rose sharply to around $94,000 million by early 2025. This jump suggests substantial capital investment or asset revaluation during this period. The values remained high but slightly fluctuated around the $93,000 to $95,000 million range towards the end of the analyzed timeframe.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio demonstrated an overall downward trend after a period of growth. It initially increased from 0.39 in early 2021 to a high of 1.21 by the end of 2021, indicating more efficient utilization of fixed assets relative to sales. However, subsequently, the ratio declined steadily, falling to around 0.58 by early 2025. This decrease coincided with the sharp increase in net fixed assets, implying that asset growth outpaced sales growth, resulting in diminished turnover efficiency. Minor recoveries are noted towards the end of the analyzed period but do not return to previous peak levels.
- Summary of Observations
- The company experienced strong revenue growth leading up to mid-2022, followed by a period of stabilization and slight decline. This trend contrasts with a significant expansion in the net fixed asset base from late 2023, which appears to have impacted asset utilization negatively. The falling net fixed asset turnover ratio suggests that the increase in property, plant, and equipment has not yet fully translated into proportional revenue growth. This pattern points to either recent investments requiring time to generate returns or changes in operational efficiency. Close monitoring of revenue trends relative to capital expenditures is advisable to assess the effectiveness of asset utilization moving forward.
Total Asset Turnover
ConocoPhillips, total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenues | 15,031) | 14,004) | 16,517) | 14,236) | 13,041) | 13,620) | 13,848) | 14,729) | 14,250) | 12,351) | 14,811) | 18,558) | 21,013) | 21,161) | 17,762) | 15,120) | 11,326) | 9,556) | 9,826) | ||||||
| Total assets | 122,472) | 122,599) | 124,254) | 122,780) | 96,699) | 95,994) | 95,348) | 95,924) | 93,651) | 89,605) | 91,441) | 93,829) | 94,837) | 93,693) | 93,308) | 90,661) | 87,304) | 85,403) | 83,693) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.49 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 0.57 | 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 | ||||||
| Exxon Mobil Corp. | 0.72 | 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 | ||||||
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
= (15,031 + 14,004 + 16,517 + 14,236)
÷ 122,472 = 0.49
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- Sales revenues exhibited a notable upward trend from March 2021 through June 2022, increasing from approximately 9.8 billion USD to over 21 billion USD. After peaking around mid-2022, revenues experienced a generally downward trajectory with some fluctuations, declining to approximately 13.8 billion USD by March 2024. Subsequently, sales showed recovery signs with a gradual rise reaching about 16.5 billion USD by March 2025, despite some intermittent dips across the periods.
- Total Assets
- Total assets increased steadily from about 83.7 billion USD in March 2021 to around 96.7 billion USD by December 2024, indicating ongoing growth in asset base. A significant jump occurred at the start of 2025, with total assets rising sharply to approximately 123 billion USD, maintaining that level through to the end of the reported period. This suggests substantial asset acquisition or revaluation during that timeframe.
- Total Asset Turnover
- The total asset turnover ratio showed a strong improvement from 0.27 in the first quarter of 2021 to a peak of 0.84 by the end of 2022, reflecting enhanced efficiency in utilizing assets to generate sales. Following this peak, the ratio declined gradually to approximately 0.57 by late 2024 and decreased further to around 0.49 by March 2025. This decline, concurrent with the sharp rise in total assets, indicates that sales growth did not keep pace proportionally with asset growth in the latter periods, leading to reduced efficiency in asset utilization.
- Overall Analysis
- The data reveals an initial phase of both revenue growth and improving asset efficiency up to mid-2022. The subsequent period was characterized by a decline in sales alongside asset base expansion, resulting in decreased asset turnover. The marked increase in total assets at the beginning of 2025, with only moderate corresponding growth in sales, suggests a change in asset structure or investment strategy that has yet to translate into proportional revenue increases. This points to a transitional phase with potential impacts on operational efficiency and capital deployment.
Equity Turnover
ConocoPhillips, 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 | 15,031) | 14,004) | 16,517) | 14,236) | 13,041) | 13,620) | 13,848) | 14,729) | 14,250) | 12,351) | 14,811) | 18,558) | 21,013) | 21,161) | 17,762) | 15,120) | 11,326) | 9,556) | 9,826) | ||||||
| Common stockholders’ equity | 64,923) | 65,572) | 65,238) | 64,796) | 49,881) | 49,745) | 49,325) | 49,279) | 47,745) | 47,531) | 47,783) | 48,003) | 49,079) | 50,202) | 49,218) | 45,406) | 44,115) | 44,276) | 43,155) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 0.92 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 0.98 | 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 | ||||||
| Exxon Mobil Corp. | 1.25 | 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 | ||||||
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)
÷ Common stockholders’ equity
= (15,031 + 14,004 + 16,517 + 14,236)
÷ 64,923 = 0.92
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the company’s operations and financial position over the observed periods.
- Sales and Other Operating Revenues
- The sales and other operating revenues demonstrate a marked upward trajectory from early 2021 through mid-2022, peaking in the second quarter of 2022 at 21,161 million US dollars. Following this peak, revenues exhibit a declining trend through the end of 2022 and the first half of 2023, decreasing to 12,351 million US dollars in the second quarter of 2023. Revenue figures then reflect some recovery in the latter part of 2023 and remain relatively stable with slight fluctuations through the first quarter of 2025, reaching 15,031 million US dollars. The overall pattern indicates volatility with a significant rise and subsequent correction, suggesting possible external market influences or internal operational factors affecting revenue generation.
- Common Stockholders’ Equity
- The common stockholders’ equity increases steadily from 43,155 million US dollars at the end of the first quarter of 2021 to about 49,881 million US dollars by the third quarter of 2024. A significant jump occurs in the last quarter of 2024, with equity rising sharply to 64,796 million US dollars and sustaining levels above 64,000 million through mid-2025. This substantial increase in equity toward the end of the period analyzed may be attributed to retained earnings, capital injections, or asset revaluations, reflecting a strengthening financial base and improved shareholder value.
- Equity Turnover Ratio
- The equity turnover ratio shows a consistent increase from 0.52 in the first quarter of 2021 to a peak of 1.64 by the end of 2021, indicating improved efficiency in using equity to generate revenue during this period. After peaking, the ratio declines steadily through 2023 and into 2024, bottoming around 1.11 in late 2024. A more pronounced decline is observed in 2025, with the ratio falling below 1.0 and stabilizing near 0.9, suggesting reduced efficiency or a slower rate of revenue generation relative to equity. This decline coincides with the steep rise in equity, highlighting that revenue has not proportionally matched the growth of equity.
In summary, the company's revenue showed strong growth through mid-2022 followed by a downturn and stabilization at lower levels, while the equity base expanded steadily with a notable surge starting in late 2024. The equity turnover ratio trends upward initially but declines notably by 2025, suggesting shifts in operational efficiency or capital utilization dynamics over the analyzed timeframe.