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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- Income Statement
- Statement of Comprehensive Income
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Long-term Activity Ratios (Summary)
ConocoPhillips, 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 turnover ratios over the presented periods indicates distinct trends in asset and equity utilization efficiency.
- Net Fixed Asset Turnover
- This ratio starts at 0.47 in March 2021 and shows a generally upward trajectory peaking at 1.21 in March 2023. Following this peak, there is a notable decline, with values decreasing to around 0.58 by March 2025. The initial growth suggests improved use of net fixed assets to generate sales, while the subsequent decline points to a reduction in asset turnover efficiency in recent periods.
- Total Asset Turnover
- Beginning at 0.3 in March 2021, the total asset turnover increases steadily, reaching a maximum of 0.84 in March 2023. Post this peak, the ratio experiences a downward trend, settling near 0.45 by March 2025. This pattern mirrors that of net fixed asset turnover, highlighting an overall strengthening in asset use efficiency followed by a reversal in the latest periods.
- Equity Turnover
- The equity turnover ratio starts at 0.63 in March 2021 and rises significantly to 1.64 in March 2023, indicating enhanced revenue generation relative to shareholder equity. After attaining this high point, the ratio declines to approximately 0.84 by March 2025, signaling a decrease in the operational efficiency or leverage impact in generating sales from equity.
Overall, the data exhibits a phase of growth in turnover ratios through early 2023, suggesting improved asset and equity productivity. However, all three turnover metrics demonstrate a decline in the subsequent periods up to mid-2025, which may warrant further investigation to determine underlying causes such as changes in operational strategy, asset management, or market conditions.
Net Fixed Asset Turnover
ConocoPhillips, 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 | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
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)
÷ Net properties, plants and equipment, net of accumulated DD&A
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and other operating revenues
- The sales and other operating revenues exhibit a cyclical pattern with significant fluctuations over the observed periods. Revenues dropped sharply from 6,158 million USD in the first quarter of 2020 to 2,749 million USD in the second quarter of 2020, reflecting a decline possibly due to external economic or market factors. Subsequently, a recovery trend is noticeable, with revenues increasing steadily to peak at 21,161 million USD in the second quarter of 2022. After this peak, revenues declined gradually through 2023, reaching a low of 12,351 million USD in the second quarter of 2023. A modest recovery is observed in subsequent quarters, culminating in 16,517 million USD by the first quarter of 2025 before a slight decrease to 14,004 million USD in the second quarter of 2025. The data indicates a volatile revenue stream with periods of rapid recovery and contraction.
- Net properties, plants and equipment, net of accumulated DD&A
- The net value of properties, plants, and equipment shows a general upward trend across the period. Starting from 40,645 million USD in the first quarter of 2020, the values remain relatively stable through 2020 but begin a notable increase in 2021 with a jump to 58,270 million USD in the first quarter. This elevated level is maintained with some fluctuations, reaching a substantial peak of 94,356 million USD in the first quarter of 2025. The data points to ongoing investments or revaluation of assets, indicating expansion or enhancement of the asset base over time.
- Net fixed asset turnover
- The net fixed asset turnover ratio, available only from the third quarter of 2020, reflects how efficiently the company utilizes its fixed assets to generate revenues. Initially, the ratio is relatively low at 0.47 and dips to 0.39 in the subsequent quarter, suggesting lower efficiency. Thereafter, a positive trend is observed, with the ratio increasing steadily, reaching a peak of 1.21 in the first quarter of 2022. This indicates improved asset utilization coinciding with the period of rising revenues. Post this peak, the ratio declines gradually, settling around 0.58 to 0.61 in early 2025, which may suggest diminished efficiency or a relative increase in asset base compared to sales.
Total Asset Turnover
ConocoPhillips, 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 | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
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
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the observed periods. Sales and other operating revenues depict a strong recovery and growth phase following a low during the second quarter of 2020. Revenues dropped significantly from 6,158 million USD in the first quarter of 2020 to 2,749 million USD in the second quarter of 2020, likely reflecting a challenging external environment. Subsequently, revenues steadily increased, peaking around the second quarter of 2022 at 21,161 million USD. After reaching this zenith, revenues display a declining pattern through 2023, reaching a trough in the third quarter of 2023 at 12,351 million USD. A mild recovery followed towards the end of 2024 and into the first half of 2025, with revenues fluctuating between approximately 13,000 and 16,500 million USD.
Total assets show a different pattern, with a generally upward trajectory throughout the timeline. Starting at 65,033 million USD in the first quarter of 2020, total assets exhibit gradual increases, reaching around 93,000 million USD by the last quarter of 2022. The asset base then continues to grow more significantly from 2023 onward, with a notable jump to over 122,000 million USD by mid-2025. This substantial asset growth in later periods suggests major investments or acquisitions, reflecting a strategic expansion of the company's asset base.
The total asset turnover ratio emphasizes operational efficiency trends over time. From missing or negligible values in earlier quarters, the ratio appears from the third quarter of 2020 and gains momentum rapidly, increasing from 0.3 to a peak of 0.84 in the first quarter of 2023. This rise in turnover ratio corresponds with increased revenue generation relative to assets, suggesting improved utilization of the asset base during this period. However, after this peak, the ratio declines steadily through 2023 and 2024, stabilizing around 0.45 to 0.47 in 2025. This decrease may indicate that asset growth outpaced revenues or that operational efficiency decreased in the latter periods.
Overall, the data illustrates a recovery and robust growth phase in revenues through early 2022, followed by a moderation and mild volatility in subsequent quarters. The asset base expands consistently, with accelerated growth in the latest quarters. Asset turnover improves notably through 2022 and early 2023 but declines thereafter, pointing to a potential need to optimize asset use amidst expanding asset holdings.
Equity Turnover
ConocoPhillips, 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 | |||||||||||||||||||||||||||||
| Common stockholders’ equity | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
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)
÷ Common stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- The sales and other operating revenues displayed considerable volatility throughout the observed periods. In early 2020, revenues initially declined sharply, reaching a low point in the second quarter, likely reflecting broader market disruptions. Subsequently, there was a steady recovery and growth trend through 2021 and into early 2022, with revenues peaking around mid-2022. After this peak, revenues experienced a consistent decline through late 2023, bottoming out in mid-2024 with some minor fluctuations thereafter. The revenue levels in early 2025 show a slight rebound, but still remain below the prior peak levels observed in 2022.
- Common Stockholders’ Equity
- The common stockholders’ equity exhibited a gradual upward trajectory over the timeframe. Starting at a lower base around early 2020, equity levels increased notably by early 2021 and maintained a generally stable rising trend through 2022 and into 2023. Although minor fluctuations are present, there is a marked increase toward the end of the period with equity reaching its highest levels in early 2025. This suggests strengthening capitalization and retained earnings accumulation, potentially reflecting improved profitability or capital management strategies over time.
- Equity Turnover
- The equity turnover ratio started reporting around the third quarter of 2020 and initially showed moderate values near 0.6. This ratio increased steadily into 2022, peaking above 1.6 in early 2022, indicating improved efficiency in utilizing equity to generate revenues. However, after this peak, equity turnover progressively declined through late 2023 and 2024, stabilizing slightly below 1.0 toward early 2025. This downward trend could imply a relative decline in operational efficiency or a rise in equity base outpacing revenue growth during the latter periods.