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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Long-term Activity Ratios (Summary)
ConocoPhillips, 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 analyzed activity ratios exhibit a synchronized cyclical trend characterized by a sharp increase in efficiency through late 2022, followed by a multi-year contraction, and a subsequent period of stabilization starting in 2025. All three metrics peaked simultaneously in December 2022, indicating a period of maximum asset and equity utilization relative to revenue generation during that timeframe.
- Net Fixed Asset Turnover
- An upward trajectory is observed from March 2022 (0.83) to a peak of 1.21 in December 2022. This was followed by a steady decline that bottomed at 0.58 in December 2024. From January 2025 through March 2026, the ratio stabilized within a narrow range between 0.61 and 0.64, suggesting a plateau in the efficiency of fixed asset utilization.
- Total Asset Turnover
- The total asset turnover mirrors the movement of fixed asset turnover, rising from 0.58 in March 2022 to a peak of 0.84 in December 2022. A consistent downward trend occurred over the following two years, reaching a low of 0.45 in December 2024. The metric demonstrated marginal recovery and consistency throughout 2025 and the first quarter of 2026, maintaining values between 0.46 and 0.49.
- Equity Turnover
- Equity turnover displayed the most significant volatility in absolute terms, climbing from 1.09 in March 2022 to 1.64 in December 2022. A subsequent contraction led to a low of 0.84 in December 2024. Similar to the asset-based ratios, a period of stability followed, with the ratio fluctuating slightly between 0.88 and 0.92 from March 2025 through March 2026.
A strong positive correlation exists between all three activity ratios, as they all experienced a synchronized trough in December 2024. The convergence of these ratios toward a stable baseline in 2025 and 2026 suggests a transition from a period of volatile efficiency to a more predictable operational steady-state.
Net Fixed Asset Turnover
ConocoPhillips, 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 | |||||||||||||||||||||||
| 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: 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)
÷ Net properties, plants and equipment, net of accumulated DD&A
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a cyclical pattern characterized by an initial peak in 2022, a subsequent gradual decline, and a significant structural shift in late 2024.
- Revenue-Driven Efficiency Gains (2022)
- From March 2022 to December 2022, the net fixed asset turnover ratio increased from 0.83 to a peak of 1.21. This upward trend was primarily driven by a significant increase in sales and other operating revenues, which peaked at $21.16 billion in June 2022, while the net properties, plants, and equipment remained stable, fluctuating minimally around the $64 billion mark.
- Gradual Ratio Contraction (2023 – Mid-2024)
- A period of steady decline is observed starting in March 2023, with the ratio falling from 1.16 to 0.78 by September 2024. This erosion in turnover efficiency coincided with a general reduction in quarterly revenues and a modest increase in the net asset base, which rose to approximately $70 billion by the end of 2023.
- Capital Expansion and Baseline Shift (Late 2024 – 2026)
- A sharp decline in the ratio to 0.58 occurred in December 2024, directly corresponding to a substantial increase in net properties, plants, and equipment, which jumped from $70.72 billion in September 2024 to $94.35 billion in December 2024. Following this expansion, the ratio entered a stabilization phase, fluctuating between 0.58 and 0.64 through March 2026. This indicates that the asset base expanded significantly faster than the associated revenue growth, resulting in a lower long-term turnover baseline.
Total Asset Turnover
ConocoPhillips, total asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| 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 a cyclical pattern of efficiency followed by a structural shift in the asset base. The ratio experienced a period of growth through 2022, followed by a steady decline in 2023, and a significant step-down in late 2024 resulting from a substantial increase in total assets.
- Revenue-Driven Efficiency Trends (2022–2023)
- A period of increasing operational efficiency was observed during 2022, where the total asset turnover ratio rose from 0.58 in March to a peak of 0.84 by December. This improvement was driven by a surge in sales and other operating revenues, which peaked at 21.16 billion USD in June 2022, while the asset base remained relatively stable around 93 to 94 billion USD. This trend reversed throughout 2023 as revenues contracted, leading the turnover ratio to decline from 0.83 in March 2023 to 0.59 by December 2023.
- Structural Asset Expansion and Ratio Impact (2024)
- The turnover ratio remained stable between 0.57 and 0.59 for the first three quarters of 2024. However, a significant inflection point occurred in December 2024, when total assets increased sharply from 96.7 billion USD to 122.8 billion USD. This expansion of the asset base, which was not matched by a proportional increase in revenue, caused the total asset turnover ratio to drop to its lowest point of 0.45.
- Long-term Stabilization (2025–2026)
- Following the asset expansion in late 2024, the turnover ratio entered a period of relative stabilization. Between December 2024 and March 2026, the ratio fluctuated within a narrow band between 0.45 and 0.49. While revenues showed some volatility, peaking at 16.5 billion USD in March 2025, they remained insufficient to return the turnover ratio to the levels seen prior to the December 2024 asset increase, indicating a new baseline for asset utilization efficiency.
Equity Turnover
ConocoPhillips, 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 | |||||||||||||||||||||||
| Equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| 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)
÷ Equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of investment activity ratios reveals three distinct phases in asset utilization and revenue generation capacity between March 2022 and March 2026.
- Revenue Trends
- Operating revenues exhibited significant volatility, peaking in June 2022 at 21,161 million US$. A downward trajectory followed throughout 2023, reaching a low of 12,351 million US$ in June 2023. Subsequent quarters showed a period of relative stabilization, with revenues generally fluctuating between 13,000 million US$ and 16,500 million US$ through early 2026.
- Equity Base Evolution
- Shareholder equity remained relatively constant, ranging between 47,000 and 50,000 million US$ from March 2022 through September 2024. A substantial structural increase occurred in the fourth quarter of 2024, where equity rose from 49,881 million US$ to 64,796 million US$. This elevated equity level was maintained through March 2026, persisting within the 64,000 to 65,000 million US$ range.
- Equity Turnover Performance
- The equity turnover ratio experienced an initial period of growth, climbing from 1.09 in March 2022 to a peak of 1.64 by December 2022, driven by strong revenue expansion against a stable equity base. This trend reversed during 2023 as revenues contracted, bringing the ratio down to 1.14 by the end of the year. A second significant decline occurred in December 2024, with the ratio dropping to 0.84. This decline directly correlates with the sharp increase in equity, which occurred without a proportional increase in revenues. From 2025 through March 2026, the ratio stabilized between 0.88 and 0.92, indicating a lower efficiency of equity utilization relative to the 2022 peak.