Analysis of Long-term (Investment) Activity Ratios
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)
Exxon Mobil Corp., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 10-K (reporting date: 2025-12-31), 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).
An examination of long-term investment activity ratios reveals fluctuating performance across the five-year period. Generally, a declining trend is apparent in most ratios, particularly from 2022 through 2025. This suggests a potential decrease in the efficiency with which assets are being utilized to generate revenue.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio increased significantly from 1.28 in 2021 to 1.95 in 2022, indicating improved efficiency in generating sales from fixed assets. However, this was followed by a consistent decline, reaching 1.08 in 2025. This suggests a diminishing ability to generate revenue from the company’s fixed asset base over the latter part of the period.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio mirrors the trend observed in the standard net fixed asset turnover. An increase from 1.24 in 2021 to 1.89 in 2022 is followed by a decline to 1.06 in 2025. The inclusion of operating lease obligations and right-of-use assets does not alter the overall trend, but it does suggest that the company’s obligations related to these assets are contributing to the decreasing efficiency.
- Total Asset Turnover
- The total asset turnover ratio experienced an initial increase from 0.82 in 2021 to 1.08 in 2022. Subsequently, it decreased steadily to 0.72 in 2025. This indicates a weakening ability to generate sales from all assets, encompassing both fixed and current assets. The decline is consistent with the trends observed in the fixed asset turnover ratios.
- Equity Turnover
- The equity turnover ratio also shows an initial increase from 1.64 in 2021 to 2.04 in 2022, followed by a consistent decline to 1.25 in 2025. This suggests that the company is generating less revenue for each dollar of equity invested. The decreasing trend aligns with the overall pattern of diminishing asset utilization efficiency.
In summary, the observed trends suggest a period of initial improvement in asset utilization followed by a consistent decline. Further investigation is warranted to understand the underlying factors contributing to this decrease, such as changes in sales volume, asset base, or operational efficiency.
Net Fixed Asset Turnover
Exxon Mobil Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | ||||||
| Property, plant and equipment, at cost, less accumulated depreciation and depletion | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Net fixed asset turnover = Sales and other operating revenue ÷ Property, plant and equipment, at cost, less accumulated depreciation and depletion
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits considerable fluctuation over the observed period. Initially, the ratio increased significantly before declining over the subsequent years.
- Net Fixed Asset Turnover
- In 2021, the net fixed asset turnover ratio was 1.28. This indicates that for every dollar invested in fixed assets, the company generated $1.28 in revenue.
- A substantial increase was observed in 2022, with the ratio rising to 1.95. This suggests a significantly improved efficiency in utilizing fixed assets to generate sales.
- The ratio decreased to 1.56 in 2023, representing a moderation from the prior year’s peak, but still remaining above the 2021 level.
- Further decline occurred in 2024, with the ratio falling to 1.15. This indicates a reduced efficiency in fixed asset utilization compared to 2023.
- The downward trend continued into 2025, with the ratio reaching 1.08. This represents the lowest value observed during the analyzed period, suggesting a further decrease in the revenue generated per dollar of fixed assets.
The observed pattern suggests a peak in fixed asset efficiency in 2022, followed by a consistent decline in subsequent years. This decline could be attributable to several factors, including increased investment in fixed assets without a corresponding increase in sales, or a decrease in sales relative to the existing asset base. Further investigation would be required to determine the underlying causes of this trend.
Concurrently, property, plant, and equipment decreased from 2021 to 2022, then increased significantly in 2024 and 2025. This movement in fixed assets, combined with the fluctuating sales figures, likely contributes to the observed changes in the net fixed asset turnover ratio.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Exxon Mobil Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | ||||||
| Property, plant and equipment, at cost, less accumulated depreciation and depletion | ||||||
| Operating lease right of use assets (included in Other assets, including intangibles, net) | ||||||
| Property, plant and equipment, at cost, less accumulated depreciation and depletion (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales and other operating revenue ÷ Property, plant and equipment, at cost, less accumulated depreciation and depletion (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibited considerable fluctuation over the five-year period. Initial values increased significantly before declining, suggesting shifts in the efficiency with which fixed assets generated revenue.
- Sales and other operating revenue
- Sales demonstrated a substantial increase from 2021 to 2022, rising from US$276,692 million to US$398,675 million. This growth was followed by a decrease in 2023 to US$334,697 million, with modest increases in 2024 (US$339,247 million) and a further decrease in 2025 (US$323,905 million). The overall trend indicates revenue volatility.
- Property, plant and equipment (including operating lease, right-of-use asset)
- The value of property, plant, and equipment decreased from US$222,634 million in 2021 to US$211,143 million in 2022. A subsequent increase was observed in 2023 (US$221,789 million), followed by a more substantial rise in 2024 to US$301,441 million and a continued increase in 2025 to US$306,597 million. This suggests significant investment in fixed assets in the later years of the period.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio increased notably from 1.24 in 2021 to 1.89 in 2022, indicating improved efficiency in utilizing fixed assets to generate sales. However, this ratio decreased to 1.51 in 2023, and continued to decline to 1.13 in 2024 and 1.06 in 2025. This downward trend, despite increasing fixed asset values, suggests a diminishing return on investment in fixed assets, or that revenue growth is not keeping pace with asset expansion. The ratio’s decline in the latter years may warrant further investigation into the factors affecting asset utilization and revenue generation.
The combined trends suggest that while the company initially improved its efficiency in generating sales from its fixed assets, this efficiency has eroded in recent years. The increasing investment in fixed assets has not translated into proportional revenue growth, leading to a lower turnover ratio.
Total Asset Turnover
Exxon Mobil Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Total Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Total Asset Turnover, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Total asset turnover = Sales and other operating revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits fluctuations over the five-year period. Initially, the ratio increased significantly before declining in subsequent years.
- Total Asset Turnover Trend
- The ratio began at 0.82 in 2021 and rose substantially to 1.08 in 2022, indicating improved efficiency in asset utilization to generate revenue. However, this improvement was not sustained. The ratio decreased to 0.89 in 2023 and continued its downward trajectory, reaching 0.75 in 2024 and 0.72 in 2025.
The increase in 2022 suggests a more effective use of assets to drive sales during that year. The subsequent declines, however, indicate a diminishing ability to generate revenue from the existing asset base. This could be due to a variety of factors, including slower sales growth, increased asset investment without a corresponding increase in revenue, or a combination of both.
- Relationship to Revenue
- Sales and other operating revenue increased significantly from 2021 to 2022, coinciding with the increase in the total asset turnover ratio. However, while revenue decreased from 2022 to 2023 and remained relatively stable through 2025, the total asset turnover ratio continued to decline. This suggests that the decrease in asset turnover is not solely attributable to revenue fluctuations, but also to changes in the asset base itself.
The consistent decline in the ratio from 2023 to 2025 warrants further investigation. A sustained decrease in total asset turnover could signal inefficiencies in asset management and potentially impact profitability if not addressed.
- Asset Growth and Turnover
- Total assets increased from 2021 to 2024, but the asset turnover ratio decreased during the same period. This suggests that the growth in assets did not translate into a proportional increase in sales, leading to reduced efficiency. The slight decrease in total assets in 2025 did not reverse the declining trend in the turnover ratio.
Equity Turnover
Exxon Mobil Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | ||||||
| Total ExxonMobil share of equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Equity Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Equity Turnover, Industry | ||||||
| Energy | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Equity turnover = Sales and other operating revenue ÷ Total ExxonMobil share of equity
= ÷ =
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates a fluctuating pattern over the five-year period. Initially, the ratio increased before declining in subsequent years.
- Overall Trend
- The equity turnover ratio began at 1.64 in 2021, increased to 2.04 in 2022, and then exhibited a consistent decline to 1.25 in 2025. This indicates a decreasing efficiency in generating sales revenue from shareholder equity over time.
- Initial Increase (2021-2022)
- A notable increase in the equity turnover ratio occurred between 2021 and 2022. This coincided with a substantial rise in sales and other operating revenue, from US$276,692 million to US$398,675 million, while total equity also increased, but at a slower pace. This suggests improved utilization of equity to generate revenue during this period.
- Subsequent Decline (2022-2025)
- Following the peak in 2022, the equity turnover ratio experienced a steady decrease. While sales revenue decreased from US$398,675 million in 2022 to US$323,905 million in 2025, total equity continued to grow, albeit at a decreasing rate, reaching US$259,386 million in 2025. This suggests that the company required increasingly more equity to generate each dollar of sales revenue.
- Magnitude of Change
- The largest year-over-year change occurred between 2022 and 2023, with a decrease of 0.41. The decline from 2023 to 2025 was more gradual, decreasing by 0.04. This indicates that the initial adjustment in equity utilization was more significant than the subsequent changes.
The observed trend warrants further investigation to understand the underlying factors contributing to the declining efficiency in equity utilization. Potential areas of focus include changes in asset allocation, operational efficiency, and capital structure.