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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- Statement of Comprehensive Income
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
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Long-term Activity Ratios (Summary)
Exxon Mobil Corp., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals distinct trends in asset and equity utilization ratios over the five-year period. Overall, the ratios demonstrate a pattern of rising efficiency in earlier years followed by a noticeable decline in the most recent periods.
- Net Fixed Asset Turnover
- This ratio shows a significant increase from 0.78 in 2020 to a peak of 1.95 in 2022. This upward trend suggests improving efficiency in generating sales from net fixed assets during these years. However, the ratio declines to 1.56 in 2023 and further to 1.15 in 2024, indicating a reduction in how effectively fixed assets contribute to revenue.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The adjusted measure incorporating leased assets follows a similar trend, rising from 0.76 in 2020 to 1.89 in 2022. As with the standard calculation, a decline occurs afterward, dropping to 1.51 in 2023 and then 1.13 in 2024. This pattern suggests consistent but slightly lower efficiency when considering lease obligations.
- Total Asset Turnover
- There is a notable increase in total asset turnover from 0.54 in 2020 to 1.08 in 2022, indicating improved utilization of all assets in generating sales. However, this ratio decreases afterward to 0.89 in 2023 and further to 0.75 in 2024, signaling a diminishing ability to leverage assets fully in the most recent years.
- Equity Turnover
- Equity turnover exhibits a rising trend from 1.14 in 2020 to a maximum of 2.04 in 2022, reflecting enhanced effectiveness in using shareholder equity to generate revenue. Following this peak, there is a downturn to 1.63 in 2023 and 1.29 in 2024, suggesting reduced efficiency relative to the equity base during these later periods.
In summary, all key turnover ratios improved sharply through 2022, indicating a phase of strong operational efficiency and asset utilization. The subsequent decline across all measures in 2023 and 2024 highlights a reversal in this trend, which may warrant further investigation into underlying causes such as changes in asset base, market conditions, or operational strategy.
Net Fixed Asset Turnover
Exxon Mobil Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| Occidental Petroleum Corp. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Energy | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 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.
- Sales and Other Operating Revenue
- The sales and other operating revenue exhibited a strong upward trend from 2020 to 2022, increasing from approximately 178.6 billion US dollars to nearly 398.7 billion US dollars. This represents more than a twofold increase, indicating significant business growth during this period. However, in 2023, revenue declined notably to about 334.7 billion US dollars, followed by a slight recovery in 2024, reaching 339.2 billion US dollars. This pattern suggests a peak in 2022 followed by a contraction and then stabilization at a lower level in the subsequent two years.
- Property, Plant, and Equipment (Net)
- The net value of property, plant, and equipment showed a declining trend from 2020 through 2022, decreasing from around 227.6 billion US dollars to approximately 204.7 billion US dollars. This decline may reflect asset disposals, depreciation, or underinvestment during these years. The trend reversed starting in 2023, with net assets increasing to about 214.9 billion US dollars and then abruptly rising to 294.3 billion US dollars in 2024. The significant increase in 2024 potentially indicates large capital investments or asset revaluations in that period.
- Net Fixed Asset Turnover
- This ratio, which measures efficiency in using fixed assets to generate sales, improved markedly from 0.78 in 2020 to a peak of 1.95 in 2022. This suggests the company was becoming more efficient at generating revenue from its fixed assets during the first three years. However, the ratio declined to 1.56 in 2023 and further to 1.15 in 2024, implying a reduction in asset utilization efficiency in the latter years. This decline could be associated with the increase in net fixed assets in 2023 and 2024, where higher asset bases were not yet matched by proportional revenue growth.
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| Occidental Petroleum Corp. | ||||||
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 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.
- Sales and Other Operating Revenue
- The sales and other operating revenue exhibited a notable upward trajectory from 2020 through 2022, increasing sharply from $178,574 million to $398,675 million. This represents more than a doubling in revenue within two years. However, the subsequent years saw a decline and stabilization of revenue, decreasing to $334,697 million in 2023 and slightly rising to $339,247 million in 2024. The pattern suggests a peak in 2022 followed by a moderation in sales.
- Property, Plant and Equipment (Net)
- The net value of property, plant, and equipment (including operating lease, right-of-use assets) displayed a decreasing trend from 2020 to 2022, dropping from $233,631 million to $211,143 million. A slight recovery occurred in 2023 with an increase to $221,789 million, followed by a significant rise in 2024 to $301,441 million. This substantial increase in 2024 could indicate considerable investment or asset revaluation in that year.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures efficiency in utilizing fixed assets to generate revenue, improved markedly from 0.76 in 2020 to a peak of 1.89 in 2022. This indicates increasing efficiency and more effective use of fixed assets during this period. However, following 2022, the ratio declined to 1.51 in 2023 and further to 1.13 in 2024, signaling a decreasing rate of asset use efficiency. Despite the decline, the ratio in 2024 remains above the 2020 level.
- Summary of Trends
- The analysis reveals a period of rapid revenue growth and improving asset utilization efficiency up to 2022, accompanied by a reduction in net fixed assets. Post-2022, the company experienced a revenue decline and a drop in asset turnover efficiency, even as property, plant, and equipment net value increased significantly in 2024. This may indicate a phase of reinvestment or asset expansion that has yet to translate into proportional revenue growth or asset use efficiency.
Total Asset Turnover
Exxon Mobil Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Occidental Petroleum Corp. | ||||||
| Total Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Total Asset Turnover, Industry | ||||||
| Energy | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Total asset turnover = Sales and other operating revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Sales and other operating revenue
- Sales and other operating revenue exhibit a strong upward trend from 2020 through 2022, increasing significantly from 178,574 million US dollars in 2020 to 398,675 million US dollars in 2022. However, in 2023, there is a noticeable decline to 334,697 million US dollars, followed by a slight recovery in 2024 to 339,247 million US dollars. Overall, the revenue more than doubled over the five-year span, despite the dip observed in the latter years.
- Total assets
- Total assets show a steady increase throughout the entire period, ascending from 332,750 million US dollars in 2020 to 453,475 million US dollars by the end of 2024. This growth indicates ongoing investments or accumulation of assets, with a particularly notable jump from 376,317 million in 2023 to 453,475 million in 2024, representing the largest annual increase in the dataset.
- Total asset turnover
- The total asset turnover ratio, which measures the efficiency of asset usage to generate sales, rises substantially from 0.54 in 2020 to a peak of 1.08 in 2022. This suggests improved operational efficiency during that period. Following the peak, the ratio declines to 0.89 in 2023 and further to 0.75 in 2024. The decrease indicates that, despite higher total assets, the company was generating relatively less revenue per unit of asset value in the most recent years.
- Summary
- In summary, while sales and revenue increased markedly in the first three years, peaking in 2022, there was a downturn in 2023 with minor recovery in 2024. During this time, total assets consistently grew, with a substantial increase in the last year. The asset turnover ratio improved initially but decreased after 2022, reflecting a reduction in asset utilization efficiency. The combined trends suggest the company expanded its asset base but faced challenges in converting these assets into proportionate revenue growth in the latter part of the period.
Equity Turnover
Exxon Mobil Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| Occidental Petroleum Corp. | ||||||
| Equity Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Equity Turnover, Industry | ||||||
| Energy | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Equity turnover = Sales and other operating revenue ÷ Total ExxonMobil share of equity
= ÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenue
- The sales and other operating revenue demonstrated a generally increasing trend from 2020 to 2024. There was a marked increase from 178,574 million US dollars in 2020 to 398,675 million US dollars in 2022, representing rapid growth during this period. However, in 2023, the revenue declined noticeably to 334,697 million US dollars before slightly recovering to 339,247 million US dollars in 2024. This pattern suggests strong growth followed by some market or operational challenges impacting revenue in 2023 with a modest recovery afterward.
- Total ExxonMobil Share of Equity
- The total equity showed consistent growth over the five-year period. The equity value increased from 157,150 million US dollars in 2020 to 263,705 million US dollars in 2024. This steady upward trajectory indicates strengthening financial position and accumulation of shareholder value over time without any observed downturns.
- Equity Turnover
- The equity turnover ratio, which measures how efficiently equity is used to generate sales, showed a rising trend from 1.14 in 2020 to a peak of 2.04 in 2022. This increase reflects improved utilization of equity in generating revenue during these years. After 2022, the ratio declined to 1.63 in 2023 and further to 1.29 in 2024, indicating a reduction in operational efficiency or increased equity base not matched proportionally by generated revenue.
- Overall Analysis
- The data reveals a phase of robust sales growth and enhanced equity efficiency until 2022, followed by a period where sales and equity turnover dipped. Meanwhile, equity itself continued to grow, which may reflect retained earnings, capital infusions, or asset revaluation. The decline in revenue and turnover ratios post-2022 could suggest market pressures, changing operational conditions, or strategic shifts affecting revenue generation efficiency. The slight recovery in sales by 2024, accompanied by continued equity growth, suggests a stabilization phase in the company's financial performance.