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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Exxon Mobil Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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 investment activity ratios demonstrate distinct trends over the observed period. Generally, a decline in asset utilization is apparent from 2022 through 2025. Initial periods show relatively strong turnover metrics, which subsequently contract, suggesting a potential shift in operational efficiency or investment strategy.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited an increasing trend from 1.44 in the first quarter of 2022 to a peak of 1.95 in the fourth quarter of the same year. This indicates improving efficiency in generating revenue from fixed assets. However, a consistent downward trend followed, decreasing to 1.08 by the fourth quarter of 2025. This suggests a diminishing ability to generate sales from the company’s fixed asset base, potentially due to increased asset holdings without a corresponding rise in revenue, or decreased operational efficiency.
- Total Asset Turnover
- Similar to the net fixed asset turnover, the total asset turnover ratio increased from 0.86 in the first quarter of 2022 to 1.08 in the fourth quarter of 2022. Subsequently, a consistent decline is observed, reaching 0.72 in both the third and fourth quarters of 2025. This indicates a decreasing efficiency in utilizing all assets to generate revenue. The rate of decline appears to accelerate in the later periods, warranting further investigation.
- Equity Turnover
- The equity turnover ratio followed a similar pattern to the other two ratios. It rose from 1.81 in the first quarter of 2022 to 2.08 in the third quarter of 2022, before declining to 1.25 in the final two quarters of 2025. This suggests a decreasing ability to generate revenue from shareholder equity. The consistent decline mirrors the trends observed in the other ratios, indicating a broader pattern of decreasing asset utilization efficiency.
The consistent downward trends across all three ratios suggest a potential need to re-evaluate investment strategies, asset management practices, or revenue generation methods. The contraction in turnover ratios from 2023 onwards is particularly noteworthy and may indicate emerging challenges in maintaining operational efficiency and maximizing returns on invested capital.
Net Fixed Asset Turnover
Exxon Mobil Corp., net fixed asset turnover calculation (quarterly data)
| 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 revenue | |||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Net fixed asset turnover
= (Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits considerable fluctuation over the observed period, beginning with a value of 1.44 in March 2022 and concluding at 1.08 in December 2025. An initial upward trend is apparent through December 2022, followed by a period of decline and stabilization at a lower level.
- Initial Increase (March 2022 – December 2022)
- The ratio increased from 1.44 to 1.95 over the first three quarters of the analyzed period, indicating improving efficiency in generating sales from the company’s fixed assets. The highest value of 1.95 was recorded in December 2022. This suggests a more effective utilization of property, plant, and equipment during this timeframe.
- Subsequent Decline (December 2022 – September 2023)
- Following the peak in December 2022, the ratio experienced a consistent decline, falling to 1.68 by September 2023. This suggests a diminishing ability to generate sales relative to the investment in fixed assets. The decrease could be attributed to factors such as slowing sales growth or an increase in the value of fixed assets.
- Stabilization at a Lower Level (September 2023 – December 2025)
- From September 2023 through December 2025, the ratio stabilized within a narrow range, fluctuating between 1.08 and 1.16. This indicates a consistent, but lower, level of efficiency in utilizing fixed assets to generate revenue. The ratio’s values during this period are notably lower than those observed in the earlier part of the analyzed timeframe. The ratio decreased to 1.08 in December 2025.
- Impact of Property, Plant, and Equipment, Net
- While sales fluctuated, the net property, plant, and equipment value generally increased until June 2024, reaching a peak of 299,543. The subsequent decrease in this value did not correlate with a significant increase in the net fixed asset turnover ratio, suggesting that factors beyond asset base size were influencing the ratio’s performance. The substantial increase in property, plant, and equipment, net between March 2024 and June 2024 appears to have negatively impacted the ratio.
Overall, the trend suggests a period of increasing efficiency followed by a sustained decline in the effectiveness of fixed asset utilization. The ratio’s stabilization at a lower level indicates a potential shift in the company’s operational dynamics or investment strategy.
Total Asset Turnover
Exxon Mobil Corp., total asset turnover calculation (quarterly data)
| 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 revenue | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Total asset turnover
= (Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits fluctuations over the observed period, generally trending downwards from early 2022 through the end of 2025. Initial values indicate a relatively efficient use of assets to generate revenue, but this efficiency appears to diminish over time.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ratio begins at 0.86 and demonstrates an increasing trend, peaking at 1.08 by the end of 2022. This suggests improving efficiency in asset utilization during this timeframe, with a greater proportion of sales being generated from each dollar of assets. The largest increase occurred between the first and second quarters of 2022.
- Stabilization and Initial Decline (Mar 31, 2023 – Sep 30, 2023)
- The ratio stabilizes in the first half of 2023 at 1.07 and 1.00 respectively, before beginning a gradual decline. By the end of the third quarter of 2023, the ratio reaches 0.93, indicating a slight decrease in asset utilization efficiency.
- Continued Decline (Dec 31, 2023 – Dec 31, 2025)
- A consistent downward trend is observed from the fourth quarter of 2023 through the end of 2025. The ratio falls from 0.89 to 0.72. This suggests a decreasing ability to generate sales from the asset base. The ratio remains relatively stable at 0.72 in the final two quarters of the observed period.
- Impact of Asset and Revenue Changes
- While sales fluctuate, total assets generally increase over the period. The declining asset turnover ratio, despite increasing assets, suggests that the growth in sales is not keeping pace with the growth in assets. This could be due to a variety of factors, including increased investment in less productive assets, or a slowdown in sales growth relative to the asset base.
The observed trend warrants further investigation to determine the underlying causes of the decreasing asset turnover. Understanding these causes is crucial for evaluating the company’s operational efficiency and making informed investment decisions.
Equity Turnover
Exxon Mobil Corp., equity turnover calculation (quarterly data)
| 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 revenue | |||||||||||||||||||||
| Total ExxonMobil share of equity | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Equity turnover
= (Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025)
÷ Total ExxonMobil share of equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The equity turnover ratio exhibits a clear trend over the observed period. Initially, the ratio demonstrates an increasing pattern, followed by a sustained decline. The ratio began at 1.81 and peaked at 2.08 before entering a period of consistent decrease.
- Initial Increase (Mar 31, 2022 – Sep 30, 2022)
- From the first quarter of 2022 through the third quarter, the equity turnover ratio increased from 1.81 to 2.08. This suggests that, during this period, the company was generating more sales revenue relative to its shareholder equity. This could indicate improved efficiency in utilizing equity to generate sales.
- Subsequent Decline (Dec 31, 2022 – Dec 31, 2025)
- Following the peak in September 2022, the equity turnover ratio experienced a consistent downward trend, decreasing to 1.25 by the end of 2025. This indicates a diminishing ability to generate sales revenue from each dollar of shareholder equity. The decline is particularly noticeable from 2023 onwards.
- Recent Stability (Mar 31, 2024 – Dec 31, 2025)
- The ratio stabilized at 1.25 for the final five quarters of the observed period. While still representing a significant decrease from earlier values, the consistency suggests a potential leveling off of this trend. This could be due to a change in operational strategy or external market conditions.
- Sales and Equity Relationship
- The decline in equity turnover appears to be driven by a combination of factors. While sales revenue fluctuated, it did not increase sufficiently to offset the growth in total shareholder equity. The substantial increase in total shareholder equity observed from March 2024 onwards significantly contributed to the ratio’s decline, as the denominator grew at a faster rate than the numerator.
In summary, the company initially demonstrated increasing efficiency in utilizing equity to generate sales. However, a subsequent and sustained decline in the equity turnover ratio suggests a decreasing efficiency, potentially linked to a faster growth rate in equity compared to sales revenue.