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.
Long-term Activity Ratios (Summary)
Exxon Mobil Corp., 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 analysis of investment activity ratios reveals a consistent pattern across net fixed asset turnover, total asset turnover, and equity turnover. All three metrics experienced an initial period of growth throughout 2022, reaching peak efficiency levels by the end of that year, followed by a progressive decline through 2023 and a significant structural downward shift in the first half of 2024. From mid-2024 through early 2026, the ratios entered a phase of relative stabilization at lower levels.
- Net Fixed Asset Turnover
- This ratio increased from 1.44 in March 2022 to a peak of 1.95 by December 2022. A steady contraction occurred throughout 2023, with the ratio falling to 1.56 by year-end. A sharp decline was observed between March 2024 (1.55) and June 2024 (1.14), after which the ratio remained largely stagnant, ending at 1.09 in March 2026. This trajectory indicates a reduction in the revenue-generating efficiency of fixed assets over the observed period.
- Total Asset Turnover
- Total asset turnover followed a nearly identical trajectory, rising from 0.86 in March 2022 to a maximum of 1.08 in December 2022. The ratio then trended downward throughout 2023, reaching 0.89 by December. A notable drop occurred in the second quarter of 2024, falling to 0.74. The ratio continued a slow, marginal decline through 2025, concluding at 0.70 in March 2026, suggesting a general decrease in the efficiency of the total asset base in producing sales.
- Equity Turnover
- Equity turnover peaked early in the period at 2.08 in September 2022, up from 1.81 in March 2022. Following this peak, the ratio declined incrementally throughout 2023 to 1.63. Similar to the other activity ratios, a substantial decrease was recorded in June 2024, where the ratio dropped to 1.27. The metric remained stable for the remainder of the period, ending at 1.28 in March 2026, reflecting a lower rate of revenue generation relative to shareholders' equity.
The synchronization of these trends suggests that the decline in efficiency was systemic rather than isolated to a specific asset class. The sharp contraction observed in mid-2024 across all three ratios indicates a significant event or strategic shift, such as a substantial increase in the asset and equity base that was not immediately matched by proportional growth in revenue.
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Net Fixed Asset Turnover
Exxon Mobil Corp., 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 revenue | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Property, plant and equipment, net | 298,781) | 299,373) | 298,388) | 295,356) | 292,646) | 294,318) | 299,543) | 298,283) | 213,723) | 214,940) | 205,862) | 206,736) | 206,023) | 204,692) | 203,102) | 209,159) | 212,773) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 1.09 | 1.08 | 1.09 | 1.12 | 1.16 | 1.15 | 1.13 | 1.14 | 1.55 | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 0.85 | 0.84 | 0.85 | 1.27 | 1.30 | 1.31 | 1.31 | 1.29 | 1.27 | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | ||||||
| ConocoPhillips | 0.62 | 0.63 | 0.64 | 0.61 | 0.61 | 0.58 | 0.78 | 0.80 | 0.79 | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | ||||||
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 revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
÷ Property, plant and equipment, net
= (83,161 + 80,039 + 83,331 + 79,477)
÷ 298,781 = 1.09
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a multi-phase trajectory characterized by an initial period of efficiency gains, a subsequent normalization, and a significant structural shift occurring in mid-2024.
- Revenue Dynamics and Initial Efficiency
- Operating revenues peaked in the second quarter of 2022 at 111,265 million US$, contributing to a rise in the net fixed asset turnover ratio from 1.44 in March 2022 to a peak of 1.95 by December 2022. This upward trend indicates a period of high asset productivity where revenue growth significantly outpaced the growth of the net property, plant, and equipment base.
- Normalization Period
- Beginning in March 2023, a gradual decline in the turnover ratio is observed, falling from 1.92 to 1.55 by March 2024. This contraction coincided with a stabilization of quarterly revenues, which fluctuated between approximately 80,000 million and 88,000 million US$, while the net fixed asset base remained relatively constant near 210,000 million US$.
- Structural Asset Expansion
- A sharp inflection point occurred in June 2024, where net property, plant, and equipment increased substantially from 213,723 million US$ to 298,283 million US$. This expansion of the asset base, without a proportional increase in operating revenue, resulted in an immediate drop in the net fixed asset turnover ratio to 1.14.
- Long-term Stabilization
- From June 2024 through March 2026, the turnover ratio entered a period of stagnation, oscillating within a narrow range between 1.08 and 1.16. Despite the maintained higher level of fixed assets near 298,000 million US$, revenues remained steady, suggesting that the newly acquired or developed assets have not yet yielded a significant increase in top-line growth to restore previous turnover levels.
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Total Asset Turnover
Exxon Mobil Corp., 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 revenue | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Total assets | 464,410) | 448,980) | 454,340) | 447,597) | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.70 | 0.72 | 0.72 | 0.74 | 0.75 | 0.75 | 0.74 | 0.74 | 0.88 | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 0.56 | 0.57 | 0.57 | 0.75 | 0.75 | 0.75 | 0.75 | 0.76 | 0.74 | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | ||||||
| ConocoPhillips | 0.47 | 0.48 | 0.49 | 0.47 | 0.46 | 0.45 | 0.57 | 0.59 | 0.58 | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | ||||||
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 revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
÷ Total assets
= (83,161 + 80,039 + 83,331 + 79,477)
÷ 464,410 = 0.70
2 Click competitor name to see calculations.
The analysis of asset utilization from March 2022 through March 2026 reveals a distinct cyclical peak followed by a sustained decline in efficiency, primarily driven by a significant expansion of the asset base that was not matched by a proportional increase in operating revenue.
- Revenue Trends
- Operating revenue peaked in June 2022 at 111,265 million USD. Following this period, revenues experienced a general decline and entered a phase of relative stability, fluctuating predominantly between 80,000 million USD and 90,000 million USD from 2023 through the first quarter of 2026.
- Asset Base Evolution
- Total assets remained relatively consistent, ranging between 354,771 million USD and 377,918 million USD from March 2022 to March 2024. A substantial structural increase occurred in June 2024, where assets rose sharply to 460,707 million USD. This higher valuation plateau was maintained throughout the remainder of the period, concluding at 464,410 million USD in March 2026.
- Total Asset Turnover Interpretation
- The total asset turnover ratio initially improved, reaching a peak of 1.08 in December 2022. A subsequent downward trend was observed, which accelerated sharply in June 2024, coinciding with the aforementioned surge in total assets. The ratio dropped from 0.88 in March 2024 to 0.74 in June 2024, continuing a gradual decline to 0.70 by March 2026. This indicates a reduction in asset productivity, as the company's expanded investment base generated lower relative sales volumes compared to previous periods.
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Equity Turnover
Exxon Mobil Corp., 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 revenue | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Total ExxonMobil share of equity | 254,381) | 259,386) | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 1.28 | 1.25 | 1.25 | 1.25 | 1.29 | 1.29 | 1.27 | 1.27 | 1.61 | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 1.01 | 0.99 | 0.98 | 1.28 | 1.29 | 1.27 | 1.24 | 1.24 | 1.21 | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | ||||||
| ConocoPhillips | 0.90 | 0.91 | 0.92 | 0.88 | 0.88 | 0.84 | 1.11 | 1.13 | 1.12 | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | ||||||
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 revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
÷ Total ExxonMobil share of equity
= (83,161 + 80,039 + 83,331 + 79,477)
÷ 254,381 = 1.28
2 Click competitor name to see calculations.
The analysis of equity turnover over the period from March 31, 2022, to March 31, 2026, reveals a clear transition from a high-efficiency revenue generation phase to a period of stabilization characterized by a significantly larger equity base.
- Revenue Trends
- Operating revenue experienced a significant peak in the second and third quarters of 2022, reaching a high of 111,265 million US dollars in June 2022. Following this peak, a general downward trend occurred throughout 2023, leading to a period of relative stabilization. From March 2024 through March 2026, quarterly revenues consistently fluctuated within a narrower band, primarily between 79,477 million and 89,986 million US dollars.
- Equity Base Expansion
- Total equity exhibited a steady upward trajectory from 169,215 million US dollars in March 2022 to 205,250 million US dollars by March 2024. A substantial structural increase is observed in the second quarter of 2024, where equity rose sharply to 268,405 million US dollars. This elevated equity level remained largely persistent through the remainder of the analyzed period, ending at 254,381 million US dollars in March 2026.
- Equity Turnover Performance
- The equity turnover ratio peaked at 2.08 in September 2022, coinciding with high revenue levels and a relatively smaller equity base. A gradual decline in the ratio was observed throughout 2023 and early 2024, reflecting the combined impact of normalizing revenues and a growing equity base. A sharp contraction occurred in June 2024, with the ratio dropping to 1.27, directly correlating with the significant increase in total equity. For the remainder of the period, the ratio plateaued, oscillating minimally between 1.25 and 1.29, indicating a stabilization in the relationship between the company's capital investment and its revenue-generating capacity.
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