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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- 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 (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the turnover ratios over the reported periods reveals several distinct trends in asset and equity efficiency.
- Net Fixed Asset Turnover
- The ratio demonstrated a consistent upward trend from the first quarter of 2021, starting at 0.81, and peaking at 1.95 by the end of 2022. This increase indicates improving efficiency in generating sales from net fixed assets during this period. However, from 2023 onward, the ratio exhibits a gradual decline, reaching 1.09 by the third quarter of 2025. This descending trajectory suggests a reduction in the effectiveness of fixed assets in generating revenue in recent periods.
- Total Asset Turnover
- The total asset turnover ratio experienced a steady rise from 0.54 in the first quarter of 2021 to a peak of 1.08 at the end of 2022, implying enhanced overall asset utilization. Following this peak, the ratio began a downward trend, declining to 0.72 by the third quarter of 2025, indicating a decrease in the efficiency with which total assets are used to generate sales.
- Equity Turnover
- Equity turnover showed an increasing pattern from 1.15 in the first quarter of 2021 to a high of 2.08 in the third quarter of 2022. This suggests stronger sales generation relative to the equity base during this time. Post this peak, equity turnover declined steadily, falling to approximately 1.25 by the third quarter of 2025, suggesting reduced equity efficiency in driving sales.
Overall, the data indicates that the company experienced increasing efficiency in asset utilization and equity use through 2022. However, subsequent periods show a consistent decline across all turnover ratios, reflecting potential challenges in maintaining asset and equity productivity from 2023 onward.
Net Fixed Asset Turnover
Exxon Mobil Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends across the examined periods.
- Sales and Other Operating Revenue
- The sales and other operating revenue exhibits a general upward trend from March 2021 until June 2022, peaking at a high point in that quarter. Following this peak, there is observable volatility with revenues declining and then fluctuating through the subsequent quarters. Recent data from March 2023 to September 2025 shows relatively stable revenue levels, hovering around the mid-80,000s to low-90,000s (in millions USD), suggesting a plateau after the earlier growth period.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment shows a gradual decline from March 2021 through to December 2022. However, starting from June 2023, there is a marked increase in these assets, rising significantly and peaking during the mid-2024 quarters. Following this peak, the values stabilize but remain elevated compared to the earlier periods, indicating increased investment or capital expenditures in the asset base.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio initially increases steadily from 0.81 in March 2021 to a peak of 1.95 in December 2021, reflecting improved efficiency in using fixed assets to generate sales. After this peak, the ratio decreases gradually, reaching approximately 1.09 by September 2025. This trend indicates a declining utilization efficiency of fixed assets over time, possibly due to the increase in asset base or changes in operational dynamics.
In summary, the company experienced robust sales growth and improving asset utilization efficiency up to mid-2022, followed by stabilization in revenues and a decline in turnover ratios. Concurrently, substantial investments in property, plant, and equipment since mid-2023 have increased the asset base, which correlates with a decrease in fixed asset turnover, indicating a potential lag in translating asset investment into proportionate revenue growth during the latter periods.
Total Asset Turnover
Exxon Mobil Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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 | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial analysis reveals several notable trends in the company's performance and asset utilization over the observed periods.
- Sales and Other Operating Revenue
- There is a clear upward trajectory in revenue from early 2021 through mid-2022, peaking in June 2022. Following this peak, the revenue exhibits some fluctuations with intermittent decreases and increases, but generally remains lower compared to the peak mid-2022 value. In recent quarters, revenue appears to stabilize somewhat, though it does not reach the previous highs observed during 2022.
- Total Assets
- Total assets show a steady increment from March 2021 until mid-2024, with a particularly notable jump between early 2023 and mid-2024. After this surge, asset levels maintain stability with minor fluctuations toward the end of the period under review. This rising asset base suggests substantial investment or revaluation of assets during this timeframe, which may imply strategic expansion or capital expenditures.
- Total Asset Turnover
- The total asset turnover ratio steadily improves from the beginning of the observed data until it reaches its highest values in late 2021 and early 2022, indicating enhanced efficiency in utilizing assets to generate revenue. However, from mid-2022 onward, there is a gradual decline in the turnover ratio, signifying a decrease in the efficiency of asset usage despite the growth in total assets. This declining trend suggests that asset growth outpaced the growth in sales, potentially reflecting inefficiencies or increased capital intensity in operations.
Overall, while revenue and total assets both increased substantially over the earlier periods, a divergence occurs as asset utilization efficiency diminishes in the later periods. This implies a need to closely monitor the balance between asset investment and revenue generation to optimize operational performance going forward.
Equity Turnover
Exxon Mobil Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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 | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Equity turnover
= (Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024)
÷ Total ExxonMobil share of equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data demonstrates a notable evolution in sales revenue, equity levels, and equity turnover ratios over the analyzed periods. A detailed examination reveals distinct trends and valuable insights into operational performance and asset efficiency.
- Sales and Other Operating Revenue
-
Sales and operating revenue exhibit a general upward trend from the first quarter of 2021 through mid-2022, reaching a peak during June and September 2022. Subsequently, sales decline significantly in the last quarter of 2022 and remain volatile throughout 2023 and 2024. The first quarter of 2025 shows some recovery. This pattern indicates cyclical fluctuations possibly due to market conditions or operational factors affecting revenue streams. The highest revenue points in mid-2022 suggest a strong market environment or pricing advantage during that period, while the later diminution points to either reduced demand or strategic adjustments.
- Total ExxonMobil Share of Equity
-
Equity levels show a steady increase from March 2021 through December 2023 with a substantial jump observed in the first half of 2024. After reaching a new plateau in mid-2024, equity levels stabilize but slightly decrease towards the end of 2025. The large surge in equity around early 2024 may indicate significant capital injections, retained earnings accumulation, or revaluations. The marginal decline towards the end of the period could result from dividend payouts, asset write-offs, or other equity-related adjustments.
- Equity Turnover Ratio
-
This ratio, which measures the efficiency of equity use to generate sales, rises steadily from early 2021 until late 2022, hitting its apex in September 2022. Post-peak, the ratio gradually declines through 2023 and 2024, settling at approximately 1.25 by the end of 2025. The initial increase suggests improving operational efficiency or better utilization of equity to generate revenue, while the subsequent decline indicates that despite increasing equity levels, sales growth did not keep pace proportionally, reflecting possible diminishing returns or changes in business dynamics.
Overall, the periods indicate a strong operational phase culminating in mid-2022, followed by challenges affecting revenue and efficiency metrics. Equity growth remains robust, reflecting underlying financial strength despite sales volatility. The combination of these trends suggests a phase of expansion with subsequent market or operational headwinds impacting performance efficiency.