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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Long-term Activity Ratios (Summary)
Exxon Mobil Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial ratios reveals distinct trends in asset and equity utilization over the observed periods.
- Net Fixed Asset Turnover
-
This ratio demonstrated a steady increasing trend from the end of 2020 through the 2022 period, starting at 0.78 and reaching a peak of 1.95 in March 2023. Following this peak, the ratio experienced a gradual decline through the end of 2024, dropping to around 1.13-1.16 by the final quarters. This pattern suggests an initial improvement in the efficiency with which fixed assets were used to generate revenue, followed by a decreasing utilization rate in the more recent quarters.
- Total Asset Turnover
-
The total asset turnover ratio displayed an upward movement from approximately 0.54 in early 2021 to a high of 1.08 in the first quarter of 2023. After this peak, the ratio declined progressively to about 0.74-0.75 towards the final quarters of 2024. The initial increase indicates enhanced overall asset efficiency in generating sales, while the subsequent decrease reflects reduced effectiveness in asset utilization in recent periods.
- Equity Turnover
-
Equity turnover followed a similar pattern, with an increase from around 1.14 at the beginning of the data set to a maximum of 2.08 in the fourth quarter of 2022. Subsequently, this ratio diminished steadily, reaching levels near 1.27-1.29 by the end of 2024. This suggests that shareholder equity was increasingly employed to generate revenue initially, with a tapering in this efficiency in the latest quarters.
Overall, these turnover ratios collectively indicate a period of improving operational efficiency reaching a high point around late 2022 to early 2023, followed by a gradual decline in asset and equity utilization efficiency throughout 2023 and 2024. This decline could be indicative of changes in asset base, revenue generation challenges, or shifts in business operations impacting turnover metrics negatively in the more recent periods.
Net Fixed Asset Turnover
Exxon Mobil Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024
+ Sales and other operating revenueQ2 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenue
- The sales and other operating revenue demonstrate significant fluctuations across the periods. Starting at 55,134 million US dollars in March 2020, revenue declined sharply to 32,277 million in June 2020 amid the early stages of the global economic impact. This was followed by a gradual recovery through 2021 and 2022, peaking at 111,265 million in June 2022. After this peak, the revenue exhibited volatility with a declining trend towards the end of 2022 and into 2023, falling from 93,164 million in December 2022 to 80,795 million in June 2023. Subsequent quarters showed some degree of recovery, but figures fluctuated in the range of approximately 80,000 to 89,000 million, ending with a repeated figure of 81,058 million in March 2025.
- Property, Plant and Equipment, Net
- The net value of property, plant and equipment exhibited a generally declining trend from 248,409 million US dollars in March 2020 to 204,692 million by December 2022, indicating depreciation or asset disposals without equivalent reinvestment. A reversal in this trend occurred through 2023 and early 2024, with values rising notably to 298,283 million by September 2024, implying substantial capital investments or asset revaluations. This elevated asset base slightly receded towards March 2025, recorded at 292,646 million, yet remaining significantly higher than previous periods before the rise.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio started below 1.0, with a value of 0.78 recorded in September 2020, and showed steady improvement through 2021 and early 2022, reaching a peak at 1.95 in March 2022. This increase suggests enhanced efficiency in generating sales from fixed assets during this period. However, following this peak, the ratio experienced a decline throughout 2022 and 2023, stabilizing around 1.5 to 1.6 in late 2023 and early 2024. A more pronounced drop occurred by mid to late 2024, with the ratio decreasing to approximately 1.13-1.16, signaling a reduction in asset utilization efficiency possibly connected to the surge in asset base noted in the same period.
- Overall Observations
- The contrasting trends between the sales figures and the property, plant and equipment suggest a strategic shift in investment and operational efficiency over the given quarterly periods. Initially, the firm experienced pressure on revenues likely due to external economic factors, followed by recovery and then some volatility. Meanwhile, asset values decreased significantly until late 2022, before a substantial increase in 2023, which coincided with a declining fixed asset turnover ratio. This inverse relationship indicates that while asset investments increased, the ability to convert these assets into sales diminished correspondingly. This pattern warrants further analysis to assess the effectiveness of asset deployment and the potential implications for future financial performance.
Total Asset Turnover
Exxon Mobil Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024
+ Sales and other operating revenueQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenue
- Sales and other operating revenue exhibits a notable recovery and growth trend starting from the second quarter of 2020, where it recorded a significant decline compared to the first quarter of 2020. From March 31, 2020, values increased steadily, with a marked rise through 2021 and peaking in mid-2022. After the peak in June 2022, revenues showed some volatility but generally maintained elevated levels compared to the 2020 trough. Notwithstanding periodic declines, the revenue values from 2023 through early 2025 remain substantially higher than the 2020 lows, indicating a strong rebound and sustained operational performance over the analyzed period.
- Total Assets
- Total assets remained relatively stable around the mid-300,000 million USD range from 2020 through early 2023 with modest fluctuations. However, beginning in early 2024, a significant increase is observed, with total assets rising sharply to over 460,000 million USD. This elevated level of total assets is maintained through 2024 and into early 2025, suggesting substantial asset growth or acquisition activity during this later period.
- Total Asset Turnover
- The total asset turnover ratio, initially unavailable for the early 2020 periods, emerges at 0.54 in the third quarter of 2020 and remains steady in the fourth quarter of 2020. Through 2021 and early 2022, the ratio shows a consistent upward trajectory, peaking at 1.08 in the first quarter of 2022. This indicates improving efficiency in the use of assets to generate revenue. However, after this peak, the asset turnover gradually declines over the subsequent periods, settling around 0.74 to 0.75 by early 2025. Despite this decline from the peak, the ratio remains higher than the 2020 starting value, suggesting overall moderate efficiency in asset utilization relative to the start of the pandemic period.
Equity Turnover
Exxon Mobil Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Equity turnover
= (Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024
+ Sales and other operating revenueQ2 2024)
÷ Total ExxonMobil share of equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The sales and other operating revenue exhibit considerable fluctuations over the observed periods. Initially, there is a marked decrease from 55,134 million US dollars at the end of the first quarter of 2020 to 32,277 million in the second quarter of 2020, likely reflecting adverse market conditions during that period. Subsequently, sales steadily increase through 2021 and into early 2022, reaching a peak of 111,265 million in the second quarter of 2022. Following this peak, sales show a declining trend with some volatility, ending at 81,058 million in the first quarter of 2025. This pattern suggests a recovery phase after a steep drop, followed by stabilization at a lower level compared to the peak.
Total ExxonMobil share of equity has a gradual upward trend throughout the timeline. Starting at 182,079 million US dollars in the first quarter of 2020, equity slightly dips in 2020 but then resumes a consistent increase, reaching a high point of 268,592 million in the second quarter of 2024 before slightly declining to 262,720 million in the first quarter of 2025. This suggests steady growth in shareholder equity, indicating strengthening capital position over time.
The equity turnover ratio, available from the end of 2020, presents an increasing trend through 2022, beginning at 1.14 and rising to a peak of 2.08 by the fourth quarter of 2022. After this peak, the ratio gradually decreases, settling around 1.29 by the first quarter of 2025. The initial rise in equity turnover implies improving efficiency in generating sales from equity, while the subsequent decline suggests a reduction in this efficiency, potentially due to changes in sales or equity levels.
- Sales and Other Operating Revenue
- Significant decline in early 2020, gradual recovery with peak in mid-2022, followed by decline and stabilization by early 2025.
- Total Share of Equity
- Overall upward trend with minor fluctuations, indicating steady growth in shareholder equity over the period.
- Equity Turnover Ratio
- Increasing trend from late 2020 through 2022, indicating improved efficiency, then a decline through early 2025, suggesting reduced efficiency in utilizing equity for generating sales.