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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- Balance Sheet: Liabilities and Stockholders’ Equity
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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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: 2025-06-30), 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a rising trend from March 31, 2021, beginning at 0.78 and peaking at 1.95 by March 31, 2023. Thereafter, it shows a gradual decline through to June 30, 2024, where it reaches 1.14. Following this dip, the ratio stabilizes, maintaining values near 1.12 to 1.16 through to June 30, 2025. This pattern indicates improved efficiency in using fixed assets to generate sales over the two-year period until early 2023, followed by a reduction in turnover efficiency and subsequent stabilization.
- Total Asset Turnover
- The total asset turnover ratio follows a similar trajectory of gradual increase from 0.54 in March 31, 2021, reaching a maximum of 1.08 by March 31, 2023. After this peak, the ratio begins a consistent descent reaching a low of 0.74 by June 30, 2024. The ratio remains relatively stable around this lower level through June 30, 2025. This indicates that total asset utilization improved steadily until early 2023 but then faced diminished efficiency, stabilizing at a reduced turnover rate thereafter.
- Equity Turnover
- Equity turnover ratio rises steadily from 1.14 on March 31, 2021, to its highest point of 2.08 on December 31, 2022. From this peak, the ratio then declines gradually, reaching approximately 1.25 by June 30, 2025. The pattern suggests an increasing efficiency in generating sales from shareholder equity until late 2022, after which the ratio declined, signifying either slower sales growth relative to equity or increased equity capitalization, before achieving a relatively stable turnover rate.
- Overall Trends and Insights
- All three turnover ratios—net fixed asset, total asset, and equity turnover—show parallel trends: an initial period of rising efficiency through early 2023, followed by a decline and subsequent stabilization at lower levels. The peak periods suggest strong operational performance and asset utilization, while the post-peak decline could indicate challenges in maintaining growth in sales relative to asset base and equity. Stabilization in these ratios towards mid-2025 suggests adjustments in the company’s asset management or market conditions leading to a new operational equilibrium.
Net Fixed Asset Turnover
Exxon Mobil Corp., net fixed asset turnover calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2025 Calculation
Net fixed asset turnover
= (Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends across sales, property assets, and asset turnover ratios over the observed periods.
- Sales and Other Operating Revenue
- Sales figures demonstrate significant volatility with an initial decline from US$55,134 million at the end of Q1 2020 to a low of US$32,277 million in Q2 2020, indicative of external economic impacts. Subsequently, there was a recovery and upward trend reaching a peak of US$111,265 million in Q2 2022. After this peak, sales declined somewhat but remained relatively elevated compared to pre-2022 figures, fluctuating between approximately US$79,000 million and US$88,000 million in the most recent quarters. This suggests a rebound in operational activity and possibly market demand, though with some recent softness or stabilization in revenue generation.
- Property, Plant and Equipment, Net
- The net book value of property, plant, and equipment exhibits a gradual decline from US$248,409 million in Q1 2020 to a trough around US$203,102 million by Q3 2022. This pattern may reflect asset disposals, depreciation, or impairment events during this period. However, from late 2022 onwards, there is a distinct increase, notably jumping to nearly US$299,543 million by Q3 2024 before slightly decreasing again but remaining elevated above earlier period values through mid-2025. The increase could indicate significant capital investments or asset revaluations during this later stage.
- Net Fixed Asset Turnover Ratio
- Data for net fixed asset turnover, available from Q3 2020 onwards, shows a consistent upward trend initially, rising from 0.78 to a peak of 1.95 by Q4 2022. This suggests improving efficiency in using fixed assets to generate sales during this interval. Following the peak, the turnover ratio declines gradually to values around 1.12–1.16 in the most recent quarters recorded. This decline in turnover ratio, amidst increasing asset base, could imply that asset growth has outpaced sales growth in the latter period, reducing operational efficiency relative to the fixed asset investments.
In summary, the sales performance has rebounded strongly from early 2020 lows, hitting a near-term peak in mid-2022, then stabilizing slightly lower but still at a healthy level. The asset base contracted during the earlier periods but increased markedly after 2022, which, combined with a declining asset turnover ratio after 2022, signals growing capital intensity and possibly a shift in operational strategies or market conditions. These dynamics suggest that while revenue generation capacity has recovered, the efficiency of asset utilization warrants close monitoring going forward.
Total Asset Turnover
Exxon Mobil Corp., total asset turnover calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2025 Calculation
Total asset turnover
= (Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenue
- The sales and other operating revenue exhibited significant fluctuations from the first quarter of 2020 through the second quarter of 2025. Initially, a sharp decline was observed from $55,134 million in March 2020 to $32,277 million in June 2020, reflective of challenging market conditions. Subsequently, a recovery trend ensued, with revenues progressively increasing to a peak of $111,265 million by June 2022. Following this peak, revenues experienced a gradual decline, stabilizing around the $81,000 million to $89,000 million range through the early quarters of 2024 and 2025, indicating possible normalization or market adjustments after the recovery period.
- Total Assets
- Total assets remained relatively stable between the start of 2020 and early 2023, fluctuating slightly around the $333,000 million to $376,000 million range. A marked increase occurred starting in the first quarter of 2024, with total assets rising sharply to approximately $460,000 million, maintaining this elevated level through mid-2025. This substantial increase indicates potential asset acquisitions, capital investments, or revaluations that significantly expanded the asset base during this period.
- Total Asset Turnover
- The total asset turnover ratio was not reported until late 2020, starting at 0.54 in the third and fourth quarters of 2020. From there, it demonstrated a consistent upward trend, reaching a peak of 1.08 in the first quarter of 2023, suggesting improving efficiency in utilizing assets to generate revenue. However, post-peak, the ratio declined gradually to around 0.74 by the end of 2024 and into mid-2025. The downward trend in asset turnover despite the high asset base indicates a relative decrease in operational efficiency or slower revenue generation relative to asset growth in the latter period.
- Summary of Trends
- Overall, the data reveal a strong recovery in revenues after an initial decline in 2020, aligning with expanding asset levels particularly after the first quarter of 2024. The peak in asset turnover in early 2023 reflects a period of efficient asset use, but the subsequent decline points to a potential challenge in maintaining revenue growth proportionate to asset expansion. These patterns suggest a phase of aggressive asset growth followed by operational adjustments to align revenue generation with the new asset scale.
Equity Turnover
Exxon Mobil Corp., equity turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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 | |||||||||||||||||||||||||||||
Based on: 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), 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 Q2 2025 Calculation
Equity turnover
= (Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024
+ Sales and other operating revenueQ3 2024)
÷ Total ExxonMobil share of equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenue
-
The sales and other operating revenue figures exhibit significant fluctuations over the analyzed quarters. Starting from $55,134 million in March 2020, there is a notable decline to $32,277 million in June 2020, likely reflecting external market factors impacting revenue early in the period. Subsequent quarters demonstrate a recovery trend with steady increases peaking at $111,265 million in June 2022. After reaching this peak, revenues display some volatility with decreases and increases, eventually stabilizing around the $80,000 million to $90,000 million range through to June 2025. Overall, while revenue showed a strong rebound post-mid-2020, it did not maintain its peak but sustained higher levels than the early 2020 trough.
- Total ExxonMobil Share of Equity
-
The total share of equity reveals a gradual decline from $182,079 million in March 2020 to a trough of $157,150 million at the end of 2020. Thereafter, the equity position steadily increases across subsequent periods, reaching $199,703 million by December 2023. A notable surge occurs in mid-2024 when equity jumps significantly to approximately $268,000 million, maintaining this elevated level with marginal decreases through June 2025. This pattern suggests a period of equity strengthening, potentially from asset appreciation, retained earnings growth, or capital infusions during 2024.
- Equity Turnover Ratio
-
The equity turnover ratio is not available for early 2020 but shows a progressive rise from 1.14 in September 2020 to a peak of 2.08 in December 2022, indicating increasing revenue generation relative to shareholders’ equity. Post this peak, the ratio declines gradually, returning to a lower range around 1.25 by mid-2025. This suggests that while operational efficiency or asset utilization improved markedly through 2022, it softened afterward, possibly due to the substantial rise in equity without a proportionate corresponding increase in revenue.