Analysis of Short-term (Operating) 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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Short-term Activity Ratios (Summary)
Exxon Mobil Corp., short-term (operating) 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).
- Inventory Turnover
- The inventory turnover ratio shows a generally increasing trend from March 2021 through December 2022, rising from 9.47 to a peak of 16.69. This indicates that inventory was being sold and replenished more frequently, suggesting improved inventory management or stronger sales activity during this period. Beginning in March 2023, the ratio demonstrates a slight decline and fluctuates between approximately 13 and 16, indicative of a stabilization at a moderately high turnover rate. The decrease towards mid-2025 could imply either slower sales or an accumulation of inventory.
- Working Capital Turnover
- The working capital turnover ratio experiences a significant drop from 110.19 in December 2021 to 10.7 by December 2023, signaling a sharp reduction in the efficiency of using working capital to generate revenue during this timeframe. After reaching this low, the ratio begins to recover steadily, increasing to 19.44 by June 2025. Although the later improvement is notable, the turnover remains substantially lower than the peak in December 2021, pointing to overall reduced working capital efficiency compared to earlier periods.
- Average Inventory Processing Period
- The average inventory processing period decreased from 39 days in March 2021 to a low of 22 days in December 2022, reflecting more rapid turnover and reduced holding time for inventory. After December 2022, the processing period gradually increases to 28 days by June 2025. This upward trend suggests a slowing down in inventory movement or possibly longer production or sales cycles during the later periods measured. Despite this increase, the average processing period remains lower than early 2021 values, implying an overall improvement in inventory management efficiency compared to the earlier phase.
Turnover Ratios
Average No. Days
Inventory Turnover
Exxon Mobil Corp., inventory 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 | |||||||||||||||||||||||||||||
| Inventories | |||||||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Inventory turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Inventory 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
Inventory 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)
÷ Inventories
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and other operating revenue
- The quarterly sales and other operating revenues exhibit a fluctuating but generally upward trend from March 2020 through June 2022, increasing from 55,134 million USD to a peak of 111,265 million USD. This period reflects a strong recovery and growth phase following a significant dip in the second quarter of 2020. Subsequent quarters from September 2022 to June 2025 show a downward trend with some moderate fluctuations, where values decline from approximately 106,512 million USD to around 79,477 million USD. This decline suggests either a contraction in sales volume, pricing pressures, changes in market conditions, or a combination of these factors over this latter period.
- Inventories
- Inventories generally increased over the timeframe, starting at 16,501 million USD in March 2020 and rising to a peak of 25,371 million USD in June 2025. The inventory levels demonstrate periodic increases and slight contractions but maintain an overall upward trajectory. This steady increase in inventories, especially during the periods of declining sales in later years, may indicate accumulation of stock possibly due to reduced demand or strategic stockpiling to hedge against supply disruptions.
- Inventory turnover ratio
- The inventory turnover ratio was not available before March 2021 but showed significant improvement thereafter, reaching a high of 16.69 by the first quarter of 2023. Afterwards, it declined gradually to approximately 12.98 by the last quarter of 2025. This pattern suggests that inventory management became more efficient from 2021 to early 2023, likely reflecting improved sales relative to inventories or enhanced operational efficiency. The subsequent decline signals a slowing turnover rate, indicating either slower sales relative to inventory or increased inventory levels relative to sales, corroborating the observed trends in sales and inventory values.
Working Capital Turnover
Exxon Mobil Corp., working capital 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) | |||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||
| Less: Current liabilities | |||||||||||||||||||||||||||||
| Working capital | |||||||||||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Working capital turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Working Capital 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
Working capital 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)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The working capital exhibits a marked improvement over the observed periods, transitioning from significantly negative values in early 2020 to positive and increasing figures through 2021 and onward. Initially, the working capital declined from -14,524 million US dollars at the end of March 2020 to -11,470 million by the end of December 2020. Subsequently, it began to recover in 2021, turning positive by December 2021 at 2,511 million and continuing a strong upward trajectory to a peak of 31,293 million by December 2023. Thereafter, it shows a downward adjustment but remains positive through mid-2025, ending at 16,947 million in June 2025.
Sales and other operating revenue followed a fluctuating but generally upward trend until mid-2022, increasing from 55,134 million US dollars in March 2020 to a peak of 111,265 million by June 2022. Following this peak, there was a gradual decline, with revenues decreasing through 2022 and 2023, settling around the low 80,000 millions by the end of 2023 and fluctuating slightly near 80,000 millions thereafter.
The working capital turnover ratio data begins from March 2022, showing a steady decline over time. Initially, turnover was extremely high at 110.19, indicative of very low working capital relative to sales. As working capital increased significantly in absolute value, the turnover ratio declined to more normalized levels, reaching 11.56 by December 2022 and further moderating to around 10.70 to 19.53 in subsequent quarters. By mid-2025, the ratio rises again close to 19.44, indicating a relative reduction in working capital efficiency compared to sales.
Overall, the working capital management reveals a substantial strengthening of liquidity position as negative capital was rapidly addressed and reversed to substantial positive figures. Sales growth supported this liquidity improvement until mid-2022, after which revenue showed signs of pressure or normalization at lower levels. The declining working capital turnover ratio over most of the period reflects increased levels of working capital balance supporting increased sales operations, but the rise towards the end may indicate a shift in operational efficiency or capital use that merits closer examination.
- Working Capital Trend
- Moved from negative territory in early 2020 to positive and growing significantly until late 2023, with some decline thereafter but remaining positive.
- Sales and Operating Revenue
- Increased considerably from 2020 through mid-2022, then showed a decreasing trend leading into 2024 and 2025.
- Working Capital Turnover Ratio
- Started extremely high in early 2022 due to low working capital, declined as working capital increased, indicating greater capital base utilization, with a modest increase towards 2025 suggesting variable capital efficiency.
Average Inventory Processing Period
Exxon Mobil Corp., average inventory processing period 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 | |||||||||||||||||||||||||||||
| Inventory turnover | |||||||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||
| Average inventory processing period1 | |||||||||||||||||||||||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||
| Average Inventory Processing Period, 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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
- Inventory Turnover
- The inventory turnover ratio demonstrates a consistent upward trend from March 31, 2020, starting at 9.47 and peaking at 16.69 by December 31, 2022. This increase suggests improved efficiency in inventory management over this period. Post that peak, there is a slight decrease, with the ratio fluctuating around 13 to 14 from March 31, 2023, to June 30, 2025. Overall, the ratio remains significantly higher than the initial value, indicating sustained enhanced turnover rates compared to early 2020.
- Average Inventory Processing Period
- The average inventory processing period reveals an inverse pattern relative to the inventory turnover ratio. Initially, it decreases from 39 days on March 31, 2020, to 22 days by December 31, 2022, indicating faster inventory turnover and more efficient processing. After this low point, the period extends slightly, fluctuating between 22 to 28 days up to June 30, 2025. The recent values around 25 to 28 days suggest a modest decline in processing speed but still represent an improvement compared to the early 2020 period.
- Overall Insights
- The data indicates a marked improvement in inventory management efficiency from 2020 through 2022, as evidenced by a rising inventory turnover and a shortening average processing period. Although there is a minor regression starting in early 2023, efficiency levels remain better than the initial period. These trends suggest a positive operational adjustment during the period, with a possible balancing or stabilization phase in recent quarters.