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: 2025-03-31), 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 demonstrates a generally increasing trend from March 2021 through the end of 2022, rising from 9.47 to a peak of 16.69 in March 2023. This indicates an improvement in the efficiency of inventory management and sales during this period. However, after this peak, the ratio shows a gradual decline through to March 2025, falling to 13.89, which suggests a slight decrease in turnover efficiency late in the observed timeframe.
- Working Capital Turnover
-
The working capital turnover ratio experiences a steep decline from a high of 110.19 in March 2022 to 10.7 by December 2023. This indicates that the company's ability to generate sales from working capital drastically reduced during this time. Following December 2023, the ratio reverses its downward trend, increasing steadily to reach 19.53 by March 2025. This recovery suggests an improvement in working capital utilization efficiency in the most recent periods.
- Average Inventory Processing Period
-
The average inventory processing period steadily decreases from 39 days in March 2021 to a low of 22 days by March 2023, reflecting faster inventory turnover and improved operational efficiency. After this period, the processing time slightly increases to approximately 26-27 days from late 2023 through March 2025, signaling a modest slowdown in inventory processing speed but remaining relatively stable in this range.
- Overall Insights
-
The data collectively indicate that the company improved inventory efficiency significantly between early 2021 and early 2023, as evidenced by rising inventory turnover and decreased inventory days. The working capital turnover, however, faced volatility with an initial severe drop followed by recovery, implying challenges in managing working capital during early 2022 to late 2023 and subsequent stabilization. The gradual decline in inventory turnover and slight lengthening of inventory days after early 2023 suggest potential emerging inefficiencies or changing market conditions affecting inventory management in recent quarters.
Turnover Ratios
Average No. Days
Inventory Turnover
Exxon Mobil Corp., inventory 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 | ||||||||||||||||||||||||||||
| Inventories | ||||||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||
| Inventory turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Inventory 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
Inventory 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)
÷ Inventories
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenue
- The sales and other operating revenue experienced notable fluctuations over the observed periods. Initially, there was a significant decline from 55,134 million US dollars in the first quarter of 2020 to 32,277 million US dollars in the second quarter of 2020. Following this trough, the revenue generally increased, reaching a peak of 111,265 million US dollars in the second quarter of 2022. After this peak, the revenue showed a declining trend with some fluctuations, decreasing to 81,058 million US dollars by the first quarter of 2025. This pattern suggests a recovery phase after the initial decline in early 2020, likely influenced by external economic factors, followed by a stabilization and slight downward trend in recent quarters.
- Inventories
- Inventories demonstrated an overall upward trend throughout the entire period. Starting at 16,501 million US dollars at the first quarter of 2020, inventory levels increased steadily, peaking at 25,120 million US dollars in the fourth quarter of 2023. After this peak, inventories slightly declined but remained relatively high, ending at 24,478 million US dollars in the first quarter of 2025. The increasing inventory levels may reflect stockpiling or changes in supply chain strategy during periods of fluctuating demand and revenue.
- Inventory Turnover Ratio
- The inventory turnover ratio, provided intermittently from the first quarter of 2021 onwards, reveals a general increasing trend from 9.47 in the first quarter of 2021 to a peak of 16.69 in the first quarter of 2023. After this peak, the ratio declined somewhat, fluctuating between 13.32 and 14.42 in subsequent quarters and ending at 13.89 in the first quarter of 2025. This pattern indicates improving efficiency in inventory management until early 2023, followed by a moderate decline, which may point to either increased inventory levels relative to sales or changes in operational efficiency.
- Combined Insights
- The data indicates that despite increasing inventories over time, the company was able to improve its inventory turnover ratio up to early 2023. Revenue peaked around mid-2022 and then experienced a declining trend. The simultaneous increase in inventories with a declining revenue trend in the last observed periods could suggest potential overstock or decreased sales velocity. The slight downturn in inventory turnover after its peak may reflect this shift. Overall, the trends signal a period of recovery and growth following the 2020 downturn, succeeded by stabilization and efficiency challenges in inventory management in recent quarters.
Working Capital Turnover
Exxon Mobil Corp., working capital 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) | ||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||
| 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
Working capital 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)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Working Capital
- The working capital demonstrates substantial volatility over the observed periods. Initially, there is a sharp increase from a significantly negative value of -14,524 million USD in March 2020 to -4,254 million USD in June 2020, followed by multiple fluctuations through 2021 with a notable positive turn beginning in December 2021 when working capital shifts to a positive 2,511 million USD. This positive trend continues robustly through 2022 and 2023, reaching a peak of 31,293 million USD in December 2023. Subsequently, from March 2024 onward, working capital declines gradually but remains positive, falling to 17,404 million USD by March 2025. The earlier negative values indicate periods of working capital deficits, while later data show improved liquidity and asset management.
- Sales and Other Operating Revenue
- Sales and other operating revenues display a broad upward trend from March 2020 through June 2022, rising from 55,134 million USD to a peak above 111,000 million USD. This growth suggests strong revenue recovery and expansion post the early 2020 period. However, from June 2022, revenue exhibits more variability, with some periods of decline followed by partial recoveries. Notably, the revenue decreases in the quarters after June 2022, falling to about 81,000 million USD by March 2025, indicating possible market fluctuations or operational challenges impacting revenue generation.
- Working Capital Turnover Ratio
- The working capital turnover ratio is available from March 2022 onward and shows a clear downward trajectory from a very high value of 110.19 to a low of 10.7 by December 2022. Following this sharp decrease, the ratio rises gradually, reaching 19.53 in March 2025. The initial high ratio suggests that working capital was very low relative to sales at the start of 2022, likely due to the historical negative working capital transitioning to positive. The subsequent decline and recovery in the ratio indicate an improving balance between working capital and sales, with a more stabilized operational efficiency over time.
- Overall Analysis
- The data shows that the company experienced significant disruptions in working capital and sales during 2020, likely related to external factors affecting the business environment. There has been a marked recovery in working capital from negative to strong positive figures, reflecting improved asset and liability management. Sales revenue increased substantially up to mid-2022 but encountered variability afterward, potentially due to changing market dynamics. The working capital turnover ratio's pattern further confirms that operational efficiency in converting working capital into sales improved over the observed period, moving from extremely high levels toward more normalized figures, suggesting enhanced liquidity management. Overall, the trends depict a business navigating significant challenges with recovery in liquidity and partial stabilization in revenue.
Average Inventory Processing Period
Exxon Mobil Corp., average inventory processing period 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 | ||||||||||||||||||||||||||||
| Inventory turnover | ||||||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||||||
| Average inventory processing period1 | ||||||||||||||||||||||||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||||||
| Average Inventory Processing Period, 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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly data on inventory turnover and average inventory processing period reveals discernible trends over the observed timeline starting in early 2020 through early 2025.
- Inventory Turnover
- This ratio shows a general upward trajectory from a starting point of 9.47 in the first reported quarter (March 31, 2020) to a peak of 16.69 by the end of 2023 (September 30). This indicates improving efficiency in managing inventory, as the company is turning over its inventory more frequently during this period. Following the peak, there is a subtle decline in turnover values observed in 2024 and into early 2025, with figures stabilizing around the 14.0 to 14.5 range. This moderation suggests some easing of the previously rapid inventory turnover pace, possibly reflecting adjustments in inventory management or market conditions.
- Average Inventory Processing Period
- Inversely correlated with inventory turnover, the average inventory processing period decreased significantly from 39 days at the beginning of the observed period to a low of 22 days by late 2023 (December 31). This reduction indicates accelerated inventory processing, improving operational efficiency over these years. There is a slight upward drift starting in 2024, with the period extending to around 25-27 days, maintaining this range through early 2025. This suggests a minor slowdown in inventory processing speed, consistent with the observed reduction in inventory turnover during the same timeframe.
Overall, the data portrays a phase of enhanced inventory management effectiveness through 2020 to 2023, followed by a stabilization or slight decline in efficiency from 2024 onwards. The trends reflect a strategic balance between maintaining high turnover rates and sustainable inventory processing periods.