Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
ExxonMobil Holdings Corp., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The long-term activity ratios exhibit a consistent cyclical pattern characterized by a peak in operational efficiency during 2022, followed by a sustained downward trajectory through 2025. This synchronized movement across all measured ratios indicates a period of high asset productivity in 2022 that was not maintained in subsequent fiscal years, suggesting a decline in the ability to generate revenue from the company's investment base.
- Net Fixed Asset Utilization
- The net fixed asset turnover ratio reached a peak of 1.95 in 2022 before declining steadily to 1.08 by 2025. A similar trend is observed when including operating lease right-of-use assets, which peaked at 1.89 in 2022 and fell to 1.06 by 2025. This decline indicates that each unit of fixed investment is generating progressively less revenue, reflecting a reduction in the efficiency of long-term physical assets.
- Total Asset Productivity
- Total asset turnover mirrors the trend seen in fixed assets, rising from 0.82 in 2021 to a high of 1.08 in 2022, then decreasing annually to 0.72 by 2025. This suggests an overall erosion in the efficiency of the entire asset base in driving sales growth over the analyzed period.
- Equity Efficiency
- Equity turnover experienced a significant surge to 2.04 in 2022 but contracted consistently thereafter, ending at 1.25 in 2025. This downward trend implies that shareholder equity is being utilized less effectively to produce revenue compared to the peak efficiency levels observed in 2022.
Overall, the convergence of these trends highlights a general contraction in investment activity efficiency. The consistent decline from 2022 through 2025 suggests that the growth in the asset and equity bases has outpaced the growth in revenue, leading to lower turnover ratios across all categories of long-term investment.
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Net Fixed Asset Turnover
ExxonMobil Holdings Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) | |
| Property, plant and equipment, at cost, less accumulated depreciation and depletion | 299,373) | 294,318) | 214,940) | 204,692) | 216,552) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 1.08 | 1.15 | 1.56 | 1.95 | 1.28 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | 0.84 | 1.31 | 1.28 | 1.64 | 1.06 | |
| ConocoPhillips | 0.63 | 0.58 | 0.80 | 1.21 | 0.71 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.93 | 1.09 | 1.34 | 1.73 | 1.12 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Energy | 0.97 | 1.15 | 1.39 | 1.77 | 1.15 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover = Sales and other operating revenue ÷ Property, plant and equipment, at cost, less accumulated depreciation and depletion
= 323,905 ÷ 299,373 = 1.08
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover reveals a period of peak operational efficiency in 2022, followed by a consistent downward trend through 2025. This trajectory indicates a shift in the relationship between the company's investment in long-term assets and its ability to generate revenue from those assets.
- Revenue Dynamics
- Operating revenue exhibited significant volatility, peaking at US$ 398,675 million in 2022. Following this peak, revenues experienced a correction in 2023 and remained relatively stagnant, fluctuating between US$ 323,905 million and US$ 339,247 million during the 2023 to 2025 period.
- Fixed Asset Investment
- The net value of property, plant, and equipment remained stable between 2021 and 2023, hovering around the US$ 204,000 million to US$ 215,000 million range. A substantial capital expansion occurred in 2024, with the asset base increasing sharply to US$ 294,318 million and reaching US$ 299,373 million by the end of 2025.
- Net Fixed Asset Turnover Interpretation
- The turnover ratio reached its highest point of 1.95 in 2022, coinciding with the surge in revenue and a simultaneous slight decrease in the asset base. From 2023 onward, the ratio declined steadily to 1.56, 1.15, and finally 1.08 in 2025. This decline is the result of a dual pressure: the normalization of revenues following the 2022 peak and a significant increase in the denominator due to the expansion of the fixed asset base in 2024 and 2025. The current trend suggests that recent capital investments have not yet translated into proportional increases in operating revenue.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
ExxonMobil Holdings Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) | |
| Property, plant and equipment, at cost, less accumulated depreciation and depletion | 299,373) | 294,318) | 214,940) | 204,692) | 216,552) | |
| Operating lease right of use assets (included in Other assets, including intangibles, net) | 7,224) | 7,123) | 6,849) | 6,451) | 6,082) | |
| Property, plant and equipment, at cost, less accumulated depreciation and depletion (including operating lease, right-of-use asset) | 306,597) | 301,441) | 221,789) | 211,143) | 222,634) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.06 | 1.13 | 1.51 | 1.89 | 1.24 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Chevron Corp. | 0.82 | 1.26 | 1.24 | 1.59 | 1.03 | |
| ConocoPhillips | 0.63 | 0.57 | 0.79 | 1.20 | 0.70 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.91 | 1.07 | 1.30 | 1.68 | 1.09 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Energy | 0.95 | 1.12 | 1.35 | 1.72 | 1.12 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales and other operating revenue ÷ Property, plant and equipment, at cost, less accumulated depreciation and depletion (including operating lease, right-of-use asset)
= 323,905 ÷ 306,597 = 1.06
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover ratio reveals a period of significant volatility followed by a sustained decline in asset utilization efficiency between 2021 and 2025. The trend is characterized by a sharp peak in operational efficiency in 2022, subsequently offset by increasing capital investment and stabilizing revenue streams.
- Revenue Performance
- Operating revenue exhibited a significant spike in 2022, reaching 398,675 million USD, compared to 276,692 million USD in 2021. Following this peak, revenue experienced a correction in 2023 and remained relatively stable through 2025, ending the period at 323,905 million USD. This suggests a period of high market volatility followed by a plateau in top-line generation.
- Fixed Asset Base Expansion
- The value of property, plant, and equipment, including right-of-use assets, remained relatively stable between 2021 and 2023, fluctuating between 211,143 million USD and 222,634 million USD. However, a substantial increase in the asset base occurred in 2024, where values rose to 301,441 million USD, and further increased to 306,597 million USD by 2025. This indicates a period of aggressive capital expenditure or significant asset acquisition during the latter part of the analyzed period.
- Net Fixed Asset Turnover Dynamics
- The net fixed asset turnover ratio peaked at 1.89 in 2022, driven by the convergence of record-high revenues and a temporary contraction in the net asset base. From 2023 onward, a consistent downward trend is observed, with the ratio falling to 1.51 in 2023, 1.13 in 2024, and reaching a period low of 1.06 by 2025. This decline is the result of a dual impact: the normalization of revenue levels following the 2022 peak and the simultaneous expansion of the fixed asset base.
The overall trajectory indicates that while the organization significantly expanded its productive capacity and asset holdings starting in 2024, these investments have not yet translated into proportional increases in operating revenue. Consequently, the efficiency with which the company generates sales from its fixed assets has diminished, moving from a high of 1.89 to 1.06 over the period.
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Total Asset Turnover
ExxonMobil Holdings Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) | |
| Total assets | 448,980) | 453,475) | 376,317) | 369,067) | 338,923) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.72 | 0.75 | 0.89 | 1.08 | 0.82 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | 0.57 | 0.75 | 0.75 | 0.91 | 0.65 | |
| ConocoPhillips | 0.48 | 0.45 | 0.59 | 0.84 | 0.51 | |
| Total Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.63 | 0.71 | 0.80 | 0.99 | 0.71 | |
| Total Asset Turnover, Industry | ||||||
| Energy | 0.63 | 0.71 | 0.79 | 0.97 | 0.71 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Total asset turnover = Sales and other operating revenue ÷ Total assets
= 323,905 ÷ 448,980 = 0.72
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a period of peak efficiency in 2022 followed by a sustained decline in asset utilization through 2025.
- Revenue Trends
- Operating revenues experienced a significant surge in 2022, reaching a peak of US$ 398,675 million. Following this spike, revenues contracted to US$ 334,697 million in 2023 and remained relatively stagnant over the subsequent two years, ending at US$ 323,905 million in 2025.
- Asset Base Expansion
- Total assets demonstrated a consistent upward trajectory from 2021 to 2024, increasing from US$ 338,923 million to a peak of US$ 453,475 million. A slight reduction was observed in 2025, with assets totaling US$ 448,980 million. The substantial increase in assets, particularly between 2023 and 2024, indicates significant capital deployment or asset acquisition.
- Total Asset Turnover Efficiency
- The total asset turnover ratio peaked at 1.08 in 2022, reflecting the highest level of revenue generation relative to the asset base. A downward trend followed, with the ratio declining to 0.89 in 2023, 0.75 in 2024, and reaching a low of 0.72 in 2025. This trend indicates a diminishing ability to generate sales from the company's invested assets.
The overall trend indicates a decoupling of asset growth and revenue generation. While the asset base expanded significantly over the five-year period, revenues failed to maintain the 2022 peak, resulting in a progressive deterioration of the total asset turnover ratio. This suggests that recent investments in the asset base have not yet translated into proportional increases in operating revenue.
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Equity Turnover
ExxonMobil Holdings Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales and other operating revenue | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) | |
| Total ExxonMobil share of equity | 259,386) | 263,705) | 204,802) | 195,049) | 168,577) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.25 | 1.29 | 1.63 | 2.04 | 1.64 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Chevron Corp. | 0.99 | 1.27 | 1.22 | 1.48 | 1.12 | |
| ConocoPhillips | 0.91 | 0.84 | 1.14 | 1.64 | 1.01 | |
| Equity Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.11 | 1.22 | 1.42 | 1.77 | 1.35 | |
| Equity Turnover, Industry | ||||||
| Energy | 1.12 | 1.24 | 1.43 | 1.76 | 1.36 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Equity turnover = Sales and other operating revenue ÷ Total ExxonMobil share of equity
= 323,905 ÷ 259,386 = 1.25
2 Click competitor name to see calculations.
The financial trajectory between 2021 and 2025 indicates a period of significant volatility in revenue followed by a substantial expansion of the equity base, resulting in a sustained contraction of equity turnover.
- Revenue Performance
- Operating revenue experienced a sharp increase from US$ 276,692 million in 2021 to a peak of US$ 398,675 million in 2022. Following this peak, revenue declined in 2023 and remained relatively stable through 2025, concluding the period at US$ 323,905 million.
- Equity Expansion
- The total share of equity demonstrated a consistent upward trend, growing from US$ 168,577 million in 2021 to US$ 259,386 million by 2025. A notable surge is observed between 2023 and 2024, where equity increased from US$ 204,802 million to US$ 263,705 million.
- Equity Turnover Analysis
- The equity turnover ratio peaked at 2.04 in 2022, corresponding with the maximum revenue reported. Subsequently, a downward trend emerged, with the ratio falling to 1.63 in 2023, 1.29 in 2024, and reaching 1.25 in 2025. This decline is the result of a widening gap between revenue levels and the equity base; while revenues stabilized after 2022, the equity base continued to expand, thereby reducing the efficiency of equity in generating sales.
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