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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Hess Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The financial ratios illustrate several notable trends over the analyzed periods. The net fixed asset turnover ratio demonstrates a generally upward trajectory from early 2019 through late 2022, indicating improved efficiency in utilizing fixed assets to generate revenue. The peak occurs around late 2022 with values near 0.74 before slightly declining in 2023, suggesting a potential tapering in asset utilization efficiency.
Including operating lease right-of-use assets, the net fixed asset turnover ratio follows a similar pattern, albeit at marginally lower levels across the timeline. This inclusion highlights the impact of lease assets on the company's asset base and reflects consistent improvement in asset use efficiency until late 2022, followed by a moderating trend in 2023.
Total asset turnover shows a modest but steady increase from 0.3 in early 2019 to a high near 0.52 by late 2022, reflecting enhanced effectiveness in using all company assets to produce revenues. There is, however, a slight decline noted in 2023. This pattern indicates improved asset management until the end of 2022 with a potential plateau or reduction in efficiency during the subsequent quarters.
Equity turnover exhibits a significant upward movement over the period, increasing from 0.7 in early 2019 to peaks exceeding 1.4 by late 2022. This trend implies a progressively stronger capacity to generate sales from shareholders' equity, suggesting enhanced operational performance and/or changes in capital structure. Similar to other ratios, equity turnover experiences a marginal decline in 2023 after reaching its highest levels.
- Net Fixed Asset Turnover
- Generally increasing from 0.4 to around 0.74 between 2019 and 2022, with a slight decrease in 2023, indicating improving asset utilization followed by stabilization or slight reduction.
- Net Fixed Asset Turnover Including Operating Lease
- Follows a parallel trend to net fixed asset turnover but at slightly lower values, reflecting the effect of including right-of-use assets; improves steadily until late 2022 then dips modestly in 2023.
- Total Asset Turnover
- Rises steadily from approximately 0.3 in early 2019 to about 0.52 by late 2022, showcasing enhanced comprehensive asset efficiency, but shows some decline in 2023.
- Equity Turnover
- Shows a pronounced increase from around 0.7 to over 1.4 across the period, illustrating improved ability to generate revenue from equity; peaks in late 2022 and experiences a modest decrease thereafter.
Net Fixed Asset Turnover
Hess Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||
| Property, plant and equipment, net, including finance lease right-of-use assets | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Property, plant and equipment, net, including finance lease right-of-use assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over the specified periods reveals several noteworthy trends in the key operational and asset utilization metrics.
- Sales and Other Operating Revenues
- Sales demonstrated fluctuations over the periods, initially ranging between approximately 1,570 and 1,680 million US dollars in 2019, followed by a pronounced decline in early 2020, reaching a low of 833 million in the second quarter of 2020. A recovery phase ensued from late 2020 through 2021 and 2022, with revenues peaking at 3,122 million in the third quarter of 2022. Afterward, revenues experienced some volatility but generally remained elevated compared to earlier years, with quarterly figures around 2,400 to 2,800 million US dollars in 2023. This pattern indicates a significant impact likely attributable to external factors in early 2020, with a strong recovery and growth trend in subsequent years.
- Property, Plant and Equipment, Net (Including Finance Lease Right-of-Use Assets)
- The net value of property, plant, and equipment showed a declining trend from early 2019, starting at 16,230 million US dollars and gradually decreasing to around 14,283 million by the end of 2020. From 2021 onward, asset values slightly increased, rising steadily each quarter and reaching 16,534 million US dollars by the third quarter of 2023. This suggests a period of reduced asset base or depreciation, followed by reinvestment or asset acquisition activity in the later periods.
- Net Fixed Asset Turnover Ratio
- The asset turnover ratio began at 0.4 in the first quarter of 2019 and experienced minor fluctuations through 2019 and 2020, including a dip to 0.33 by the end of 2020. From 2021 forward, there was a consistent and significant improvement in this ratio, peaking at 0.74 in the fourth quarter of 2022 and early 2023. A slight decline occurred in mid-2023, bringing the ratio down to around 0.63 by the third quarter. The overall increase in net fixed asset turnover demonstrates enhanced efficiency in utilizing fixed assets to generate sales, particularly notable as sales recovered and asset base began to expand.
Collectively, the data reflects a business environment affected by a substantial downturn in early 2020, followed by a robust sales recovery supported by gradually increasing asset investment. The improved net fixed asset turnover indicates more productive use of fixed assets over time, likely contributing to the revenue growth observed in recent quarters.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Hess Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Property, plant and equipment, net, including finance lease right-of-use assets (including operating lease, right-of-use asset)
= ( + + + )
÷ =
- Sales and other operating revenues
- The sales and other operating revenues exhibit noticeable fluctuations over the periods analyzed. Initially, the revenue ranged between approximately 1,572 and 1,683 million USD in 2019, showing moderate growth and seasonal variation. A significant decline is observed in 2020, dropping to as low as 833 million USD in the second quarter, likely influenced by external economic conditions. Following this downturn, revenues demonstrated a strong recovery from late 2020 through 2022, peaking at 3,122 million USD in the third quarter of 2022. Revenues slightly decreased in late 2022 and early 2023, yet remained considerably higher than pre-pandemic levels, ending near 2,800 million USD in the third quarter of 2023. This overall pattern suggests resilience and robust growth after the 2020 trough.
- Property, plant and equipment, net (including finance lease right-of-use assets)
- The net property, plant and equipment balance shows a downward trend starting from about 16,943 million USD at the end of the first quarter of 2019 to a low point around 14,709 million USD by the end of 2020. From 2021 onwards, this asset base steadily increases, reaching 17,015 million USD by the third quarter of 2023. The initial decline might reflect asset disposals, impairments, or reduced capital expenditures during the challenging economic period in 2020. The subsequent increase indicates renewed investment or asset capitalizations, contributing to asset growth above pre-2019 levels by 2023.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio exhibits fluctuating trends that correlate with changes in revenues and net fixed assets. It remained relatively stable around 0.37-0.39 in 2019, dipped to a low of 0.32 by the end of 2020 during the period of asset base reduction and revenue contraction. Thereafter, the ratio improved markedly from 2021 through 2022, peaking at 0.72 in the fourth quarter of 2022, indicating more efficient use of fixed assets in generating sales. In 2023, the turnover ratio showed a slight decline but stabilized at around 0.61 by the third quarter. This pattern reflects an initial challenge in asset utilization during the economic downturn followed by a phase of enhanced operational efficiency or higher asset productivity.
- Overall insights
- The data indicates a period of significant disruption around 2020, characterized by a drop in sales and an asset base contraction. Following this, a recovery phase with strong revenue growth and asset reinvestment is evident, culminating in improved asset turnover ratios. The trend suggests effective management of fixed assets to sustain increased sales volumes in a more favorable economic environment post-2020. The firm's capacity to grow revenues substantially beyond previous peaks while gradually expanding the asset base points to improved operational leverage and capital efficiency in recent periods.
Total Asset Turnover
Hess Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
Total asset turnover
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in company performance over the observed periods.
- Sales and Other Operating Revenues
- The sales and operating revenues exhibit a cyclical pattern with fluctuations across quarters. From early 2019 through the end of that year, revenues varied mildly between approximately 1,572 million USD and 1,683 million USD. However, a significant decline is observed in the first half of 2020, dropping to as low as 833 million USD in the second quarter of 2020, likely impacted by external economic factors. A recovery trend begins in the second half of 2020, with revenues increasing and reaching new highs from 2021 onward, notably peaking around 3,122 million USD in the third quarter of 2022. The revenues then show some variability but remain elevated with figures such as 2,800 million USD in the third quarter of 2023, indicating a strong rebound and growth trend relative to earlier periods.
- Total Assets
- Total assets demonstrate a slightly declining trend from the start of the period in 2019, moving from about 21,716 million USD down to a low near 18,821 million USD by the end of 2020. Post-2020, a gradual increase in total assets is apparent, with assets rising to approximately 23,201 million USD by the third quarter of 2023. This suggests phased asset growth or potential reinvestment following the period of contraction during 2019-2020.
- Total Asset Turnover
- This ratio, measuring efficiency in utilizing assets to generate revenue, shows a generally increasing trend over the timeline. Starting at 0.3 in early 2019, the ratio decreased slightly through 2020, hitting a low of 0.25 at the end of 2020. From 2021 onwards, there is a marked improvement in asset turnover efficiency, increasing steadily to a peak of 0.52 in mid-2022 and maintaining values close to that level through 2023. The improvement indicates enhanced operational efficiency or better utilization of asset base in generating sales revenue, aligning with the observed revenue growth.
In summary, the company experienced a downturn in revenues and asset base during the early phase of 2020, coinciding with decreased asset turnover, suggesting operational constraints or external challenges. Subsequently, a robust recovery is evident across all metrics, with revenues achieving record highs, total assets increasing, and asset turnover efficiency improving significantly. This pattern reflects successful adaptation and growth in the post-challenging period.
Equity Turnover
Hess Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||
| Total Hess Corporation stockholders’ equity | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
Equity turnover
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Total Hess Corporation stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed quarters. Sales and other operating revenues display a pattern of fluctuations with an overall upward trajectory. Initially, revenues peak around late 2019, followed by a significant decline in 2020, coinciding with mid-year lows. Subsequently, there is a strong recovery phase starting late 2020 through 2022, with revenues reaching new highs. Despite some volatility, particularly visible in the later quarters of 2022 and early 2023, the most recent figures indicate a robust level of sales.
Total stockholders’ equity exhibits a declining trend from early 2019 through the end of 2020, suggesting a period of contraction or losses. From 2021 onward, equity stabilization and gradual recovery take place, with a steady increase reaching higher equity values by the end of the latest period in 2023. This recovery implies improved financial health and possibly retained earnings growth or capital infusions.
Equity turnover, representing the efficiency of using equity to generate sales, shows a generally improving trend. Starting from a lower ratio near 0.7 in early 2019, it diminishes slightly in early 2020 but rebounds strongly afterward. The ratio peaks around late 2022 and early 2023, indicating enhanced operational efficiency and better utilization of equity to produce sales revenue. The slight dip in the most recent quarters may warrant monitoring but does not diminish the positive medium-term trend.
- Sales and other operating revenues
- Observed substantial variability with an initial peak before a downturn in 2020 and a solid recovery phase through 2022 and early 2023, indicating resilience and growth potential.
- Total stockholders’ equity
- Decreased significantly through 2020, then gradually increased starting 2021, pointing toward improved financial stability and potential value creation over the latter periods.
- Equity turnover
- Improved consistently since 2020, reaching a peak in late 2022 and early 2023, signaling enhanced efficiency in generating sales from shareholder equity despite minor recent declines.