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
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Occidental Petroleum Corp., long-term (investment) 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).
The analysis of the financial ratios over the reported periods indicates several notable trends in asset utilization and turnover rates.
- Net Fixed Asset Turnover
- This ratio shows an improving trend from March 2020, beginning with a value of approximately 0.27 in the first quarter of 2020 and steadily increasing to a peak of about 0.63 in March 2023. After this peak, a gradual decline is observed, with the ratio decreasing toward 0.39 by March 2025. This suggests initially increasing efficiency in generating revenue from fixed assets, followed by a moderate reduction in that efficiency in recent quarters.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The values for this ratio closely resemble those of the net fixed asset turnover excluding lease assets, starting at 0.27 in early 2020, reaching a high near 0.62-0.63 in early 2023, and then declining similarly to around 0.38-0.40 by 2025. This parallel trend implies that inclusion of operating lease assets does not significantly alter the overall asset utilization trend.
- Total Asset Turnover
- Beginning in early 2020 with values around 0.22, the total asset turnover ratio increased steadily through 2022, reaching roughly 0.50. Post-2022, the ratio exhibits a declining pattern, falling to approximately 0.31-0.32 by the end of the observed period in 2025. This pattern highlights an improvement in total asset efficiency up to 2022, followed by a sustained decrease, indicating less efficient asset use in more recent periods.
- Equity Turnover
- The equity turnover ratio shows an upward movement from 0.96 in early 2020 to a maximum near 1.28 in March 2022, implying that equity was being turned over more frequently to generate revenue. After peaking, the ratio declines progressively through 2024 and into 2025, reaching a low of about 0.78-0.79. This decline suggests a reduction in the company’s efficiency at converting equity into revenue over the more recent quarters.
In summary, the data reveals an initial phase of increasing operational efficiency in asset and equity utilization until approximately early 2022-2023, followed by a gradual decrease in these efficiencies. This pattern may reflect changing market conditions, investment decisions, or operational challenges impacting the company's turnover ratios in the latter periods.
Net Fixed Asset Turnover
Occidental Petroleum Corp., net fixed asset 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) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||||||
| 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: 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
Net fixed asset turnover
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a fluctuating yet generally upward trend from March 31, 2020, through March 31, 2025. Initially, there is a sharp decline from 6,613 million USD in Q1 2020 to 2,928 million USD in Q2 2020, reflecting a significant drop likely due to external factors affecting demand. Subsequently, sales gradually recover, reaching a peak around Q2 2022 at 10,676 million USD. Following this peak, net sales show volatility with moderate declines and partial rebounds, ending at 6,803 million USD by Q1 2025, slightly above the initial value from early 2020.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment demonstrates a consistent decline from 79,073 million USD at the start of 2020 to 58,270 million USD by Q1 2023, indicating ongoing asset depreciation or disposals. From early 2023 onwards, the figures stabilize around the 58,000 million USD mark before experiencing a notable increase to 69,342 million USD in Q3 2024, which remains relatively stable thereafter. This sudden rise suggests possible asset revaluations, acquisitions, or capital expenditures initiated around 2024.
- Net Fixed Asset Turnover
- Data for net fixed asset turnover begins from Q3 2020, showing a gradual increase from 0.27 to a peak of 0.63 in Q4 2022, indicating improved efficiency in utilizing fixed assets to generate sales. After peaking, turnover ratios decline steadily to 0.39 by Q4 2024, with a slight recovery to 0.40 in Q1 2025. The initial improvement suggests effective asset usage possibly aligned with rising sales, whereas the subsequent decline may reflect either increased asset base relative to sales or diminished sales efficiency in later periods.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Occidental Petroleum Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (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).
1 Q1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
- Net Sales
- The net sales exhibited significant volatility starting in early 2020, with a sharp decline from $6,613 million in March 2020 to $2,928 million in June 2020. Following this drop, a recovery trend was observed throughout the remainder of 2020 and into 2021, reaching a peak of $7,913 million in December 2021. The net sales remained generally strong through 2022, peaking again at $10,676 million in June 2022. However, a gradual decline followed through late 2022 and 2023, with values falling to a low of $6,702 million in June 2023. The subsequent quarters from mid-2023 onwards showed some recovery and stabilization, with net sales fluctuating between approximately $5,975 million and $7,173 million. Overall, sales appear to have recovered from the early 2020 trough but face variability and some declines in recent quarters.
- Property, Plant, and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- The net value of property, plant, and equipment declined steadily over the observed period from $80,266 million in March 2020 to approximately $59,021 million in March 2023. This steady decrease suggests ongoing depreciation or asset disposals over this timeframe. From March 2023 through December 2023, the net asset base remained relatively stable around $59,000 million to $59,659 million, with a slight increase noted in early 2024, reaching a high of $70,303 million in September 2024. This increase may indicate recent capital investments or asset revaluations. The value then slightly declined again but remained above $69,000 million by March 2025, signaling some recovery or expansion in fixed assets after prior reductions.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio, available from the fourth quarter of 2020, initially showed a gradual increase from 0.27 to a peak of 0.62 in March 2022, indicating improving efficiency in using fixed assets to generate sales. This upward trend highlights better asset utilization during this period. However, following this peak, the ratio began to decline steadily, falling to 0.38 by March 2025. This downward shift signals a reduction in operational efficiency or an increase in asset base outpacing sales growth in recent years, suggesting potential challenges in maintaining high productivity levels of fixed assets.
- Summary of Trends
- There is a notable recovery in net sales following the steep decline in the first half of 2020, with peaks in mid-2022, followed by some volatility and weakening into 2023. Concurrently, the net property, plant, and equipment values decreased significantly until early 2023, before showing signs of replenishment and growth later into 2024. The asset turnover ratio reflects these dynamics, with improved efficiency up to early 2022, followed by a marked decline, indicating potential efficiency pressures. The interplay of these metrics suggests a period of restructuring or investment stabilization after initial asset base reductions, paralleled by fluctuating revenue generation capacity and asset utilization efficiency.
Total Asset Turnover
Occidental Petroleum Corp., total asset 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) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| 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: 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
Total asset turnover
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales exhibit significant variability over the observed periods. Starting at $6,613 million in March 2020, there is a notable decline to $2,928 million by June 2020, likely reflecting external market or economic conditions at that time. Following this trough, net sales generally increased, peaking at $10,676 million in June 2022, indicating a period of strong revenue growth. Post this peak, sales show a fluctuating pattern with values oscillating between approximately $6,700 million and $7,200 million through the subsequent periods, demonstrating some volatility but without a clear upward or downward trend as it approaches March 2025, where net sales register $6,803 million.
- Total Assets
- Total assets show a declining trend from March 2020 with $101,643 million to around $71,600 million by March 2023, representing a reduction in asset base over three years. After this point, the assets slightly recover, rising to $85,803 million by September 2024, before a slight decrease again to $84,967 million in March 2025. This pattern suggests strategic asset management or possible divestitures followed by reinvestment or acquisition activity.
- Total Asset Turnover
- The total asset turnover ratio, indicative of how efficiently assets generate sales, starts low at 0.22 in September 2020, improving steadily to a peak of 0.50 during the periods from December 2021 through March 2023. This improvement reflects increased efficiency in the utilization of assets during that time frame. After March 2023, the turnover ratio moderately declines, stabilizing between 0.31 and 0.38 towards March 2025. Although this indicates a slight decrease in asset utilization efficiency after the peak, the ratio remains higher than the early periods, signaling relatively improved productivity compared to the initial years.
Equity Turnover
Occidental Petroleum Corp., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||
| Exxon Mobil 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
Equity turnover
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales demonstrated significant volatility during the analyzed period. Initially, there was a sharp decline from 6613 million USD in March 2020 to 2928 million USD in June 2020, likely reflecting external market disruptions. Following this low point, net sales generally trended upward, peaking at 10,676 million USD in June 2022. After the peak, net sales exhibited a downward trend with periodic fluctuations, reaching 6803 million USD by March 2025. The pattern suggests a strong recovery and growth phase post-2020 followed by stabilization and moderate decline in the most recent quarters.
- Stockholders’ Equity
- Stockholders’ equity showed an initial decline from 31,295 million USD in March 2020 to a low of 18,244 million USD in June 2021. This decline was followed by a sustained upward trend, climbing steadily to 34,712 million USD by March 2025. The progressive increase after mid-2021 indicates reinvestment or accumulation of earnings, improving the equity base and potentially reflecting stronger financial stability and capital retention over the latter part of the period.
- Equity Turnover Ratio
- The equity turnover ratio was not available for most of 2020 but appeared at 0.96 in September 2020. It then increased, reaching a peak of 1.28 by March 2021, indicating higher efficiency in generating sales from equity at that time. Thereafter, the ratio gradually declined, with occasional minor fluctuations, moving down to 0.79 by March 2025. This downward trend suggests a decreasing rate of generating sales relative to the equity base over time, possibly reflecting lower asset utilization or slower growth in sales relative to equity.
- Summary of Trends and Insights
- The data reflects a strong recovery in net sales following a significant contraction in early 2020, likely corresponding to external market or industry challenges. The rising stockholders’ equity from mid-2021 onward indicates improved financial health and capital strength. However, the declining equity turnover ratio over time suggests that the efficiency in leveraging equity to produce sales has deteriorated somewhat, possibly due to changing market conditions or operational factors. Overall, while the company’s financial base strengthened, there is an observable moderation in sales growth relative to equity.