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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Long-term Activity Ratios (Summary)
General Mills Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).
The analysis of the turnover ratios over the specified periods indicates several trends and shifts in operational efficiency and asset utilization.
- Net Fixed Asset Turnover
- This ratio, which measures the efficiency in using fixed assets to generate sales, displays an initial increasing trend starting from a ratio of 4.54 in May 2014 and reaching a peak near 4.82 by November 2015. Subsequently, there is a gradual decline to roughly 4.24 by August 2017, indicating a reduction in efficiency or increased asset base without a proportional increase in sales. After this decline, the ratio stabilizes somewhat, fluctuating mildly but maintaining a moderate upward momentum, reaching 4.68 by the last recorded period in November 2019. This pattern suggests some recovery or improvement in the use of net fixed assets in recent periods.
- Total Asset Turnover
- The total asset turnover ratio, reflecting overall asset efficiency in generating revenues, starts at 0.77 in May 2014, maintaining a relatively stable range between 0.7 and 0.8 until around mid-2017. After this period, a notable decline occurs, dropping to 0.51 in February 2018, which marks a significant loss in asset use efficiency. Following this low point, a slight recovery is observed, with values inching upward to around 0.55 by November 2019. This decline and partial rebound could point to considerable changes in either asset composition or revenue generation capability during these years.
- Equity Turnover
- The equity turnover ratio exhibits more variability. Starting from 2.74 in May 2014, it rises consistently, peaking at 3.87 by November 2016, suggesting increasingly effective use of equity capital to generate sales. Post-peak, the ratio decreases steadily to 2.18 by November 2019. This downward trend might indicate higher equity levels relative to sales or diminished sales generation effectiveness from the equity base. The initial growth followed by decline suggests changing financial leverage or operational performance trends over this timeframe.
Overall, these turnover ratios highlight a period of improving asset and equity utilization efficiency up to the mid-2010s, followed by a decline and some stabilization or modest recovery towards the end of the period analyzed. This pattern could reflect shifts in business strategy, market conditions, or investment in asset and equity bases relative to sales performance.
Net Fixed Asset Turnover
General Mills Inc., net fixed asset turnover calculation (quarterly data)
| Nov 24, 2019 | Aug 25, 2019 | May 26, 2019 | Feb 24, 2019 | Nov 25, 2018 | Aug 26, 2018 | May 27, 2018 | Feb 25, 2018 | Nov 26, 2017 | Aug 27, 2017 | May 28, 2017 | Feb 26, 2017 | Nov 27, 2016 | Aug 28, 2016 | May 29, 2016 | Feb 28, 2016 | Nov 29, 2015 | Aug 30, 2015 | May 31, 2015 | Feb 22, 2015 | Nov 23, 2014 | Aug 24, 2014 | May 25, 2014 | Feb 23, 2014 | Nov 24, 2013 | Aug 25, 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||
| Land, buildings, and equipment | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).
1 Q2 2020 Calculation
Net fixed asset turnover
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ Land, buildings, and equipment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data demonstrates several notable trends across multiple quarters. Net sales exhibit fluctuations without a consistent upward or downward trajectory. The highest net sales appear in the November 2013 and November 2018 quarters, while the lowest figures occur toward the early 2017 period. This indicates variability in revenue generation with periods of recovery following declines.
Regarding land, buildings, and equipment, the values display a gradual downward trend over the time frame provided. Starting at approximately 3,789,400 thousand US dollars, the asset values generally decrease toward the later quarters, reaching near 3,588,500 thousand US dollars by the end of the last period. Some intermittent increases occur, such as in May 2018, but the overall direction is a moderate decline, suggesting possible divestitures, depreciation, or lack of significant new capital investment.
The net fixed asset turnover ratio, which measures efficiency in utilizing fixed assets to generate sales, is available from May 2014 onward. This ratio peaks initially around the 4.78–4.82 range, then gradually declines through 2017 and 2018 before improving again toward the end of the period, closing near 4.68. The fluctuation in this metric aligns with the variable net sales and the reduction in fixed asset values, indicating changes in operational efficiency and asset utilization over time.
- Net Sales
- Show fluctuations across the quarters with no clear steady growth or decline. Peak sales are observed in late 2013 and late 2018, with troughs around early to mid-2017.
- Land, Buildings, and Equipment
- Demonstrates a general decreasing trend, suggesting asset disposals or depreciation impact, with occasional minor increases.
- Net Fixed Asset Turnover Ratio
- Initially increases slightly, then declines through mid-periods, with recovery trends in the latest quarters, reflecting variable efficiency in asset use relative to sales.
Overall, the data suggests that while the company experiences cyclical sales, it has been managing a declining asset base with corresponding shifts in asset efficiency. The recent improvements in the turnover ratio may indicate efforts to better leverage assets amid fluctuating revenues.
Total Asset Turnover
General Mills Inc., total asset turnover calculation (quarterly data)
| Nov 24, 2019 | Aug 25, 2019 | May 26, 2019 | Feb 24, 2019 | Nov 25, 2018 | Aug 26, 2018 | May 27, 2018 | Feb 25, 2018 | Nov 26, 2017 | Aug 27, 2017 | May 28, 2017 | Feb 26, 2017 | Nov 27, 2016 | Aug 28, 2016 | May 29, 2016 | Feb 28, 2016 | Nov 29, 2015 | Aug 30, 2015 | May 31, 2015 | Feb 22, 2015 | Nov 23, 2014 | Aug 24, 2014 | May 25, 2014 | Feb 23, 2014 | Nov 24, 2013 | Aug 25, 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).
1 Q2 2020 Calculation
Total asset turnover
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over the reported periods indicates several notable trends in the company's net sales, total assets, and total asset turnover ratio.
- Net Sales
- Net sales demonstrate fluctuations throughout the periods analyzed. Initial values start around 4.37 billion US dollars, rising to a peak near 4.88 billion in late 2013. Following this peak, net sales show oscillations, with periodic declines and recoveries, often hovering around the 4 billion mark. Noteworthy is a decline in net sales around early 2016 and early 2017, followed by gradual increases approaching late 2018 and 2019, reaching over 4.4 billion US dollars by November 2019.
- Total Assets
- Total assets exhibit relative stability with a gradual upward trend in the early periods, moving from approximately 22.9 billion to a peak of around 24.2 billion toward late 2014. Subsequently, assets slightly decrease and fluctuate around 21.5 to 22.2 billion until early 2018. A significant jump occurs around May 2018, where total assets increase sharply to over 30.6 billion. This elevated asset base remains relatively consistent through late 2019, stabilizing slightly above 30.3 billion.
- Total Asset Turnover Ratio
- The total asset turnover ratio data begins with incomplete values but from early 2014, it starts at 0.77 and experiences a slow, steady decline over the subsequent periods. The ratio decreases gradually from around 0.8 in 2015 to approximately 0.7 in early 2018. Post the increase in total assets from mid-2018 onwards, the turnover ratio declines sharply to around 0.51, then marginally recovers to values near 0.55 by late 2019. This suggests a decrease in sales efficiency relative to asset size after the marked asset increase.
Overall, the data reflects a company with fluctuating sales volumes but a relatively steady asset base until mid-2018, when a significant increase in assets occurs. This asset expansion corresponds with a decreased total asset turnover ratio, implying that the company's asset utilization efficiency declined during this period despite a recovery in net sales. The mixture of sales volatility and asset growth warrants close attention to asset management and sales productivity in subsequent periods.
Equity Turnover
General Mills Inc., equity turnover calculation (quarterly data)
| Nov 24, 2019 | Aug 25, 2019 | May 26, 2019 | Feb 24, 2019 | Nov 25, 2018 | Aug 26, 2018 | May 27, 2018 | Feb 25, 2018 | Nov 26, 2017 | Aug 27, 2017 | May 28, 2017 | Feb 26, 2017 | Nov 27, 2016 | Aug 28, 2016 | May 29, 2016 | Feb 28, 2016 | Nov 29, 2015 | Aug 30, 2015 | May 31, 2015 | Feb 22, 2015 | Nov 23, 2014 | Aug 24, 2014 | May 25, 2014 | Feb 23, 2014 | Nov 24, 2013 | Aug 25, 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).
1 Q2 2020 Calculation
Equity turnover
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited fluctuations throughout the periods observed, with values generally ranging between approximately 3.78 billion and 4.87 billion US dollars. The highest sales were recorded in November 2013 at about 4.88 billion, followed by a general decline toward early 2017, reaching a low near 3.79 billion in February 2017. After this trough, sales recovered and showed an upward trend reaching around 4.41 billion by November 2018, although some variability persisted thereafter with figures near 4.0 to 4.42 billion in 2019.
- Stockholders’ Equity
- Stockholders’ equity demonstrated a downward trend from August 2013 through February 2017, declining from approximately 6.82 billion to about 4.06 billion US dollars. This decrease was steady and substantial, indicating possible capital reduction, losses, or distributions exceeding earnings over this period. Starting mid-2017, however, equity began to recover notably, climbing from 3.9 billion in August 2017 to over 7.71 billion in November 2019. This rebound suggests improvement in retained earnings or additional share issuance contributing to strengthening the equity base.
- Equity Turnover
- The equity turnover ratio, available from February 2014 onwards, initially showed an increasing pattern, rising from 2.74 to a peak of approximately 3.97 in May 2018. This indicates an improvement in sales generated per unit of equity, reflecting more efficient use of equity to generate revenue during this time. Post-peak, the ratio trended downward to about 2.18 by November 2019, suggesting a relative decrease in operational efficiency or a rapid increase in equity compared to sales growth in the final periods.
- Summary of Trends and Insights
- Overall, net sales presented volatility without a clear long-term upward or downward trend but showed a recovery phase after early 2017. Conversely, stockholders’ equity illustrated a significant decline followed by a strong recovery from mid-2017 forward. The equity turnover ratio mirrored these changes, with efficiency gains through 2018 followed by a reduction towards the end of the period analyzed. The interplay of these metrics highlights a period of financial restructuring or operational changes impacting equity levels and sales efficiency, culminating in improved equity size and a subsequent moderation in turnover ratio.