Selected Financial Data
since 2005
Income Statement
Monsanto Co., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Income from operations | Net income attributable to Monsanto Company |
|---|---|---|---|
| Aug 31, 2017 | 14,640) | 3,212) | 2,260) |
| Aug 31, 2016 | 13,502) | 2,375) | 1,336) |
| Aug 31, 2015 | 15,001) | 3,523) | 2,314) |
| Aug 31, 2014 | 15,855) | 4,075) | 2,740) |
| Aug 31, 2013 | 14,861) | 3,570) | 2,482) |
| Aug 31, 2012 | 13,504) | 3,148) | 2,045) |
| Aug 31, 2011 | 11,822) | 2,502) | 1,607) |
| Aug 31, 2010 | 10,502) | 1,607) | 1,109) |
| Aug 31, 2009 | 11,724) | 3,103) | 2,109) |
| Aug 31, 2008 | 11,365) | 2,721) | 2,024) |
| Aug 31, 2007 | 8,563) | 1,418) | 993) |
| Aug 31, 2006 | 7,344) | 1,177) | 689) |
| Aug 31, 2005 | 6,294) | 742) | 255) |
Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
Between 2005 and 2017, a general upward trajectory in revenue and profitability is observed, characterized by a period of significant expansion followed by increased volatility in the latter years of the period.
- Revenue Growth Patterns
- Net sales experienced a consistent increase from 2005 through 2009, rising from 6,294 million to 11,724 million. Following a temporary contraction in 2010, sales resumed an upward trend and reached a peak of 15,855 million in 2014. A subsequent decline occurred between 2015 and 2016, with sales dropping to 13,502 million, before recovering to 14,640 million in 2017.
- Operational Performance
- Income from operations grew substantially from 742 million in 2005 to a peak of 4,075 million in 2014. Operational performance closely mirrored the revenue trend, exhibiting sharp declines in 2010 and 2016. The fluctuations in operating income were more pronounced than those in net sales, suggesting varying operational efficiency or cost pressures during those intervals.
- Net Income Trends
- Net income attributable to the company followed a similar pattern, increasing from 255 million in 2005 to 2,740 million in 2014. Significant contractions occurred in 2010 and 2016, with the 2016 net income falling to 1,336 million, representing a sharp decrease from the 2014 peak. A strong recovery was evident by 2017, with net income rising to 2,260 million.
- Profitability Analysis
- Profitability margins expanded significantly over the first decade. The operating margin improved from approximately 11.8% in 2005 to a peak of 25.7% in 2014. Similarly, the net profit margin grew from roughly 4% in 2005 to 17.3% in 2014, indicating substantial gains in scale and cost management prior to the volatility observed in 2015 and 2016.
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Balance Sheet: Assets
Monsanto Co., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Aug 31, 2017 | 8,651) | 21,333) |
| Aug 31, 2016 | 8,157) | 19,736) |
| Aug 31, 2015 | 10,625) | 21,920) |
| Aug 31, 2014 | 9,675) | 21,981) |
| Aug 31, 2013 | 10,077) | 20,664) |
| Aug 31, 2012 | 9,658) | 20,224) |
| Aug 31, 2011 | 8,809) | 19,844) |
| Aug 31, 2010 | 7,122) | 17,867) |
| Aug 31, 2009 | 7,883) | 17,877) |
| Aug 31, 2008 | 7,609) | 17,991) |
| Aug 31, 2007 | 5,084) | 12,983) |
| Aug 31, 2006 | 5,461) | 11,728) |
| Aug 31, 2005 | 4,644) | 10,579) |
Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
An analysis of the asset base from 2005 to 2017 reveals a significant long-term expansion in both total and current assets, characterized by a substantial increase in scale and periodic volatility.
- Total Asset Trajectory
- Total assets experienced a consistent upward trend, growing from 10,579 million USD in 2005 to 21,333 million USD in 2017. A notable surge occurred between 2007 and 2008, where total assets increased by approximately 38%, rising from 12,983 million USD to 17,991 million USD. Following this spike, assets remained relatively stable through 2010 before resuming a gradual climb to a peak of 21,981 million USD in 2014.
- Current Asset Dynamics
- Current assets followed a similar growth pattern, increasing from 4,644 million USD in 2005 to a peak of 10,625 million USD in 2015. Similar to total assets, a sharp increase was observed in 2008, with values rising from 5,084 million USD in 2007 to 7,609 million USD. A significant contraction occurred in 2016, where current assets dropped to 8,157 million USD from the previous year's high, before recovering slightly to 8,651 million USD in 2017.
- Asset Composition and Liquidity
- The proportion of current assets relative to total assets shifted over the period. In 2005, current assets represented approximately 44% of the total asset base. This ratio fluctuated but generally trended upward, reaching nearly 48% by 2013 and 2015, suggesting an increase in the relative liquidity of the balance sheet. However, by 2017, this proportion declined to approximately 40%.
- Period of Contraction
- A synchronized decline in both current and total assets is evident in 2016. Total assets fell from 21,920 million USD in 2015 to 19,736 million USD in 2016, while current assets saw a more pronounced decrease of approximately 23% during the same timeframe. This indicates a systemic reduction in the company's asset base prior to the partial recovery observed in 2017.
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Balance Sheet: Liabilities and Stockholders’ Equity
Monsanto Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total Monsanto Company shareowners’ equity | |
|---|---|---|---|
| Aug 31, 2017 | 6,398) | 8,124) | 6,438) |
| Aug 31, 2016 | 6,729) | 9,040) | 4,534) |
| Aug 31, 2015 | 5,177) | 9,044) | 6,990) |
| Aug 31, 2014 | 5,112) | 7,761) | 7,875) |
| Aug 31, 2013 | 4,336) | 2,112) | 12,559) |
| Aug 31, 2012 | 4,221) | 2,074) | 11,833) |
| Aug 31, 2011 | 4,729) | 2,221) | 11,545) |
| Aug 31, 2010 | 3,541) | 2,103) | 10,099) |
| Aug 31, 2009 | 3,756) | 1,803) | 10,056) |
| Aug 31, 2008 | 4,439) | 1,816) | 9,374) |
| Aug 31, 2007 | 3,075) | 1,420) | 7,503) |
| Aug 31, 2006 | 2,279) | 1,667) | 6,525) |
| Aug 31, 2005 | 2,159) | 1,740) | 5,613) |
Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
An analysis of the liabilities and equity from 2005 to 2017 reveals a fundamental shift in the capital structure, characterized by a steady expansion of short-term obligations and a dramatic transformation in long-term financing and equity value starting in 2014.
- Current Liabilities Trend
- Short-term obligations exhibited a general upward trajectory over the observed period, increasing from 2,159 million in 2005 to 6,398 million in 2017. Notable accelerations in current liabilities occurred between 2007 and 2008, and again between 2015 and 2016, indicating a growing reliance on short-term financing or an increase in operational payables.
- Total Debt Dynamics
- Total debt remained relatively stable and low between 2005 and 2013, fluctuating within a range of 1,420 million to 2,221 million. A significant structural break occurred in 2014, when total debt surged to 7,761 million. This upward movement peaked in 2015 and 2016 at 9,044 million before declining slightly to 8,124 million in 2017.
- Shareowners' Equity Evolution
- Equity grew consistently from 2005 to 2013, rising from 5,613 million to a peak of 12,559 million. However, a sharp reversal occurred in 2014, with equity falling to 7,875 million. This decline continued through 2016, reaching a period low of 4,534 million, before reflecting a partial recovery to 6,438 million in 2017.
- Capital Structure Shift
- The data indicates a critical pivot in the financial strategy between 2013 and 2014. The company transitioned from a conservative capital structure—characterized by low debt and high equity—to a highly leveraged position. The simultaneous spike in total debt and the precipitous drop in shareowners' equity suggest a significant reallocation of capital, potentially involving large-scale debt-funded share repurchases or dividends.
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Cash Flow Statement
Monsanto Co., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash required by investing activities | Net cash required by financing activities |
|---|---|---|---|
| Aug 31, 2017 | 3,226) | (1,107) | (1,966) |
| Aug 31, 2016 | 2,588) | (864) | (3,742) |
| Aug 31, 2015 | 3,108) | (1,019) | (430) |
| Aug 31, 2014 | 3,054) | (2,095) | (2,259) |
| Aug 31, 2013 | 2,740) | (777) | (1,485) |
| Aug 31, 2012 | 3,051) | (1,034) | (1,165) |
| Aug 31, 2011 | 2,814) | (975) | (864) |
| Aug 31, 2010 | 1,398) | (834) | (1,038) |
| Aug 31, 2009 | 2,246) | (723) | (1,075) |
| Aug 31, 2008 | 2,837) | (2,042) | (125) |
| Aug 31, 2007 | 1,854) | (1,911) | (583) |
| Aug 31, 2006 | 1,674) | (625) | (117) |
| Aug 31, 2005 | 1,737) | (1,667) | (582) |
Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
The cash flow profile from 2005 to 2017 exhibits a steady expansion of operational liquidity coupled with consistent capital deployment and shareholder returns.
- Net Cash Provided by Operating Activities
- A general upward trajectory is evident, with cash generation increasing from 1,737 million USD in 2005 to 3,226 million USD in 2017. A notable contraction occurred in 2010, where cash flow dropped to 1,398 million USD, marking the lowest point in the observed period. However, a strong recovery followed, with values consistently exceeding 2,700 million USD from 2012 through 2017, indicating an improved capacity for organic cash generation.
- Net Cash Required by Investing Activities
- Investing activities remained consistently negative throughout the period, reflecting ongoing capital expenditures and strategic investments. Outflows peaked in 2014 at 2,095 million USD and 2008 at 2,042 million USD. Periods of reduced investment are observed in 2009 and 2016, where requirements fell below 900 million USD, suggesting cyclical fluctuations in asset acquisition or capital project timing.
- Net Cash Required by Financing Activities
- Financing outflows were persistent across all years, signifying continuous debt repayment or returns to shareholders. A significant escalation in financing requirements is observed in the latter part of the period, specifically in 2014 with an outflow of 2,259 million USD and a peak in 2016 at 3,742 million USD. The 2016 figure represents the most substantial cash outflow across any category in the 13-year history.
The overall financial pattern indicates that operating cash flows were generally sufficient to cover investing requirements, creating a positive surplus for financing activities. The increasing divergence between operating inflows and investing outflows suggests a growing ability to fund capital returns. However, the volatility in financing outflows, particularly the spike in 2016, indicates periods where capital distributions or debt settlements exceeded the annual cash provided by operations.
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Per Share Data
Monsanto Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Aug 31, 2017 | 5.15 | 5.09 | 2.16 |
| Aug 31, 2016 | 3.02 | 2.99 | 2.16 |
| Aug 31, 2015 | 4.85 | 4.81 | 2.01 |
| Aug 31, 2014 | 5.28 | 5.22 | 1.78 |
| Aug 31, 2013 | 4.65 | 4.60 | 1.56 |
| Aug 31, 2012 | 3.83 | 3.79 | 1.28 |
| Aug 31, 2011 | 3.00 | 2.96 | 1.14 |
| Aug 31, 2010 | 2.04 | 2.01 | 1.08 |
| Aug 31, 2009 | 3.86 | 3.80 | 1.04 |
| Aug 31, 2008 | 3.69 | 3.62 | 0.83 |
| Aug 31, 2007 | 1.83 | 1.79 | 0.55 |
| Aug 31, 2006 | 1.28 | 1.25 | 0.40 |
| Aug 31, 2005 | 0.48 | 0.47 | 0.34 |
Based on: 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Analysis of per share metrics from 2005 to 2017 reveals a long-term expansion in both profitability and shareholder distributions, characterized by substantial earnings growth and a disciplined dividend policy.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited a strong overall upward trajectory, increasing from 0.48 and 0.47 in 2005 to 5.15 and 5.09 in 2017, respectively. This growth was non-linear, with notable volatility occurring in 2010 and 2016, where Basic EPS declined to 2.04 and 3.02. Despite these fluctuations, the earnings demonstrated resilience, with a peak in Basic EPS reaching 5.28 in 2014.
- Dividend Growth Analysis
- Dividend per share demonstrated a consistent and steady increase for the majority of the period, rising from 0.34 in 2005 to 2.16 in 2016. In contrast to the volatility observed in earnings, dividends did not experience any annual decreases, suggesting a policy of stable, progressive shareholder returns. The growth rate plateaued between 2016 and 2017, with the dividend remaining constant at 2.16.
- Dividend Coverage and Payout Sustainability
- A shift in the relationship between earnings and dividends is observable over the twelve-year period. In 2005, the dividend represented a high percentage of basic earnings. As earnings grew more rapidly than dividends—particularly during the period between 2008 and 2014—the earnings coverage for dividends improved significantly. This increased cushion allowed for the maintenance of dividend growth even during years of earnings contraction, such as in 2010 and 2016.
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