Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Monsanto Co., adjusted financial ratios

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Activity Ratio
Total Asset Turnover
Reported	0.69	0.68	0.68	0.72	0.72	0.67
Adjusted	0.69	0.69	0.69	0.73	0.73	0.68
Liquidity Ratio
Current Ratio
Reported	1.35	1.21	2.05	1.89	2.32	2.29
Adjusted	1.57	1.42	2.18	2.01	2.57	2.46
Solvency Ratios
Debt to Equity
Reported	1.26	1.99	1.29	0.99	0.17	0.18
Adjusted	1.19	1.87	1.33	1.02	0.19	0.20
Debt to Capital
Reported	0.56	0.67	0.56	0.50	0.14	0.15
Adjusted	0.54	0.65	0.57	0.50	0.16	0.16
Financial Leverage
Reported	3.31	4.35	3.14	2.79	1.65	1.71
Adjusted	2.98	3.90	3.01	2.66	1.55	1.62
Profitability Ratios
Net Profit Margin
Reported	15.44%	9.89%	15.43%	17.28%	16.70%	15.14%
Adjusted	18.19%	11.39%	2.97%	17.30%	16.05%	8.62%
Return on Equity (ROE)
Reported	35.10%	29.47%	33.10%	34.79%	19.76%	17.28%
Adjusted	37.62%	30.62%	6.19%	33.39%	18.24%	9.54%
Return on Assets (ROA)
Reported	10.59%	6.77%	10.56%	12.47%	12.01%	10.11%
Adjusted	12.62%	7.86%	2.06%	12.55%	11.76%	5.89%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Monsanto Co. adjusted total asset turnover ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Monsanto Co. adjusted current ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Monsanto Co. adjusted debt-to-equity ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Monsanto Co. adjusted debt-to-capital ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Monsanto Co. adjusted financial leverage ratio increased from 2015 to 2016 but then decreased significantly from 2016 to 2017.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Monsanto Co. adjusted net profit margin ratio improved from 2015 to 2016 and from 2016 to 2017.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Monsanto Co. adjusted ROE improved from 2015 to 2016 and from 2016 to 2017.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Monsanto Co. adjusted ROA improved from 2015 to 2016 and from 2016 to 2017.

Monsanto Co., Financial Ratios: Reported vs. Adjusted

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	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Net sales	14,640)	13,502)	15,001)	15,855)	14,861)	13,504)
Total assets	21,333)	19,736)	21,920)	21,981)	20,664)	20,224)
Activity Ratio
Total asset turnover¹	0.69	0.68	0.68	0.72	0.72	0.67
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales²	14,878)	13,688)	14,933)	15,685)	14,875)	13,435)
Adjusted total assets³	21,449)	19,831)	21,580)	21,619)	20,303)	19,664)
Activity Ratio
Adjusted total asset turnover⁴	0.69	0.69	0.69	0.73	0.73	0.68

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).

¹ 2017 Calculation
Total asset turnover = Net sales ÷ Total assets
= 14,640 ÷ 21,333 = 0.69

² Adjusted net sales. See details »

³ Adjusted total assets. See details »

⁴ 2017 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 14,878 ÷ 21,449 = 0.69

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Monsanto Co. adjusted total asset turnover ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Current assets	8,651)	8,157)	10,625)	9,675)	10,077)	9,658)
Current liabilities	6,398)	6,729)	5,177)	5,112)	4,336)	4,221)
Liquidity Ratio
Current ratio¹	1.35	1.21	2.05	1.89	2.32	2.29
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	8,873)	8,401)	10,095)	9,272)	9,735)	9,331)
Adjusted current liabilities³	5,634)	5,934)	4,634)	4,604)	3,781)	3,795)
Liquidity Ratio
Adjusted current ratio⁴	1.57	1.42	2.18	2.01	2.57	2.46

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).

¹ 2017 Calculation
Current ratio = Current assets ÷ Current liabilities
= 8,651 ÷ 6,398 = 1.35

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2017 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 8,873 ÷ 5,634 = 1.57

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Monsanto Co. adjusted current ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Total debt	8,124)	9,040)	9,044)	7,761)	2,112)	2,074)
Total Monsanto Company shareowners’ equity	6,438)	4,534)	6,990)	7,875)	12,559)	11,833)
Solvency Ratio
Debt to equity¹	1.26	1.99	1.29	0.99	0.17	0.18
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	8,582)	9,504)	9,511)	8,252)	2,547)	2,392)
Adjusted total shareowners’ equity³	7,195)	5,091)	7,175)	8,125)	13,094)	12,142)
Solvency Ratio
Adjusted debt to equity⁴	1.19	1.87	1.33	1.02	0.19	0.20

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).

¹ 2017 Calculation
Debt to equity = Total debt ÷ Total Monsanto Company shareowners’ equity
= 8,124 ÷ 6,438 = 1.26

² Adjusted total debt. See details »

³ Adjusted total shareowners’ equity. See details »

⁴ 2017 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareowners’ equity
= 8,582 ÷ 7,195 = 1.19

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Monsanto Co. adjusted debt-to-equity ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Total debt	8,124)	9,040)	9,044)	7,761)	2,112)	2,074)
Total capital	14,562)	13,574)	16,034)	15,636)	14,671)	13,907)
Solvency Ratio
Debt to capital¹	0.56	0.67	0.56	0.50	0.14	0.15
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	8,582)	9,504)	9,511)	8,252)	2,547)	2,392)
Adjusted total capital³	15,777)	14,595)	16,686)	16,377)	15,641)	14,534)
Solvency Ratio
Adjusted debt to capital⁴	0.54	0.65	0.57	0.50	0.16	0.16

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).

¹ 2017 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,124 ÷ 14,562 = 0.56

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2017 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 8,582 ÷ 15,777 = 0.54

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Monsanto Co. adjusted debt-to-capital ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Total assets	21,333)	19,736)	21,920)	21,981)	20,664)	20,224)
Total Monsanto Company shareowners’ equity	6,438)	4,534)	6,990)	7,875)	12,559)	11,833)
Solvency Ratio
Financial leverage¹	3.31	4.35	3.14	2.79	1.65	1.71
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	21,449)	19,831)	21,580)	21,619)	20,303)	19,664)
Adjusted total shareowners’ equity³	7,195)	5,091)	7,175)	8,125)	13,094)	12,142)
Solvency Ratio
Adjusted financial leverage⁴	2.98	3.90	3.01	2.66	1.55	1.62

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).

¹ 2017 Calculation
Financial leverage = Total assets ÷ Total Monsanto Company shareowners’ equity
= 21,333 ÷ 6,438 = 3.31

² Adjusted total assets. See details »

³ Adjusted total shareowners’ equity. See details »

⁴ 2017 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareowners’ equity
= 21,449 ÷ 7,195 = 2.98

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Monsanto Co. adjusted financial leverage ratio increased from 2015 to 2016 but then decreased significantly from 2016 to 2017.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Monsanto Company	2,260)	1,336)	2,314)	2,740)	2,482)	2,045)
Net sales	14,640)	13,502)	15,001)	15,855)	14,861)	13,504)
Profitability Ratio
Net profit margin¹	15.44%	9.89%	15.43%	17.28%	16.70%	15.14%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	2,707)	1,559)	444)	2,713)	2,388)	1,158)
Adjusted net sales³	14,878)	13,688)	14,933)	15,685)	14,875)	13,435)
Profitability Ratio
Adjusted net profit margin⁴	18.19%	11.39%	2.97%	17.30%	16.05%	8.62%

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).

¹ 2017 Calculation
Net profit margin = 100 × Net income attributable to Monsanto Company ÷ Net sales
= 100 × 2,260 ÷ 14,640 = 15.44%

² Adjusted net income. See details »

³ Adjusted net sales. See details »

⁴ 2017 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × 2,707 ÷ 14,878 = 18.19%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Monsanto Co. adjusted net profit margin ratio improved from 2015 to 2016 and from 2016 to 2017.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Monsanto Company	2,260)	1,336)	2,314)	2,740)	2,482)	2,045)
Total Monsanto Company shareowners’ equity	6,438)	4,534)	6,990)	7,875)	12,559)	11,833)
Profitability Ratio
ROE¹	35.10%	29.47%	33.10%	34.79%	19.76%	17.28%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	2,707)	1,559)	444)	2,713)	2,388)	1,158)
Adjusted total shareowners’ equity³	7,195)	5,091)	7,175)	8,125)	13,094)	12,142)
Profitability Ratio
Adjusted ROE⁴	37.62%	30.62%	6.19%	33.39%	18.24%	9.54%

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).

¹ 2017 Calculation
ROE = 100 × Net income attributable to Monsanto Company ÷ Total Monsanto Company shareowners’ equity
= 100 × 2,260 ÷ 6,438 = 35.10%

² Adjusted net income. See details »

³ Adjusted total shareowners’ equity. See details »

⁴ 2017 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total shareowners’ equity
= 100 × 2,707 ÷ 7,195 = 37.62%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Monsanto Co. adjusted ROE improved from 2015 to 2016 and from 2016 to 2017.

	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013	Aug 31, 2012
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Monsanto Company	2,260)	1,336)	2,314)	2,740)	2,482)	2,045)
Total assets	21,333)	19,736)	21,920)	21,981)	20,664)	20,224)
Profitability Ratio
ROA¹	10.59%	6.77%	10.56%	12.47%	12.01%	10.11%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	2,707)	1,559)	444)	2,713)	2,388)	1,158)
Adjusted total assets³	21,449)	19,831)	21,580)	21,619)	20,303)	19,664)
Profitability Ratio
Adjusted ROA⁴	12.62%	7.86%	2.06%	12.55%	11.76%	5.89%

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).

¹ 2017 Calculation
ROA = 100 × Net income attributable to Monsanto Company ÷ Total assets
= 100 × 2,260 ÷ 21,333 = 10.59%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2017 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 2,707 ÷ 21,449 = 12.62%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Monsanto Co. adjusted ROA improved from 2015 to 2016 and from 2016 to 2017.

Monsanto Co. (NYSE:MON)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Monsanto Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)