Selected Financial Data
since 2005
Income Statement
Mosaic Co., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating earnings (loss) | Net earnings (loss) attributable to Mosaic |
|---|---|---|---|
| Dec 31, 2021 | 12,357,400) | 2,468,500) | 1,630,600) |
| Dec 31, 2020 | 8,681,700) | 412,900) | 666,100) |
| Dec 31, 2019 | 8,906,300) | (1,094,900) | (1,067,400) |
| Dec 31, 2018 | 9,587,300) | 928,300) | 470,000) |
| Dec 31, 2017 | 7,409,400) | 465,700) | (107,200) |
| Dec 31, 2016 | 7,162,800) | 319,000) | 297,800) |
| Dec 31, 2015 | 8,895,300) | 1,278,800) | 1,000,400) |
| Dec 31, 2014 | 9,055,800) | 1,311,800) | 1,028,600) |
| May 31, 2013 | 9,974,100) | 2,209,600) | 1,888,700) |
| May 31, 2012 | 11,107,800) | 2,611,100) | 1,930,200) |
| May 31, 2011 | 9,937,800) | 2,664,200) | 2,514,600) |
| May 31, 2010 | 6,759,100) | 1,270,800) | 827,100) |
| May 31, 2009 | 10,298,000) | 2,400,900) | 2,350,200) |
| May 31, 2008 | 9,812,600) | 2,806,700) | 2,082,800) |
| May 31, 2007 | 5,773,700) | 616,300) | 419,700) |
| May 31, 2006 | 5,305,800) | 105,800) | (121,400) |
| May 31, 2005 | 4,396,700) | 318,500) | 167,600) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The financial performance from 2005 to 2021 is characterized by significant volatility in both top-line revenue and bottom-line profitability, suggesting a business model highly susceptible to cyclical market fluctuations. While net sales reached a peak in 2021, the intervening years demonstrate erratic swings in operating and net earnings, including several periods of substantial loss.
- Revenue Trajectory
- Net sales experienced an initial period of aggressive growth, rising from approximately 4.4 billion USD in 2005 to a peak of 10.3 billion USD by 2009. This was followed by a period of instability, with a notable dip in 2010 and a subsequent peak of 11.1 billion USD in 2012. A gradual decline was observed between 2013 and 2016, where sales bottomed at 7.16 billion USD. However, a strong recovery occurred toward the end of the period, culminating in a record high of 12.36 billion USD in 2021.
- Operating Earnings and Margin Volatility
- Operating earnings exhibit higher variance than net sales. Peak operating performance occurred in 2008, 2011, and 2021, with values exceeding 2.4 billion USD in each of those years. Conversely, profitability contracted sharply in 2016 and plummeted to a significant operating loss of 1.09 billion USD in 2019. The rapid transition from a loss of 1.09 billion USD in 2019 to an operating profit of 2.47 billion USD in 2021 indicates an extreme sensitivity to external economic drivers or commodity price shifts.
- Net Earnings and Profitability Stability
- Net earnings attributable to the company mirror the volatility of operating earnings but highlight specific years of financial distress. Net losses were recorded in 2006, 2017, and 2019, with the 2019 loss being the most severe at 1.07 billion USD. The most profitable period occurred between 2008 and 2013, where net earnings consistently remained above 1 billion USD, peaking at 2.51 billion USD in 2011. The recovery in 2021 to 1.63 billion USD demonstrates a return to profitability, although it remains below the peaks seen in the 2009-2011 window despite higher net sales.
Overall, the data indicates a cyclical pattern where periods of high revenue growth are closely coupled with outsized earnings gains, while contractions in sales often lead to disproportionate drops in profitability or outright losses. The divergence between the 2021 revenue peak and its corresponding net earnings suggests a shift in the cost structure or margin compression compared to the 2011 peak.
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Balance Sheet: Assets
Mosaic Co., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 5,325,300) | 22,036,400) |
| Dec 31, 2020 | 3,521,200) | 19,789,800) |
| Dec 31, 2019 | 3,718,200) | 19,298,500) |
| Dec 31, 2018 | 4,237,000) | 20,119,200) |
| Dec 31, 2017 | 4,616,500) | 18,633,400) |
| Dec 31, 2016 | 3,057,700) | 16,840,700) |
| Dec 31, 2015 | 4,144,700) | 17,412,400) |
| Dec 31, 2014 | 5,364,200) | 18,283,000) |
| May 31, 2013 | 6,880,500) | 18,086,000) |
| May 31, 2012 | 6,581,100) | 16,690,400) |
| May 31, 2011 | 6,684,900) | 15,786,900) |
| May 31, 2010 | 4,974,800) | 12,707,700) |
| May 31, 2009 | 5,307,800) | 12,676,200) |
| May 31, 2008 | 4,809,500) | 11,819,800) |
| May 31, 2007 | 1,955,500) | 9,163,600) |
| May 31, 2006 | 1,580,400) | 8,720,600) |
| May 31, 2005 | 1,731,900) | 8,444,000) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The asset structure of the organization exhibits a long-term growth trajectory in total assets, characterized by periods of aggressive expansion followed by phases of stabilization and targeted recovery.
- Total Asset Growth Trends
- Total assets demonstrated a consistent upward trend over the analyzed period, rising from US$ 8,444,000 thousand in 2005 to US$ 22,036,400 thousand by 2021. A significant acceleration in growth is observed between 2007 and 2013, during which total assets grew from US$ 9,163,600 thousand to US$ 18,086,000 thousand. Following a brief period of contraction between 2014 and 2016, the asset base resumed its expansion, reaching its peak in 2021.
- Current Asset Volatility
- Current assets displayed substantially higher volatility compared to total assets. A sharp increase occurred between 2007 and 2008, where values surged from US$ 1,955,500 thousand to US$ 4,809,500 thousand. This upward momentum continued until 2013, reaching a peak of US$ 6,880,500 thousand. Subsequently, a marked decline was recorded through 2016, with current assets falling to US$ 3,057,700 thousand, before fluctuating and ultimately increasing to US$ 5,325,300 thousand by the end of the period.
- Liquidity and Asset Composition
- The proportion of current assets relative to total assets shifted significantly over time. Between 2008 and 2013, the organization maintained a higher concentration of liquid assets. However, from 2014 to 2020, the ratio of current assets to total assets declined, suggesting either a strategic shift toward long-term investments or a reduction in working capital requirements. A reversal of this trend is evident in 2021, with a notable increase in current assets relative to the total asset base.
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Balance Sheet: Liabilities and Stockholders’ Equity
Mosaic Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total debt | Total Mosaic stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2021 | 4,787,400) | 5,025,300) | 10,604,100) |
| Dec 31, 2020 | 3,146,500) | 5,218,100) | 9,581,400) |
| Dec 31, 2019 | 2,591,700) | 5,354,900) | 9,185,500) |
| Dec 31, 2018 | 2,483,700) | 5,101,800) | 10,397,300) |
| Dec 31, 2017 | 2,031,100) | 5,613,900) | 9,617,500) |
| Dec 31, 2016 | 1,476,800) | 3,947,000) | 9,584,600) |
| Dec 31, 2015 | 2,048,300) | 4,341,300) | 9,531,800) |
| Dec 31, 2014 | 1,600,400) | 4,070,200) | 10,703,100) |
| May 31, 2013 | 1,764,900) | 1,079,200) | 13,425,400) |
| May 31, 2012 | 1,917,700) | 1,053,000) | 11,983,100) |
| May 31, 2011 | 1,928,500) | 832,900) | 11,641,600) |
| May 31, 2010 | 1,303,900) | 1,343,900) | 8,722,200) |
| May 31, 2009 | 1,621,800) | 1,392,100) | 8,493,000) |
| May 31, 2008 | 2,186,100) | 1,550,400) | 6,731,200) |
| May 31, 2007 | 1,629,700) | 2,358,600) | 4,183,900) |
| May 31, 2006 | 1,126,100) | 2,606,700) | 3,530,800) |
| May 31, 2005 | 1,107,300) | 2,660,100) | 3,213,500) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The financial structure of the entity between 2005 and 2021 is characterized by significant shifts in leverage and equity accumulation. There is a notable transition from a period of aggressive debt reduction and equity growth toward a more leveraged position with an increase in short-term obligations in the later years.
- Current Liabilities Trend
- Current liabilities remained relatively stable between 2005 and 2007, followed by a peak in 2008 at 2.18 billion USD. After a period of fluctuation and a decline toward 1.3 billion USD by 2010, a sustained upward trajectory began after 2016. This trend culminated in a sharp increase between 2019 and 2021, with liabilities rising from 2.59 billion USD to 4.79 billion USD, indicating a substantial growth in short-term financial obligations.
- Total Debt Dynamics
- Total debt exhibited a distinct U-shaped pattern over the analyzed period. Debt levels declined steadily from 2.66 billion USD in 2005 to a minimum of 832.9 million USD in 2011. However, a dramatic reversal occurred between 2013 and 2014, where debt surged from 1.08 billion USD to 4.07 billion USD. Debt levels peaked in 2017 at 5.61 billion USD and have since stabilized, ending at 5.03 billion USD in 2021.
- Stockholders' Equity Evolution
- Stockholders' equity experienced robust growth for nearly a decade, rising from 3.21 billion USD in 2005 to a peak of 13.43 billion USD in 2013. A contraction followed, with equity dropping to approximately 9.5 billion USD by 2015. Since 2016, equity has remained relatively stable, oscillating between 9.1 billion USD and 10.6 billion USD, suggesting a period of capital consolidation.
- Capital Structure and Leverage Insights
- The relationship between debt and equity shifted markedly over time. The period ending in 2011 represented the lowest leverage phase, characterized by minimal total debt and rising equity. The subsequent increase in debt starting in 2014, coinciding with a plateau in equity, indicates a strategic shift toward higher leverage. Furthermore, the disproportionate rise in current liabilities relative to total debt since 2018 suggests a potential shift in the maturity profile of obligations or an increase in operational liabilities.
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Cash Flow Statement
Mosaic Co., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 2,187,000) | (1,322,300) | (682,100) |
| Dec 31, 2020 | 1,582,600) | (1,189,500) | (283,800) |
| Dec 31, 2019 | 1,095,400) | (1,360,900) | (82,200) |
| Dec 31, 2018 | 1,409,800) | (1,944,700) | (724,800) |
| Dec 31, 2017 | 935,500) | (667,800) | 1,200,800) |
| Dec 31, 2016 | 1,266,100) | (1,049,500) | (888,600) |
| Dec 31, 2015 | 1,807,600) | (1,748,400) | (893,400) |
| Dec 31, 2014 | 2,293,700) | (2,739,100) | (2,340,000) |
| May 31, 2013 | 1,887,500) | (1,589,800) | (397,800) |
| May 31, 2012 | 2,705,800) | (1,627,400) | (1,061,100) |
| May 31, 2011 | 2,426,700) | (572,100) | (585,000) |
| May 31, 2010 | 1,356,000) | (866,300) | (710,600) |
| May 31, 2009 | 1,242,600) | (81,600) | (224,900) |
| May 31, 2008 | 2,546,600) | (341,600) | (709,800) |
| May 31, 2007 | 707,900) | (304,000) | (173,200) |
| May 31, 2006 | 279,500) | (350,600) | 12,600) |
| May 31, 2005 | 333,700) | (215,100) | 106,300) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The cash flow profile across the analyzed period demonstrates a consistent ability to generate positive cash from operating activities, which serves as the primary funding source for both capital investments and financing obligations. Operating cash flows exhibit significant volatility, characterized by distinct cycles of expansion and contraction, yet they remain positive in every reported year.
- Operating Cash Flow Trends
- A substantial increase in net cash provided by operating activities is observed between 2007 and 2008, with values rising from 707.9 million to 2.55 billion. Following a period of fluctuation, a peak of 2.71 billion was reached in 2012. A subsequent downward trend occurred between 2013 and 2017, with cash flow reaching a period low of 935.5 million in 2017. A recovery phase followed, with operating cash flow climbing steadily to 2.19 billion by December 31, 2021.
- Investing Activities and Capital Expenditure
- Net cash used in investing activities remained consistently negative, indicating continuous outflows for investments. Expenditure was relatively moderate between 2005 and 2009, followed by a period of aggressive investing from 2010 to 2014, peaking at a deficit of 2.74 billion in 2014. Outflows moderated between 2015 and 2017 before another significant spike to 1.94 billion in 2018, eventually stabilizing between 1.19 billion and 1.32 billion from 2019 to 2021.
- Financing Activities and Capital Structure
- Financing activities transitioned from modest inflows in 2005 and 2006 to a sustained period of net outflows. The most significant cash exit occurred in 2014, with 2.34 billion used in financing activities. A notable anomaly is observed on December 31, 2017, where the company recorded a positive cash inflow of 1.20 billion from financing activities, marking the only instance of significant external financing in the latter half of the period. From 2018 to 2021, the company returned to a pattern of net cash outflows in financing.
An analysis of the integrated cash flows reveals a strategic correlation where years of high operating cash generation often coincide with increased investing and financing outflows. The year 2014 represents a period of maximum capital activity, characterized by high operating inflows coupled with peak outflows in both investing and financing categories. Overall, the company maintains a model of using internal operational strength to fund growth and return capital or reduce liabilities.
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Per Share Data
Mosaic 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 |
|---|---|---|---|
| Dec 31, 2021 | 4.31 | 4.27 | 0.30 |
| Dec 31, 2020 | 1.76 | 1.75 | 0.20 |
| Dec 31, 2019 | -2.78 | -2.78 | 0.20 |
| Dec 31, 2018 | 1.22 | 1.22 | 0.10 |
| Dec 31, 2017 | -0.31 | -0.31 | 0.35 |
| Dec 31, 2016 | 0.85 | 0.85 | 1.10 |
| Dec 31, 2015 | 2.79 | 2.78 | 1.08 |
| Dec 31, 2014 | 2.69 | 2.68 | 1.00 |
| May 31, 2013 | 4.44 | 4.42 | 1.00 |
| May 31, 2012 | 4.44 | 4.42 | 0.28 |
| May 31, 2011 | 5.64 | 5.62 | 0.20 |
| May 31, 2010 | 1.86 | 1.85 | 1.50 |
| May 31, 2009 | 5.29 | 5.27 | 0.20 |
| May 31, 2008 | 4.70 | 4.67 | 0.00 |
| May 31, 2007 | 0.97 | 0.95 | 0.00 |
| May 31, 2006 | -0.35 | -0.35 | 0.00 |
| May 31, 2005 | 0.48 | 0.46 | 0.00 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share performance from 2005 to 2021 is characterized by significant cyclicality and volatility in earnings, with a dividend policy that has fluctuated in response to profitability shifts. Earnings trajectories demonstrate a pattern of sharp expansions followed by periods of contraction and occasional losses.
- Earnings Per Share Volatility
- Basic and diluted earnings per share exhibit extreme fluctuations over the analyzed period. A period of substantial growth occurred between 2007 and 2009, with Basic EPS rising from 0.97 to 5.29. After a temporary dip in 2010, earnings reached a peak of 5.64 in 2011. A prolonged downward trend followed, leading to a net loss in 2017 (-0.31) and a more severe contraction in 2019 (-2.78). A strong recovery is observed toward the end of the period, with Basic EPS climbing to 4.31 by December 31, 2021.
- Dividend Distribution Patterns
- Dividend payments were introduced in 2009 at 0.20 per share, followed by a significant spike to 1.50 in 2010. Following a period of volatility, dividends grew steadily from 2012 to 2016, peaking at 1.10. However, a sharp reduction occurred in 2017 and 2018, with payouts dropping to 0.35 and 0.10, respectively. Since 2019, dividends have remained relatively low but stable, showing a slight upward trend to 0.30 by 2021.
- Dilution Impact
- The variance between basic and diluted earnings per share is consistently minimal throughout the entire timeframe. This negligible difference indicates that the impact of potentially dilutive securities, such as stock options or convertible bonds, has remained limited, ensuring that basic earnings figures are highly representative of diluted performance.
- Profitability and Payout Correlation
- An analysis of the relationship between earnings and dividends reveals a lack of a fixed payout ratio. While dividends generally trended upward during the earnings growth phase of 2012-2016, the drastic dividend cuts in 2017-2018 coincided with the period of earnings decline and net losses, suggesting a prioritization of liquidity preservation during downturns.
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