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.
Long-term Activity Ratios (Summary)
Newmont Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio displayed a gradual upward trend from March 2020 through September 2021, increasing from 0.42 to a peak of 0.52. This suggests improving efficiency in generating sales from fixed assets during this period. However, from the last quarter of 2021 to March 2024, the ratio generally decreased, with a particularly notable decline from 0.45 in September 2023 to 0.31 in December 2023, followed by a partial recovery to 0.39 in March 2024. This decline indicates a reduction in efficiency in utilizing fixed assets to generate revenue in the most recent quarters.
- Total Asset Turnover
- Total asset turnover showed a moderate improving trend from 0.26 in March 2020 to a stable level around 0.31 between March 2021 and December 2022, reflecting better utilization of total assets over this period. After this stable phase, the ratio experienced a decline beginning in early 2023, falling to 0.21 in December 2023 before partially recovering to 0.24 by March 2024. This pattern signals a decrease in overall asset efficiency starting in 2023, with a slight turnaround at the latest measurement.
- Equity Turnover
- Equity turnover improved steadily from 0.48 in March 2020 to a high of 0.62 in December 2022, indicating enhanced effectiveness in using shareholder equity to generate revenue. Following this peak, the ratio declined to 0.41 by December 2023 but showed some recovery to 0.46 in March 2024. The post-2022 decline could reflect changes in equity structure or revenue generation capabilities related to equity, while the recent uptick may suggest early signs of stabilization or improvement.
Net Fixed Asset Turnover
Newmont Corp., net fixed asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Sales | 4,023) | 3,957) | 2,493) | 2,683) | 2,679) | 3,200) | 2,634) | 3,058) | 3,023) | 3,390) | 2,895) | 3,065) | 2,872) | 3,381) | 3,170) | 2,365) | 2,581) | ||||||
| Property, plant and mine development, net | 33,564) | 37,563) | 24,474) | 24,284) | 24,097) | 24,073) | 24,150) | 24,131) | 24,070) | 24,124) | 23,711) | 24,500) | 24,081) | 24,281) | 24,333) | 24,676) | 24,952) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 0.39 | 0.31 | 0.45 | 0.46 | 0.48 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.52 | 0.51 | 0.49 | 0.47 | 0.46 | 0.43 | 0.42 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Freeport-McMoRan Inc. | 0.66 | 0.65 | 0.66 | 0.65 | 0.65 | 0.70 | 0.73 | 0.78 | 0.80 | 0.75 | 0.70 | 0.63 | 0.55 | — | — | — | — | ||||||
Based on: 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 2024 Calculation
Net fixed asset turnover
= (SalesQ1 2024
+ SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023)
÷ Property, plant and mine development, net
= (4,023 + 3,957 + 2,493 + 2,683)
÷ 33,564 = 0.39
2 Click competitor name to see calculations.
- Sales Trends
- The sales figures exhibited fluctuations over the observed quarters. Starting at $2,581 million in March 2020, sales declined to $2,365 million by June 2020, then rose to a peak of $3,381 million by December 2020. The subsequent year saw slight variability with sales ranging between approximately $2,872 million and $3,390 million. In 2022, sales displayed moderate volatility, with a notable dip to $2,634 million in September but climbing again towards the end of the year to $3,200 million. Early 2023 sales figures showed a downward trend until a significant increase occurred in the last quarter, reaching $3,957 million in December 2023 and $4,023 million in March 2024, marking the highest sales in the timeline.
- Property, Plant and Mine Development, Net
- This asset category showed relative stability around the 24,000 million US$ mark for most of the period from 2020 through 2023, with minor fluctuations week to week. A notable exception is observed in late 2023 and early 2024, where there was a sharp increase, climbing to $37,563 million by December 2023, before decreasing somewhat to $33,564 million by March 2024. This sudden rise and fall suggest significant investments or revaluations during this interval.
- Net Fixed Asset Turnover Ratio
- The ratio showed a general upward trend from 0.42 in March 2020 to a peak near 0.52 in September 2021, indicating improved efficiency in utilizing fixed assets to generate sales during this period. However, from late 2021 onward, the turnover ratio gradually declined, reaching as low as 0.31 in December 2023. There was a slight recovery to 0.39 by March 2024 but still below levels observed in earlier years. This trend suggests diminishing efficiency in fixed asset usage in the more recent periods despite the spike in sales, possibly due to the substantial increase in property, plant, and mine development assets.
- Overall Analysis
- The financial data depicts an environment of fluctuating sales accompanied by relatively stable fixed assets over most of the observed periods, with an abrupt increase in assets late in 2023. The company's efficiency in generating sales from fixed assets improved initially but deteriorated in the later periods, which may relate to the significant surge in asset base not yet fully leveraged for revenue generation. The marked increase in both sales and asset value in late 2023 and early 2024 suggests major operational changes or capital projects impacting the company's financial structure and performance.
Total Asset Turnover
Newmont Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Sales | 4,023) | 3,957) | 2,493) | 2,683) | 2,679) | 3,200) | 2,634) | 3,058) | 3,023) | 3,390) | 2,895) | 3,065) | 2,872) | 3,381) | 3,170) | 2,365) | 2,581) | ||||||
| Total assets | 55,335) | 55,506) | 38,084) | 38,133) | 38,374) | 38,482) | 39,143) | 39,690) | 39,913) | 40,564) | 39,865) | 40,677) | 41,063) | 41,369) | 40,551) | 39,885) | 39,699) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.24 | 0.21 | 0.29 | 0.29 | 0.30 | 0.31 | 0.31 | 0.31 | 0.31 | 0.30 | 0.31 | 0.31 | 0.29 | 0.28 | 0.27 | 0.27 | 0.26 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Freeport-McMoRan Inc. | 0.44 | 0.44 | 0.44 | 0.43 | 0.42 | 0.45 | 0.46 | 0.48 | 0.50 | 0.48 | 0.45 | 0.42 | 0.37 | — | — | — | — | ||||||
Based on: 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 2024 Calculation
Total asset turnover
= (SalesQ1 2024
+ SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023)
÷ Total assets
= (4,023 + 3,957 + 2,493 + 2,683)
÷ 55,335 = 0.24
2 Click competitor name to see calculations.
- Sales Trend
- The sales figures exhibit notable fluctuations across the assessed periods. Starting at $2,581 million in the first quarter of 2020, sales dipped slightly in the following quarter, then registered an upward trajectory, peaking at $3,381 million by the end of 2020. In 2021, sales generally ranged between approximately $2,872 million and $3,390 million, demonstrating moderate variability quarter-to-quarter.
- During 2022, sales maintained a level close to previous years but with slight volatility, reaching a similar high point near $3,200 million. In 2023, however, sales showed a declining trend, starting at $2,679 million and decreasing further to $2,493 million by the third quarter, before rebounding sharply to $3,957 million and $4,023 million in the last two quarters. This year-end surge marks the highest sales levels recorded within the examined timeframe.
- Total Assets
- Total assets remained relatively stable from early 2020 through the end of 2023, fluctuating modestly between approximately $38 billion and $41 billion. The asset base peaked at $41,369 million in the final quarter of 2020 and then showed a gradual decline through 2023, bottoming near $38 billion by the last quarter of 2023.
- Notably, there was a significant increase in total assets in the first quarter of 2024, jumping to over $55 billion, a marked change compared to prior periods and indicating a substantial investment or acquisition activity during this timeframe.
- Total Asset Turnover Ratio
- The total asset turnover ratio, which measures the efficiency of asset use to generate sales, generally improved from 0.26 in the first quarter of 2020 to a peak of 0.31 sustained across several quarters in 2021 and 2022. This improvement suggests enhanced operational efficiency during these periods.
- However, in 2023, the ratio declined gradually, falling to around 0.29 and subsequently dropping sharply to 0.21 in the final quarter. In the first quarter of 2024, a minor recovery to 0.24 was observed but remains below earlier levels, likely impacted by the significant growth in total assets during this period without a proportional increase in sales.
- Summary of Insights
- The data indicates stable asset levels with fluctuations in sales resulting in varying asset turnover efficiency over time. The strong sales rebound at the end of 2023 and early 2024 contrasts with the decreasing asset turnover ratio, reflecting a sharp asset base increase that has not yet translated into proportional sales growth.
- This pattern may imply recent major investments or acquisitions aimed at supporting future growth, which may influence efficiency metrics until fully integrated and revenue contributions stabilize.
Equity Turnover
Newmont Corp., equity turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Sales | 4,023) | 3,957) | 2,493) | 2,683) | 2,679) | 3,200) | 2,634) | 3,058) | 3,023) | 3,390) | 2,895) | 3,065) | 2,872) | 3,381) | 3,170) | 2,365) | 2,581) | ||||||
| Total Newmont stockholders’ equity | 28,890) | 29,027) | 19,074) | 19,225) | 19,377) | 19,354) | 21,219) | 21,421) | 21,449) | 22,022) | 22,712) | 23,239) | 23,127) | 23,008) | 22,661) | 22,004) | 21,806) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 0.46 | 0.41 | 0.58 | 0.58 | 0.60 | 0.62 | 0.57 | 0.58 | 0.58 | 0.55 | 0.54 | 0.54 | 0.51 | 0.50 | 0.49 | 0.48 | 0.48 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Freeport-McMoRan Inc. | 1.40 | 1.37 | 1.38 | 1.35 | 1.34 | 1.46 | 1.55 | 1.63 | 1.65 | 1.63 | 1.59 | 1.58 | 1.49 | — | — | — | — | ||||||
Based on: 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 2024 Calculation
Equity turnover
= (SalesQ1 2024
+ SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023)
÷ Total Newmont stockholders’ equity
= (4,023 + 3,957 + 2,493 + 2,683)
÷ 28,890 = 0.46
2 Click competitor name to see calculations.
- Sales
- Sales exhibited notable fluctuations over the reported periods. Starting at $2,581 million in the first quarter of 2020, sales decreased to a low of $2,365 million in the second quarter of 2020, then rebounded significantly to reach $3,381 million by the end of that year. In 2021, sales saw moderate variations, maintaining a general range between approximately $2,872 million and $3,390 million. The year 2022 experienced some volatility, with sales oscillating between $2,634 million and $3,200 million. Moving into 2023, sales mostly declined in the first three quarters, dropping to $2,493 million by the third quarter before sharply increasing to $3,957 million and $4,023 million in the last quarter of 2023 and the first quarter of 2024, respectively. This final surge represents the highest sales figures in the entire period analyzed.
- Total Newmont stockholders’ equity
- The equity base showed a general downward trend from $21,806 million at the start of 2020 to $19,074 million by the end of 2023. The peak was reached early in 2021 at $23,239 million, after which it gradually declined through 2022 and 2023. However, a significant and sudden increase occurred in the first quarter of 2024, jumping to approximately $29,027 million, representing the highest level across the entire timeline. This abrupt rise may indicate an equity infusion, revaluation, or other substantial corporate event.
- Equity turnover ratio
- The equity turnover ratio showed a gradual increase from 0.48 in the first quarter of 2020 to its peak near 0.62 in the fourth quarter of 2022. This suggests improving efficiency in generating sales from equity during this period. Following the peak, the ratio declined through 2023, reaching a low of 0.41 in the fourth quarter of 2023, which indicates reduced turnover relative to equity. In the first quarter of 2024, the ratio recovered somewhat to 0.46. This pattern is consistent with the movements observed in both sales and equity, where a substantial increase in equity in Q1 2024 outpaced sales growth, thereby reducing turnover temporarily.