Total Asset Turnover
since 2005
Calculation
General Mills Inc., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| May 26, 2019 | 0.56 | = | 16,865,200) | ÷ | 30,111,200) |
| May 27, 2018 | 0.51 | = | 15,740,400) | ÷ | 30,624,000) |
| May 28, 2017 | 0.72 | = | 15,619,800) | ÷ | 21,812,600) |
| May 29, 2016 | 0.76 | = | 16,563,100) | ÷ | 21,712,300) |
| May 31, 2015 | 0.80 | = | 17,630,300) | ÷ | 21,964,500) |
| May 25, 2014 | 0.77 | = | 17,909,600) | ÷ | 23,145,700) |
| May 26, 2013 | 0.78 | = | 17,774,100) | ÷ | 22,658,000) |
| May 27, 2012 | 0.79 | = | 16,657,900) | ÷ | 21,096,800) |
| May 29, 2011 | 0.80 | = | 14,880,200) | ÷ | 18,674,500) |
| May 30, 2010 | 0.84 | = | 14,796,500) | ÷ | 17,678,900) |
| May 31, 2009 | 0.82 | = | 14,691,300) | ÷ | 17,874,800) |
| May 25, 2008 | 0.72 | = | 13,652,100) | ÷ | 19,041,600) |
| May 27, 2007 | 0.68 | = | 12,441,500) | ÷ | 18,183,700) |
| May 28, 2006 | 0.64 | = | 11,640,000) | ÷ | 18,207,000) |
| May 29, 2005 | 0.62 | = | 11,244,000) | ÷ | 18,066,000) |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
1 US$ in thousands
The total asset turnover ratio exhibited a multi-phase trajectory between 2005 and 2019, characterized by an initial period of efficiency gains, a subsequent plateau with a gradual decline, and a sharp contraction in the final two years of the period.
- Efficiency Expansion Phase (2005–2010)
- A consistent upward trend in asset productivity is observed from 2005 to 2010, with the total asset turnover ratio rising from 0.62 to a peak of 0.84. This improvement was driven by a steady increase in net sales, which grew from 11.2 billion to 14.8 billion, while the total asset base remained relatively stable, fluctuating within a narrow range between 17.6 billion and 19.0 billion.
- Stability and Gradual Decline (2011–2017)
- Following the 2010 peak, the turnover ratio entered a period of moderate decline, ending at 0.72 in 2017. Although net sales reached a peak of 17.9 billion in 2014, this growth was offset by a corresponding expansion in total assets, which climbed to 23.1 billion in the same year. The subsequent decline in sales between 2015 and 2017 further contributed to the erosion of the turnover ratio.
- Significant Asset Base Expansion (2018–2019)
- A substantial shift in the financial structure occurred in 2018, marked by a sharp increase in total assets from 21.8 billion to 30.6 billion. This expansion resulted in a precipitous drop in the total asset turnover ratio to 0.51, the lowest value in the analyzed period. While a slight recovery to 0.56 was recorded in 2019 alongside an increase in net sales to 16.8 billion, the ratio remained significantly depressed compared to historical norms due to the expanded asset base.
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Comparison to Competitors
General Mills Inc., total asset turnover, long-term trends, comparison to competitors
| General Mills Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| May 26, 2019 | 0.56 | 0.43 | 0.40 | 0.86 | 0.70 |
| May 27, 2018 | 0.51 | 0.38 | 0.41 | 0.83 | 0.74 |
| May 28, 2017 | 0.72 | 0.40 | 0.41 | 0.80 | 0.67 |
| May 29, 2016 | 0.76 | 0.48 | 0.42 | 0.85 | 0.72 |
| May 31, 2015 | 0.80 | 0.49 | 0.47 | 0.91 | 0.79 |
| May 25, 2014 | 0.77 | 0.50 | 0.51 | 0.95 | 0.85 |
| May 26, 2013 | 0.78 | 0.52 | 0.49 | 0.86 | 0.82 |
| May 27, 2012 | 0.79 | 0.56 | 0.46 | 0.88 | 0.83 |
| May 29, 2011 | 0.80 | 0.58 | 0.58 | 0.91 | 0.88 |
| May 30, 2010 | 0.84 | 0.48 | 0.52 | 0.85 | 0.78 |
| May 31, 2009 | 0.82 | 0.64 | 0.61 | 1.08 | 0.72 |
| May 25, 2008 | 0.72 | 0.79 | 0.67 | 1.20 | 0.78 |
| May 27, 2007 | 0.68 | 0.67 | 0.55 | 1.14 | — |
| May 28, 2006 | 0.64 | 0.80 | 0.62 | 1.17 | — |
| May 29, 2005 | 0.62 | 0.79 | 0.59 | 1.03 | — |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
Comparison to Sector (Food, Beverage & Tobacco)
General Mills Inc., total asset turnover, long-term trends, comparison to sector (food, beverage & tobacco)
| General Mills Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| May 26, 2019 | 0.56 | 0.59 |
| May 27, 2018 | 0.51 | 0.58 |
| May 28, 2017 | 0.72 | 0.56 |
| May 29, 2016 | 0.76 | 0.61 |
| May 31, 2015 | 0.80 | 0.64 |
| May 25, 2014 | 0.77 | 0.67 |
| May 26, 2013 | 0.78 | 0.65 |
| May 27, 2012 | 0.79 | 0.66 |
| May 29, 2011 | 0.80 | 0.70 |
| May 30, 2010 | 0.84 | 0.62 |
| May 31, 2009 | 0.82 | 0.74 |
| May 25, 2008 | 0.72 | 0.83 |
| May 27, 2007 | 0.68 | 0.72 |
| May 28, 2006 | 0.64 | 0.81 |
| May 29, 2005 | 0.62 | 0.76 |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
Comparison to Industry (Consumer Staples)
General Mills Inc., total asset turnover, long-term trends, comparison to industry (consumer staples)
| General Mills Inc. | Consumer Staples | |
|---|---|---|
| May 26, 2019 | 0.56 | 1.39 |
| May 27, 2018 | 0.51 | 1.39 |
| May 28, 2017 | 0.72 | 1.34 |
| May 29, 2016 | 0.76 | 1.35 |
| May 31, 2015 | 0.80 | 1.37 |
| May 25, 2014 | 0.77 | 1.32 |
| May 26, 2013 | 0.78 | 1.30 |
| May 27, 2012 | 0.79 | 1.30 |
| May 29, 2011 | 0.80 | 1.27 |
| May 30, 2010 | 0.84 | 1.24 |
| May 31, 2009 | 0.82 | 1.36 |
| May 25, 2008 | 0.72 | 1.35 |
| May 27, 2007 | 0.68 | 1.32 |
| May 28, 2006 | 0.64 | 1.33 |
| May 29, 2005 | 0.62 | 1.52 |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).