Mosaic Co. (NYSE:MOS)

Total Asset Turnover

The total asset turnover demonstrates a generally positive trend from 2017 to 2021. Both reported and adjusted ratios increased from 0.40 in 2017 to 0.56 and 0.59 respectively in 2021, indicating enhanced efficiency in using assets to generate sales over the period. The ratio experienced a slight dip around 2019 and 2020 but recovered substantially by 2021.

Current Ratio

The current ratio shows a continuous decline from 2.27 in 2017 to approximately 1.11 in 2021, consistent across both reported and adjusted figures. This suggests a reduction in short-term liquidity, indicating that the company’s ability to cover current liabilities with current assets diminished over the five-year span.

Debt to Equity Ratio

The debt to equity ratio fluctuated over the period but generally trended downward. Reported values decreased from 0.58 in 2017 to 0.47 in 2021, while adjusted figures followed a similar pattern, ending at 0.48. This implies a modest reduction in reliance on debt financing relative to shareholders' equity.

Debt to Capital Ratio

The debt to capital ratio remained relatively stable with minor fluctuations, starting around 0.36-0.37 in 2017 and ending near 0.32 in 2021. Both reported and adjusted ratios reflect a slight decline in the proportion of debt within the overall capital structure, suggesting a marginally more conservative financing mix by 2021.

Financial Leverage

Financial leverage ratios showed a mild increase through the years. The reported leverage rose from 1.94 in 2017 to 2.08 in 2021, while the adjusted leverage similarly increased from 1.78 to 1.95, indicating a slight increase in the use of debt relative to equity to finance the company’s assets.

Net Profit Margin

Net profit margins exhibited notable volatility. Reported margins ranged widely, with a sharp decline to negative values in 2019 (-11.98%), followed by a strong recovery to 13.2% in 2021. Adjusted margins showed a similar pattern but were consistently lower or negative from 2018 through 2020 and rebounded sharply only in 2021. This suggests profitability challenges mid-period with significant improvement in the latest year.

Return on Equity (ROE)

ROE trends closely mirror net profit margin behavior. Both reported and adjusted ROE experienced negative values in 2019 and 2020, indicating periods of losses or weak equity returns. The pronounced recovery in 2021, with reported ROE at 15.38% and adjusted ROE at 15.36%, suggests restored profitability and effective equity utilization.

Return on Assets (ROA)

ROA followed a similar trajectory as ROE, dropping to negative levels around 2019 and 2020, then improving significantly by 2021 to reported 7.4% and adjusted 7.86%. This reflects improved asset profitability in the most recent year following a difficult period.

The financial data reveals several notable trends over the five-year period ending December 31, 2021. Net sales exhibit a fluctuating yet generally increasing pattern, starting at approximately 7.41 billion US dollars in 2017 and rising to around 12.36 billion by 2021. A peak occurs in 2018 with nearly 9.59 billion, followed by a slight decline in the subsequent two years before a significant increase in 2021.

Total assets show moderate growth from 2017 to 2021. Beginning at roughly 18.63 billion, total assets increase to 22.04 billion over the period. There is some variability with a slight decrease in 2019, but the overall trajectory is upward.

The reported total asset turnover ratio reflects changes in efficiency in utilizing assets to generate sales. Initially at 0.4 in 2017, the ratio rises to 0.48 in 2018, dips slightly through 2019 and 2020, and then markedly improves to 0.56 by 2021. This indicates enhanced asset utilization in the latest year, consistent with the surge in net sales.

Adjusted total assets follow a similar pattern to total assets but with minor variations in values, suggesting refinement in asset measurement. The adjusted total asset turnover ratio mirrors the reported ratio's trend, beginning at 0.4 and increasing steadily to 0.59 by 2021, slightly higher than the reported figure. This highlights a consistent improvement in asset efficiency when adjustments are considered.

Net Sales

Experienced growth overall, with a notable increase in 2021 following a two-year dip.

Total Assets

Displayed steady growth with minor fluctuations, ending higher than the starting point.

Reported Total Asset Turnover

Showed improvement in efficiency particularly in 2021 after a small decline between 2018 and 2020.

Adjusted Total Assets and Turnover

Adjusted asset values are slightly lower than reported figures in some years, but turnover ratios indicate consistent improvements in asset utilization, culminating in the highest efficiency recorded in 2021.

In summary, the company demonstrated an ability to increase sales and improve asset utilization over the five-year period. The pronounced rise in net sales and asset turnover in 2021 suggests a successful recovery or enhanced operational effectiveness in that year. The growing asset base alongside rising turnover ratios signals positive management of resources to support increased revenue generation.

Current Assets

Current assets decreased steadily from US$4,616,500 thousand in 2017 to US$3,521,200 thousand in 2020, showing a downward trend over four consecutive years. However, there was a significant rebound in 2021, with current assets increasing to US$5,325,300 thousand.

Current Liabilities

Current liabilities exhibited a continuous upward trend throughout the period. Starting at US$2,031,100 thousand in 2017, liabilities increased each year, reaching US$4,787,400 thousand by 2021. The rate of increase accelerates particularly after 2019.

Reported Current Ratio

The reported current ratio declined consistently over the five-year period, starting from a strong liquidity position of 2.27 in 2017 and decreasing sharply to 1.11 by 2021. This indicates a weakening short-term liquidity position despite the rebound in current assets in 2021.

Adjusted Current Assets

The adjusted current assets closely mirror reported current assets, showing a similar pattern of decline from 2017 through 2020 and a noticeable increase in 2021. Values remain slightly higher than reported equivalents but follow the same trend.

Adjusted Current Ratio

The adjusted current ratio maintains a trend close to the reported current ratio values, decreasing from 2.27 in 2017 to 1.11 in 2021. The slight variation at intermediate periods does not affect the overall declining trend, reinforcing the observation of diminishing liquidity.

Overall Analysis

The data indicates a challenging liquidity environment over the five years, with current liabilities rising substantially and current assets declining until 2020. The considerable increase in current assets in 2021 suggests potential operational or financial improvements. However, the current ratio remains low, barely above 1, signaling that liquidity remains constrained and the company's ability to cover short-term obligations has weakened compared to earlier years.

Total Debt

Total debt shows a decreasing trend from 2017 to 2021. The amount declined from approximately $5.61 billion in 2017 to about $5.03 billion in 2021, with some fluctuations. After a dip in 2018 to around $5.10 billion, it rose again in 2019 to approximately $5.35 billion before gradually decreasing through 2021.

Total Mosaic Stockholders’ Equity

Stockholders’ equity displays overall growth during the period, rising from roughly $9.62 billion in 2017 to $10.60 billion in 2021. Equity peaked in 2018 at around $10.40 billion, then experienced a decline in 2019, followed by a moderate recovery through 2021.

Reported Debt to Equity Ratio

The reported debt to equity ratio generally decreased over the five years. It started at 0.58 in 2017, reduced significantly to 0.49 in 2018, spiked back to 0.58 in 2019, and then followed a downward trend to 0.47 by 2021. This indicates an overall improvement in the equity base relative to debt.

Adjusted Total Debt

Adjusted total debt mirrors the trend seen in total debt but consistently reports higher values. It declined from approximately $5.88 billion in 2017 to around $5.15 billion in 2021. The pattern of fluctuations is similar, with a peak in 2019 and a steady decrease thereafter.

Adjusted Total Equity

Adjusted total equity follows a similar pattern to reported equity but at a higher level, increasing from about $10.50 billion in 2017 to approximately $10.77 billion in 2021. It peaked in 2018 before dropping in 2019 and stabilizing thereafter.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio exhibits a slight decline over time, reflecting improvements in financial leverage. Beginning at 0.56 in 2017, the ratio dipped to 0.47 in 2018, climbed back to 0.56 in 2019 and 2020, then fell again to 0.48 in 2021. This pattern suggests some volatility but an overall trend toward reduced leverage.

Overall Analysis

The financial data suggests that while both reported and adjusted total debt have slightly decreased over the five-year period, equity levels have generally increased, particularly after a dip in 2019. Consequently, both reported and adjusted debt to equity ratios have trended downward, indicating a strengthening equity position relative to debt. The fluctuations in 2019 point to a period of increased leverage, but recovery is evident in the subsequent years. The adjustments applied to debt and equity values consistently raise reported amounts, indicating more conservative measurement methods. Overall, the company’s financial leverage appears to be managed prudently, with gradual improvements in equity financing relative to debt obligations.

Total Debt

The total debt exhibited a decreasing trend over the period from 2017 to 2021. Starting at approximately 5.61 billion USD in 2017, the total debt gradually declined to about 5.03 billion USD by the end of 2021. Despite minor fluctuations, the overall movement indicates a reduction in debt levels.

Total Capital

Total capital showed variability within the observed timeframe. It started at around 15.23 billion USD in 2017, peaked just below 15.50 billion USD in 2018, then declined sharply to approximately 14.54 billion USD in 2019. Subsequently, it recovered to around 15.63 billion USD by 2021, representing a moderate increase from earlier years.

Reported Debt to Capital Ratio

The reported debt to capital ratio mirrored the behavior of total debt relative to capital. It decreased from 0.37 in 2017 to 0.33 in 2018, increased again to 0.37 in 2019, then declined steadily to reach 0.32 in 2021. This ratio suggests an overall improvement in leverage conditions, with a lower proportion of debt utilized relative to capital by the end of the period.

Adjusted Total Debt

Adjusted total debt followed a pattern similar to total debt but at slightly higher absolute values. It began at approximately 5.88 billion USD in 2017, dipped to about 5.14 billion USD by 2021, showing a downward trend with minor periodic increases in intervening years.

Adjusted Total Capital

Adjusted total capital remained elevated compared to reported total capital, commencing at roughly 16.38 billion USD in 2017. After peaking near 16.73 billion USD in 2018, it declined through 2019 and 2020, before rising again to approximately 15.92 billion USD in 2021. The fluctuations indicate shifts in capital structure, with a recovery phase toward the end of the period.

Adjusted Debt to Capital Ratio

This ratio decreased from 0.36 in 2017 to 0.32 in 2018, rose back to 0.36 in 2019 and 2020, and decreased again to 0.32 by 2021. The pattern reflects cycles in leverage adjustments, ultimately moving toward lower leverage ratios in recent years similar to the reported metrics. The adjusted ratio tends to be marginally lower than or equivalent to the reported debt-to-capital ratio.

The financial data exhibits several notable trends in asset and equity levels, as well as leverage ratios, over the five-year period ending in 2021.

Total assets

Total assets generally trended upward from 18,633,400 thousand US$ in 2017 to 22,036,400 thousand US$ in 2021, indicating growth in the company’s asset base. A slight dip occurred in 2019 and 2020, but this was followed by a more significant increase in 2021.

Total stockholders’ equity

Stockholders’ equity showed moderate growth from 9,617,500 thousand US$ in 2017 to 10,604,100 thousand US$ in 2021. There was a decline in 2019 and 2020, mirroring the total assets' temporary decline, followed by recovery in 2021.

Reported financial leverage

The reported financial leverage ratio was fairly stable around 1.94 during 2017 and 2018, increased in 2019 to 2.1, and then slightly decreased but remained elevated around 2.07 to 2.08 through 2020 and 2021. This suggests a marginal increase in the use of debt relative to equity over the period, with some fluctuation.

Adjusted total assets

Adjusted total assets followed a similar pattern to total assets, increasing initially in 2018, then declining notably in 2019 and 2020 before rising again in 2021. The adjusted figures are slightly lower than the reported total assets in some years, indicating some reconciliations or revaluations affecting the asset base.

Adjusted total equity

Adjusted equity increased from just over 10 billion US$ in 2017 to nearly 10.8 billion US$ in 2021 but exhibited a dip in 2019 and 2020 similar to the unadjusted equity. The adjustments reflect fluctuations but generally confirm moderate equity growth over the period.

Adjusted financial leverage

The adjusted financial leverage ratio remained below the reported leverage each year, starting at 1.78 in 2017, increasing to 1.95 by 2021. The ratio rose gradually, reflecting a trend toward increased leverage but at a slightly lower level than the reported figures indicate.

Overall, the data indicate steady growth in asset and equity levels with some volatility around 2019–2020. The leverage ratios increased modestly, suggesting a measured increase in the reliance on debt financing relative to equity. The adjustments reveal some differences in reported and adjusted values but do not significantly alter the overall financial trends.

Net Earnings (Loss) Attributable to Mosaic

The net earnings demonstrate significant volatility over the observed period. After a substantial loss of approximately $107.2 million in 2017, the company rebounded to a profit of $470 million in 2018. However, this was followed by a sharp decline resulting in a loss of around $1.067 billion in 2019. Subsequently, earnings recovered to $666.1 million in 2020 and further improved to $1.63 billion in 2021. This pattern reflects pronounced fluctuations in profitability, with a strong recovery trend in the last two years.

Net Sales

Net sales exhibited a generally upward trend with some fluctuations. Starting from approximately $7.4 billion in 2017, sales increased markedly to about $9.59 billion in 2018, slightly decreased to $8.91 billion in 2019 and $8.68 billion in 2020, before rising sharply to $12.36 billion in 2021. This indicates an overall growth trajectory in sales volume or pricing, particularly highlighted by the significant increase in 2021.

Reported Net Profit Margin

The reported net profit margin mirrors the volatility seen in net earnings. The margin was negative at -1.45% in 2017 but turned positive at 4.9% in 2018. It deteriorated substantially to -11.98% in 2019, followed by recovery to 7.67% in 2020 and further improvement to 13.2% in 2021. This margin progression suggests considerable challenges in 2019, with profitability improving markedly in subsequent years.

Adjusted Net Earnings (Loss) Including Noncontrolling Interests

The adjusted net earnings series similarly exhibits variability but with some divergence from reported net earnings. There was a positive $761.8 million in 2017, which swung to a loss of $233.4 million in 2018. The losses deepened significantly to $1.295 billion in 2019 and remained negative at $235.3 million in 2020 before returning to a positive $1.65 billion in 2021. The adjustments reveal that the underlying earnings, when factoring in noncontrolling interests and possibly one-time items, experienced less stability and were negative for multiple years, although the 2021 figure indicates a strong positive turnaround.

Adjusted Net Profit Margin

Adjusted net profit margin trends align closely with adjusted earnings. It began at a robust 10.28% in 2017 but fell into negative territory at -2.43% in 2018, with further deterioration to -14.54% in 2019. The margin improved somewhat to -2.71% in 2020 and then increased significantly to 13.38% in 2021. This pattern reaffirms the severe profit challenges during 2018 to 2020, with a pronounced recovery in profitability achieved by 2021 when considering adjusted figures.

Net Earnings (Loss) Attributable to Mosaic

The net earnings show significant volatility over the five-year period. There was an initial loss of approximately $107.2 million in 2017, followed by a strong recovery to a profit of $470 million in 2018. However, 2019 saw a substantial decline, with a net loss of roughly $1.067 billion. This was succeeded by a rebound to $666.1 million in 2020, and a further increase to $1.63 billion in 2021, indicating a marked improvement in profitability by the end of the period.

Total Mosaic Stockholders’ Equity

Stockholders' equity exhibited a moderate upward trend overall. Starting at about $9.62 billion in 2017, it increased to just over $10.4 billion by 2018, then dipped to approximately $9.19 billion in 2019. The equity base recovered slightly in 2020 to about $9.58 billion and grew to around $10.6 billion in 2021, demonstrating resilience despite fluctuations in earnings.

Reported Return on Equity (ROE)

Reported ROE mirrored the volatility seen in earnings. It began with a negative return (-1.11%) in 2017, improved to positive territory (4.52%) in 2018, but then sharply declined to -11.62% in 2019. Recovery followed with a rise to 6.95% in 2020 and further strengthened to 15.38% in 2021, indicating an improved capacity for generating shareholder returns in the latter years.

Adjusted Net Earnings (Loss) Including Noncontrolling Interests

The adjusted net earnings fluctuated considerably. The period started with a positive figure of $761.8 million in 2017, dropped into losses over the next three years with values of -$233.4 million in 2018, -$1.295 billion in 2019, and -$235.3 million in 2020. A significant turnaround occurred in 2021, achieving an adjusted profit of $1.65 billion, reflecting improved operational performance or adjustments benefiting the bottom line.

Adjusted Total Equity

Adjusted total equity followed an overall slightly downward-to-stable pattern with some recovery. From $10.5 billion in 2017, it increased to $11.3 billion in 2018 but then decreased to $9.9 billion in 2019 and further declined slightly to $9.6 billion in 2020. A recovery to $10.8 billion was observed in 2021, indicating an eventual restoration of adjusted equity levels.

Adjusted Return on Equity (ROE)

Adjusted ROE showed considerable volatility with mostly negative returns in the middle years. It started at 7.25% in 2017, decreased to -2.06% in 2018, worsened to -13.09% in 2019, and slightly improved but remained negative at -2.44% in 2020. In 2021, a significant improvement was observed, reaching 15.36%, suggesting a recovery in profitability even after accounting for noncontrolling interests and adjustments.

Net Earnings (Loss) Attributable to Mosaic

The net earnings show significant volatility over the analyzed period. The company experienced a loss of approximately $107.2 million in 2017, followed by a substantial profit of $470 million in 2018. However, 2019 reflected a sharp reversal with a large loss of about $1.067 billion. The figures recovered in 2020 and 2021, with profits of $666.1 million and $1.63 billion respectively, demonstrating a strong upward trend in the last two years.

Total Assets

Total assets increased overall from approximately $18.6 billion in 2017 to $22.0 billion in 2021. There was a slight decline during 2019, dropping to around $19.3 billion from $20.1 billion in 2018, but the asset base expanded again in subsequent years. This indicates a generally growing asset base with a minor contraction during the 2019 period.

Reported Return on Assets (ROA)

The reported ROA mirrors the fluctuations seen in net earnings. It was negative at -0.58% in 2017, improved to positive 2.34% in 2018, and then declined sharply to -5.53% in 2019. In 2020 and 2021, ROA improved significantly, reaching 3.37% and 7.4% respectively. This recovery aligns with the return to profitability during these years.

Adjusted Net Earnings (Loss) Including Noncontrolling Interests

Adjusted net earnings exhibit a highly variable pattern. The figure was positive at $761.8 million in 2017, but turned negative in 2018 and 2019 with losses of $233.4 million and $1.295 billion respectively. Though still negative in 2020 at $235.3 million, adjusted earnings rebounded to a profit of $1.6537 billion in 2021. This suggests significant adjustments impacting reported profitability, possibly due to nonrecurring items or equity interests.

Adjusted Total Assets

The adjusted total assets trend is generally consistent with the unadjusted totals but display a slight decline from 2018 to 2020, falling from about $20.1 billion to $18.6 billion, before rising again to $21.0 billion in 2021. This pattern indicates some reclassification or adjustment impacts on asset valuation over time.

Adjusted Return on Assets (ROA)

Adjusted ROA shows marked fluctuations, following the adjusted earnings trend. Positive at 4.09% in 2017, it turned negative in 2018 (-1.16%) and worsened substantially in 2019 to -6.89%. The metric improved in 2020 but remained slightly negative at -1.26%, before surging to a strong positive 7.86% in 2021. This trajectory suggests that after adjusting for certain items, profitability was particularly weak in 2018-2020 but significantly improved in 2021.