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.
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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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of the financial turnover ratios over the specified quarters reveals several trends and patterns in operational efficiency and asset utilization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio initially appears in the dataset from March 31, 2020, at 0.39. From this point, there is a general upward trend through to December 31, 2021, peaking at 0.52. This suggests improved efficiency in using fixed assets to generate revenue during this period. From early 2022 onward, the ratio stabilizes around 0.50 to 0.51 but then shows a gradual decline from mid-2022 through to March 31, 2024, where it reaches 0.39 again, indicating a deterioration in fixed asset utilization efficiency in the most recent quarters.
- Total Asset Turnover
- This ratio begins slightly lower than net fixed asset turnover, starting at 0.24 in March 31, 2020. It experiences a modest increase, reaching a high of 0.31 from September 30, 2020, through March 31, 2022. Thereafter, the ratio remains relatively steady around 0.30 to 0.31 until mid-2023. In the last few quarters, however, there is a noticeable decrease, dropping to 0.24 by March 31, 2024. This pattern implies that the company was able to maintain a consistent level of total asset utilization efficiency for a significant period before encountering a reduction towards the end of the analyzed timeframe.
- Equity Turnover
- Equity turnover starts at 0.45 on March 31, 2020, and shows a consistent upward trend reaching 0.62 by December 31, 2022. This sustained increase indicates growing effectiveness in utilizing shareholders' equity to generate sales. After this peak, the ratio shows some volatility but generally remains above 0.50 through 2023. By March 31, 2024, the ratio declines to 0.46, signaling a recent reduction in equity utilization efficiency.
Overall, the turnover ratios suggest that the company experienced improvements in asset and equity utilization efficiency from early 2020 through late 2021 to early 2022. Subsequently, most turnover ratios demonstrate a plateau followed by a decline beginning around mid to late 2022 into early 2024. This recent declining trend may warrant further investigation into operational challenges or changes in asset base and equity structure impacting revenue generation efficiency.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Sales | ||||||||||||||||||||||||||||
| Property, plant and mine development, net | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
Net fixed asset turnover
= (SalesQ1 2024
+ SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023)
÷ Property, plant and mine development, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The sales figures demonstrate notable fluctuations over the reported quarters. Initially, sales increased from 1,803 million USD in March 2019 to a peak of 3,381 million USD in December 2020. Following this peak, a downward trend is observed until March 2023, where sales reached 2,493 million USD. Subsequently, the most recent quarters indicate a strong recovery, with sales surging to 4,023 million USD by March 2024, representing the highest value in the dataset.
The property, plant, and mine development net values show considerable changes throughout the periods. From March 2019 to September 2019, there was a substantial increase from 12,264 million USD to 26,197 million USD. After this rapid rise, the values generally stabilize around the mid-24,000 million USD range for several quarters until mid-2023. In the last two recorded quarters, there is a significant jump, reaching 37,563 million USD in December 2023, followed by a reduction to 33,564 million USD in March 2024.
The net fixed asset turnover ratio demonstrates an initial absence of data, but starting from the third quarter of 2019, it exhibits a consistent upward trajectory until reaching a peak of 0.52 in December 2021. Post this peak, the ratio gradually declines to 0.31 in December 2023 before slightly recovering to 0.39 by March 2024. This indicates a period of improving efficiency in utilizing fixed assets to generate sales, followed by a phase of decreasing efficiency, with a modest rebound at the end of the period.
- Sales Trends
- Sales increased markedly from early 2019 to late 2020, declined through early 2023, and then sharply rebounded to reach a new high in early 2024.
- Property, Plant, and Mine Development
- There was a sharp rise in net values in 2019, followed by a period of relative stability with minor fluctuations, culminating in a substantial increase in late 2023 and a subsequent partial reduction by early 2024.
- Net Fixed Asset Turnover Ratio
- The ratio improved steadily from 2019 through 2021, suggesting enhanced asset utilization, then declined notably through 2023, with a slight recovery in the most recent quarter.
Overall, the data indicates periods of growth and efficiency improvements in early years, interrupted by declines correlating with broader economic or company-specific factors, followed by recent signs of recovery and increased investment in fixed assets.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Sales | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
Total asset turnover
= (SalesQ1 2024
+ SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data exhibits several notable trends across the quarterly periods analyzed.
- Sales
- Sales figures fluctuated significantly, with a general rising trend from March 2019 through December 2021, peaking around the end of 2021 at approximately $3.39 billion. A subsequent moderate decline occurred throughout 2022, dropping to a low near $2.63 billion in September 2022, followed by recovery and volatility during 2023. The most recent quarters show a sharp increase, culminating in over $4 billion by March 2024, indicating a strong rebound or growth phase.
- Total Assets
- Total assets saw a notable increase from $20.9 billion at the start of 2019 to a peak near $41.4 billion by the end of 2020, approximately doubling in that period. This level was mostly sustained with minor declines through 2022 and early 2023, before a substantial jump occurred in the final two reported quarters, reaching over $55 billion by the first quarter of 2024. This suggests significant asset accumulation or acquisition activity in the most recent period.
- Total Asset Turnover
- The ratio of total asset turnover, which measures sales relative to asset base, showed a progressive increase from an initial 0.24 in late 2019 up to around 0.31 by the end of 2021, indicating improving efficiency in using assets to generate sales. However, in the subsequent periods, this metric declined steadily, reaching 0.21 by December 2023, before a slight recovery to 0.24 by March 2024. This decreasing trend in asset turnover amid rising assets suggests the company’s asset base expanded faster than sales during the recent periods, potentially indicating reduced efficiency or delay in asset utilization.
Overall, the data reflect a phase of asset expansion coupled with moderately fluctuating sales, and a recent dip in efficiency of asset use which appears to be partially reversing. The dynamics between asset growth and sales performance merit ongoing monitoring to assess operational effectiveness and capital allocation outcomes.
Equity Turnover
Newmont Corp., equity turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Sales | ||||||||||||||||||||||||||||
| Total Newmont stockholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
Equity turnover
= (SalesQ1 2024
+ SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023)
÷ Total Newmont stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals notable fluctuations and trends in sales, stockholders’ equity, and equity turnover over the analyzed periods.
- Sales
- Sales exhibit a general upward trajectory with intermittent declines. Starting at 1,803 million USD in the first quarter of 2019, sales increased steadily, reaching a peak of 3,390 million USD by the end of 2021. A period of volatility ensued, with sales dipping to 2,634 million USD in the third quarter of 2022, followed by recovery fluctuations, culminating in a significant rise to 4,023 million USD by the first quarter of 2024. This sharp increase at the end of the period suggests improved revenue generation or market conditions.
- Total Newmont Stockholders’ Equity
- The stockholders’ equity experienced substantial growth from early 2019 to late 2019, nearly doubling from 10,499 million USD to 21,420 million USD. However, from 2020 through to early 2023, the equity remained relatively stable with slight declines and fluctuations, hovering around the 19,000 to 23,000 million USD range. An anomalous rise is observed at the end of the period, with equity jumping to approximately 29,000 million USD in the first quarter of 2024, indicating either a capital increase, retention of earnings, or revaluation effects.
- Equity Turnover Ratio
- The equity turnover ratio, recorded from late 2019 onwards, generally exhibits an upward trend from 0.45 to 0.62 between the fourth quarter of 2019 and the first quarter of 2023. This increase reflects enhanced efficiency in using equity to generate sales. However, a decline to 0.41 occurs in the first quarter of 2024, despite the concurrent rise in sales and equity, which might suggest disproportionate growth in equity relative to sales or transient variations in operational efficiency.
In summary, sales demonstrate strong growth with some volatility, especially toward the end of the period. Stockholders’ equity shows a substantial increase early on, stable middle-term levels, and a pronounced rise at the end, possibly as a response to strategic financial activities. The equity turnover ratio's general improvement indicates increasing operational efficiency until recent quarters, where the ratio dips, potentially signaling shifts in the relationship between resources and revenue generation.