1.05(1.92%) Volume: 2,689,656 10:08PM EDT| Market Cap : 32.37 B | Enterprise Value : 46.72 B | P/E (TTM) : 18.49 | P/B : 4.54 |
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Return on tangible assets is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. General Mills's annualized Net Income for the quarter that ended in May. 2019 was $2,281 Mil. General Mills's average total tangible assets for the quarter that ended in May. 2019 was $9,006 Mil. Therefore, General Mills's annualized return on tangible assests (ROTA) for the quarter that ended in May. 2019 was 25.32%.
During the past 13 years, General Mills's highest Return on Tangible Assets (ROTA) was 24.15%. The lowest was 13.75%. And the median was 20.02%.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| General Mills Quarterly Data | ||||||||||||||||||||
| Aug14 | Nov14 | Feb15 | May15 | Aug15 | Nov15 | Feb16 | May16 | Aug16 | Nov16 | Feb17 | May17 | Aug17 | Nov17 | Feb18 | May18 | Aug18 | Nov18 | Feb19 | May19 | |
| Return-on-Tangible-Asset |
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15.85 | 17.23 | 15.04 | 19.61 | 25.32 |
* The bar in red indicates where General Mills's Return-on-Tangible-Asset falls into.
General Mills's annualized Return on Tangible Assets (ROTA) for the fiscal year that ended in May. 2019 is calculated as:
| ROTA | = | Net Income | / | ( (Total Tangible Assets | + | Total Tangible Assets) | / 2 ) |
| (A: May. 2019 ) | (A: May. 2018 ) | (A: May. 2019 ) | |||||
| = | Net Income | / | ( (Total Assets - Intangible Assets | + | Total Assets - Intangible Assets) | / 2 ) | |
| (A: May. 2019 ) | (A: May. 2018 ) | (A: May. 2019 ) | |||||
| = | 1752.7 | / | ( (9113.9 | + | 8948.6) | / 2 ) | |
| = | 1752.7 | / | 9031.25 | ||||
| = | 19.41 % |
General Mills's annualized Return on Tangible Assets (ROTA) for the quarter that ended in May. 2019 is calculated as:
| ROTA | = | Net Income | / | ( (Total Tangible Assets | + | Total Tangible Assets) | / 2 ) |
| (Q: May. 2019 ) | (Q: Feb. 2019 ) | (Q: May. 2019 ) | |||||
| = | Net Income | / | ( (Total Assets - Intangible Assets | + | Total Assets - Intangible Assets) | / 2 ) | |
| (Q: May. 2019 ) | (Q: Feb. 2019 ) | (Q: May. 2019 ) | |||||
| = | 2280.8 | / | ( (9064.3 | + | 8948.6) | / 2 ) | |
| = | 2280.8 | / | 9006.45 | ||||
| = | 25.32 % |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
In the calculation of annual return on tangible assets, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data, the Net Income data used here is four times the quarterly (May. 2019) net income data.
Return on tangible assets (ROTA) measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." ROTA measures a firm's efficiency at generating profits from its tangible assets. ROTA shows how well a company uses what it has to generate earnings. ROTAs can vary drastically across industries. Therefore, return on tangible assets should not be used to compare companies in different industries.
Like ROE and ROA, ROTA is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. ROTA can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. ROTA may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high ROTA may indicate vulnerability in the durability of the competitive advantage.
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