General Mills (GIS)
Consumer Staples · $19.1B market cap · SEC CIK 0000040704
fundamentals score out of 100
Next reports on Mar 16, 2027, with analysts expecting $0.66 in earnings per share.
The case for GIS
- Free cash flow of 8.5% of its market value a year: a lot of cash for the price.
- Pays a 3.6% dividend while you wait.
- Moves less than the market (beta -0.03).
The case against
- Losing money over the last year: net margin -0.5%, return on equity -1%.
- Revenue fell 5.5% year over year.
- Down 29.7% over the past year.
- Pays a dividend while losing money over the last twelve months.
- Current liabilities exceed current assets (ratio 0.68).
- Value is weak (34/100): no earnings to pay for, 1.0× sales, 8.5% free-cash yield.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Staples companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 34 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 24 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 17 |
| Momentumhow the price has behaved lately | 33 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- It is losing money, so it has no P/E; that counts against value rather than being skipped.
- Each factor except momentum is half fixed thresholds, half rank among the 36 Consumer Staples companies.
Key numbers
| Price / earnings | n/a |
|---|---|
| Price / book | 2.44× |
| Price / sales | 1.0× |
| Revenue growth (YoY) | -5.5% |
| EPS growth (YoY) | — |
| Gross margin | 34% |
| Operating margin | 5% |
| Net margin | 0% |
| Return on equity | -1% |
| Debt / equity | 1.84× |
| Current ratio | 0.68 |
| Dividend yield | 3.62% |
| Beta | -0.03 |
| 52-week range | $31.75 – $51.33 |
| Position in that range | 19% of the way up |
| 3-month return | +6.0% |
| 1-year return | -29.7% |
Five years of financials, as filed
Pulled from General Mills's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $18.4B | $19.5B | $19.9B | $20.1B | $19.0B |
| Operating income | $886M | $3.3B | $3.4B | $3.4B | $3.5B |
| Net income | -$85.0M | $2.3B | $2.5B | $2.6B | $2.7B |
| Operating cash flow | $2.2B | $2.9B | $3.3B | $2.8B | $3.3B |
| Capital expenditure | $540M | $625M | $774M | $690M | $569M |
| Total assets | $32.5B | $33.4B | $31.2B | $31.3B | $32.5B |
| Total liabilities | $23.2B | $23.9B | $21.6B | $20.9B | $22.1B |
| Shareholder equity | $9.3B | $9.2B | $9.4B | $10.1B | $9.5B |
| Cash | $683M | $2.3B | $594M | $644M | $1.0B |
| Long-term debt | — | — | — | $8.6B | $11.0B |
| Free cash flow | $1.6B | $2.3B | $2.5B | $2.1B | $2.7B |
| Operating margin | 4.8% | 17.0% | 17.3% | 17.1% | 18.3% |
| Net margin | -0.5% | 11.9% | 12.7% | 13.0% | 14.4% |
| Diluted shares | 538M | 558M | 580M | 601M | 613M |
Share count is down 12.2% over 4 years. Buybacks have been shrinking the pie.
What General Mills says it does
COMPANY OVERVIEW For 160 years , General Mills has been making food the world loves. We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents. In addition to our consolidated operations, we have 50 percent interests in two strategic joint ventures that manufacture and market food products sold in approximately 120 countries worldwide. We manage and review the financial results of our business under four operating segments: North America Retail; International; North America Pet; and North America Foodservice. See Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in Item 7 of this report for a description of our segments. We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large,…
Risk factors GIS lists in its 10-K
- The categories in which we participate are very competitive, and if we are not able to compete effectively, our results of
- operations could be adversely affected
- We may be unable to maintain our profit margins in the face of a consolidating retail environment
- Price changes for the commodities we depend on for raw materials, packaging, and energy may adversely affect our
- Concerns with the safety and quality of our products could cause consumers to avoid certain products or ingredients
- We may be unable to anticipate changes in consumer preferences and trends, which may result in decreased demand for our
- We may be unable to grow our market share or add products that are in faster growing and more profitable categories
- Our results may be negatively impacted if consumers do not maintain their favorable perception of our brands
- If we are not efficient in our production, our profitability could suffer as a result of the highly competitive environment in
- Disruption of our supply chain could adversely affect our business
- Our international operations are subject to political and economic risks
- Our business operations could be disrupted if our information technology systems fail to perform adequately or are breached
- Our failure to successfully integrate acquisitions into our existing operations could adversely affect our financial results
- If our products become adulterated, misbranded, or mislabeled, we might need to recall those items and may experience