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General Mills, Inc. (GIS) 10-Year Financial Performance & Capital Metrics

GIS • • Industrial / General
Consumer DefensivePackaged FoodsTraditional Packaged FoodsMulti-Portfolio Food Conglomerates
AboutGeneral Mills, Inc. manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables. It also supplies branded and unbranded food products to the North American foodservice and commercial baking industries; and manufactures and markets pet food products, including dog and cat food. The company markets its products under the Annie's, Betty Crocker, Bisquick, Blue Buffalo, Blue Basics, Blue Freedom, Bugles, Cascadian Farm, Cheerios, Chex, Cinnamon Toast Crunch, Cocoa Puffs, Cookie Crisp, EPIC, Fiber One, Food Should Taste Good, Fruit by the Foot, Fruit Gushers, Fruit Roll-Ups, Gardetto's, Go-Gurt, Gold Medal, Golden Grahams, Häagen-Dazs, Helpers, Jus-Rol, Kitano, Kix, Lärabar, Latina, Liberté, Lucky Charms, Muir Glen, Nature Valley, Oatmeal Crisp, Old El Paso, Oui, Pillsbury, Progresso, Raisin Nut Bran, Total, Totino's, Trix, Wanchai Ferry, Wheaties, Wilderness, Yoki, and Yoplait trademarks. It sells its products directly, as well as through broker and distribution arrangements to grocery stores, mass merchandisers, membership stores, natural food chains, e-commerce retailers, commercial and noncommercial foodservice distributors and operators, restaurants, convenience stores, and pet specialty stores, as well as drug, dollar, and discount chains. The company operates 466 leased and 392 franchise ice cream parlors. General Mills, Inc. was founded in 1866 and is headquartered in Minneapolis, Minnesota.Show more
  • Revenue $19.49B -1.9%
  • EBITDA $3.84B -3.5%
  • Net Income $2.3B -8.1%
  • EPS (Diluted) 4.10 -4.9%
  • Gross Margin 34.55% -1.0%
  • EBITDA Margin 19.73% -1.7%
  • Operating Margin 16.96% -1.9%
  • Net Margin 11.78% -6.3%
  • ROE 24.34% -0.8%
  • ROIC 10.62% -7.8%
  • Debt/Equity 1.66 +20.3%
  • Interest Coverage 6.02 -11.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 24.3%
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy dividend yield of 5.3%
  • ✓Share count reduced 3.8% through buybacks
  • ✓Healthy 5Y average net margin of 12.9%

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.01%
5Y2.03%
3Y0.86%
TTM-3.26%

Profit (Net Income) CAGR

10Y6.51%
5Y1.02%
3Y-5.36%
TTM21.49%

EPS CAGR

10Y7.6%
5Y2.86%
3Y-2.47%
TTM25.71%

ROCE

10Y Avg13.73%
5Y Avg14.09%
3Y Avg14.04%
Latest13.31%

Peer Comparison

Multi-Portfolio Food Conglomerates
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
HRLHormel Foods Corporation13.6B24.7228.411.55%3.95%6.04%3.93%0.36
POSTPost Holdings, Inc.5.06B98.1017.802.97%4.11%8.92%9.64%1.97
CPBCampbell Soup Company8.02B26.9013.386.4%5.69%14.6%8.79%1.85
GISGeneral Mills, Inc.24.33B45.6011.12-1.87%15.24%30.67%9.42%1.66
KHCThe Kraft Heinz Company28.69B24.2410.73-2.98%-17.35%-10.5%11.01%0.40
CAGConagra Brands, Inc.8.31B17.377.21-3.64%7.42%9.53%15.68%0.93
JBSJBS N.V.12.29B15.090.4914.61%2.4%94.15%100%2.68
BGSB&G Foods, Inc.359.1M4.49-1.41-6.3%-13.61%-53.21%28.86%3.96

Profit & Loss

May 2016May 2017May 2018May 2019May 2020May 2021May 2022May 2023May 2024May 2025
Sales/Revenue+16.56B15.62B15.74B16.87B17.63B18.13B18.99B20.09B19.86B19.49B
Revenue Growth %-0.06%-0.06%0.01%0.07%0.05%0.03%0.05%0.06%-0.01%-0.02%
Cost of Goods Sold+10.73B10.05B10.3B11.11B11.5B11.68B12.59B13.55B12.93B12.75B
COGS % of Revenue0.65%0.64%0.65%0.66%0.65%0.64%0.66%0.67%0.65%0.65%
Gross Profit+5.83B5.57B5.44B5.76B6.13B6.45B6.4B6.55B6.93B6.73B
Gross Margin %0.35%0.36%0.35%0.34%0.35%0.36%0.34%0.33%0.35%0.35%
Gross Profit Growth %-0.02%-0.04%-0.02%0.06%0.06%0.05%-0.01%0.02%0.06%-0.03%
Operating Expenses+3.12B3.08B3.02B3.24B3.18B3.3B2.93B3.11B3.5B3.43B
OpEx % of Revenue0.19%0.2%0.19%0.19%0.18%0.18%0.15%0.15%0.18%0.18%
Selling, General & Admin3.12B2.89B2.85B2.94B3.15B3.08B3.15B3.5B3.26B3.45B
SG&A % of Revenue0.19%0.18%0.18%0.17%0.18%0.17%0.17%0.17%0.16%0.18%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses3.2M186.9M165.6M305.1M24.4M223.9M-220.6M-388.4M241.4M-17.6M
Operating Income+2.71B2.49B2.42B2.52B2.95B3.14B3.48B3.43B3.43B3.3B
Operating Margin %0.16%0.16%0.15%0.15%0.17%0.17%0.18%0.17%0.17%0.17%
Operating Income Growth %0.3%-0.08%-0.03%0.04%0.17%0.06%0.11%-0.01%-0%-0.04%
EBITDA+3.32B3.1B3.04B3.14B3.55B3.75B4.05B3.98B3.98B3.84B
EBITDA Margin %0.2%0.2%0.19%0.19%0.2%0.21%0.21%0.2%0.2%0.2%
EBITDA Growth %0.24%-0.07%-0.02%0.03%0.13%0.06%0.08%-0.02%0%-0.04%
D&A (Non-Cash Add-back)608.1M603.6M618.8M620.1M594.7M601.3M570.3M546.6M552.7M539M
EBIT2.72B2.57B2.52B2.61B3.07B3.29B3.59B3.54B3.53B3.38B
Net Interest Income+-293.2M-294.5M-387M-512.6M-455M-410.6M-372.8M-379.4M-484.3M-524.7M
Interest Income8.1M7M11.7M5.6M6M7.4M3.8M14M18.8M24.6M
Interest Expense301.3M301.5M398.7M518.2M461M418M376.6M393.4M503.1M549.3M
Other Income/Expense-215.4M-135.8M-199.6M-361.9M-262.6M-169.7M-154.5M-212M-318.6M-412.2M
Pretax Income+2.49B2.36B2.22B2.15B2.69B2.98B3.32B3.22B3.11B2.89B
Pretax Margin %0.15%0.15%0.14%0.13%0.15%0.16%0.17%0.16%0.16%0.15%
Income Tax+755.2M655.2M57.3M367.8M480.5M629.1M586.3M612.2M594.5M573.7M
Effective Tax Rate %0.68%0.7%0.96%0.81%0.81%0.79%0.82%0.81%0.8%0.79%
Net Income+1.7B1.66B2.13B1.75B2.18B2.34B2.71B2.59B2.5B2.3B
Net Margin %0.1%0.11%0.14%0.1%0.12%0.13%0.14%0.13%0.13%0.12%
Net Income Growth %0.39%-0.02%0.29%-0.18%0.24%0.07%0.16%-0.04%-0.04%-0.08%
Net Income (Continuing)1.74B1.7B2.16B1.79B2.21B2.35B2.73B2.61B2.52B2.32B
Discontinued Operations0000000000
Minority Interest1.22B1.27B1.13B864.9M835.6M907.7M245.6M250.4M251.8M12M
EPS (Diluted)+2.772.773.642.903.563.784.424.314.314.10
EPS Growth %0.41%0%0.31%-0.2%0.23%0.06%0.17%-0.02%0%-0.05%
EPS (Basic)2.832.823.692.923.593.814.464.364.344.12
Diluted Shares Outstanding611.2M598M585.7M605.4M613.3M619.1M612.6M601.2M579.5M557.5M
Basic Shares Outstanding598.4M587.1M576.8M600.4M608.1M614.1M607.5M594.8M575.5M554.5M
Dividend Payout Ratio0.63%0.68%0.53%0.67%0.55%0.53%0.46%0.5%0.55%0.58%

Balance Sheet

May 2016May 2017May 2018May 2019May 2020May 2021May 2022May 2023May 2024May 2025
Total Current Assets+3.94B4.06B4.12B4.19B5.12B5.75B5.09B5.18B4.58B5.28B
Cash & Short-Term Investments763.7M766.1M399M450M1.68B1.87B819.2M702.7M418M363.9M
Cash Only763.7M766.1M399M450M1.68B1.51B569.4M585.5M418M363.9M
Short-Term Investments00000360M249.8M117.2M00
Accounts Receivable1.56B1.63B1.9B1.97B1.77B1.82B1.96B2.01B1.94B1.94B
Days Sales Outstanding34.4838.0644.0442.6836.6736.5537.6936.5835.6336.28
Inventory1.41B1.48B1.64B1.56B1.43B1.82B1.87B2.17B1.9B1.91B
Days Inventory Outstanding48.0753.8758.1751.2445.2856.954.1358.5153.654.69
Other Current Assets17.2M14M17.8M16.1M51.8M32M228.8M43.3M60M794.9M
Total Non-Current Assets+17.78B17.75B26.5B25.92B25.69B26.09B26B26.28B26.89B27.8B
Property, Plant & Equipment3.74B3.69B4.05B3.79B3.95B3.99B3.73B3.98B4.23B4.03B
Fixed Asset Turnover4.42x4.24x3.89x4.45x4.47x4.55x5.09x5.05x4.69x4.83x
Goodwill8.74B8.75B14.06B14B13.92B14.06B14.38B14.51B14.75B15.62B
Intangible Assets4.54B4.53B7.45B7.17B7.1B7.15B7B6.97B6.98B7.08B
Long-Term Investments531.6M505.3M499.6M452.9M566.7M566.4M513.8M462M397.9M431.9M
Other Non-Current Assets220.1M280.6M443.4M522M153.9M322.6M377.5M358.3M363M441.9M
Total Assets+21.71B21.81B30.62B30.11B30.81B31.84B31.09B31.45B31.47B33.07B
Asset Turnover0.76x0.72x0.51x0.56x0.57x0.57x0.61x0.64x0.63x0.59x
Asset Growth %-0.01%0%0.4%-0.02%0.02%0.03%-0.02%0.01%0%0.05%
Total Current Liabilities+5.01B5.33B7.34B7.09B7.49B8.27B8.02B7.54B7.03B7.86B
Accounts Payable2.05B2.12B2.75B2.85B3.25B3.65B3.98B4.19B3.99B4.01B
Days Payables Outstanding69.5976.9797.2793.78103.11114.18115.45112.99112.61114.75
Short-Term Debt1.37B1.84B3.15B2.87B2.61B2.83B2.49B1.74B1.63B2.21B
Deferred Revenue (Current)0000000000
Other Current Liabilities384.6M381.6M370.9M375.4M317.5M480M388.6M396.8M298.5M414.3M
Current Ratio0.79x0.76x0.56x0.59x0.68x0.70x0.63x0.69x0.65x0.67x
Quick Ratio0.50x0.48x0.34x0.37x0.49x0.48x0.40x0.40x0.38x0.43x
Cash Conversion Cycle12.9614.964.930.14-21.16-20.74-23.63-17.9-23.38-23.78
Total Non-Current Liabilities+10.54B10.89B16.01B15.1B14.42B13.2B12.28B13.22B14.79B16B
Long-Term Debt7.06B7.64B12.67B11.62B10.93B9.79B9.13B9.97B11.3B12.67B
Capital Lease Obligations0000277M283.2M248.3M257M282.8M302.8M
Deferred Tax Liabilities1.4B1.72B2B2.03B1.95B2.12B2.22B2.11B2.2B2.1B
Other Non-Current Liabilities2.09B1.52B1.34B1.45B1.27B1.01B680.8M883M1B925.8M
Total Liabilities15.56B16.22B23.36B22.19B21.91B21.46B20.3B20.75B21.82B23.86B
Total Debt+8.43B9.48B15.82B14.49B13.92B13.01B11.98B12.06B13.32B15.3B
Net Debt7.67B8.72B15.42B14.04B12.24B11.5B11.41B11.48B12.9B14.93B
Debt / Equity1.37x1.69x2.18x1.83x1.56x1.25x1.11x1.13x1.38x1.66x
Debt / EBITDA2.54x3.06x5.21x4.62x3.92x3.47x2.96x3.03x3.34x3.98x
Net Debt / EBITDA2.31x2.82x5.07x4.48x3.45x3.07x2.82x2.88x3.24x3.88x
Interest Coverage8.99x8.27x6.07x4.86x6.41x7.52x9.23x8.73x6.82x6.02x
Total Equity+6.15B5.6B7.27B7.92B8.89B10.38B10.79B10.7B9.65B9.21B
Equity Growth %-0%-0.09%0.3%0.09%0.12%0.17%0.04%-0.01%-0.1%-0.05%
Book Value per Share10.079.3612.4113.0814.5016.7617.6117.8016.6516.52
Total Shareholders' Equity4.93B4.33B6.14B7.05B8.06B9.47B10.54B10.45B9.4B9.2B
Common Stock75.5M75.5M75.5M75.5M75.5M75.5M75.5M75.5M75.5M75.5M
Retained Earnings12.62B13.14B14.46B15B15.98B17.07B18.53B19.84B20.97B21.92B
Treasury Stock-6.33B-7.76B-7.17B-6.78B-6.43B-6.61B-7.28B-8.41B-10.36B-11.47B
Accumulated OCI-2.61B-2.24B-2.43B-2.63B-2.91B-2.43B-1.97B-2.28B-2.52B-2.54B
Minority Interest1.22B1.27B1.13B864.9M835.6M907.7M245.6M250.4M251.8M12M

Cash Flow

May 2016May 2017May 2018May 2019May 2020May 2021May 2022May 2023May 2024May 2025
Cash from Operations+2.63B2.31B2.84B2.81B3.68B2.98B3.32B2.78B3.3B2.92B
Operating CF Margin %0.16%0.15%0.18%0.17%0.21%0.16%0.17%0.14%0.17%0.15%
Operating CF Growth %0.03%-0.12%0.23%-0.01%0.31%-0.19%0.11%-0.16%0.19%-0.12%
Net Income1.74B1.7B2.16B1.79B2.21B2.35B2.73B2.61B2.52B2.32B
Depreciation & Amortization608.1M603.6M618.8M620.1M594.7M601.3M570.3M546.6M552.7M539M
Stock-Based Compensation89.8M95.7M77M84.9M94.9M89.9M98.7M111.7M95.3M91.7M
Deferred Taxes120.6M183.9M-504.3M93.5M-29.6M118.8M62.2M-22.2M-48.5M-120.9M
Other Non-Cash Items-89.6M25.1M-55.6M229.8M11.5M-16.9M-427.5M-418.2M173.9M-102.9M
Working Capital Changes298.5M-194.2M542.1M-7.5M793.9M-155.9M277.4M-48.9M10.6M192.4M
Change in Receivables-6.9M-69.2M-122.7M-42.7M37.9M27.9M-166.3M-41.2M-1.8M-79M
Change in Inventory-146.1M-61.5M15.6M53.7M103.1M-354.7M-85.8M-319M287.6M-18.5M
Change in Payables318.7M99.5M575.3M162.4M392.5M343.1M456.7M199.8M-251.2M86.7M
Cash from Investing+93.4M-646.9M-8.69B-556.5M-486.2M-512.8M-1.69B-346.4M-1.2B-1.79B
Capital Expenditures-729.3M-684.4M-622.7M-537.6M-460.8M-530.8M-568.7M-689.5M-774.1M-625.3M
CapEx % of Revenue0.04%0.04%0.04%0.03%0.03%0.03%0.03%0.03%0.04%0.03%
Acquisitions----------
Investments----------
Other Investing14.3M16.7M-9.6M-45.4M22.6M-400K-10.2M-6.3M31.3M-5.4M
Cash from Financing+-2.29B-1.65B5.45B-2.18B-1.94B-2.72B-2.5B-2.4B-2.27B-1.18B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-1.07B-1.14B-1.14B-1.18B-1.2B-1.25B-1.24B-1.29B-1.36B-1.34B
Share Repurchases----------
Other Financing40.1M4.7M-60.5M227.4M174.9M-206.9M3.9M154M-49.7M-360.5M
Net Change in Cash----------
Free Cash Flow+2.03B1.73B2.22B2.27B3.22B2.45B2.75B2.09B2.53B2.29B
FCF Margin %0.12%0.11%0.14%0.13%0.18%0.14%0.14%0.1%0.13%0.12%
FCF Growth %0.11%-0.15%0.28%0.02%0.42%-0.24%0.12%-0.24%0.21%-0.09%
FCF per Share3.332.893.793.755.243.964.483.474.364.11
FCF Conversion (FCF/Net Income)1.55x1.40x1.33x1.60x1.69x1.27x1.22x1.07x1.32x1.27x
Interest Paid000000357.8M337.1M464.4M474.4M
Taxes Paid000000545.3M682.6M660.5M599.2M

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)27.55%28.21%33.13%23.08%25.95%24.28%25.58%24.14%24.54%24.34%
Return on Invested Capital (ROIC)14.08%13.29%9.81%8.45%10.28%10.97%11.83%11.61%11.51%10.62%
Gross Margin35.2%35.65%34.53%34.13%34.78%35.57%33.71%32.58%34.91%34.55%
Net Margin10.25%10.61%13.54%10.39%12.37%12.91%14.25%12.91%12.57%11.78%
Debt / Equity1.37x1.69x2.18x1.83x1.56x1.25x1.11x1.13x1.38x1.66x
Interest Coverage8.99x8.27x6.07x4.86x6.41x7.52x9.23x8.73x6.82x6.02x
FCF Conversion1.55x1.40x1.33x1.60x1.69x1.27x1.22x1.07x1.32x1.27x
Revenue Growth-6.05%-5.7%0.77%7.15%4.51%2.84%4.78%5.8%-1.18%-1.87%

Revenue by Segment

2025
Snacks4.19B
Snacks Growth-
Cereal3.08B
Cereal Growth-
Convenient meals2.82B
Convenient meals Growth-
Pet2.59B
Pet Growth-
Dough2.38B
Dough Growth-
Baking mixes and ingredients1.94B
Baking mixes and ingredients Growth-
Yogurt1.39B
Yogurt Growth-
Super-premium ice cream721.6M
Super-premium ice cream Growth-
Vegetables and Other381.1M
Vegetables and Other Growth-

Revenue by Geography

2025
United States15.78B
United States Growth-
Non-United States3.71B
Non-United States Growth-

Frequently Asked Questions

Valuation & Price

General Mills, Inc. (GIS) has a price-to-earnings (P/E) ratio of 11.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

General Mills, Inc. (GIS) reported $19.16B in revenue for fiscal year 2025. This represents a 15% increase from $16.66B in 2012.

General Mills, Inc. (GIS) saw revenue decline by 1.9% over the past year.

Yes, General Mills, Inc. (GIS) is profitable, generating $2.92B in net income for fiscal year 2025 (11.8% net margin).

Dividend & Returns

Yes, General Mills, Inc. (GIS) pays a dividend with a yield of 5.27%. This makes it attractive for income-focused investors.

General Mills, Inc. (GIS) has a return on equity (ROE) of 24.3%. This is excellent, indicating efficient use of shareholder capital.

General Mills, Inc. (GIS) generated $2.10B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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