Upside case
Bull case
$47+39.5%
GIS would need investors to value it at roughly 14x earnings — about 4x more generous than today's 10x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated Jun 18, 2026
General Mills, Inc. (GIS) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
34
analysts
8 bullish · 6 bearish · 34 covering GIS
Strong Buy
0
Buy
8
Hold
20
Sell
6
Strong Sell
0
Consensus Target
$37
+11.6% vs today
Scenario Range
$22 – $47
Model bear to bull value window
Coverage
34
Published analyst ratings
Valuation Context
9.8x
Forward P/E · Market cap $17.8B
GIS price targets
Three scenarios for where GIS stock could go
Current
~$33
Confidence
49 / 100
Updated
Jun 18, 2026
Where we are now
Current · $33
Bear
$22
Base
$35
Bull
$47
Market caseClosest to today
Base case
$35+5.9%
This is close to how the market is already pricing GIS — at roughly 10x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$22-33.3%
If investor confidence fades or macro conditions deteriorate, a 3x multiple contraction could push GIS down roughly 33% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
General Mills, Inc.
GIS · NYSEConsumer DefensivePackaged FoodsMay year-end
General Mills is a global packaged food company that manufactures and markets well-known consumer food brands across multiple categories. It generates revenue primarily through retail grocery sales of its cereal, yogurt, snacks, and baking products — with its North America Retail segment contributing roughly 60% of total sales — along with pet food sales through its Blue Buffalo acquisition. The company's competitive advantage lies in its portfolio of iconic, trusted household brands with strong consumer loyalty and extensive retail distribution networks.
Market Cap
$17.8B
Revenue TTM
$18.4B
Net Income TTM
$2.2B
Net Margin
12.1%
GIS Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
50%Exceptional
vs consensus estimates
Avg EPS Surprise
+4.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$0.74/$0.71
Revenue
$4.6B/$4.6B
Q3 2025
EPS
$0.86/$0.82
Revenue
$4.5B/$4.5B
Q4 2025
EPS
$1.10/$1.03
Revenue
$4.9B/$4.8B
Q1 2026
EPS
$0.64/$0.73
Revenue
$4.4B/$4.4B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.74/$0.71 | +4.4% | $4.6B/$4.6B | -0.6% |
| Q3 2025 | $0.86/$0.82 | +5.1% | $4.5B/$4.5B | -0.4% |
| Q4 2025 | $1.10/$1.03 | +6.8% | $4.9B/$4.8B | +1.7% |
| Q1 2026 | $0.64/$0.73 | -12.1% | $4.4B/$4.4B | +0.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$18.5B
+0.9% YoY
FY2
$18.7B
+0.9% YoY
EPS Outlook
FY1
$4.10
+0.5% YoY
FY2
$4.20
+2.5% YoY
Trailing FCF (TTM)$1.7B
FCF Margin: 9.0%
Next Earnings
June 24, 2026
Expected EPS
$0.82
Expected Revenue
$4.6B
GIS beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
GIS Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $19.5B
Product Mix
Latest annual revenue by segment or product family
Snacks
21.5%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
United States
81.0%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Snacks is the largest disclosed segment at 21.5% of FY 2025 revenue, with no year-over-year comparison yet.
United States is the largest reported region at 81.0%, with no year-over-year comparison yet.
GIS Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Cheap versus peers
Fair value est. $53 — implies +59.6% from today's price.
Upside to Fair Value
59.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
GIS
8.2x
vs
S&P 500
24.4x
67% discount
vs Consumer Defensive Trailing P/E
GIS
8.2x
vs
Consumer Defensive
18.9x
57% discount
vs GIS 5Y Avg P/E
Today
8.2x
vs
5Y Average
16.2x
50% discount
Forward PE
9.8x
S&P 500
18.8x
-48%
Consumer Defensive
14.2x
-31%
5Y Avg
—
—
Trailing PE
8.2x
S&P 500
24.4x
-67%
Consumer Defensive
18.9x
-57%
5Y Avg
16.2x
-50%
PEG Ratio
2.85x
S&P 500
1.66x
+71%
Consumer Defensive
1.92x
+48%
5Y Avg
—
—
EV/EBITDA
8.5x
S&P 500
15.2x
-44%
Consumer Defensive
11.1x
-23%
5Y Avg
13.5x
-37%
Price/FCF
7.8x
S&P 500
20.7x
-62%
Consumer Defensive
15.3x
-49%
5Y Avg
16.9x
-54%
Price/Sales
0.9x
S&P 500
3.1x
-70%
Consumer Defensive
0.9x
+4%
5Y Avg
2.1x
-56%
Dividend Yield
7.19%
S&P 500
1.91%
+276%
Consumer Defensive
3.06%
+135%
5Y Avg
3.32%
+116%
| Metric | GIS | S&P 500 | Consumer Defensive | 5Y Avg GIS |
|---|---|---|---|---|
| Forward PE | 9.8x | 18.8x-48% | 14.2x-31% | — |
| Trailing PE | 8.2x | 24.4x-67% | 18.9x-57% | 16.2x-50% |
| PEG Ratio | 2.85x | 1.66x+71% | 1.92x+48% | — |
| EV/EBITDA | 8.5x | 15.2x-44% | 11.1x-23% | 13.5x-37% |
| Price/FCF | 7.8x | 20.7x-62% | 15.3x-49% | 16.9x-54% |
| Price/Sales | 0.9x | 3.1x-70% | 0.9x | 2.1x-56% |
| Dividend Yield | 7.19% | 1.91% | 3.06% | 3.32% |
GIS trades above S&P 500 benchmarks on 1 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolGIS Financial Health
Verdict
Strong
GIS generates $1.7B in free cash flow at a 9.0% margin — 10.6% ROIC signals a durable competitive advantage · returns 13.9% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$18.4B
Revenue Growth
TTM vs prior year
-6.5%
Gross Margin
Gross profit as a share of revenue
33.0%
Operating Margin
Operating income divided by revenue
19.1%
Net Margin
Net income divided by revenue
12.1%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.08
Free Cash Flow (TTM)
Cash generation after capex
$1.7B
FCF Margin
FCF as share of revenue — the primary cash quality signal
9.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
10.6%
ROA
Return on assets, trailing twelve months
6.8%
Cash & Equivalents
Liquid assets on the balance sheet
$364M
Net Debt
Total debt minus cash
$14.9B
Debt Serviceability
Net debt as a multiple of annual free cash flow
9.0× FCF
~9.0 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
23.7%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
13.9%
Dividend
7.2%
Buyback
6.7%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.2B
Dividend / Share
Annualized trailing dividend per share
$2.40
Payout Ratio
Share of earnings distributed as dividends
58.3%
Shares Outstanding
Declining as buybacks retire shares
534M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageGIS Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 18, 2026
High Risk
Revenue Decline
General Mills faces declining sales and EPS amid shifting consumer habits, with FY2026 guidance indicating potential contraction.
High Risk
Competitive Pressure
The company is under pressure from competitors across its product segments, including cereal, snacks, and pet food.
Medium
GLP-1 Debate Impact
The bear case for GIS includes concerns over the impact of GLP-1 drugs on cereal demand, questioning long-term growth.
Medium
Volume Growth Challenges
Restoring volume-driven organic net sales growth remains a priority, but current trends suggest ongoing challenges.
Lower
Mixed FY2026 Guidance
While sales are expected to stabilize, the overall guidance for FY2026 is mixed, reflecting uncertainty in execution.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why GIS Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 18, 2026
Attractive valuation metrics
General Mills' trailing P/E of 9.51 and forward P/E of 13.79 suggest the stock may be undervalued relative to earnings potential.
Strong institutional ownership
Vanguard Group holds 9.5% of GIS shares, indicating confidence from major institutional investors.
Dividend compounding potential
The bullish thesis from Compounding Dividends highlights GIS as an attractive dividend growth investment.
Narrow economic moat
General Mills possesses a narrow moat, suggesting sustainable competitive advantages in its markets.
Comprehensive research coverage
Detailed investment memos with DCF analysis, price targets, and risk assessments support informed bullish positions.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
GIS Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$33.42
52W Range Position
7%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$31.75
+5.3% from the low
52-Week High
$54.18
-38.3% from the high
1 Month
-0.09%
3 Month
-11.09%
YTD
-26.9%
1 Year
-36.9%
3Y CAGR
-25.4%
5Y CAGR
-11.0%
10Y CAGR
-6.6%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
GIS vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
9.8x
vs 12.3x median
-20% below peer median
Revenue Growth
+0.9%
vs +2.1% median
-58% below peer median
Net Margin
12.1%
vs 3.8% median
+215% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
GIS GIS General Mills, Inc. | $17.8B | 9.8x | +0.9% | 12.1% | Hold | +11.6% |
K K Kellanova | $29.0B | 22.1x | +1.3% | 10.6% | Hold | -11.3% |
CPB CPB Campbell Soup Company | $6.3B | 9.7x | +2.7% | 6.1% | Hold | -2.3% |
CAG CAG Conagra Brands, Inc. | $6.3B | 7.8x | +0.4% | 0.1% | Hold | +15.2% |
SJM SJM The J. M. Smucker Company | $11.8B | 12.3x | +3.0% | -1.5% | Buy | +8.5% |
HRL HRL Hormel Foods Corporation | $13.3B | 16.3x | +2.1% | 3.8% | Hold | -2.7% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
GIS Dividend and Capital Return
GIS returns 13.9% total yield, led by a 7.19% dividend, raised 6 consecutive years. Buybacks add another 6.7%.
Dividend SustainableFCF Stretched
Total Shareholder Yield
13.9%
Dividend + buyback return per year
Buyback Yield
6.7%
Dividend Yield
7.19%
Payout Ratio
58.3%
How GIS Splits Its Return
Div 7.19%
Buyback 6.7%
Dividend 7.19%Buybacks 6.7%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.40
Growth Streak
Consecutive years of dividend increases
6Y
3Y Div CAGR
4.8%
5Y Div CAGR
4.1%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.2B
Estimated Shares Retired
36M
Approx. Share Reduction
6.7%
Shares Outstanding
Current diluted share count from the screening snapshot
534M
At 6.7%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.22 | — | — | — |
| 2025 | $2.42 | +1.7% | — | — |
| 2024 | $2.38 | +5.3% | — | — |
| 2023 | $2.26 | +7.6% | 2.8% | 5.3% |
| 2022 | $2.10 | +2.9% | 2.0% | 5.0% |
FAQ
7 questionsGIS Investor Questions
Common questions answered from live analyst data and company financials.
01Is General Mills, Inc. (GIS) stock a buy or sell in 2026?
General Mills, Inc. (GIS) is rated Hold by Wall Street analysts as of 2026. Of 34 analysts covering the stock, 8 rate it Buy or Strong Buy, 20 rate it Hold, and 6 rate it Sell or Strong Sell. The consensus 12-month price target is $37, implying +11.6% from the current price of $33. The bear case scenario is $22 and the bull case is $47.
02What is the GIS stock price target for 2026?
The Wall Street consensus price target for GIS is $37 based on 34 analyst estimates. The high-end target is $47 (+40.6% from today), and the low-end target is $30 (-10.2%). The base case model target is $35.
03Is General Mills, Inc. (GIS) stock overvalued in 2026?
GIS trades at 9.8x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals cheap versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for General Mills, Inc. (GIS) stock in 2026?
The primary risks for GIS in 2026 are: (1) Revenue Decline — General Mills faces declining sales and EPS amid shifting consumer habits, with FY2026 guidance indicating potential contraction. (2) Competitive Pressure — The company is under pressure from competitors across its product segments, including cereal, snacks, and pet food. (3) GLP-1 Debate Impact — The bear case for GIS includes concerns over the impact of GLP-1 drugs on cereal demand, questioning long-term growth. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is General Mills, Inc.'s revenue and earnings forecast?
Analyst consensus estimates GIS will report consensus revenue of $18.5B (+0.9% year-over-year) and EPS of $4.10 (+0.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $18.7B in revenue.
06When does General Mills, Inc. (GIS) report its next earnings?
General Mills, Inc. is expected to report its next earnings on approximately 2026-06-24. Consensus expects EPS of $0.82 and revenue of $4.6B. Over recent quarters, GIS has beaten EPS estimates 92% of the time.
07How much free cash flow does General Mills, Inc. generate?
General Mills, Inc. (GIS) generated $1.7B in free cash flow over the trailing twelve months — a free cash flow margin of 9.0%. GIS returns capital to shareholders through dividends (7.2% yield) and share repurchases ($1.2B TTM).