Upside case
Bull case
$50+42.6%
GIS would need investors to value it at roughly 15x 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 May 1, 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
9 bullish · 6 bearish · 34 covering GIS
Strong Buy
0
Buy
9
Hold
19
Sell
6
Strong Sell
0
Consensus Target
$47
+32.8% vs today
Scenario Range
$29 – $50
Model bear to bull value window
Coverage
34
Published analyst ratings
Valuation Context
10.2x
Forward P/E · Market cap $18.7B
GIS price targets
Three scenarios for where GIS stock could go
Current
~$35
Confidence
63 / 100
Updated
May 1, 2026
Where we are now
Current · $35
Bear
$29
Base
$35
Bull
$50
Market caseClosest to today
Base case
$35-0.8%
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
$29-18.2%
If investor confidence fades or macro conditions deteriorate, a 2x multiple contraction could push GIS down roughly 18% 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
$18.7B
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
$18.4B
-0.1% YoY
FY2
$18.2B
-1.0% YoY
EPS Outlook
FY1
$3.92
-4.1% YoY
FY2
$4.07
+3.9% YoY
Trailing FCF (TTM)$1.7B
FCF Margin: 9.0%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
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
Significantly Undervalued
Fair value est. $66 — implies +90.8% from today's price.
Upside to Fair Value
90.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
GIS
8.6x
vs
S&P 500
25.2x
66% discount
vs Consumer Defensive Trailing P/E
GIS
8.6x
vs
Consumer Defensive
19.6x
56% discount
vs GIS 5Y Avg P/E
Today
8.6x
vs
5Y Average
16.2x
47% discount
Forward PE
10.2x
S&P 500
19.1x
-46%
Consumer Defensive
14.6x
-30%
5Y Avg
—
—
Trailing PE
8.6x
S&P 500
25.2x
-66%
Consumer Defensive
19.6x
-56%
5Y Avg
16.2x
-47%
PEG Ratio
2.99x
S&P 500
1.75x
+71%
Consumer Defensive
1.85x
+61%
5Y Avg
—
—
EV/EBITDA
8.8x
S&P 500
15.3x
-43%
Consumer Defensive
11.4x
-23%
5Y Avg
13.5x
-35%
Price/FCF
8.2x
S&P 500
21.3x
-62%
Consumer Defensive
15.7x
-48%
5Y Avg
16.9x
-52%
Price/Sales
1.0x
S&P 500
3.1x
-69%
Consumer Defensive
0.8x
+14%
5Y Avg
2.1x
-54%
Dividend Yield
6.85%
S&P 500
1.88%
+265%
Consumer Defensive
2.73%
+150%
5Y Avg
3.32%
+106%
| Metric | GIS | S&P 500 | Consumer Defensive | 5Y Avg GIS |
|---|---|---|---|---|
| Forward PE | 10.2x | 19.1x-46% | 14.6x-30% | — |
| Trailing PE | 8.6x | 25.2x-66% | 19.6x-56% | 16.2x-47% |
| PEG Ratio | 2.99x | 1.75x+71% | 1.85x+61% | — |
| EV/EBITDA | 8.8x | 15.3x-43% | 11.4x-23% | 13.5x-35% |
| Price/FCF | 8.2x | 21.3x-62% | 15.7x-48% | 16.9x-52% |
| Price/Sales | 1.0x | 3.1x-69% | 0.8x+14% | 2.1x-54% |
| Dividend Yield | 6.85% | 1.88% | 2.73% | 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 13.3% 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
13.3%
Dividend
6.8%
Buyback
6.4%
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
558M
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 April 29, 2026
High Risk
Consolidating Retail Environment
Increased consolidation among retailers gives them more leverage, potentially impacting General Mills' profit margins. This trend poses a significant risk to the company's ability to maintain profitability.
High Risk
Debt Load
General Mills carries a significant debt load of $14.4 billion, with a debt-to-equity ratio of 1.17 and a Debt-to-EBITDA ratio of 3.65x. This high level of debt can be particularly risky in a rising interest rate environment, especially if earnings decline.
High Risk
Declining Sales Volumes
General Mills' average quarterly sales volumes have decreased over the past two years, which is concerning for a consumer staples business where stable demand is expected. This decline could adversely affect revenue and profitability.
Medium
Revenue Growth Concerns
The company experienced an 8.4% decline in revenue year-over-year, with projected revenue growth for the next 12 months expected to stall, which is below the sector average. This stagnation raises concerns about the company's future financial performance.
Medium
Manufacturing and Product Quality
Risks associated with manufacturing processes, product quality, and potential recalls could adversely affect General Mills' reputation and financial performance. Such issues can lead to significant costs and loss of consumer trust.
Medium
Competition
Intense competition, particularly from private labels in the mature North American retail segment (approximately 60% of sales), poses a challenge to volume growth. This competitive pressure can further impact market share and profitability.
Lower
Reliance on North America
Heavy reliance on the mature North American retail segment presents a primary risk due to challenging volume growth conditions. This dependence may limit the company's ability to diversify its revenue streams.
Lower
Limited Upside Potential
The consensus price target suggests limited upside potential for the stock, making it less attractive for growth-focused investors. This perception may hinder investment interest and stock performance.
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 April 29, 2026
Valuation and Dividends
General Mills is trading at a historically low P/E ratio compared to its peers, making it an attractive investment. Additionally, the stock offers a secure dividend yield of approximately 6.9% to 7.0%, providing a steady income stream for investors.
Financial Strength and Operational Improvements
The company has shown the ability to generate significant revenue and maintain profitability in a competitive market. Management is implementing cost-saving initiatives like Holistic Margin Management, targeting at least 5% savings and an additional $100 million in fiscal year 2026, which will enhance operational efficiency.
Brand Portfolio and Market Position
General Mills boasts a diverse portfolio of well-known brands, including Cheerios, Häagen-Dazs, and Blue Buffalo, which help stabilize earnings. The company holds dominant market share in many categories, positioning it well for future growth.
Strategic Investments for Growth
The company is focusing on strategic investments in price gap management and product innovation, which are expected to enhance brand growth prospects. These initiatives are projected to improve profit growth by late fiscal year 2026.
Improved Market Share Performance
General Mills has demonstrated improved market share performance in modestly growing categories, indicating its resilience and ability to adapt to market conditions. This positions the company favorably for capturing future growth opportunities.
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
$35.07
52W Range Position
7%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$33.58
+4.5% from the low
52-Week High
$55.35
-36.6% from the high
1 Month
-6.90%
3 Month
-26.74%
YTD
-23.3%
1 Year
-35.7%
3Y CAGR
-26.9%
5Y CAGR
-11.2%
10Y CAGR
-5.6%
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
10.2x
vs 10.7x median
-5% below peer median
Revenue Growth
-0.1%
vs +1.4% median
-105% below peer median
Net Margin
12.1%
vs 4.0% median
+199% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
GIS GIS General Mills, Inc. | $18.7B | 10.2x | -0.1% | 12.1% | Hold | +32.8% |
K K Kellanova | $29.0B | 22.1x | +0.3% | 10.6% | Hold | -11.3% |
CPB CPB Campbell Soup Company | $6.2B | 9.6x | +2.7% | 5.5% | Hold | +23.2% |
CAG CAG Conagra Brands, Inc. | $6.7B | 8.3x | +0.7% | 0.1% | Hold | +24.7% |
SJM SJM The J. M. Smucker Company | $10.3B | 10.7x | +3.6% | -14.1% | Hold | +17.1% |
HRL HRL Hormel Foods Corporation | $11.4B | 14.1x | +1.4% | 4.0% | Hold | +31.6% |
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 13.3% total yield, led by a 6.85% dividend, raised 6 consecutive years. Buybacks add another 6.4%.
Dividend SustainableFCF Stretched
Total Shareholder Yield
13.3%
Dividend + buyback return per year
Buyback Yield
6.4%
Dividend Yield
6.85%
Payout Ratio
58.3%
How GIS Splits Its Return
Div 6.85%
Buyback 6.4%
Dividend 6.85%Buybacks 6.4%
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
34M
Approx. Share Reduction
6.2%
Shares Outstanding
Current diluted share count from the screening snapshot
558M
At 6.2%/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, 9 rate it Buy or Strong Buy, 19 rate it Hold, and 6 rate it Sell or Strong Sell. The consensus 12-month price target is $47, implying +32.8% from the current price of $35. The bear case scenario is $29 and the bull case is $50.
02What is the GIS stock price target for 2026?
The Wall Street consensus price target for GIS is $47 based on 34 analyst estimates. The high-end target is $63 (+79.6% from today), and the low-end target is $35 (-0.2%). The base case model target is $35.
03Is General Mills, Inc. (GIS) stock overvalued in 2026?
GIS trades at 10.2x 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 significantly undervalued. 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) Consolidating Retail Environment — Increased consolidation among retailers gives them more leverage, potentially impacting General Mills' profit margins. (2) Debt Load — General Mills carries a significant debt load of $14. (3) Declining Sales Volumes — General Mills' average quarterly sales volumes have decreased over the past two years, which is concerning for a consumer staples business where stable demand is expected. 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 $18.4B (-0.1% year-over-year) and EPS of $3.92 (-4.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $18.2B in revenue.
06When does General Mills, Inc. (GIS) report its next earnings?
A confirmed upcoming earnings date for GIS is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
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 (6.8% yield) and share repurchases ($1.2B TTM).