Latest Ratios: P/E Ratio -223.9x · EV/EBITDA 36.4x · ROE -1.1%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.1B | $18.5B | $29.8B | $39.6B | $50.6B | $42.8B | $38.9B | $38.7B | $29.9B | $24.8B | $33.9B |
| Enterprise Value | $32.2B | $31.6B | $44.7B | $52.5B | $62.1B | $54.2B | $50.4B | $50.9B | $44.0B | $40.2B | $42.6B |
| P/E Ratio → | -223.88 | — | 13.02 | 15.85 | 19.53 | 15.81 | 16.63 | 17.71 | 17.05 | 11.62 | 20.48 |
| P/S Ratio | 1.04 | 1.00 | 1.53 | 1.99 | 2.52 | 2.25 | 2.15 | 2.19 | 1.77 | 1.57 | 2.17 |
| P/B Ratio | 2.66 | 2.51 | 3.23 | 4.10 | 4.73 | 3.97 | 3.75 | 4.35 | 3.78 | 3.41 | 6.06 |
| P/FCF | 11.75 | 11.38 | 12.98 | 15.65 | 24.23 | 15.58 | 15.87 | 12.02 | 13.19 | 11.17 | 19.60 |
| P/OCF | 8.82 | 8.55 | 10.20 | 11.98 | 18.21 | 12.91 | 13.05 | 10.52 | 10.66 | 8.72 | 14.67 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.71 | 2.29 | 2.64 | 3.09 | 2.85 | 2.78 | 2.89 | 2.61 | 2.55 | 2.73 |
| EV / EBITDA | 36.35 | 35.67 | 11.63 | 13.17 | 15.60 | 13.40 | 13.46 | 14.34 | 14.02 | 13.23 | 13.78 |
| EV / EBIT | 36.35 | 33.47 | 13.21 | 14.88 | 17.56 | 15.09 | 15.35 | 16.57 | 16.85 | 15.94 | 16.57 |
| EV / FCF | — | 19.43 | 19.49 | 20.75 | 29.72 | 19.74 | 20.56 | 15.83 | 19.38 | 18.12 | 24.64 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.6% | 33.6% | 34.6% | 34.9% | 32.6% | 33.7% | 35.6% | 34.8% | 34.1% | 34.5% | 35.6% |
| Operating Margin | 4.8% | 4.8% | 17.0% | 17.3% | 17.1% | 18.3% | 17.3% | 16.8% | 14.9% | 15.4% | 16.0% |
| Net Profit Margin | -0.5% | -0.5% | 11.8% | 12.6% | 12.9% | 14.3% | 12.9% | 12.4% | 10.4% | 13.5% | 10.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.1% | -1.1% | 24.3% | 24.5% | 24.1% | 25.6% | 24.3% | 25.9% | 23.1% | 33.1% | 28.2% |
| ROA | -0.3% | -0.3% | 7.1% | 7.9% | 8.3% | 8.6% | 7.5% | 7.2% | 5.8% | 8.1% | 7.6% |
| ROIC | 3.0% | 3.0% | 10.6% | 11.5% | 11.6% | 11.8% | 11.0% | 10.3% | 8.5% | 9.8% | 13.3% |
| ROCE | 3.7% | 3.7% | 13.3% | 14.2% | 14.6% | 14.9% | 13.4% | 12.7% | 10.9% | 12.2% | 15.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.83 | 1.83 | 1.66 | 1.38 | 1.13 | 1.11 | 1.25 | 1.56 | 1.83 | 2.18 | 1.69 |
| Debt / EBITDA | 15.28 | 15.28 | 3.98 | 3.34 | 3.03 | 2.96 | 3.47 | 3.92 | 4.62 | 5.21 | 3.06 |
| Net Debt / Equity | — | 1.77 | 1.62 | 1.34 | 1.07 | 1.06 | 1.11 | 1.38 | 1.77 | 2.12 | 1.56 |
| Net Debt / EBITDA | 14.77 | 14.77 | 3.88 | 3.24 | 2.88 | 2.82 | 3.07 | 3.45 | 4.48 | 5.07 | 2.82 |
| Debt / FCF | — | 8.05 | 6.51 | 5.10 | 5.49 | 4.15 | 4.69 | 3.81 | 6.19 | 6.95 | 5.04 |
| Interest Coverage | 1.75 | 1.75 | 6.16 | 7.01 | 8.99 | 9.54 | 7.86 | 6.67 | 5.04 | 6.32 | 8.54 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.68 | 0.68 | 0.67 | 0.65 | 0.69 | 0.63 | 0.70 | 0.68 | 0.59 | 0.56 | 0.76 |
| Quick Ratio | 0.40 | 0.40 | 0.43 | 0.38 | 0.40 | 0.40 | 0.48 | 0.49 | 0.37 | 0.34 | 0.48 |
| Cash Ratio | 0.07 | 0.07 | 0.05 | 0.06 | 0.09 | 0.10 | 0.23 | 0.22 | 0.06 | 0.05 | 0.14 |
| Asset Turnover | — | 0.61 | 0.59 | 0.63 | 0.64 | 0.61 | 0.57 | 0.57 | 0.56 | 0.51 | 0.72 |
| Inventory Turnover | 6.38 | 6.38 | 6.67 | 6.81 | 6.24 | 6.74 | 6.42 | 8.06 | 7.12 | 6.27 | 6.78 |
| Days Sales Outstanding | — | 32.62 | 36.28 | 35.63 | 36.58 | 37.69 | 36.55 | 36.67 | 42.68 | 44.04 | 38.06 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.7% | 7.1% | 4.5% | 3.4% | 2.5% | 2.9% | 3.2% | 3.1% | 3.9% | 4.6% | 3.3% |
| Payout Ratio | — | — | 58.3% | 54.6% | 49.7% | 46.0% | 53.3% | 54.8% | 67.4% | 53.5% | 68.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.7% | 6.3% | 5.1% | 6.3% | 6.0% | 5.6% | 5.9% | 8.6% | 4.9% |
| FCF Yield | 8.5% | 8.8% | 7.7% | 6.4% | 4.1% | 6.4% | 6.3% | 8.3% | 7.6% | 9.0% | 5.1% |
| Buyback Yield | 2.6% | 2.7% | 4.0% | 5.1% | 2.8% | 2.0% | 0.8% | 0.0% | 0.0% | 2.4% | 4.9% |
| Total Shareholder Yield | 9.3% | 9.8% | 8.5% | 8.5% | 5.3% | 5.0% | 4.0% | 3.1% | 4.0% | 7.0% | 8.2% |
| Shares Outstanding | — | $548M | $558M | $580M | $601M | $613M | $619M | $613M | $605M | $586M | $598M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GIS stock.
General Mills, Inc.'s current P/E ratio is -223.9x. The historical average is 18.9x.
General Mills, Inc.'s current EV/EBITDA is 36.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
General Mills, Inc.'s return on equity (ROE) is -1.1%. The historical average is 39.3%.
Based on historical data, General Mills, Inc. is trading at a P/E of -223.9x. Compare with industry peers and growth rates for a complete picture.
General Mills, Inc.'s current dividend yield is 6.71%.
General Mills, Inc. has 33.6% gross margin and 4.8% operating margin.
General Mills, Inc.'s Debt/EBITDA ratio is 15.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Goodwill impairment and leverage
Metrics are mathematically derived from official filings.
Margin Volatility Masks Core Erosion
Gross margin fluctuated between 30.6% and 36.9% over ten quarters, with operating margin swinging from 38.2% to -45.4% in 2026Q4, per quarterly disclosures, indicating significant non-recurring charges distorting underlying profitability.
The latest quarter's operating loss of $2.1 billion, as reported in financial statements, appears driven by one-time impairments rather than operational collapse, given the prior quarter's 15.0% operating margin. However, the trend of declining net margins from 13.1% in 2024Q3 to 6.8% in 2026Q3 suggests structural pressure from input costs and competitive pricing. Investors should monitor adjusted operating margins excluding charges to assess true earning power, which may be closer to the 12-15% range seen in earlier quarters.
Return on Capital Decaying Sharply
ROIC fell from 3.2% in 2024Q3 to -7.3% in 2026Q4, while ROE dropped from 6.9% to -24.0%, based on reported figures, reflecting both margin compression and a shrinking equity base from buybacks and losses.
The negative ROIC in the latest quarter is largely attributable to the goodwill impairment that wiped out earnings, but even excluding that, ROIC has hovered around 2-3% in recent quarters, well below the cost of capital. This suggests the company is not compounding returns on invested capital, and the asset-light model with heavy goodwill (47% of assets) may be overstating the productive capital base. The decline in asset turnover to 0.15x further indicates inefficiency in generating sales from assets, a trend that warrants close monitoring.
Working Capital Efficiency Improves
Cash conversion cycle improved to -23 days in 2026Q4 from -15 days in 2024Q3, as DPO rose to 120 days, per quarterly data, indicating General Mills is increasingly using supplier financing to fund operations.
The negative CCC, driven by extended payables, suggests the company holds significant leverage over suppliers, which may be a deliberate strategy to conserve cash. However, DSO has crept up from 31 to 37 days over the same period, indicating slower collections, which could signal customer payment stress. Asset turnover remains low at 0.15x, reflecting the capital intensity of the packaged foods industry, but the working capital improvements provide some offset to margin pressures.
Leverage Rising as Equity Erodes
Debt-to-equity climbed to 1.83 in 2026Q4 from 1.38 a year earlier, while interest coverage turned negative at -13.73x, per balance sheet data, reflecting a shrinking equity base and a large impairment charge.
The deterioration in leverage metrics is partly mechanical: the $2.0 billion net loss reduced equity, while debt remained elevated at $13.5 billion. Excluding the impairment, interest coverage would be around 4-5x, which is manageable but has declined from 7.51x in 2024Q3. The company's ability to service debt appears adequate in the near term, but the rising D/E and negative coverage in the latest quarter highlight vulnerability to further write-downs or margin shocks. Investors should monitor refinancing needs given the thin liquidity buffer.
Liquidity Buffer Thin and Deteriorating
Current ratio fell to 0.68 in 2026Q4 from 0.67 a year earlier, with quick ratio at 0.40, per quarterly data, indicating a tight liquidity position relative to short-term obligations.
The current ratio below 1.0 suggests General Mills relies on operating cash flow and access to credit markets to meet short-term liabilities, which is typical for the industry but risky given the recent earnings volatility. Cash balances dropped to $453.8 million, which is modest relative to the $13.5 billion debt load. Under a severe stress scenario, such as a prolonged revenue decline or further impairments, the company may face liquidity constraints, though its investment-grade status and cash flow generation provide some cushion.
P/E Misleading Due to Impairments
The trailing P/E of -232.88 is distorted by a one-time goodwill impairment, while forward P/E of 10.94 appears more representative, per valuation data, but investors should use EV/EBITDA or P/FCF for a clearer picture.
The negative trailing P/E is a result of the $2.0 billion net loss in 2026Q4, which is non-recurring and not indicative of ongoing earning power. The forward P/E of 10.94, based on analyst estimates, suggests the market expects earnings to recover, but this may be optimistic given the revenue decline. EV/EBITDA of 37.22 on trailing basis is inflated by the impairment, while forward EV/EBITDA of 8.87 is more reasonable. P/FCF of 12.23 provides a cleaner valuation metric, as free cash flow is less affected by non-cash charges. Investors should focus on cash-based multiples and adjust for one-time items when assessing GIS's valuation.