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General Mills

NYSE:GIS
Snowflake Description

6 star dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GIS
NYSE
$29B
Market Cap
  1. Home
  2. US
  3. Food, Beverage & Tobacco
Company description

General Mills, Inc. manufactures and markets branded consumer foods worldwide. The last earnings update was 91 days ago. More info.


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GIS Share Price and Events
7 Day Returns
2.6%
NYSE:GIS
1.3%
US Food
1.2%
US Market
1 Year Returns
6.1%
NYSE:GIS
-8.9%
US Food
3%
US Market
GIS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
General Mills (GIS) 2.6% 7.2% 23.6% 6.1% -20.8% -5.5%
US Food 1.3% -3.6% 1.7% -8.9% -13.1% 15.9%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • GIS outperformed the Food industry which returned -8.9% over the past year.
  • GIS outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
GIS
Industry
5yr Volatility vs Market

GIS Value

 Is General Mills undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of General Mills to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for General Mills.

NYSE:GIS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:GIS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.552 (1 + (1- 21%) (52.94%))
0.854
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.854 * 5.96%)
7.82%

Discounted Cash Flow Calculation for NYSE:GIS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for General Mills is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:GIS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.82%)
2019 2,140.00 Analyst x5 1,984.78
2020 2,135.80 Analyst x5 1,837.20
2021 2,131.75 Analyst x4 1,700.71
2022 2,155.50 Analyst x2 1,594.92
2023 1,998.00 Analyst x1 1,371.15
2024 1,988.46 Est @ -0.48% 1,265.63
2025 1,998.10 Est @ 0.48% 1,179.52
2026 2,021.25 Est @ 1.16% 1,106.63
2027 2,054.19 Est @ 1.63% 1,043.09
2028 2,094.45 Est @ 1.96% 986.39
Present value of next 10 years cash flows $14,070.02
NYSE:GIS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,094.45 × (1 + 2.73%) ÷ (7.82% – 2.73%)
$42,266.22
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $42,266.22 ÷ (1 + 7.82%)10
$19,905.53
NYSE:GIS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $14,070.02 + $19,905.53
$33,975.56
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $33,975.56 / 596.75
$56.93
NYSE:GIS Discount to Share Price
Calculation Result
Value per share (USD) From above. $56.93
Current discount Discount to share price of $48.29
= -1 x ($48.29 - $56.93) / $56.93
15.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price General Mills is available for.
Intrinsic value
15%
Share price is $48.29 vs Future cash flow value of $56.93
Current Discount Checks
For General Mills to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • General Mills's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • General Mills's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for General Mills's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are General Mills's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:GIS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-11-25) in USD $3.45
NYSE:GIS Share Price ** NYSE (2019-03-20) in USD $48.29
United States of America Food Industry PE Ratio Median Figure of 41 Publicly-Listed Food Companies 19.34x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of General Mills.

NYSE:GIS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:GIS Share Price ÷ EPS (both in USD)

= 48.29 ÷ 3.45

14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • General Mills is good value based on earnings compared to the US Food industry average.
  • General Mills is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does General Mills's expected growth come at a high price?
Raw Data
NYSE:GIS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
5%per year
United States of America Food Industry PEG Ratio Median Figure of 30 Publicly-Listed Food Companies 1.73x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

NYSE:GIS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14x ÷ 5%

2.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • General Mills is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on General Mills's assets?
Raw Data
NYSE:GIS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-11-25) in USD $11.15
NYSE:GIS Share Price * NYSE (2019-03-20) in USD $48.29
United States of America Food Industry PB Ratio Median Figure of 70 Publicly-Listed Food Companies 1.92x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
NYSE:GIS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:GIS Share Price ÷ Book Value per Share (both in USD)

= 48.29 ÷ 11.15

4.33x

* Primary Listing of General Mills.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • General Mills is overvalued based on assets compared to the US Food industry average.
X
Value checks
We assess General Mills's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. General Mills has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GIS Future Performance

 How is General Mills expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is General Mills expected to grow at an attractive rate?
  • General Mills's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • General Mills's earnings growth is positive but not above the United States of America market average.
  • General Mills's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:GIS Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:GIS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 5%
NYSE:GIS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 1.7%
United States of America Food Industry Earnings Growth Rate Market Cap Weighted Average 16.9%
United States of America Food Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:GIS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:GIS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-05-31 18,244 1
2022-05-31 18,020 3,070 2
2021-05-31 17,405 2,800 1,929 12
2020-05-31 17,198 2,717 1,921 15
2019-05-31 16,990 2,639 1,627 10
NYSE:GIS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-11-25 16,278 2,671 2,032
2018-08-26 16,065 2,858 2,119
2018-05-27 15,740 2,841 2,131
2018-02-25 15,657 2,892 2,186
2017-11-26 15,568 2,903 1,602
2017-08-27 15,481 2,635 1,653
2017-05-28 15,620 2,415 1,658
2017-02-26 15,741 2,426 1,628
2016-11-27 15,950 2,553 1,632
2016-08-28 16,263 2,570 1,680
2016-05-29 16,563 2,764 1,697
2016-02-28 16,934 2,844 1,505
2015-11-29 17,283 2,836 1,486

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • General Mills's earnings are expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
  • General Mills's revenue is expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:GIS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from General Mills Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GIS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-05-31
2022-05-31
2021-05-31 3.14 3.36 2.83 3.00
2020-05-31 3.14 3.25 2.96 5.00
2019-05-31 2.65 2.72 2.53 4.00
NYSE:GIS Past Financials Data
Date (Data in USD Millions) EPS *
2018-11-25 3.45
2018-08-26 3.64
2018-05-27 3.69
2018-02-25 3.80
2017-11-26 2.78
2017-08-27 2.84
2017-05-28 2.82
2017-02-26 2.75
2016-11-27 2.74
2016-08-28 2.81
2016-05-29 2.83
2016-02-28 2.51
2015-11-29 2.48

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • General Mills is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess General Mills's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
General Mills has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GIS Past Performance

  How has General Mills performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare General Mills's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • General Mills's year on year earnings growth rate has been positive over the past 5 years.
  • General Mills's 1-year earnings growth exceeds its 5-year average (26.8% vs 4.9%)
  • General Mills's earnings growth has exceeded the US Food industry average in the past year (26.8% vs 5.4%).
Earnings and Revenue History
General Mills's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from General Mills Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GIS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-11-25 16,277.70 2,031.50 2,760.10
2018-08-26 16,065.20 2,118.60 2,749.40
2018-05-27 15,740.40 2,131.00 2,718.60
2018-02-25 15,656.80 2,185.50 2,742.10
2017-11-26 15,567.70 1,601.90 2,778.10
2017-08-27 15,481.10 1,653.20 2,771.40
2017-05-28 15,619.80 1,657.50 2,801.30
2017-02-26 15,741.10 1,628.20 2,887.10
2016-11-27 15,950.30 1,632.10 2,955.30
2016-08-28 16,263.10 1,679.80 3,019.90
2016-05-29 16,563.10 1,697.40 3,118.90
2016-02-28 16,934.00 1,504.60 3,157.60
2015-11-29 17,282.50 1,486.10 3,183.20
2015-08-30 17,569.80 1,302.70 3,256.00
2015-05-31 17,630.30 1,221.30 3,312.00
2015-02-22 17,615.30 1,439.10 3,360.00
2014-11-23 17,641.80 1,506.50 3,420.70
2014-08-24 17,805.30 1,710.30 3,466.10
2014-05-25 17,909.60 1,824.40 3,474.30
2014-02-23 18,036.50 1,786.10 3,524.60
2013-11-24 18,089.70 1,773.90 3,557.00
2013-08-25 18,095.80 1,765.60 3,576.70
2013-05-26 17,774.10 1,855.20 3,540.30
2013-02-24 17,429.80 1,814.30 3,481.50
2012-11-25 17,119.30 1,807.40 3,445.70
2012-08-26 16,861.30 1,710.60 3,412.20
2012-05-27 16,657.90 1,567.30 3,380.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst General Mills has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • General Mills used its assets more efficiently than the US Food industry average last year based on Return on Assets.
  • General Mills's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess General Mills's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
General Mills has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GIS Health

 How is General Mills's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up General Mills's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • General Mills's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • General Mills's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of General Mills's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from General Mills Company Filings, last reported 3 months ago.

NYSE:GIS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-11-25 7,527.00 15,255.50 532.70
2018-08-26 7,347.40 15,613.70 432.90
2018-05-27 7,268.60 15,818.60 399.00
2018-02-25 6,152.20 9,624.90 953.10
2017-11-26 5,383.10 9,726.80 962.10
2017-08-27 5,250.40 10,087.70 820.80
2017-05-28 5,596.40 9,481.70 766.10
2017-02-26 5,272.70 9,723.10 899.10
2016-11-27 5,327.50 9,471.30 809.70
2016-08-28 6,129.60 8,871.90 765.70
2016-05-29 6,152.70 8,430.90 763.70
2016-02-28 6,090.40 8,768.20 782.70
2015-11-29 5,982.60 8,823.50 649.80
2015-08-30 6,138.60 9,433.70 450.60
2015-05-31 6,171.60 9,191.50 334.20
2015-02-22 6,650.60 10,291.10 784.20
2014-11-23 7,011.60 10,535.20 894.50
2014-08-24 7,641.90 9,319.90 841.20
2014-05-25 7,989.50 8,785.80 867.30
2014-02-23 7,765.40 8,928.70 847.10
2013-11-24 8,096.90 8,644.70 774.20
2013-08-25 8,289.70 8,244.60 758.90
2013-05-26 8,096.00 7,969.10 741.40
2013-02-24 8,463.60 8,058.60 751.20
2012-11-25 8,317.60 8,332.80 734.90
2012-08-26 7,944.80 8,585.20 1,508.40
2012-05-27 7,730.50 7,429.60 471.20
  • General Mills's level of debt (202.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (106.9% vs 202.7% today).
  • Debt is not well covered by operating cash flow (17.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.7x coverage).
X
Financial health checks
We assess General Mills's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. General Mills has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GIS Dividends

 What is General Mills's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.06%
Current annual income from General Mills dividends. Estimated to be 4.24% next year.
If you bought $2,000 of General Mills shares you are expected to receive $81 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • General Mills's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • General Mills's dividend is above the markets top 25% of dividend payers in United States of America (3.64%).
Upcoming dividend payment

Purchase General Mills on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:GIS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
United States of America Food Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:GIS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-05-31
2022-05-31
2021-05-31 2.14 9.00
2020-05-31 2.05 13.00
2019-05-31 1.98 13.00
NYSE:GIS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-05 1.960 4.252
2018-11-06 1.960 4.724
2018-09-25 1.960 4.485
2018-06-26 1.960 4.324
2018-03-19 1.960 4.459
2017-12-20 1.960 3.512
2017-09-26 1.960 3.677
2017-09-20 1.960 3.779
2017-03-14 1.920 3.399
2016-12-13 1.920 3.111
2016-09-27 1.920 3.098
2016-09-21 1.920 2.974
2016-03-08 1.840 2.794
2015-12-15 1.760 3.081
2015-09-29 1.760 3.071
2015-06-30 1.760 3.073
2015-03-10 1.760 3.174
2014-12-16 1.640 3.075
2014-09-23 1.640 3.204
2014-06-24 1.640 3.118
2014-03-11 1.640 3.103
2013-12-10 1.520 3.087
2013-09-24 1.520 3.061
2013-03-12 1.520 3.072
2012-12-11 1.320 3.091
2012-09-24 1.320 3.294
2012-06-26 1.320 3.399
2012-03-13 1.220 3.150
2011-12-13 1.220 3.080
2011-09-26 1.220 3.116
2011-06-28 1.220 3.283
2011-03-15 1.120 2.959
2010-12-13 1.120 3.103
2010-09-27 1.120 3.078
2010-06-28 1.120 3.146
2010-03-24 0.960 2.652
2009-12-14 0.980 2.751
2009-09-21 0.940 2.845
2009-06-29 0.940 3.191
2009-03-23 0.860 3.310

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of General Mills's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess General Mills's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can General Mills afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. General Mills has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GIS Management

 What is the CEO of General Mills's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jeff Harmening
COMPENSATION $7,973,615
AGE 51
TENURE AS CEO 1.8 years
CEO Bio

Mr. Jeffrey L. Harmening, also known as Jeff, has been the Chief Executive Officer at General Mills, Inc. since June 1, 2017. Mr. Harmening served as the President of General Mills, Inc. since July 1, 2016 until May 31, 2017 and served as its Executive Vice President and Chief Operating Officer of U.S. Retail since May 1, 2014 until 2016. He served as Chief Operating Officer of General Mills, Inc. since July 1, 2016 until May 31, 2017. He was appointed as President of General Mills in 2016. He joined General Mills in 1994. He served as Senior Vice President of General Mills, Inc. from April 1, 2011 to May 1, 2014 and as its Chief Executive Officer of Cereal Partners Worldwide from July 2012 to May 1, 2014. He served as President of Big G Cereals of General Mills Inc. since June 2007. Mr. Harmening served as Vice President of General Mills, Inc. He served as Vice President of marketing for Cereal Partners Worldwide (“CPW”), the company’s joint venture with Nestlé based in Switzerland, in 2003 and led its marketing strategy and activity in markets around the world. Prior to CPW, he led Big G New Enterprises, where he successfully launched Berry Burst Cheerios. He started his career at General Mills in 1994. Since 1994, he served in various marketing roles in the Betty Crocker, Yoplait USA and Big G divisions. He was promoted to Marketing Director in 2000 and held marketing director leadership roles in Big G New Enterprises and Foodservice New Business. He served as Vice President and Senior Vice President of the Big G cereal division from 2007 to 2012. He has been the Chairman and Director of General Mills, Inc. since January 1, 2018 and June 1, 2017 respectively. He holds Bachelor's degree from DePauw University in 1989 and MBA from Harvard University in 1994. He has Global, Marketing/ E-commerce experience. He is associated with Health and wellness. He is Senior Executive Leader with focus on Industry.

CEO Compensation
  • Jeff's compensation has increased by more than 20% in the past year.
  • Jeff's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the General Mills management team in years:

4.1
Average Tenure
51.5
Average Age
  • The tenure for the General Mills management team is about average.
Management Team

Jeff Harmening

TITLE
Chairman & CEO
COMPENSATION
$8M
AGE
51
TENURE
1.8 yrs

Don Mulligan

TITLE
Chief Financial Officer
COMPENSATION
$4M
AGE
57
TENURE
11.6 yrs

Richard Allendorf

TITLE
General Counsel & Secretary
COMPENSATION
$3M
AGE
57
TENURE
4.1 yrs

John Church

TITLE
Chief Supply Chain Officer & Global Business Solutions Officer
COMPENSATION
$2M
AGE
52
TENURE
10.9 yrs

Jon Nudi

TITLE
Group President of North America Retail
COMPENSATION
$3M
AGE
48
TENURE
2.2 yrs

Marie Pillai

TITLE
Chief Investment Officer
TENURE
10.2 yrs

Kofi Bruce

TITLE
Principal Accounting Officer
AGE
47
TENURE
1.6 yrs

Jodi Benson

TITLE
Chief Innovation

Jeff Siemon

TITLE
Vice President of Investor Relations

Mary Carver

TITLE
Chief Communications Officer
Board of Directors Tenure

Average tenure and age of the General Mills board of directors in years:

3.3
Average Tenure
56.5
Average Age
  • The tenure for the General Mills board of directors is about average.
Board of Directors

Jeff Harmening

TITLE
Chairman & CEO
COMPENSATION
$8M
AGE
51
TENURE
1.2 yrs

Steve Odland

TITLE
Independent Director
COMPENSATION
$270K
AGE
59
TENURE
14.4 yrs

David Cordani

TITLE
Independent Director
COMPENSATION
$270K
AGE
53
TENURE
4.3 yrs

Roger Ferguson

TITLE
Independent Director
COMPENSATION
$266K
AGE
67
TENURE
3.3 yrs

Maria Henry

TITLE
Independent Director
COMPENSATION
$260K
AGE
51
TENURE
2.8 yrs

Alicia Boler-Davis

TITLE
Independent Director
COMPENSATION
$263K
AGE
48
TENURE
2.3 yrs

Ronal Clark

TITLE
Independent Lead Director
COMPENSATION
$285K
AGE
65
TENURE
3.3 yrs

Heidi Miller

TITLE
Independent Director
COMPENSATION
$275K
AGE
65
TENURE
20.2 yrs

Eric Sprunk

TITLE
Independent Director
COMPENSATION
$260K
AGE
54
TENURE
3.3 yrs

Jorge Uribe

TITLE
Independent Director
COMPENSATION
$255K
AGE
62
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • General Mills insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
05. Feb 19 Sell Ronal Clark Individual 01. Feb 19 01. Feb 19 -7,849 $44.26 $-347,376
22. Aug 18 Buy Maria Sastre Individual 20. Aug 18 20. Aug 18 1,000 $47.37 $47,370
07. Aug 18 Sell Kofi Bruce Individual 03. Aug 18 03. Aug 18 -2,200 $47.28 $-104,007
11. Jul 18 Sell Jonathon Nudi Individual 09. Jul 18 09. Jul 18 -5,066 $44.44 $-225,155
24. May 18 Buy Jeffrey Harmening Individual 23. May 18 23. May 18 6,000 $42.18 $253,108
X
Management checks
We assess General Mills's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. General Mills has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GIS News

Simply Wall St News

Why We Think General Mills, Inc. (NYSE:GIS) Could Be Worth Looking At

(NYSE:GIS) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of GIS, it

Simply Wall St -

Why General Mills, Inc. (NYSE:GIS) Looks Like A Quality Company

By way of learning-by-doing, we'll look at ROE to gain a better understanding of General Mills, Inc. … Over the last twelve months General Mills has recorded a ROE of 27%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

General Mills, Inc. (NYSE:GIS) Is A Real Dividend Rock Star - Here Is Why

Over the past 10 years General Mills, Inc. … With a market cap of US$28b, General Mills pays out 57% of its earnings, leading to a 4.2% yield. … Check out our latest analysis for General Mills?

Simply Wall St -

Have Insiders Been Selling General Mills, Inc. (NYSE:GIS) Shares?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So shareholders might well want to know whether insiders have been buying or selling shares in General Mills, Inc. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'.

Simply Wall St -

Why General Mills, Inc. (NYSE:GIS) Should Be In Your Portfolio

(NYSE:GIS) has pleased shareholders over the past 10 years, by paying out dividends. … Let's dig deeper into whether General Mills should have a place in your portfolio. … See our latest analysis for General Mills?

Simply Wall St -

What Kind Of Investor Owns Most Of General Mills, Inc. (NYSE:GIS)?

Generally speaking, as a company grows, institutions will increase their ownership. … Our analysis of the ownership of the company, below, shows that. … Check out our latest analysis for General Mills

Simply Wall St -

Income Investors Should Know The General Mills, Inc. (NYSE:GIS) Ex-Dividend Date

Have you been keeping an eye on General Mills, Inc.'s (NYSE:GIS) upcoming dividend of US$0.49 per share payable on the 01 February 2019? … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Let's take a look at General Mills's most recent financial data to examine its dividend characteristics in more detail.

Simply Wall St -

Is There An Opportunity With General Mills, Inc.'s (NYSE:GIS) 28.27% Undervaluation?

by taking the foreast future cash flows of the company and discounting them back to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Do You Like General Mills Inc (NYSE:GIS) At This P/E Ratio?

We'll look at General Mills Inc's (NYSE:GIS) P/E ratio and reflect on what it tells us about the company's share price. … General Mills has a price to earnings ratio of 10.57, based on the last twelve months. … How Do I Calculate General Mills's Price To Earnings Ratio

Simply Wall St -

What Should You Know About General Mills Inc's (NYSE:GIS) Return On Capital?

and looking to gauge the potential return on investment in General Mills Inc (NYSE:GIS). … Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … To understand General Mills’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

GIS Company Info

Description

General 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, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks. 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, BLUE Wilderness, 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, Jeno’s, Jus-Rol, Kitano, Kix, La Salteña, Lärabar, Latina, Liberté, Lucky Charms, Muir Glen, Nature Valley, Oatmeal Crisp, Old El Paso, Pillsbury, Progresso, Raisin Nut Bran, Total, Totino’s, Trix, Wanchai Ferry, Wheaties, Yoki, and Yoplait trademarks. General Mills 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. It operates 507 leased and 372 franchise branded ice cream parlors. The company was founded in 1866 and is based in Minneapolis, Minnesota.

Details
Name: General Mills, Inc.
GIS
Exchange: NYSE
Founded: 1866
$28,817,005,201
596,748,917
Website: http://www.generalmills.com
Address: General Mills, Inc.
Number One General Mills Boulevard,
Minneapolis,
Minnesota, 55426,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE GIS Common Stock New York Stock Exchange US USD 02. Jan 1968
DB GRM Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
XTRA GRM Common Stock XETRA Trading Platform DE EUR 02. Jan 1968
LSE 0R1X Common Stock London Stock Exchange GB USD 02. Jan 1968
SWX GIS Common Stock SIX Swiss Exchange CH CHF 02. Jan 1968
WBAG GIS Common Stock Wiener Boerse AG AT EUR 02. Jan 1968
BMV GIS * Common Stock Bolsa Mexicana de Valores MX MXN 02. Jan 1968
Number of employees
Current staff
Staff numbers
40,000
General Mills employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 23:37
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/20
Last earnings filing: 2018/12/19
Last earnings reported: 2018/11/25
Last annual earnings reported: 2018/05/27


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.