# General Mills (GIS.US)

Canonical: https://gigainvestors.com/s/GIS

Analysis as of: 2026-10-16T07:28:47.168Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $32.88 per share; close as of 2026-10-15.

Estimated value: low $42.98 per share, central $48.89 per share, high $56.76 per share. Buy at or below the central value $48.89 per share. Valuation as of 2026-10-16T07:28:47.168Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.15×

- FY2019: 0.15×

- FY2020: 0.17×

- FY2021: 0.17×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.17×

- FY2025: 0.17×

- FY2026: 0.05×

### moat: pass

- ROIC, median of available years: 37.3%

- ROIC, second-lowest year: 29.4%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 34.5%

- Recent gross margin (lower of latest and 3-year median): 33.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 10.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 41.9%

- FY2018: 31.5%

- FY2019: 29.4%

- FY2020: 38.1%

- FY2021: 37.9%

- FY2022: 39.1%

- FY2023: 38.1%

- FY2024: 36.8%

- FY2025: 31.1%

- FY2026: 9.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $9.7B

- Net income, five-year total: $10B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -6.0 pp

- Working capital / revenue, final three-year average: -0.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.91×

- FY2025: 0.96×

- FY2026: 0.83×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 31.5% vs 31.1%

- Per-share earnings: 2.77 to 4.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -2.8%

- Market cap gain: -$16B

- Cumulative retained earnings: $7.4B

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -2.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 5.1%

- Per-share value change: $1.34

- Per-share value, starting three-year median: $2.77

- Per-share value, ending three-year median: $4.12

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 2.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $9.9B

- Cumulative net income, 10 years: $20B

- ROIC, first three-year median: 31.5%

- ROIC, last three-year median: 31.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.77

- FY2018: $3.64

- FY2019: $2.90

- FY2020: $3.56

- FY2021: $3.78

- FY2022: $4.42

- FY2023: $4.31

- FY2024: $4.31

- FY2025: $4.12

- FY2026: -$0.16

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 3.7%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.83×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.0%

- FY2018: -2.3%

- FY2019: -3.5%

- FY2020: -4.9%

- FY2021: -2.0%

- FY2022: -2.0%

- FY2023: -0.6%

- FY2024: -2.6%

- FY2025: -1.9%

- FY2026: -7.5%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 63% since Apr 2023 · "General Mills is facing high inflation while its cost-saving initiatives are still ramping up." (finance.yahoo.com, Sep 2026) · sales -5.4%

Story as of 2026-10-16T09:58:49.319Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.1% a year for ten years

- 2025-05-27: General Mills Expects $130 Million in Charges from Transformation Initiative ([finance.yahoo.com](https://finance.yahoo.com/m/3edbf4b3-e728-3ec5-8c88-4abefeefcaeb/general-mills-expects-%24130.html))

- 2025-06-25: General Mills Quarterly Sales Trail Views; Issues Guidance for Lower Fiscal 2026 Earnings ([finance.yahoo.com](https://finance.yahoo.com/news/general-mills-quarterly-sales-trail-124750086.html))

- 2025-10-02: Three General Mills plants for chop in push on costs ([finance.yahoo.com](https://finance.yahoo.com/news/three-general-mills-plants-chop-095533492.html))

- 2026-03-18: General Mills Reaffirms Continued Sales Slump After Earnings Miss. The Stock Falls. ([finance.yahoo.com](https://finance.yahoo.com/m/d0409657-02fc-3868-a66b-e1c95f89053d/general-mills-reaffirms.html))

- 2026-04-04: Deutsche Bank Sees Cost and Demand Risks, Trims General Mills (GIS) ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/deutsche-bank-sees-cost-demand-051510802.html))

- 2026-09-22: General Mills faces pressure from costs and weak consumption ahead of results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/general-mills-faces-pressure-costs-171000977.html))

### Sales · FY2025–2026

sales -5.4%; source https://www.sec.gov/Archives/edgar/data/40704/000162828026046466/gis-20260531.htm; observed 2026-07-01.

- FY2017: $16B 

- FY2018: $16B 

- FY2019: $17B 

- FY2020: $18B 

- FY2021: $18B 

- FY2022: $19B 

- FY2023: $20B 

- FY2024: $20B 

- FY2025: $19B 

- FY2026: $18B 

### Gross margin · FY2026

gross margin 33.6%; source https://www.sec.gov/Archives/edgar/data/40704/000162828026046466/gis-20260531.htm; observed 2026-07-01.

- FY2017: 35.6% 

- FY2018: 34.5% 

- FY2019: 34.1% 

- FY2020: 34.8% 

- FY2021: 35.6% 

- FY2022: 33.7% 

- FY2023: 32.6% 

- FY2024: 34.9% 

- FY2025: 34.6% 

- FY2026: 33.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are USD 18.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/40704/000162828026046466/gis-20260531.htm (filed 2026-07-01); FY2026: revenue 18424600000; grossProfit 6195700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GIS.US: General Mills, Inc. manufactures and markets branded consumer food in the United States and internationally. The company operates through four segments: North America Retail; International; North America Pet; and North America Foodservice. It offers snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; ready-to-eat cereal; convenient meals comprising meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; wholesome natural pet food; refrigerated and frozen dough; baking mixes and ingredients; and ice cream products. The company also offers dog and cat food, such as dry food, wet food, fresh food, and treats. In addition, it operates 232 and franchises 376 ice cream parlors. The company markets its products under the Annie's, Betty Crocker, Bisquick, Blue Buffalo, Bugles, Cascadian Farm, Cheerios, Chex, Cinnamon Toast Crunch, Cocoa Puffs, Cookie Crisp, Dunkaroos, Edgard & Cooper, Fiber One, Fruit by the Foot, Fruit Gushers, Fruit Roll-Ups, Gardetto's, Gold Medal, Golden Grahams, Häagen-Dazs, Kitano, Kix, Lärabar, Latina, Lucky Charms, Nature Valley, Nudges, Oatmeal Crisp, Old El Paso, Pillsbury, Progresso, Tastefuls, Tiki Pets, Total, Totino's, Trix, True Solutions, Wanchai Ferry, Wheaties, Wilderness, and Yoki brands. It sells its products to grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, e-commerce retailers, commercial and noncommercial foodservice distributors and operators, restaurants, convenience stores, and pet specialty stores. The company was founded in 1866 and is headquartered in Minneapolis, Minnesota.

### Why customers stay

Margins ranged from 33.6% to 34.9% during 2024–26; it earns 37.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2024: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2025: grossProfit / revenue = 34.6%.

- Source: https://www.sec.gov/Archives/edgar/data/40704/000162828026046466/gis-20260531.htm (filed 2026-07-01); FY2026: grossProfit / revenue = 33.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); 10-year return on capital observations [[2017,0.4187647593921349],[2018,0.3145068316851524],[2019,0.29389956174250276],[2020,0.38057024071382756],[2021,0.378644120413073],[2022,0.3910092126885512],[2023,0.38097612266281855],[2024,0.3680658945379661],[2025,0.31133623877719807],[2026,0.09095605194148684]]; median 0.37335500747551953. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 500.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2017: growth capex 0; upkeep 684400000; owner earnings 1576700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2018: growth capex 3900000; upkeep 618800000; owner earnings 2131000000. Growth capex / owner earnings = 0.0018301267010793056.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2019: growth capex 0; upkeep 537600000; owner earnings 1835200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2020: growth capex 0; upkeep 460800000; owner earnings 2315100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2021: growth capex 0; upkeep 530800000; owner earnings 2410300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2022: growth capex 0; upkeep 568700000; owner earnings 2708900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2023: growth capex 142900000; upkeep 546600000; owner earnings 2593900000. Growth capex / owner earnings = 0.0550907899302209.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2024: growth capex 0; upkeep 774100000; owner earnings 2275200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); FY2025: growth capex 0; upkeep 625300000; owner earnings 2208900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); Dividend observations: [[2017,1135100000],[2018,1139700000],[2019,1181700000],[2020,1195800000],[2021,1246400000],[2022,1244500000],[2023,1287900000],[2024,1363400000],[2025,1338700000],[2026,1315300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/40704/000162828026046466/gis-20260531.htm (filed 2026-07-01); FY2026: cash repurchases 500300000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GIS.US SharesStats.PercentInsiders = 0.291 percentage points; cache date 2026-10-16.

### What could break it

"Our international operations are subject to political and economic risks." (SEC filing, Jul 2026)

- Source: https://www.sec.gov/Archives/edgar/data/40704/000162828026046466/gis-20260531.htm (filed 2026-07-01); Our international operations are subject to political and economic risks.

### What the price says

The price assumes cash profits shrink 4.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-01); Ten-year compound average after fade. Initial solved rate -0.0704962193121374. Price 32.88; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.5759110965844094 → FY2026 -0.1344615956853264. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $61.98 per share

- 2016-11: $60.94 per share

- 2016-12: $61.77 per share

- 2017-01: $62.48 per share

- 2017-02: $60.37 per share

- 2017-03: $59.01 per share

- 2017-04: $57.51 per share

- 2017-05: $56.74 per share

- 2017-06: $55.40 per share

- 2017-07: $55.66 per share

- 2017-08: $53.26 per share

- 2017-09: $51.76 per share

- 2017-10: $51.92 per share

- 2017-11: $56.56 per share

- 2017-12: $59.29 per share

- 2018-01: $58.49 per share

- 2018-02: $50.55 per share

- 2018-03: $45.06 per share

- 2018-04: $43.74 per share

- 2018-05: $42.29 per share

- 2018-06: $44.26 per share

- 2018-07: $46.06 per share

- 2018-08: $46.01 per share

- 2018-09: $42.92 per share

- 2018-10: $43.80 per share

- 2018-11: $42.31 per share

- 2018-12: $38.94 per share

- 2019-01: $44.44 per share

- 2019-02: $47.13 per share

- 2019-03: $51.75 per share

- 2019-04: $51.47 per share

- 2019-05: $49.44 per share

- 2019-06: $52.52 per share

- 2019-07: $53.11 per share

- 2019-08: $53.80 per share

- 2019-09: $55.12 per share

- 2019-10: $50.86 per share

- 2019-11: $53.32 per share

- 2019-12: $53.56 per share

- 2020-01: $52.22 per share

- 2020-02: $49.00 per share

- 2020-03: $52.77 per share

- 2020-04: $59.89 per share

- 2020-05: $63.04 per share

- 2020-06: $61.65 per share

- 2020-07: $63.27 per share

- 2020-08: $63.95 per share

- 2020-09: $61.68 per share

- 2020-10: $59.12 per share

- 2020-11: $60.82 per share

- 2020-12: $58.80 per share

- 2021-01: $58.10 per share

- 2021-02: $55.01 per share

- 2021-03: $61.32 per share

- 2021-04: $60.86 per share

- 2021-05: $62.86 per share

- 2021-06: $60.93 per share

- 2021-07: $58.86 per share

- 2021-08: $57.81 per share

- 2021-09: $59.82 per share

- 2021-10: $61.80 per share

- 2021-11: $61.77 per share

- 2021-12: $67.38 per share

- 2022-01: $68.68 per share

- 2022-02: $67.43 per share

- 2022-03: $67.72 per share

- 2022-04: $70.73 per share

- 2022-05: $69.85 per share

- 2022-06: $75.45 per share

- 2022-07: $74.79 per share

- 2022-08: $76.80 per share

- 2022-09: $76.61 per share

- 2022-10: $81.58 per share

- 2022-11: $85.30 per share

- 2022-12: $83.85 per share

- 2023-01: $78.36 per share

- 2023-02: $79.51 per share

- 2023-03: $85.46 per share

- 2023-04: $88.63 per share

- 2023-05: $84.16 per share

- 2023-06: $76.70 per share

- 2023-07: $74.74 per share

- 2023-08: $67.66 per share

- 2023-09: $63.99 per share

- 2023-10: $65.24 per share

- 2023-11: $63.66 per share

- 2023-12: $65.14 per share

- 2024-01: $64.91 per share

- 2024-02: $64.18 per share

- 2024-03: $69.97 per share

- 2024-04: $70.46 per share

- 2024-05: $68.75 per share

- 2024-06: $63.26 per share

- 2024-07: $67.14 per share

- 2024-08: $72.29 per share

- 2024-09: $73.85 per share

- 2024-10: $68.02 per share

- 2024-11: $66.26 per share

- 2024-12: $63.77 per share

- 2025-01: $60.14 per share

- 2025-02: $60.62 per share

- 2025-03: $59.79 per share

- 2025-04: $56.74 per share

- 2025-05: $54.26 per share

- 2025-06: $51.81 per share

- 2025-07: $48.98 per share

- 2025-08: $49.33 per share

- 2025-09: $50.42 per share

- 2025-10: $46.61 per share

- 2025-11: $47.35 per share

- 2025-12: $46.50 per share

- 2026-01: $46.26 per share

- 2026-02: $45.23 per share

- 2026-03: $37.22 per share

- 2026-04: $35.31 per share

- 2026-05: $33.81 per share

- 2026-06: $34.80 per share

- 2026-07: $35.75 per share

- 2026-08: $41.20 per share

- 2026-09: $32.16 per share

- 2026-10: $32.88 per share

## Annual estimated value (USD per share)

- FY2017: low $29.07 per share, central $32.97 per share, high $38.17 per share

- FY2018: low $29.27 per share, central $33.29 per share, high $38.64 per share

- FY2019: low $30.92 per share, central $35.16 per share, high $40.80 per share

- FY2020: low $36.34 per share, central $41.06 per share, high $47.33 per share

- FY2021: low $44.46 per share, central $50.26 per share, high $57.97 per share

- FY2022: low $45.78 per share, central $51.99 per share, high $60.26 per share

- FY2023: low $48.48 per share, central $55.10 per share, high $63.91 per share

- FY2024: low $49.23 per share, central $56.01 per share, high $65.04 per share

- FY2025: low $49.32 per share, central $56.12 per share, high $65.17 per share

- FY2026: low $43.07 per share, central $48.99 per share, high $56.86 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/40704/000162828026046466/gis-20260531.htm); period 2026-05-31, filed 2026-07-01.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 11,200 GIS shares; USD 390,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Allen Bond](https://gigainvestors.com/JIM): 12,546 GIS shares; USD 437,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 70,157 GIS shares; USD 2,441,000 reported position value; 0.02% of portfolio; reduce; quarter 2026 Q2.

# GIS — General Mills

Held by 3 investors · USD 3,268,000 total · 2026 Q2 · reported price USD 34.82 (split-adjusted).
Page: https://gigainvestors.com/s/GIS

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andrew Adams (https://gigainvestors.com/MPF) | USD 2,441,000 | <0.1% | reduce -27.62% |
| Allen Bond (https://gigainvestors.com/JIM) | USD 437,000 | <0.1% | reduce -29.69% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 390,000 | 0.0% | hold |

## Total held by quarter

- 2018 Q3: USD 796,966 · 1 holder · USD 42.94
- 2018 Q4: USD 804,914 · 1 holder · USD 38.96
- 2019 Q1: USD 1,263,979 · 1 holder · USD 51.76
- 2019 Q2: USD 1,283,027 · 1 holder · USD 52.54
- 2019 Q3: USD 239,234,304 · 1 holder · USD 55.12
- 2019 Q4: USD 275,459,080 · 1 holder · USD 53.56
- 2020 Q1: USD 301,436,224 · 1 holder · USD 52.77
- 2020 Q2: USD 377,426,787 · 1 holder · USD 61.65
- 2020 Q3: USD 408,180,353 · 1 holder · USD 61.68
- 2020 Q4: USD 391,618,643 · 1 holder · USD 58.80
- 2021 Q1: USD 416,025,111 · 1 holder · USD 61.32
- 2021 Q2: USD 203,473,176 · 1 holder · USD 60.93
- 2021 Q3: USD 187,951,928 · 1 holder · USD 59.82
- 2021 Q4: USD 213,584,493 · 1 holder · USD 67.38
- 2022 Q1: USD 9,247,505 · 1 holder · USD 67.72
- 2022 Q2: USD 10,297,416 · 1 holder · USD 75.45
- 2022 Q3: USD 8,018,156 · 1 holder · USD 76.61
- 2022 Q4: USD 8,597,308 · 1 holder · USD 83.85
- 2023 Q1: USD 8,909,076 · 1 holder · USD 84.96
- 2023 Q2: USD 7,556,791 · 1 holder · USD 76.70
- 2023 Q3: USD 7,695,053 · 1 holder · USD 63.99
- 2023 Q4: USD 8,031,436 · 1 holder · USD 65.14
- 2024 Q1: USD 19,084,304 · 3 holders · USD 69.97
- 2024 Q2: USD 16,892,829 · 3 holders · USD 63.26
- 2024 Q3: USD 19,772,561 · 3 holders · USD 73.85
- 2024 Q4: USD 16,896,722 · 3 holders · USD 63.77
- 2025 Q1: USD 14,538,335 · 3 holders · USD 59.79
- 2025 Q2: USD 13,264,483 · 3 holders · USD 51.81
- 2025 Q3: USD 11,945,489 · 3 holders · USD 50.42
- 2025 Q4: USD 6,395,176 · 3 holders · USD 46.51
- 2026 Q1: USD 4,689,469 · 3 holders · USD 37.23
- 2026 Q2: USD 3,268,000 · 3 holders · USD 34.82