GIS Consumer Defensive

General Mills, Inc.

$34.08-1.93%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Consumer Defensive
Industry: Packaged Foods
Country: United States
Market cap: 18.2B USD
Enterprise value: 30.9B USD
Full-time employees: 30,000

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.70 vs a peer median of 1.52) and more debt relative to equity (1.83× vs a peer median of 0.42×)higher risk: less liquidity (current ratio 0.70 vs peers 1.52) and more debt vs equity (1.83× vs peers 0.42×)

Ranks #748 of 761 consumer defensive companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. FY May 2026 operating profit includes a $1.0B gain on selling assets; without it the operating margin was about -0.9%.
General Mills's FY May 2026 operating profit of $886M includes a one-off $1.0B gain on selling assets or businesses. Without it, operations would have earned -$164M, an operating margin of about -0.9%.
Earnings slid into a loss. Loss per share this year after a profit last year.
General Mills made a loss per share in its latest year after a profit the year before.
Operating margin at a 6-year low. 4.8% in FY May 2026, the weakest of the last 6 years.
General Mills's operating margin fell to 4.8% in FY May 2026, its lowest in the 6 years of filings we have.
Annual revenue fell three years running. Fiscal-year revenue down each year from FY May 2023 to FY May 2026.
General Mills's fiscal-year revenue declined in each of the three years to FY May 2026.

StockQuotient Score

11/ 100

Oct 5 11 → Nov 4 11

Valuation

Is the price right?

16/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-4.9%

SEC filings · 12 months to Aug 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.51Sector median: 0.0453 · MAD: 0.0301

EBITDA yield1.1%

SEC filings · 12 months to Aug 2026Reported value50% base weight · Z-score -1.73Sector median: 0.0865 · MAD: 0.0435

Free cash flow yield8.5%

SEC filings · 12 months to Aug 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.51Sector median: 0.0622 · MAD: 0.0441

Other data (not scored)

Book yield40.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5381 · MAD: 0.2865

Growth

Is it growing?

13/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -2.08Sector median: 0.0154 · MAD: 0.2529

3-year revenue growth-3.4%

SEC filings · 3 years to Aug 2026Reported value33% base weight · Z-score -1.50Sector median: 0.0366 · MAD: 0.0470

Revenue growth-4.5%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -1.24Sector median: 0.0278 · MAD: 0.0585

Profitability

Does it earn well?

11/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 5.9 points to -1.1%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-1.1%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -1.72Sector median: 0.0759 · MAD: 0.0508

Return on assets-2.9%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -2.63Sector median: 0.0396 · MAD: 0.0262

Return on invested capital-0.8%

SEC filings · 12 months to Aug 2026Reported value33% base weight · Z-score -1.26Sector median: 0.0766 · MAD: 0.0673

Other data (not scored)

Gross margin33.9%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.3182 · MAD: 0.1263

Return on equity-12.0%

SEC filings · 12 months to Aug 2026Reported valueInformational · 0% composite weightSector median: 0.0831 · MAD: 0.0675

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.4070 · MAD: 0.1690

Current ratio0.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.27Sector median: 1.5250 · MAD: 0.6460

Debt / equity1.83×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.92Sector median: 0.4234 · MAD: 0.3581

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about General Mills

Is General Mills getting weaker?: Its latest SEC filing (Sep 23, 2026) got weaker in some ways: operating margin fell 5.9 points to -1.1%. Its overall score is unchanged at 11/100 since Oct 28, 2026.
How is General Mills valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 823 consumer defensive peers. Free cash flow yield 8.5% vs a peer median of 6.2% (stronger than 62% of peers).Free cash flow yield 8.5% vs peers 6.2% (stronger than 62% of peers). Earnings yield -4.9% vs a peer median of 4.5% (weaker than 100% of peers).Earnings yield -4.9% vs peers 4.5% (weaker than 100% of peers).
Is General Mills growing?: More slowly than most of its peers. Growth scores 13/100 against 823 consumer defensive peers. 3-year revenue growth -3.4% vs a peer median of 3.7% (weaker than 84% of peers).3-year revenue growth -3.4% vs peers 3.7% (weaker than 84% of peers).
How profitable is General Mills?: Less profitable than most of its peers. Profitability scores 11/100 against 823 consumer defensive peers. Return on assets -2.9% vs a peer median of 4.0% (weaker than 93% of peers).Return on assets -2.9% vs peers 4.0% (weaker than 93% of peers).
How risky is General Mills?: Higher risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 0.70× vs a peer median of 1.52× (weaker than 91% of peers).Current ratio 0.70× vs peers 1.52× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Aug 30, 2026 · filed Sep 23, 2026 · compared with the quarter ended May 31, 2026

Got weaker

Operating margin fell 5.9 points to -1.1%

Worth watching: General Mills is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	18.4B USD	18.3B USD	−0.7%
Net income (12 months)	−85.0M USD	−892.2M USD	+949.6%
Operating margin	4.8%	-1.1%	−5.9 pts
Free cash flow (12 months)	1.6B USD	1.5B USD	−4.9%
Debt	13.5B USD	13.6B USD	+0.6%
Cash	453.8M USD	433.1M USD	−4.6%
Shares outstanding	533.7M	534.7M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Packaged Foods · 21 companies

Valuations in Packaged Foods are near the bottom of their range since 2016.

3% of months since 2016 were valued lower than now.
0% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −68% vs the whole market, against a usual −37%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY May 2022	FY May 2023	FY May 2024	FY May 2025	FY May 2026	Change
Gross margin	33.7%	32.6%	34.9%	34.6%	33.6%	▼ 0.9 pts
Operating margin	18.3%	17.1%	17.3%	17.0%	4.8%	▼ 12 pts
Net margin	14.3%	12.9%	12.6%	11.8%	-0.5%	▼ 12 pts
Return on assets (ROA)	8.7%	8.2%	7.9%	6.9%	-0.3%	▼ 7.2 pts
Return on equity (ROE)	25.7%	24.8%	26.6%	24.9%	-1.2%	▼ 26 pts
Free cash flow margin	14.5%	10.4%	12.7%	11.8%	8.8%	▼ 2.9 pts
Current ratio	0.63×	0.69×	0.65×	0.67×	0.68×	▲ 1.5%
Quick ratio	0.40×	0.40×	0.38×	0.43×	0.40×	▼ 6.9%
Debt to equity	1.10×	1.12×	1.38×	1.62×	1.84×	▲ 14%
Interest coverage	9.16×	8.99×	7.16×	6.30×	—	—

GIS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.70 vs a peer median of 1.52) and more debt relative to equity (1.83× vs a peer median of 0.42×)higher risk: less liquidity (current ratio 0.70 vs peers 1.52) and more debt vs equity (1.83× vs peers 0.42×)

Ranks #748 of 761 consumer defensive companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. FY May 2026 operating profit includes a $1.0B gain on selling assets; without it the operating margin was about -0.9%.

General Mills's FY May 2026 operating profit of $886M includes a one-off $1.0B gain on selling assets or businesses. Without it, operations would have earned -$164M, an operating margin of about -0.9%.

Earnings slid into a loss. Loss per share this year after a profit last year.

General Mills made a loss per share in its latest year after a profit the year before.

Operating margin at a 6-year low. 4.8% in FY May 2026, the weakest of the last 6 years.

General Mills's operating margin fell to 4.8% in FY May 2026, its lowest in the 6 years of filings we have.

Annual revenue fell three years running. Fiscal-year revenue down each year from FY May 2023 to FY May 2026.

General Mills's fiscal-year revenue declined in each of the three years to FY May 2026.

Questions investors ask about General Mills

Is General Mills getting weaker?

Its latest SEC filing (Sep 23, 2026) got weaker in some ways: operating margin fell 5.9 points to -1.1%. Its overall score is unchanged at 11/100 since Oct 28, 2026.

How is General Mills valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 823 consumer defensive peers. Free cash flow yield 8.5% vs a peer median of 6.2% (stronger than 62% of peers).Free cash flow yield 8.5% vs peers 6.2% (stronger than 62% of peers). Earnings yield -4.9% vs a peer median of 4.5% (weaker than 100% of peers).Earnings yield -4.9% vs peers 4.5% (weaker than 100% of peers).

Is General Mills growing?

More slowly than most of its peers. Growth scores 13/100 against 823 consumer defensive peers. 3-year revenue growth -3.4% vs a peer median of 3.7% (weaker than 84% of peers).3-year revenue growth -3.4% vs peers 3.7% (weaker than 84% of peers).

How profitable is General Mills?

Less profitable than most of its peers. Profitability scores 11/100 against 823 consumer defensive peers. Return on assets -2.9% vs a peer median of 4.0% (weaker than 93% of peers).Return on assets -2.9% vs peers 4.0% (weaker than 93% of peers).

How risky is General Mills?

Higher risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 0.70× vs a peer median of 1.52× (weaker than 91% of peers).Current ratio 0.70× vs peers 1.52× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

18.4B USD

18.3B USD

−0.7%

Net income (12 months)

−85.0M USD

−892.2M USD

+949.6%

Operating margin

4.8%

-1.1%

−5.9 pts

Free cash flow (12 months)

1.6B USD

1.5B USD

−4.9%

Debt

13.5B USD

13.6B USD

+0.6%

Cash

453.8M USD

433.1M USD

−4.6%

Shares outstanding

533.7M

534.7M

+0.2%

Key ratios

FY May 2022

FY May 2023

FY May 2024

FY May 2025

FY May 2026

Change

Gross margin

33.7%

32.6%

34.9%

34.6%

33.6%

▼ 0.9 pts

Operating margin

18.3%

17.1%

17.3%

17.0%

4.8%

▼ 12 pts

Net margin

14.3%

12.9%

12.6%

11.8%

-0.5%

▼ 12 pts

Return on assets (ROA)

8.7%

8.2%

7.9%

6.9%

-0.3%

▼ 7.2 pts

Return on equity (ROE)

25.7%

24.8%

26.6%

24.9%

-1.2%

▼ 26 pts

Free cash flow margin

14.5%

10.4%

12.7%

11.8%

8.8%

▼ 2.9 pts

Current ratio

0.63×

0.69×

0.65×

0.67×

0.68×

▲ 1.5%

Quick ratio

0.40×

0.38×

0.43×

0.40×

▼ 6.9%

Debt to equity

1.10×

1.12×

1.38×

1.62×

1.84×

▲ 14%

Interest coverage

9.16×

8.99×

7.16×

6.30×

—