Explain this page
Arphra AIPlain-English read on General Mills, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
CMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin34.6%
Operating margin17.0%
Net margin11.8%
ROE24.9%
ROA6.9%
ROIC11.0%
Liquidity & leverage
Current ratio0.67×
Quick ratio0.43×
Debt / equity1.66×
Net debt / EBITDA3.81×
Interest coverage6×
Efficiency & per-share
Asset turnover0.59×
Inventory days55
Days sales out.36
FCF / share$4.11
Book value / share$16.52
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $39.31B | $29.6B | — | — | — | — |
| Enterprise value | — | — | — | $52.2B | $44.53B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.63 | 2.29 | — | — | — | — |
| EV / FCF | — | — | — | 20.65 | 19.42 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +6.35% | +7.75% | — | — | — | — |
| Free cash flow yield | — | — | — | +6.43% | +7.75% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +35.57% | +33.71% | +32.58% | +34.91% | +34.55% | +34.06% | +34.81% | +33.18% | +33.75% |
| Operating margin | +17.35% | +18.30% | +17.09% | +17.28% | +16.96% | +17.19% | +17.09% | +17.05% | +16.86% |
| EBITDA margin | +21.44% | +21.92% | +20.32% | +20.54% | +20.13% | +19.93% | +20.60% | +19.82% | +20.28% |
| EBIT margin | +18.12% | +18.92% | +17.60% | +17.76% | +17.36% | +17.38% | +17.99% | +17.25% | +17.54% |
| Pre-tax margin | +16.41% | +17.49% | +16.03% | +15.68% | +14.84% | +15.31% | +15.65% | +15.85% | +15.11% |
| Net margin | +12.91% | +14.25% | +12.91% | +12.57% | +11.78% | +12.42% | +12.31% | +12.68% | +12.14% |
| Cost structure | |||||||||
| Cost of revenue / sales | +64.43% | +66.29% | +67.42% | +65.09% | +65.45% | +66.86% | +64.21% | +64.27% | +65.02% |
| R&D intensity | +1.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +16.99% | +16.57% | +17.42% | +16.41% | +17.68% | +17.14% | +17.23% | +17.30% | +17.10% |
| Effective tax rate | +21.15% | +17.65% | +19.00% | +19.10% | +19.83% | +19.77% | +18.85% | +19.09% | +19.82% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +22.55% | +25.10% | +24.24% | +25.88% | +24.92% | +24.62% | +25.43% | +24.86% | +24.37% |
| Return on assets (ROA) | +7.35% | +8.71% | +8.25% | +7.93% | +6.94% | +7.89% | +7.54% | +7.76% | +7.55% |
| Return on capital (ROC) | +13.45% | +15.27% | +15.08% | +14.94% | +13.48% | +14.25% | +14.75% | +14.07% | +14.10% |
| Return on invested capital (ROIC) | +10.01% | +11.89% | +11.39% | +10.87% | +9.37% | +10.29% | +10.63% | +10.47% | +10.16% |
| Asset turnover | +56.93% | +61.09% | +63.89% | +63.10% | +58.92% | +63.55% | +61.24% | +61.18% | +62.21% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +12.91% | +14.25% | +12.91% | +12.57% | +11.78% | +12.42% | +12.31% | +12.68% | +12.14% |
| Asset turnover (× revenue / assets) | +56.93% | +61.09% | +63.89% | +63.10% | +58.92% | +63.55% | +61.24% | +61.18% | +62.21% |
| Equity multiplier (× assets / equity) | +306.82% | +288.19% | +293.94% | +326.16% | +359.03% | +311.92% | +337.31% | +320.46% | +322.66% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.57 | 0.61 | 0.64 | 0.63 | 0.59 | 0.64 | 0.61 | 0.61 | 0.62 |
| Fixed-asset turnover | 4.55 | 5.09 | 5.05 | 4.69 | 4.83 | — | — | — | — |
| Inventory turnover | 6.42 | 6.74 | 6.24 | 6.81 | 6.67 | — | — | — | — |
| Receivables turnover | 9.99 | 9.69 | 9.98 | 10.24 | 10.06 | — | — | — | — |
| Payables turnover | 3.20 | 3.16 | 3.23 | 3.24 | 3.18 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 36.55 | 37.69 | 36.58 | 35.63 | 36.28 | — | — | — | — |
| Days inventory outstanding (DIO) | 56.90 | 54.13 | 58.51 | 53.60 | 54.69 | — | — | — | — |
| Days payables outstanding (DPO) | 114.18 | 115.45 | 112.99 | 112.61 | 114.75 | — | — | — | — |
| Cash conversion cycle | -20.74 | -23.63 | -17.90 | -23.38 | -23.78 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.27 | 1.22 | 1.07 | 1.32 | 1.27 | 1.24 | 1.22 | 1.16 | 1.27 |
| FCF / Net income | 1.05 | 1.01 | 0.81 | 1.01 | 1.00 | 0.93 | 0.97 | 0.90 | 0.95 |
| FCF margin | +13.53% | +14.47% | +10.40% | +12.73% | +11.77% | +11.61% | +11.94% | +11.44% | +11.59% |
| OCF margin | +16.46% | +17.46% | +13.83% | +16.63% | +14.98% | +15.44% | +15.00% | +14.76% | +15.41% |
| CapEx / Revenue | +2.93% | +2.99% | +3.43% | +3.90% | +3.21% | +3.46% | +3.47% | +3.61% | +3.55% |
| CapEx / D&A | 0.88 | 1.00 | 1.26 | 1.40 | 1.16 | — | — | — | — |
| Stock-based comp / Revenue | +0.50% | +0.52% | +0.56% | +0.48% | +0.47% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.78 | 4.42 | 4.31 | 4.31 | 4.10 | 3.18 | 3.27 | 3.36 | 3.36 |
| EPS · basic | 3.81 | 4.46 | 4.36 | 4.34 | 4.12 | 3.20 | 3.27 | 3.44 | 3.43 |
| Book value / share | 16.76 | 17.61 | 17.80 | 16.65 | 16.52 | 16.37 | 15.84 | 16.75 | 16.24 |
| Tangible BV / share | -17.50 | -17.29 | -17.93 | -20.85 | -24.20 | 16.37 | 15.84 | 16.75 | 16.24 |
| Sales / share | 29.28 | 31.00 | 33.42 | 34.27 | 34.95 | 32.45 | 32.72 | 32.83 | 32.59 |
| Operating CF / share | 4.82 | 5.41 | 4.62 | 5.70 | 5.23 | 5.01 | 4.91 | 4.85 | 5.02 |
| Free cash flow / share | 3.96 | 4.48 | 3.47 | 4.36 | 4.11 | 3.77 | 3.91 | 3.75 | 3.78 |
| Dividends / share | 2.01 | 2.03 | 2.14 | 2.35 | 2.40 | 2.13 | 2.17 | 2.27 | 2.21 |
| Payout ratio | +53.27% | +45.97% | +49.65% | +54.61% | +58.33% | +52.72% | +53.97% | +54.47% | +55.95% |
| Retention ratio | +46.73% | +54.03% | +50.35% | +45.39% | +41.67% | +47.28% | +46.03% | +45.53% | +44.05% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +4.78% | +5.80% | -1.18% | -1.87% | -8.09% | +0.87% | +0.72% | -0.37% | +0.00% |
| Gross profit · YoY | — | -0.71% | +2.24% | +5.90% | -2.87% | -9.39% | +3.08% | -3.98% | +1.33% | -0.65% |
| Profit | ||||||||||
| Operating income · YoY | — | +10.53% | -1.21% | -0.06% | -3.70% | -6.81% | +0.27% | +0.44% | -1.46% | -0.36% |
| EBITDA · YoY | — | +7.12% | -1.92% | -0.10% | -3.83% | -9.02% | +4.26% | -3.08% | +1.93% | -0.69% |
| Net income · YoY | — | +15.71% | -4.19% | -3.75% | -8.07% | -3.07% | -0.01% | +3.73% | -4.60% | -0.76% |
| Operating | ||||||||||
| EBIT · YoY | — | +9.37% | -1.57% | -0.29% | -4.04% | -7.99% | +4.40% | -3.42% | +1.27% | -0.41% |
| R&D · YoY | — | -100.00% | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +16.93% | -2.49% | 0.00% | -4.87% | -22.55% | +2.95% | +2.86% | +0.01% | -1.45% |
| EPS · basic · YoY | — | +17.06% | -2.24% | -0.46% | -5.07% | -22.43% | +2.27% | +5.17% | -0.18% | -1.30% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $13.01B | $11.98B | $12.06B | $13.32B | $15.3B | $12.57B | $12.19B | $12.76B | $12.64B |
| Net debt | $11.5B | $11.41B | $11.48B | $12.9B | $14.93B | $12.17B | $11.77B | $12.35B | $12.22B |
| Net debt / EBITDA | 2.96 | 2.74 | 2.81 | 3.16 | 3.81 | 3.41 | 3.16 | 3.42 | 3.32 |
| Debt / equity | 1.25 | 1.11 | 1.13 | 1.38 | 1.66 | 1.39 | 1.39 | 1.38 | 1.40 |
| Debt / assets | +40.85% | +38.52% | +38.36% | +42.31% | +46.25% | +44.62% | +41.31% | +42.91% | +43.37% |
| Equity / assets | +32.59% | +34.70% | +34.02% | +30.66% | +27.85% | +32.06% | +29.65% | +31.21% | +30.99% |
| Coverage | |||||||||
| EBITDA / interest expense | 9.30 | 11.05 | 10.38 | 8.11 | 7.14 | 8.01 | 8.42 | 8.09 | 8.45 |
| Operating income / interest | 7.52 | 9.23 | 8.73 | 6.82 | 6.02 | 6.91 | 6.98 | 6.96 | 7.02 |
| Interest expense | $418M | $376.6M | $393.4M | $503.1M | $549.3M | $445.76M | $442.1M | $445.68M | $435.25M |
| Liquidity | |||||||||
| Current ratio | 0.70 | 0.63 | 0.69 | 0.65 | 0.67 | — | — | — | — |
| Quick ratio | 0.45 | 0.35 | 0.36 | 0.34 | 0.29 | — | — | — | — |
| Cash ratio | 0.18 | 0.07 | 0.08 | 0.06 | 0.05 | — | — | — | — |
| Working capital | -$2.51B | -$2.93B | -$2.36B | -$2.45B | -$2.58B | — | — | — | — |
| Working capital / revenue | -13.85% | -15.43% | -11.74% | -12.35% | -13.25% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.29x | 2.63x |
| Earnings yield | 7.8% | 6.4% |
| FCF yield | 7.7% | 6.4% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 24.9% | 26.6% |
| ROA | 6.9% | 7.9% |
| ROIC | 9.6% | 10.6% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 3.81 | 3.16 |
| Interest coverage | — | — |
| Current ratio | 0.67x | 0.65x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).