Consumer Staples · Packaged Foods & Meats · US stock · price as of 22 Oct 2026
Key indicators
Price
$35.18
52-week range
$31.18 – $49.71
Market cap
$18.9B
P/E (trailing)
–
EV / EBITDA
91.8×
Free-cash-flow yield
8.2%
Dividend yield
6.9%
Revenue (last 12 months)
$18.3B
Revenue growth (3y a year)
−2.9%
Operating margin
−1.1%
Return on invested capital
−0.8%
Net debt / EBITDA
37.7×
Fair value
Fair value (average of valid models)$34.54 middle half of models $27 – $46
Versus priceFair−2% to fair value
P/B multiple
$46.11
P/S multiple
$48.24
EV/EBITDA multiple
$15.01
EV/revenue multiple
$43.75
10-year DCF, EBITDA exit
$45.84
5-year DCF, EBITDA exit
$35.98
10-year DCF, revenue exit
$20.04
5-year DCF, revenue exit
$27.13
Earnings power value
$28.80
Model uncertainty
High
X-Ray Score
28/ 100 · High confidence · ahead of 3% of sector peers
Valuation44
Growth9
Profitability27
Financial health19
Dividends46
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Cheerios, Betty Crocker, Pillsbury, Nature Valley, Old El Paso, Progresso and Blue Buffalo pet food are among the brands of General Mills, a packaged food company. Its range covers cereal, baking mixes, snacks, frozen foods, meals and pet products. Customers are mainly grocery retailers, convenience and club stores, e-commerce platforms and food-service operators. The company is organised into retail, pet, food-service and international operations.
Sales were $18.3 billion over the last twelve months, earned by supplying branded food and pet products to retailers and food-service customers. Revenue has changed at -2.9% a year across the last three years. The operating margin is -1.1% and the business earns -1% on the capital invested in it. Net debt is 37.7 times EBITDA, and the dividend yield is 6.9%.
StocksXray gives General Mills Inc an X-Ray Score of 28 out of 100 (high confidence), ahead of 3% of the S&P 500 stocks in its sector. Its strongest lens is dividends (46) and its weakest is growth (9).
Our fair value (the average of the valid models) is $34.54 (range $27.13 to $45.84). At $35.18 the stock trades 2% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
General Mills Inc (GIS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$57.74
$71.42
$60.01
$48.73
$32.61
$35.18
Market cap
$35.4B
$42.9B
$34.8B
$27.2B
$17.5B
$18.9B
P/E
13.1×
16.6×
13.9×
11.9×
–
–
EV / revenue
2.5×
2.7×
2.4×
2.1×
1.7×
1.8×
EV / EBITDA
11.5×
13.6×
11.9×
10.8×
21.3×
91.8×
Price / free cash flow
12.9×
20.6×
13.8×
11.8×
10.8×
12.2×
Free-cash-flow yield
7.8%
4.9%
7.3%
8.4%
9.3%
8.2%
Price / book
3.4×
4.1×
3.7×
3.0×
2.4×
2.5×
Dividend yield
3.53%
3.02%
3.93%
4.93%
7.48%
6.94%
Fundamentals checklist ● 2 Good · ● 1 Average · ● 11 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−9.8%Good
Free-cash-flow yield8.2%Good
Risk models
Altman Z score2.1×Bad
Piotroski F-Score5 of 9Bad
Growth
Free-cash-flow growth (3y)−8.0%Bad
Revenue growth (3y)−2.9%Bad
Growth consistency20%Bad
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA37.7×Bad
Valuation
Fair value vs price1.0×Average
EBIT / EV yield−0.6%Bad
Profitability
Return on invested capital−0.8%Bad
Operating margin−1.1%Bad
Gross profitability20.3%Bad
XStocksXray
General Mills Inc (GIS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
18,993
20,094
19,857
19,487
18,425
18,297
Gross profit
6,402
6,546
6,932
6,733
6,196
6,150
Operating income
3,476
3,434
3,432
3,305
886
-206
Net income
2,735
2,610
2,519
2,319
-85
-895
Diluted EPS ($)
4.42
4.31
4.31
4.10
-0.16
-1.66
Free cash flow
2,747
2,089
2,529
2,293
1,626
1,546
Gross margin
33.7%
32.6%
34.9%
34.6%
33.6%
33.6%
Operating margin
18.3%
17.1%
17.3%
17.0%
4.8%
−1.1%
Net margin
14.4%
13.0%
12.7%
11.9%
−0.5%
−4.9%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
31,090
31,452
31,470
33,071
30,017
30,273
Cash
569
586
418
364
454
433
Total debt
11,620
11,706
12,930
14,879
13,538
13,616
Equity
10,542
10,450
9,397
9,199
7,368
7,450
Dividend per share ($)
2.04
2.16
2.36
2.40
2.44
2.44
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
