General Mills
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,…
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.Priced within the modelled range
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) disagrees strongly.
Other models: USD 18.78–49.98 (median 34.38). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 31 Aug 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 3% growth, 2.4% terminal growth, and 9.2% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 11.46% because the latest annual revenue declined), discount rate 9.20%, terminal growth 2.40%. See a worked example.
Blended growth assumption: 11.5% (sector default 5.3%, own revenue history 40.0%, analyst revenue consensus 0.3%).
Analyst consensus expects revenue growth of 0.3% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — USD 19.91 (-43.4%)
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EPS-based Gordon proxy
— not applicable
Not used: Cannot be computed: net income is zero or negative.
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DCF (trailing free cash flow)
— USD 19.91 (-43.4%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— USD 18.78 (-46.6%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— USD 49.98 (+42.2%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— USD 19.87 (-43.5%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— USD 120.05 (+241.5%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 8.06 | -336.0% |
| Base USD 19.91 | -76.5% |
| Bull USD 41.93 | 16.2% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At USD 35.15 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.4%, discount 9.2%).
Compare: the market implies 10.0% a year, this model assumes 3.0%. The market expects more than this model does, which is why it reads as overvalued.
Sensitivity: base value per share
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
These are assumption-based scenarios, not a confidence interval. Scroll horizontally to see all discount rates.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -1.0% | 28.08 | 19.13 | 12.82 | 8.12 | 4.48 |
| 1.0% | 33.08 | 23.21 | 16.23 | 11.05 | 7.04 |
| 3.0% | 38.48 | 27.59 | 19.91 | 14.20 | 9.79 |
| 5.0% | 44.29 | 32.31 | 23.87 | 17.59 | 12.74 |
| 7.0% | 50.54 | 37.39 | 28.12 | 21.23 | 15.91 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 72 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 3 of 5 years profitable | 12 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +74.9% a year | 20 / 20 |
| Balance sheet | net debt 3.9x EBITDA | 10 / 20 |
| Margins | EBITDA margin 18% | 10 / 20 |
Peers in Consumer Staples
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| GIS (this company) | USD 35.15 | -76.5% | – | 2.5 | 7.0% | 72 |
| ORK.OL Orkla ASA | NOK 102.30 | 32.1% | 14.5 | 2.3 | 9.8% | 82 |
| KHC Kraft Heinz | USD 24.46 | 27.8% | – | 0.8 | 6.5% | 36 |
| WN.TO George Weston Limited | CAD 109.72 | 26.2% | 39.8 | 9.1 | 1.2% | 72 |
| CA.PA Carrefour SA | EUR 13.49 | 24.7% | 28.9 | 0.8 | 8.8% | 72 |
| ABF.L Associated British Foods plc | GBP 19.60 | 20.0% | 14.9 | 1.2 | 3.2% | 82 |
| ADM Archer Daniels Midland | USD 70.55 | 16.7% | 13.8 | 1.4 | 3.0% | 64 |
| AXFO.ST Axfood AB | SEK 283.20 | 8.1% | 24.9 | 8.2 | 3.1% | 70 |
| DLTR Dollar Tree | USD 135.65 | 1.9% | 16.1 | 7.6 | – | 72 |
| Peer median | 16.1 | 1.9 | ||||
Dividends
Paid in the last 12 months: USD 2.44 per share · yield 6.94% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.440 |
| 2025 | 2.420 |
| 2024 | 2.380 |
| 2023 | 2.260 |
| 2022 | 2.100 |
| 2021 | 2.040 |
Trailing 12-month financials
TTM through 31 Aug 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:55
| Revenue | USD 18,296,600,000 |
|---|---|
| EBITDA | USD 3,338,900,000 |
| EBIT | USD 2,782,600,000 |
| Net income | USD -894,800,000 |
| Free cash flow | USD 1,546,100,000 |
| Capital expenditures | USD 520,900,000 |
| Debt | USD 13,614,000,000 |
| Cash | USD 433,100,000 |
| Working capital | USD -2,055,700,000 |
| Shares outstanding | 537,900,000 |
| Reported dividends per share | USD 2.4445 |