Debt to Equity
since 2005
Calculation
General Mills Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Notes payable and long-term debt1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| May 26, 2019 | 2.05 | = | 14,490,000) | ÷ | 7,054,500) |
| May 27, 2018 | 2.58 | = | 15,818,600) | ÷ | 6,141,100) |
| May 28, 2017 | 2.19 | = | 9,481,700) | ÷ | 4,327,900) |
| May 29, 2016 | 1.71 | = | 8,430,900) | ÷ | 4,930,200) |
| May 31, 2015 | 1.85 | = | 9,223,900) | ÷ | 4,996,700) |
| May 25, 2014 | 1.34 | = | 8,785,800) | ÷ | 6,534,800) |
| May 26, 2013 | 1.19 | = | 7,969,100) | ÷ | 6,672,200) |
| May 27, 2012 | 1.16 | = | 7,429,600) | ÷ | 6,421,700) |
| May 29, 2011 | 1.08 | = | 6,885,100) | ÷ | 6,365,500) |
| May 30, 2010 | 1.19 | = | 6,425,900) | ÷ | 5,402,900) |
| May 31, 2009 | 1.37 | = | 7,075,500) | ÷ | 5,174,700) |
| May 25, 2008 | 1.13 | = | 6,999,500) | ÷ | 6,215,800) |
| May 27, 2007 | 1.17 | = | 6,206,100) | ÷ | 5,319,100) |
| May 28, 2006 | 1.05 | = | 6,049,000) | ÷ | 5,772,000) |
| May 29, 2005 | 1.09 | = | 6,192,000) | ÷ | 5,676,000) |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
1 US$ in thousands
An analysis of the capital structure from 2005 to 2019 reveals a transition from a period of relative stability to a phase of significantly increased financial leverage, peaking in 2018 before showing signs of moderation in 2019.
- Debt Obligations Trends
- Long-term debt and notes payable exhibited modest growth between 2005 and 2013, rising from 6.19 billion USD to 7.97 billion USD. A more aggressive expansion of debt occurred after 2016, culminating in a sharp increase from 9.48 billion USD in 2017 to a peak of 15.82 billion USD in 2018. This represents the most significant expansion of liabilities within the observed period, followed by a slight reduction to 14.49 billion USD in 2019.
- Stockholders' Equity Dynamics
- Equity levels remained comparatively stable through 2013, fluctuating between 5.17 billion USD and 6.67 billion USD. A period of contraction began in 2014, with equity declining to a low of 4.33 billion USD by 2017. However, a strong recovery is observed in the final two years of the period, with equity increasing to 7.05 billion USD in 2019.
- Debt to Equity Ratio Interpretation
- The debt to equity ratio remained consistently between 1.05 and 1.37 from 2005 to 2013, indicating a balanced approach to financing. A structural shift occurred starting in 2014, as the ratio rose steadily to 2.19 by 2017. The ratio reached its maximum of 2.58 in 2018, driven by the simultaneous peak in total debt and the prior depletion of equity. By 2019, the ratio declined to 2.05, reflecting a strategic reduction in debt combined with an increase in the equity base.
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Comparison to Competitors
General Mills Inc., debt to equity, long-term trends, comparison to competitors
| General Mills Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| May 26, 2019 | 2.05 | 2.25 | 0.68 | 2.17 | — |
| May 27, 2018 | 2.58 | 2.56 | 0.72 | 2.23 | — |
| May 28, 2017 | 2.19 | 2.79 | 0.68 | 3.61 | — |
| May 29, 2016 | 1.71 | 1.98 | 0.68 | 3.33 | — |
| May 31, 2015 | 1.85 | 1.73 | 0.55 | 2.79 | — |
| May 25, 2014 | 1.34 | 1.38 | 0.60 | 1.66 | — |
| May 26, 2013 | 1.19 | 1.12 | 0.53 | 1.22 | — |
| May 27, 2012 | 1.16 | 0.99 | 0.60 | 1.27 | — |
| May 29, 2011 | 1.08 | 0.90 | 0.76 | 1.30 | 80.98 |
| May 30, 2010 | 1.19 | 0.76 | 0.80 | 1.18 | 4.71 |
| May 31, 2009 | 1.37 | 0.48 | 0.73 | 0.47 | 2.70 |
| May 25, 2008 | 1.13 | 0.45 | 0.91 | 0.68 | 1.59 |
| May 27, 2007 | 1.17 | 0.43 | 0.77 | 0.24 | — |
| May 28, 2006 | 1.05 | 0.27 | 0.36 | 0.18 | — |
| May 29, 2005 | 1.09 | 0.35 | 0.36 | 0.37 | — |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
Comparison to Sector (Food, Beverage & Tobacco)
General Mills Inc., debt to equity, long-term trends, comparison to sector (food, beverage & tobacco)
| General Mills Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| May 26, 2019 | 2.05 | 2.51 |
| May 27, 2018 | 2.58 | 2.82 |
| May 28, 2017 | 2.19 | 3.31 |
| May 29, 2016 | 1.71 | 2.76 |
| May 31, 2015 | 1.85 | 2.32 |
| May 25, 2014 | 1.34 | 1.86 |
| May 26, 2013 | 1.19 | 1.36 |
| May 27, 2012 | 1.16 | 1.23 |
| May 29, 2011 | 1.08 | 1.15 |
| May 30, 2010 | 1.19 | 1.02 |
| May 31, 2009 | 1.37 | 0.74 |
| May 25, 2008 | 1.13 | 0.80 |
| May 27, 2007 | 1.17 | 0.52 |
| May 28, 2006 | 1.05 | 0.29 |
| May 29, 2005 | 1.09 | 0.36 |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).
Comparison to Industry (Consumer Staples)
General Mills Inc., debt to equity, long-term trends, comparison to industry (consumer staples)
| General Mills Inc. | Consumer Staples | |
|---|---|---|
| May 26, 2019 | 2.05 | 1.18 |
| May 27, 2018 | 2.58 | 1.11 |
| May 28, 2017 | 2.19 | 1.20 |
| May 29, 2016 | 1.71 | 1.09 |
| May 31, 2015 | 1.85 | 1.00 |
| May 25, 2014 | 1.34 | 0.96 |
| May 26, 2013 | 1.19 | 0.87 |
| May 27, 2012 | 1.16 | 0.83 |
| May 29, 2011 | 1.08 | 0.80 |
| May 30, 2010 | 1.19 | 0.74 |
| May 31, 2009 | 1.37 | 0.69 |
| May 25, 2008 | 1.13 | 0.68 |
| May 27, 2007 | 1.17 | 0.55 |
| May 28, 2006 | 1.05 | 0.52 |
| May 29, 2005 | 1.09 | 0.59 |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25), 10-K (reporting date: 2013-05-26), 10-K (reporting date: 2012-05-27), 10-K (reporting date: 2011-05-29), 10-K (reporting date: 2010-05-30), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-25), 10-K (reporting date: 2007-05-27), 10-K (reporting date: 2006-05-28), 10-K (reporting date: 2005-05-29).