Price to Book Value (P/BV)
since 2005
Calculation
General Mills Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 28, 2019 | 4.48 | = | 52.52 | ÷ | 11.72 | 11.72 | = | 7,054,500 | ÷ | 601,959,611 | |
| Jun 29, 2018 | 4.28 | = | 44.26 | ÷ | 10.35 | 10.35 | = | 6,141,100 | ÷ | 593,367,848 | |
| Jun 29, 2017 | 7.33 | = | 54.97 | ÷ | 7.50 | 7.50 | = | 4,327,900 | ÷ | 577,099,679 | |
| Jun 30, 2016 | 8.64 | = | 71.32 | ÷ | 8.26 | 8.26 | = | 4,930,200 | ÷ | 597,020,906 | |
| Jul 6, 2015 | 6.78 | = | 56.59 | ÷ | 8.35 | 8.35 | = | 4,996,700 | ÷ | 598,737,719 | |
| Jul 3, 2014 | 4.97 | = | 53.05 | ÷ | 10.67 | 10.67 | = | 6,534,800 | ÷ | 612,508,457 | |
| Jul 3, 2013 | 4.70 | = | 48.95 | ÷ | 10.41 | 10.41 | = | 6,672,200 | ÷ | 640,860,417 | |
| Jul 3, 2012 | 3.94 | = | 39.02 | ÷ | 9.90 | 9.90 | = | 6,421,700 | ÷ | 648,588,155 | |
| Jul 8, 2011 | 3.73 | = | 36.81 | ÷ | 9.87 | 9.87 | = | 6,365,500 | ÷ | 644,862,721 | |
| Jul 9, 2010 | 4.36 | = | 36.15 | ÷ | 8.30 | 8.30 | = | 5,402,900 | ÷ | 651,216,065 | |
| Jul 13, 2009 | 3.72 | = | 29.55 | ÷ | 7.95 | 7.95 | = | 5,174,700 | ÷ | 650,831,872 | |
| Jul 11, 2008 | 3.42 | = | 31.57 | ÷ | 9.24 | 9.24 | = | 6,215,800 | ÷ | 672,405,794 | |
| Jul 26, 2007 | 3.45 | = | 27.81 | ÷ | 8.05 | 8.05 | = | 5,319,100 | ÷ | 660,376,158 | |
| Jul 27, 2006 | 3.18 | = | 26.01 | ÷ | 8.18 | 8.18 | = | 5,772,000 | ÷ | 705,623,534 | |
| Jul 28, 2005 | 3.07 | = | 23.77 | ÷ | 7.75 | 7.75 | = | 5,676,000 | ÷ | 732,047,408 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of General Mills Inc. Annual Report.
The Price to Book Value (P/BV) ratio from 2005 to 2019 exhibits a trajectory characterized by initial stability, a significant mid-period surge, and a subsequent correction toward historical norms.
- Initial Stability and Gradual Growth (2005–2011)
- During this period, the P/BV ratio remained relatively contained, fluctuating between 3.07 and 4.36. The share price grew steadily from $23.77 to $36.81, while the book value per share remained stable, supporting a consistent valuation multiple.
- Accelerated Valuation Expansion (2012–2016)
- A pronounced upward trend in the P/BV ratio began in 2012, escalating from 3.94 to a peak of 8.64 in 2016. This expansion was driven by a combination of rapidly increasing share prices, which reached $71.32, and a simultaneous decline in book value per share, which dropped from a high of $10.67 in 2014 to $8.26 by 2016.
- Correction and Normalization (2017–2019)
- Following the 2016 peak, a sharp contraction in the P/BV ratio is observed, falling to 4.28 by 2018. This correction resulted from a significant decrease in share price and a recovery in book value per share, which rose to $11.72 by 2019. The ratio effectively returned to the range observed during the 2008–2011 period, suggesting a normalization of market valuation relative to the equity base.
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Comparison to Competitors
General Mills Inc., P/BV, long-term trends, comparison to competitors
| General Mills Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Jun 28, 2019 | 4.48 | 13.26 | 3.08 | 13.76 | — |
| Jun 29, 2018 | 4.28 | 11.55 | 2.64 | 11.21 | — |
| Jun 29, 2017 | 7.33 | 11.00 | 2.40 | 14.62 | — |
| Jun 30, 2016 | 8.64 | 7.78 | 2.75 | 13.73 | — |
| Jul 6, 2015 | 6.78 | 7.48 | 2.23 | 11.75 | — |
| Jul 3, 2014 | 4.97 | 6.06 | 2.20 | 8.52 | — |
| Jul 3, 2013 | 4.70 | 5.06 | 1.78 | 4.90 | — |
| Jul 3, 2012 | 3.94 | 5.23 | 1.46 | 5.22 | — |
| Jul 8, 2011 | 3.73 | 4.95 | 1.90 | 4.83 | 624.24 |
| Jul 9, 2010 | 4.36 | 4.73 | 1.55 | 4.75 | 31.91 |
| Jul 13, 2009 | 3.72 | 4.90 | 1.65 | 5.83 | 16.12 |
| Jul 11, 2008 | 3.42 | 4.64 | 1.51 | 6.71 | 9.14 |
| Jul 26, 2007 | 3.45 | 6.36 | 1.77 | 6.67 | — |
| Jul 27, 2006 | 3.18 | 6.51 | 1.86 | 6.89 | — |
| Jul 28, 2005 | 3.07 | 6.08 | 1.72 | 6.92 | — |
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., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| General Mills Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Jun 28, 2019 | 4.48 | 13.65 |
| Jun 29, 2018 | 4.28 | 12.22 |
| Jun 29, 2017 | 7.33 | 13.57 |
| Jun 30, 2016 | 8.64 | 12.01 |
| Jul 6, 2015 | 6.78 | 10.24 |
| Jul 3, 2014 | 4.97 | 8.30 |
| Jul 3, 2013 | 4.70 | 5.72 |
| Jul 3, 2012 | 3.94 | 5.83 |
| Jul 8, 2011 | 3.73 | 5.32 |
| Jul 9, 2010 | 4.36 | 4.53 |
| Jul 13, 2009 | 3.72 | 4.84 |
| Jul 11, 2008 | 3.42 | 4.47 |
| Jul 26, 2007 | 3.45 | 4.55 |
| Jul 27, 2006 | 3.18 | 4.42 |
| Jul 28, 2005 | 3.07 | 4.14 |
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., P/BV, long-term trends, comparison to industry (consumer staples)
| General Mills Inc. | Consumer Staples | |
|---|---|---|
| Jun 28, 2019 | 4.48 | 7.21 |
| Jun 29, 2018 | 4.28 | 5.76 |
| Jun 29, 2017 | 7.33 | 5.70 |
| Jun 30, 2016 | 8.64 | 5.35 |
| Jul 6, 2015 | 6.78 | 5.06 |
| Jul 3, 2014 | 4.97 | 4.55 |
| Jul 3, 2013 | 4.70 | 4.08 |
| Jul 3, 2012 | 3.94 | 3.89 |
| Jul 8, 2011 | 3.73 | 3.50 |
| Jul 9, 2010 | 4.36 | 3.45 |
| Jul 13, 2009 | 3.72 | 3.38 |
| Jul 11, 2008 | 3.42 | 3.48 |
| Jul 26, 2007 | 3.45 | 3.56 |
| Jul 27, 2006 | 3.18 | 3.66 |
| Jul 28, 2005 | 3.07 | 4.47 |
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).