Stock Analysis on Net

General Mills Inc. (NYSE:GIS)

This company has been moved to the archive! The financial data has not been updated since December 18, 2019.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

General Mills Inc., adjusted financial ratios

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Activity Ratio
Total Asset Turnover
Reported 0.56 0.51 0.72 0.76 0.80 0.77
Adjusted 0.55 0.50 0.69 0.74 0.78 0.76
Liquidity Ratio
Current Ratio
Reported 0.59 0.56 0.76 0.79 0.77 0.81
Adjusted 0.63 0.60 0.82 0.85 0.82 0.84
Solvency Ratios
Debt to Equity
Reported 2.05 2.58 2.19 1.71 1.85 1.34
Adjusted 1.46 1.70 1.30 1.12 1.20 0.93
Debt to Capital
Reported 0.67 0.72 0.69 0.63 0.65 0.57
Adjusted 0.59 0.63 0.57 0.53 0.55 0.48
Financial Leverage
Reported 4.27 4.99 5.04 4.40 4.40 3.54
Adjusted 3.01 3.27 2.95 2.83 2.81 2.41
Profitability Ratios
Net Profit Margin
Reported 10.39% 13.54% 10.61% 10.25% 6.93% 10.19%
Adjusted 9.30% 11.88% 14.22% 9.21% -0.16% 13.26%
Return on Equity (ROE)
Reported 24.85% 34.70% 38.30% 34.43% 24.44% 27.92%
Adjusted 15.33% 19.52% 29.08% 19.36% -0.36% 24.18%
Return on Assets (ROA)
Reported 5.82% 6.96% 7.60% 7.82% 5.56% 7.88%
Adjusted 5.09% 5.96% 9.87% 6.83% -0.13% 10.04%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. General Mills Inc. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. General Mills Inc. adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. General Mills Inc. adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. General Mills Inc. adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
General Mills Inc. adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Mills Inc. adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. General Mills Inc. adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. General Mills Inc. adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.

General Mills Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net sales 16,865,200 15,740,400 15,619,800 16,563,100 17,630,300 17,909,600
Total assets 30,111,200 30,624,000 21,812,600 21,712,300 21,964,500 23,145,700
Activity Ratio
Total asset turnover1 0.56 0.51 0.72 0.76 0.80 0.77
Adjusted
Selected Financial Data (US$ in thousands)
Net sales 16,865,200 15,740,400 15,619,800 16,563,100 17,630,300 17,909,600
Adjusted total assets2 30,790,840 31,367,082 22,498,610 22,317,546 22,461,728 23,650,035
Activity Ratio
Adjusted total asset turnover3 0.55 0.50 0.69 0.74 0.78 0.76

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).

1 2019 Calculation
Total asset turnover = Net sales ÷ Total assets
= 16,865,200 ÷ 30,111,200 = 0.56

2 Adjusted total assets. See details »

3 2019 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 16,865,200 ÷ 30,790,840 = 0.55

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. General Mills Inc. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Current Ratio

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Current assets 4,186,500 4,123,700 4,061,400 3,937,200 3,785,700 4,393,500
Current liabilities 7,087,100 7,341,900 5,330,800 5,014,700 4,890,100 5,423,500
Liquidity Ratio
Current ratio1 0.59 0.56 0.76 0.79 0.77 0.81
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 4,428,800 4,365,300 4,294,800 4,186,100 3,925,100 4,557,300
Adjusted current liabilities3 7,050,600 7,275,100 5,245,800 4,938,100 4,769,300 5,420,000
Liquidity Ratio
Adjusted current ratio4 0.63 0.60 0.82 0.85 0.82 0.84

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).

1 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 4,186,500 ÷ 7,087,100 = 0.59

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 4,428,800 ÷ 7,050,600 = 0.63

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. General Mills Inc. adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Debt to Equity

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Total debt 14,490,000 15,818,600 9,481,700 8,430,900 9,223,900 8,785,800
Stockholders’ equity 7,054,500 6,141,100 4,327,900 4,930,200 4,996,700 6,534,800
Solvency Ratio
Debt to equity1 2.05 2.58 2.19 1.71 1.85 1.34
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 14,927,340 16,320,082 9,934,310 8,787,246 9,581,728 9,126,335
Adjusted total equity3 10,229,200 9,580,800 7,634,200 7,877,800 7,982,100 9,822,800
Solvency Ratio
Adjusted debt to equity4 1.46 1.70 1.30 1.12 1.20 0.93

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).

1 2019 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 14,490,000 ÷ 7,054,500 = 2.05

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 14,927,340 ÷ 10,229,200 = 1.46

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. General Mills Inc. adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Adjusted Debt to Capital

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Total debt 14,490,000 15,818,600 9,481,700 8,430,900 9,223,900 8,785,800
Total capital 21,544,500 21,959,700 13,809,600 13,361,100 14,220,600 15,320,600
Solvency Ratio
Debt to capital1 0.67 0.72 0.69 0.63 0.65 0.57
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 14,927,340 16,320,082 9,934,310 8,787,246 9,581,728 9,126,335
Adjusted total capital3 25,156,540 25,900,882 17,568,510 16,665,046 17,563,828 18,949,135
Solvency Ratio
Adjusted debt to capital4 0.59 0.63 0.57 0.53 0.55 0.48

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).

1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,490,000 ÷ 21,544,500 = 0.67

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 14,927,340 ÷ 25,156,540 = 0.59

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. General Mills Inc. adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Adjusted Financial Leverage

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Total assets 30,111,200 30,624,000 21,812,600 21,712,300 21,964,500 23,145,700
Stockholders’ equity 7,054,500 6,141,100 4,327,900 4,930,200 4,996,700 6,534,800
Solvency Ratio
Financial leverage1 4.27 4.99 5.04 4.40 4.40 3.54
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 30,790,840 31,367,082 22,498,610 22,317,546 22,461,728 23,650,035
Adjusted total equity3 10,229,200 9,580,800 7,634,200 7,877,800 7,982,100 9,822,800
Solvency Ratio
Adjusted financial leverage4 3.01 3.27 2.95 2.83 2.81 2.41

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).

1 2019 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 30,111,200 ÷ 7,054,500 = 4.27

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 30,790,840 ÷ 10,229,200 = 3.01

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
General Mills Inc. adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

Adjusted Net Profit Margin

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills 1,752,700 2,131,000 1,657,500 1,697,400 1,221,300 1,824,400
Net sales 16,865,200 15,740,400 15,619,800 16,563,100 17,630,300 17,909,600
Profitability Ratio
Net profit margin1 10.39% 13.54% 10.61% 10.25% 6.93% 10.19%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests2 1,567,800 1,870,600 2,220,400 1,525,300 (28,800) 2,375,000
Net sales 16,865,200 15,740,400 15,619,800 16,563,100 17,630,300 17,909,600
Profitability Ratio
Adjusted net profit margin3 9.30% 11.88% 14.22% 9.21% -0.16% 13.26%

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).

1 2019 Calculation
Net profit margin = 100 × Net earnings attributable to General Mills ÷ Net sales
= 100 × 1,752,700 ÷ 16,865,200 = 10.39%

2 Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests. See details »

3 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests ÷ Net sales
= 100 × 1,567,800 ÷ 16,865,200 = 9.30%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Mills Inc. adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills 1,752,700 2,131,000 1,657,500 1,697,400 1,221,300 1,824,400
Stockholders’ equity 7,054,500 6,141,100 4,327,900 4,930,200 4,996,700 6,534,800
Profitability Ratio
ROE1 24.85% 34.70% 38.30% 34.43% 24.44% 27.92%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests2 1,567,800 1,870,600 2,220,400 1,525,300 (28,800) 2,375,000
Adjusted total equity3 10,229,200 9,580,800 7,634,200 7,877,800 7,982,100 9,822,800
Profitability Ratio
Adjusted ROE4 15.33% 19.52% 29.08% 19.36% -0.36% 24.18%

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).

1 2019 Calculation
ROE = 100 × Net earnings attributable to General Mills ÷ Stockholders’ equity
= 100 × 1,752,700 ÷ 7,054,500 = 24.85%

2 Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted ROE = 100 × Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests ÷ Adjusted total equity
= 100 × 1,567,800 ÷ 10,229,200 = 15.33%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. General Mills Inc. adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills 1,752,700 2,131,000 1,657,500 1,697,400 1,221,300 1,824,400
Total assets 30,111,200 30,624,000 21,812,600 21,712,300 21,964,500 23,145,700
Profitability Ratio
ROA1 5.82% 6.96% 7.60% 7.82% 5.56% 7.88%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests2 1,567,800 1,870,600 2,220,400 1,525,300 (28,800) 2,375,000
Adjusted total assets3 30,790,840 31,367,082 22,498,610 22,317,546 22,461,728 23,650,035
Profitability Ratio
Adjusted ROA4 5.09% 5.96% 9.87% 6.83% -0.13% 10.04%

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).

1 2019 Calculation
ROA = 100 × Net earnings attributable to General Mills ÷ Total assets
= 100 × 1,752,700 ÷ 30,111,200 = 5.82%

2 Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests. See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted ROA = 100 × Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests ÷ Adjusted total assets
= 100 × 1,567,800 ÷ 30,790,840 = 5.09%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. General Mills Inc. adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.