Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Short-term Activity Ratios (Summary)
Inventory Turnover
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

General Mills Inc., short-term (operating) activity ratios

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Turnover Ratios
	Inventory turnover
	Receivables turnover
	Payables turnover
	Working capital turnover
	Average No. Days
	Average inventory processing period
	Add: Average receivable collection period
	Operating cycle
	Less: Average payables payment period
	Cash conversion cycle

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	General Mills Inc.’s inventory turnover ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	General Mills Inc.’s receivables turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	General Mills Inc.’s payables turnover ratio decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.

Short-term activity ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	General Mills Inc.’s number of days of inventory outstanding deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	General Mills Inc.’s number of days of payables outstanding increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	General Mills Inc.’s cash conversion cycle improved from 2017 to 2018 and from 2018 to 2019.

General Mills Inc., inventory turnover calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data (US$ in thousands)
	Cost of sales
	Inventories
	Short-term Activity Ratio
	Inventory turnover¹
	Benchmarks
	Inventory Turnover, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Inventory Turnover, Sector
	Food Producers
	Inventory Turnover, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Inventory turnover = Cost of sales ÷ Inventories
= ÷ =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	General Mills Inc.’s inventory turnover ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

General Mills Inc., receivables turnover calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data (US$ in thousands)
	Net sales
	Receivables
	Short-term Activity Ratio
	Receivables turnover¹
	Benchmarks
	Receivables Turnover, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Receivables Turnover, Sector
	Food Producers
	Receivables Turnover, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Receivables turnover = Net sales ÷ Receivables
= ÷ =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	General Mills Inc.’s receivables turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

General Mills Inc., payables turnover calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data (US$ in thousands)
	Cost of sales
	Accounts payable
	Short-term Activity Ratio
	Payables turnover¹
	Benchmarks
	Payables Turnover, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Payables Turnover, Sector
	Food Producers
	Payables Turnover, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Payables turnover = Cost of sales ÷ Accounts payable
= ÷ =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	General Mills Inc.’s payables turnover ratio decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.

General Mills Inc., working capital turnover calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data (US$ in thousands)
	Current assets
	Less: Current liabilities
	Working capital

	Net sales
	Short-term Activity Ratio
	Working capital turnover¹
	Benchmarks
	Working Capital Turnover, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Working Capital Turnover, Sector
	Food Producers
	Working Capital Turnover, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Working capital turnover = Net sales ÷ Working capital
= ÷ =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.

General Mills Inc., average inventory processing period calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data
	Inventory turnover
	Short-term Activity Ratio (no. days)
	Average inventory processing period¹
	Benchmarks (no. days)
	Average Inventory Processing Period, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Average Inventory Processing Period, Sector
	Food Producers
	Average Inventory Processing Period, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	General Mills Inc.’s number of days of inventory outstanding deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

General Mills Inc., average receivable collection period calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data
	Receivables turnover
	Short-term Activity Ratio (no. days)
	Average receivable collection period¹
	Benchmarks (no. days)
	Average Receivable Collection Period, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Average Receivable Collection Period, Sector
	Food Producers
	Average Receivable Collection Period, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.

General Mills Inc., operating cycle calculation, comparison to benchmarks

No. days

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data
	Average inventory processing period
	Average receivable collection period
	Short-term Activity Ratio
	Operating cycle¹
	Benchmarks
	Operating Cycle, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Operating Cycle, Sector
	Food Producers
	Operating Cycle, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= + =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.

General Mills Inc., average payables payment period calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data
	Payables turnover
	Short-term Activity Ratio (no. days)
	Average payables payment period¹
	Benchmarks (no. days)
	Average Payables Payment Period, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Average Payables Payment Period, Sector
	Food Producers
	Average Payables Payment Period, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	General Mills Inc.’s number of days of payables outstanding increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

General Mills Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data
	Average inventory processing period
	Average receivable collection period
	Average payables payment period
	Short-term Activity Ratio
	Cash conversion cycle¹
	Benchmarks
	Cash Conversion Cycle, Competitors²
	Kraft Heinz Co.
	Mondelēz International Inc.
	Cash Conversion Cycle, Sector
	Food Producers
	Cash Conversion Cycle, Industry
	Consumer Goods

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

¹ 2019 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	General Mills Inc.’s cash conversion cycle improved from 2017 to 2018 and from 2018 to 2019.

	General Mills Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

General Mills Inc. (NYSE:GIS)

Analysis of Short-term (Operating) Activity Ratios

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle