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General Mills Inc. (GIS)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)

General Mills Inc., historical price multiples (quarterly data)

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Nov 25, 2018 Aug 26, 2018 May 27, 2018 Feb 25, 2018 Nov 26, 2017 Aug 27, 2017 May 28, 2017 Feb 26, 2017 Nov 27, 2016 Aug 28, 2016 May 29, 2016 Feb 28, 2016 Nov 29, 2015 Aug 30, 2015 May 31, 2015 Feb 22, 2015 Nov 23, 2014 Aug 24, 2014 May 25, 2014 Feb 23, 2014 Nov 24, 2013 Aug 25, 2013 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Price to earnings (P/E) 11.32 12.42 12.32 11.87 20.87 17.94 19.14 21.15 21.84 22.98 25.09 24.10 22.85 26.34 27.74 21.90 20.92 18.08 17.81 17.46 17.51 18.02 16.91 – – –
Price to operating profit (P/OP) 9.99 10.59 10.47 10.15 13.34 11.64 12.36 13.83 14.07 14.46 15.73 13.95 13.32 15.57 16.31 13.49 12.76 11.12 10.99 10.84 10.91 11.33 11.00 – – –
Price to sales (P/S) 1.41 1.64 1.67 1.66 2.15 1.92 2.03 2.19 2.23 2.37 2.57 2.14 1.96 1.95 1.92 1.79 1.79 1.74 1.81 1.73 1.72 1.76 1.76 – – –
Price to book value (P/BV) 3.46 4.23 4.28 5.23 7.90 7.60 7.33 8.47 8.53 7.86 8.64 7.42 7.08 6.93 6.78 5.79 5.55 4.99 4.97 4.94 4.68 4.66 4.70 4.37 3.82 3.89

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. General Mills Inc.’s P/E ratio increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. General Mills Inc.’s P/OP ratio increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. General Mills Inc.’s P/S ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. General Mills Inc.’s P/BV ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Price to Earnings (P/E)

General Mills Inc., historical P/E calculation (quarterly data)

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Nov 25, 2018 Aug 26, 2018 May 27, 2018 Feb 25, 2018 Nov 26, 2017 Aug 27, 2017 May 28, 2017 Feb 26, 2017 Nov 27, 2016 Aug 28, 2016 May 29, 2016 Feb 28, 2016 Nov 29, 2015 Aug 30, 2015 May 31, 2015 Feb 22, 2015 Nov 23, 2014 Aug 24, 2014 May 25, 2014 Feb 23, 2014 Nov 24, 2013 Aug 25, 2013 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
No. shares of common stock outstanding1 596,748,917 596,229,932 593,367,848 570,162,724 569,043,789 568,338,468 577,099,679 576,135,402 580,011,272 591,383,342 597,020,906 594,401,538 593,345,187 597,687,535 598,737,719 596,089,958 603,747,687 603,747,687 612,508,457 614,492,206 624,536,334 634,262,701 640,860,417 644,657,589 646,595,998 645,224,306
Selected Financial Data (USD $)
Net earnings attributable to General Mills (in thousands) 343,400  392,300  354,400  941,400  430,500  404,700  408,900  357,800  481,800  409,000  379,600  361,700  529,500  426,600  186,800  343,200  346,100  345,200  404,600  410,600  549,900  459,300  366,300  398,400  541,600  548,900 
Earnings per share (EPS)3 3.40 3.55 3.59 3.83 2.82 2.91 2.87 2.83 2.81 2.84 2.84 2.53 2.50 2.18 2.04 2.41 2.50 2.83 2.98 2.91 2.84 2.78 2.89 0.00 0.00 0.00
Share price1, 2 38.55 44.13 44.26 45.51 58.76 52.17 54.97 59.76 61.45 65.26 71.32 61.01 57.23 57.41 56.59 52.86 52.19 51.22 53.05 50.74 49.73 50.15 48.95 47.61 41.27 40.02
P/E ratio4 11.32 12.42 12.32 11.87 20.87 17.94 19.14 21.15 21.84 22.98 25.09 24.10 22.85 26.34 27.74 21.90 20.92 18.08 17.81 17.46 17.51 18.02 16.91 – – –

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of General Mills Inc.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 EPS = (Net earnings attributable to General MillsQ2 2019 + Net earnings attributable to General MillsQ1 2019 + Net earnings attributable to General MillsQ4 2018 + Net earnings attributable to General MillsQ3 2018) ÷ No. shares of common stock outstanding
= (343,400,000 + 392,300,000 + 354,400,000 + 941,400,000) ÷ 596,748,917 = 3.40

4 P/E ratio = Share price ÷ EPS
= 38.55 ÷ 3.40 = 11.32

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. General Mills Inc.’s P/E ratio increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.

Price to Operating Profit (P/OP)

General Mills Inc., historical P/OP calculation (quarterly data)

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Nov 25, 2018 Aug 26, 2018 May 27, 2018 Feb 25, 2018 Nov 26, 2017 Aug 27, 2017 May 28, 2017 Feb 26, 2017 Nov 27, 2016 Aug 28, 2016 May 29, 2016 Feb 28, 2016 Nov 29, 2015 Aug 30, 2015 May 31, 2015 Feb 22, 2015 Nov 23, 2014 Aug 24, 2014 May 25, 2014 Feb 23, 2014 Nov 24, 2013 Aug 25, 2013 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
No. shares of common stock outstanding1 596,748,917 596,229,932 593,367,848 570,162,724 569,043,789 568,338,468 577,099,679 576,135,402 580,011,272 591,383,342 597,020,906 594,401,538 593,345,187 597,687,535 598,737,719 596,089,958 603,747,687 603,747,687 612,508,457 614,492,206 624,536,334 634,262,701 640,860,417 644,657,589 646,595,998 645,224,306
Selected Financial Data (USD $)
Operating profit (in thousands) 547,000  601,500  561,000  592,700  729,800  625,800  609,200  542,500  768,900  645,800  532,100  586,300  905,700  683,300  423,600  537,200  559,000  557,500  681,900  670,600  870,100  734,800  600,600  642,100  829,000  780,100 
Operating profit per share3 3.86 4.17 4.23 4.49 4.41 4.48 4.45 4.32 4.37 4.51 4.53 4.37 4.30 3.69 3.47 3.92 4.09 4.60 4.83 4.68 4.56 4.42 4.45 0.00 0.00 0.00
Share price1, 2 38.55 44.13 44.26 45.51 58.76 52.17 54.97 59.76 61.45 65.26 71.32 61.01 57.23 57.41 56.59 52.86 52.19 51.22 53.05 50.74 49.73 50.15 48.95 47.61 41.27 40.02
P/OP ratio4 9.99 10.59 10.47 10.15 13.34 11.64 12.36 13.83 14.07 14.46 15.73 13.95 13.32 15.57 16.31 13.49 12.76 11.12 10.99 10.84 10.91 11.33 11.00 – – –

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of General Mills Inc.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 Operating profit per share = (Operating profitQ2 2019 + Operating profitQ1 2019 + Operating profitQ4 2018 + Operating profitQ3 2018) ÷ No. shares of common stock outstanding
= (547,000,000 + 601,500,000 + 561,000,000 + 592,700,000) ÷ 596,748,917 = 3.86

4 P/OP ratio = Share price ÷ Operating profit per share
= 38.55 ÷ 3.86 = 9.99

Ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. General Mills Inc.’s P/OP ratio increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.

Price to Sales (P/S)

General Mills Inc., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Nov 25, 2018 Aug 26, 2018 May 27, 2018 Feb 25, 2018 Nov 26, 2017 Aug 27, 2017 May 28, 2017 Feb 26, 2017 Nov 27, 2016 Aug 28, 2016 May 29, 2016 Feb 28, 2016 Nov 29, 2015 Aug 30, 2015 May 31, 2015 Feb 22, 2015 Nov 23, 2014 Aug 24, 2014 May 25, 2014 Feb 23, 2014 Nov 24, 2013 Aug 25, 2013 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
No. shares of common stock outstanding1 596,748,917 596,229,932 593,367,848 570,162,724 569,043,789 568,338,468 577,099,679 576,135,402 580,011,272 591,383,342 597,020,906 594,401,538 593,345,187 597,687,535 598,737,719 596,089,958 603,747,687 603,747,687 612,508,457 614,492,206 624,536,334 634,262,701 640,860,417 644,657,589 646,595,998 645,224,306
Selected Financial Data (USD $)
Net sales (in thousands) 4,411,200  4,094,000  3,890,200  3,882,300  4,198,700  3,769,200  3,806,600  3,793,200  4,112,100  3,907,900  3,927,900  4,002,400  4,424,900  4,207,900  4,298,800  4,350,900  4,712,200  4,268,400  4,283,800  4,377,400  4,875,700  4,372,700  4,410,700  4,430,600  4,881,800  4,051,000 
Sales per share3 27.28 26.94 26.53 27.46 27.36 27.24 27.07 27.32 27.50 27.50 27.74 28.49 29.13 29.40 29.45 29.55 29.22 29.49 29.24 29.35 28.97 28.53 27.73 0.00 0.00 0.00
Share price1, 2 38.55 44.13 44.26 45.51 58.76 52.17 54.97 59.76 61.45 65.26 71.32 61.01 57.23 57.41 56.59 52.86 52.19 51.22 53.05 50.74 49.73 50.15 48.95 47.61 41.27 40.02
P/S ratio4 1.41 1.64 1.67 1.66 2.15 1.92 2.03 2.19 2.23 2.37 2.57 2.14 1.96 1.95 1.92 1.79 1.79 1.74 1.81 1.73 1.72 1.76 1.76 – – –

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of General Mills Inc.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 Sales per share = (Net salesQ2 2019 + Net salesQ1 2019 + Net salesQ4 2018 + Net salesQ3 2018) ÷ No. shares of common stock outstanding
= (4,411,200,000 + 4,094,000,000 + 3,890,200,000 + 3,882,300,000) ÷ 596,748,917 = 27.28

4 P/S ratio = Share price ÷ Sales per share
= 38.55 ÷ 27.28 = 1.41

Ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. General Mills Inc.’s P/S ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Price to Book Value (P/BV)

General Mills Inc., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Nov 25, 2018 Aug 26, 2018 May 27, 2018 Feb 25, 2018 Nov 26, 2017 Aug 27, 2017 May 28, 2017 Feb 26, 2017 Nov 27, 2016 Aug 28, 2016 May 29, 2016 Feb 28, 2016 Nov 29, 2015 Aug 30, 2015 May 31, 2015 Feb 22, 2015 Nov 23, 2014 Aug 24, 2014 May 25, 2014 Feb 23, 2014 Nov 24, 2013 Aug 25, 2013 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
No. shares of common stock outstanding1 596,748,917 596,229,932 593,367,848 570,162,724 569,043,789 568,338,468 577,099,679 576,135,402 580,011,272 591,383,342 597,020,906 594,401,538 593,345,187 597,687,535 598,737,719 596,089,958 603,747,687 603,747,687 612,508,457 614,492,206 624,536,334 634,262,701 640,860,417 644,657,589 646,595,998 645,224,306
Selected Financial Data (USD $)
Stockholders’ equity (in thousands) 6,651,800  6,225,100  6,141,100  4,965,600  4,230,700  3,903,800  4,327,900  4,063,400  4,180,600  4,908,300  4,930,200  4,888,800  4,797,000  4,949,100  4,996,700  5,441,200  5,672,300  6,202,300  6,534,800  6,307,700  6,633,400  6,824,300  6,672,200  7,016,700  6,983,700  6,645,200 
Book value per share (BVPS)3 11.15 10.44 10.35 8.71 7.43 6.87 7.50 7.05 7.21 8.30 8.26 8.22 8.08 8.28 8.35 9.13 9.40 10.27 10.67 10.26 10.62 10.76 10.41 10.88 10.80 10.30
Share price1, 2 38.55 44.13 44.26 45.51 58.76 52.17 54.97 59.76 61.45 65.26 71.32 61.01 57.23 57.41 56.59 52.86 52.19 51.22 53.05 50.74 49.73 50.15 48.95 47.61 41.27 40.02
P/BV ratio4 3.46 4.23 4.28 5.23 7.90 7.60 7.33 8.47 8.53 7.86 8.64 7.42 7.08 6.93 6.78 5.79 5.55 4.99 4.97 4.94 4.68 4.66 4.70 4.37 3.82 3.89

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of General Mills Inc.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 6,651,800,000 ÷ 596,748,917 = 11.15

4 P/BV ratio = Share price ÷ BVPS
= 38.55 ÷ 11.15 = 3.46

Ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. General Mills Inc.’s P/BV ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.