Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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)
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24).
- Price to Earnings (P/E) Ratio
- The P/E ratio initially exhibited an upward trend from 18.08 in August 2014 to a peak of 27.74 in May 2015. After this peak, a gradual decline is observed, with the ratio decreasing to a low of 11.32 in November 2018. Following this trough, the P/E ratio shows a modest recovery, stabilizing around the mid to high teens by late 2019. This pattern indicates an early period of increased investor valuation relative to earnings, followed by a period of decreased market optimism or earnings growth improvement, and then partial recovery.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio demonstrates a trend similar to the P/E ratio. An initial increase is noted from 11.12 in August 2014 to a peak of 16.31 in May 2015. Subsequently, there is a consistent decline reaching a low point of 9.99 in February 2019, before slightly rising again to 11.32 by late 2019. This trend suggests fluctuations in market expectations regarding operating profitability, initially becoming more optimistic, followed by a reduction in valuation multiples, with some improvement toward the end of the period.
- Price to Sales (P/S) Ratio
- The P/S ratio increases moderately from 1.74 in August 2014 to a peak of 2.57 in May 2016. After this peak, it declines steadily to a low of 1.41 by November 2018 before experiencing a slight rebound to 1.92 by late 2019. The pattern indicates that market valuation against sales rose gradually before entering a downtrend, possibly reflecting changing investor sentiment or sales growth dynamics, with a mild recovery in relative sales valuation in the latter periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows an upward trajectory from 4.99 in August 2014 to a peak of 8.64 in May 2016. After reaching this high, the ratio significantly declines to 3.46 by February 2019, followed by a moderate increase to approximately 4.17 by late 2019. This indicates that the market initially assigned a higher premium on the company's book value, which later contracted considerably, suggesting reassessment of the company’s asset value or profitability expectations, with a slight recovery toward the end of the observed timeline.
- General Observations
- Overall, valuation multiples across earnings, operating profit, sales, and book value all display a general pattern of rising through mid-2015 to mid-2016, followed by a pronounced decline through early 2019. This trend implies an initial phase of growing market confidence and increasing valuations, succeeded by a period of devaluation or cautious market sentiment. The slight recovery in ratios from early to late 2019 may indicate stabilization or the beginning of renewed positive investor sentiment.
Price to Earnings (P/E)
General Mills Inc., historical P/E calculation (quarterly data)
| Nov 24, 2019 | Aug 25, 2019 | May 26, 2019 | Feb 24, 2019 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 604,816,813 | 604,393,769 | 601,959,611 | 598,790,681 | 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 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net earnings attributable to General Mills (in thousands) | 580,800) | 520,600) | 570,200) | 446,800) | 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) | |||||||
| Earnings per share (EPS)2 | 3.50 | 3.11 | 2.91 | 2.57 | 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 | |||||||
| Share price1, 3 | 53.18 | 54.53 | 52.52 | 48.29 | 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 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 15.18 | 17.52 | 18.04 | 18.81 | 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 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Mondelēz International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| PepsiCo Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
EPS
= (Net earnings attributable to General MillsQ2 2020
+ Net earnings attributable to General MillsQ1 2020
+ Net earnings attributable to General MillsQ4 2019
+ Net earnings attributable to General MillsQ3 2019)
÷ No. shares of common stock outstanding
= (580,800,000 + 520,600,000 + 570,200,000 + 446,800,000)
÷ 604,816,813 = 3.50
3 Closing price as at the filing date of General Mills Inc. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/E ratio = Share price ÷ EPS
= 53.18 ÷ 3.50 = 15.18
5 Click competitor name to see calculations.
The financial data presents a detailed view of share price, earnings per share (EPS), and price-to-earnings (P/E) ratio across multiple quarters. A comprehensive analysis reveals distinct patterns and fluctuations in each metric.
- Share Price
- The share price exhibited a moderate overall upward trend from August 2014 through early 2016, peaking notably at $71.32 in May 2016. Subsequently, the share price experienced a decline, dropping to a low point of $38.55 in November 2018. Following this trough, the share price demonstrated a recovery phase, rising back to the low $50s by late 2019. The period from mid-2017 to late 2018 was characterized by a sustained decrease, indicating potential market or company-specific challenges during that timeframe.
- Earnings Per Share (EPS)
- EPS showed gradual growth with some volatility from 2014 through early 2017, moving from $2.83 to approximately $2.91. A significant increase occurred in early 2018, where EPS rose sharply to $3.83, representing a substantial earnings improvement. This elevated level was maintained through mid-2018, followed by a slight dip but overall stable performance until early 2019. The dip in early 2019 to $2.57 suggests a temporary earnings reduction, after which EPS recovered steadily to $3.50 by late 2019. The upward EPS trend toward the end of the period implies an improvement in profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio fluctuated notably throughout the observation period. Initially, it increased from approximately 18.08 to a peak near 27.74 in mid-2015, indicating investor expectations for stronger growth or increased market optimism. After this peak, the ratio trended downward to levels around 11 to 12 during 2017 and 2018, reflecting a potential market reassessment of valuation or a relative increase in earnings compared to the share price decline. Toward the end of the timeline, the ratio experienced a moderate increase, settling near 15.18, suggesting a revaluation consistent with recovering share prices and earnings.
In summary, the data reveals an initial period of growth and high valuation, followed by a notable share price correction despite rising earnings, leading to reduced P/E ratios. The late-stage recovery in both share price and earnings indicates improved market sentiment and operational performance. The disparity between share price trends and earnings in certain periods may warrant further investigation into market conditions or company-specific events affecting investor confidence.
Price to Operating Profit (P/OP)
General Mills Inc., historical P/OP calculation (quarterly data)
| Nov 24, 2019 | Aug 25, 2019 | May 26, 2019 | Feb 24, 2019 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 604,816,813 | 604,393,769 | 601,959,611 | 598,790,681 | 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 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating profit (in thousands) | 811,200) | 662,400) | 716,100) | 651,300) | 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) | |||||||
| Operating profit per share2 | 4.70 | 4.26 | 4.18 | 3.94 | 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 | |||||||
| Share price1, 3 | 53.18 | 54.53 | 52.52 | 48.29 | 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 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 11.32 | 12.79 | 12.57 | 12.25 | 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 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Mondelēz International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| PepsiCo Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Operating profit per share
= (Operating profitQ2 2020
+ Operating profitQ1 2020
+ Operating profitQ4 2019
+ Operating profitQ3 2019)
÷ No. shares of common stock outstanding
= (811,200,000 + 662,400,000 + 716,100,000 + 651,300,000)
÷ 604,816,813 = 4.70
3 Closing price as at the filing date of General Mills Inc. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 53.18 ÷ 4.70 = 11.32
5 Click competitor name to see calculations.
The financial data reveals distinct trends over the observed periods with regard to share price, operating profit per share, and the price-to-operating profit (P/OP) ratio.
- Share Price
- The share price exhibited an overall upward trajectory from August 2014 to November 2016, rising from $51.22 to a peak of $71.32 in May 2016. Following this peak, the price experienced a general decline until February 2018, dropping to around $44.13. Subsequently, the share price fluctuated, showing a modest recovery by August 2019, reaching $54.53, before slightly falling to $53.18 in November 2019. This pattern indicates periods of growth and volatility, with a notable peak in mid-2016 and a dip in early 2018.
- Operating Profit Per Share
- The operating profit per share showed some variability but remained relatively stable compared to the share price. Initially, it declined from $4.60 in August 2014 to a low of $3.47 in May 2015. It then increased and stabilized around the $4.3 to $4.5 range between November 2015 and February 2018. After this phase, a slight decline occurred, reaching $3.86 in November 2018, followed by a gradual recovery to $4.70 by November 2019. This indicates that while profitability faced short-term fluctuations, it maintained a generally steady level over the medium term.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio reflects valuation changes relative to operating profit per share. It began at 11.12 in August 2014, increased steadily to a high of 16.31 by May 2015, indicating increasing market valuation relative to earnings. Following this peak, the ratio declined consistently, reaching a low of 9.99 in November 2018. Subsequently, the ratio rose again, peaking at 12.79 in August 2019 before slightly decreasing to 11.32 by November 2019. This trend shows fluctuating investor sentiment and market valuation multiples, with the highest valuation occurring early in the timeline and a partial recovery toward the end.
Price to Sales (P/S)
General Mills Inc., historical P/S calculation (quarterly data)
| Nov 24, 2019 | Aug 25, 2019 | May 26, 2019 | Feb 24, 2019 | Nov 25, 2018 | Aug 26, 2018 | May 27, 2018 | Feb 25, 2018 | Nov 26, 2017 | Aug 27, 2017 | May 28, 2017 | Feb 26, 2017 | Nov 27, 2016 | Aug 28, 2016 | May 29, 2016 | Feb 28, 2016 | Nov 29, 2015 | Aug 30, 2015 | May 31, 2015 | Feb 22, 2015 | Nov 23, 2014 | Aug 24, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 604,816,813 | 604,393,769 | 601,959,611 | 598,790,681 | 596,748,917 | 596,229,932 | 593,367,848 | 570,162,724 | 569,043,789 | 568,338,468 | 577,099,679 | 576,135,402 | 580,011,272 | 591,383,342 | 597,020,906 | 594,401,538 | 593,345,187 | 597,687,535 | 598,737,719 | 596,089,958 | 603,747,687 | 603,747,687 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in thousands) | 4,420,800) | 4,002,500) | 4,161,700) | 4,198,300) | 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) | |||||||
| Sales per share2 | 27.75 | 27.75 | 28.02 | 27.71 | 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 | |||||||
| Share price1, 3 | 53.18 | 54.53 | 52.52 | 48.29 | 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 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 1.92 | 1.96 | 1.87 | 1.74 | 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 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Mondelēz International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| PepsiCo Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Sales per share
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ No. shares of common stock outstanding
= (4,420,800,000 + 4,002,500,000 + 4,161,700,000 + 4,198,300,000)
÷ 604,816,813 = 27.75
3 Closing price as at the filing date of General Mills Inc. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 53.18 ÷ 27.75 = 1.92
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the observed periods.
- Share Price
- The share price exhibited a general upward trajectory from August 2014 through early 2016, rising from $51.22 to a peak of $71.32 in May 2016. However, this was followed by a downward trend, with the price decreasing steadily from May 2016 onward, reaching a low of $38.55 in November 2018. Subsequently, there was a partial recovery, with the share price climbing back to levels around $54 by late 2019.
- Sales per Share
- Sales per share showed a gradual decline from about $29.49 in August 2014 to a trough of $26.53 in May 2018. Although the decline was modest and somewhat inconsistent, the overall pattern reflected a slow deterioration in sales relative to share count. Following May 2018, sales per share appeared to stabilize and slightly recover to approximately $27.75 by late 2019, though still below the initial levels.
- Price-to-Sales (P/S) Ratio
- The P/S ratio increased steadily from 1.74 in August 2014, reaching a peak of 2.57 by May 2016, indicating that the market was valuing the company's sales more highly during this period. After the peak, the ratio declined consistently, hitting a low of 1.41 in November 2018, which corresponds with the period of share price decline and reduced market valuation relative to sales. A moderate rebound followed, bringing the ratio back up to around 1.92 by late 2019, signaling renewed investor confidence or improved valuation multiples.
In summary, the company experienced a period of strong market appreciation leading up to mid-2016, despite relatively stable to slightly declining sales per share. The subsequent years saw a correction in the share price and valuation multiples, in line with somewhat weakening sales performance. The partial recovery in both share price and valuation ratios toward the end of the period suggests a possible stabilization or improvement in market perception and underlying business fundamentals.
Price to Book Value (P/BV)
General Mills Inc., historical P/BV calculation (quarterly data)
| Nov 24, 2019 | Aug 25, 2019 | May 26, 2019 | Feb 24, 2019 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 604,816,813 | 604,393,769 | 601,959,611 | 598,790,681 | 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 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 7,712,300) | 7,382,800) | 7,054,500) | 6,930,400) | 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) | |||||||
| Book value per share (BVPS)2 | 12.75 | 12.22 | 11.72 | 11.57 | 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 | |||||||
| Share price1, 3 | 53.18 | 54.53 | 52.52 | 48.29 | 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 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 4.17 | 4.46 | 4.48 | 4.17 | 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 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Mondelēz International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| PepsiCo Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 7,712,300,000 ÷ 604,816,813 = 12.75
3 Closing price as at the filing date of General Mills Inc. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 53.18 ÷ 12.75 = 4.17
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed periods. Initially, it experienced a general upward trend, rising from $51.22 to a peak of $71.32 around May 2016. Following this peak, the price showed a downward trajectory with some volatility, reaching its lowest point near $38.55 in November 2018 before recovering moderately to approximately $53.18 by November 2019.
Book value per share (BVPS) showed a contrasting pattern when compared to the share price. Starting at $10.27, the BVPS demonstrated a gradual decline until around November 2016, decreasing to roughly $7.21. From this point onward, there was a consistent upward trend in the BVPS, culminating at $12.75 in November 2019. This indicates an overall strengthening of the company’s asset base relative to its share count in the latter periods.
The price-to-book value ratio (P/BV) reflected the interplay between the share price and the BVPS. Early in the timeline, the P/BV ratio increased considerably, moving from 4.99 to a high near 8.64 by May 2016, aligning with the peak share price and the relatively lower BVPS. Afterward, the ratio declined substantially, aligning with the increase in BVPS and the drop in share price, settling around values between 4.17 and 4.48 towards the end of the period.
- Share Price Trend
- Overall upward movement in early periods, peaking in mid-2016, followed by a notable decline and partial recovery.
- Book Value Per Share Trend
- Initial decline until late 2016 followed by a steady and continuous increase through to the end of the series.
- Price-to-Book Value Ratio Trend
- Rising sharply in the initial periods, peaking alongside share price, then falling steadily as book value increased and share price declined.
- Investment Insight
- The decline in the P/BV ratio towards the later periods suggests that the share price relative to the book value became more conservative, potentially indicating that shares may have been undervalued or that investors adjusted risk perceptions.