General Mills, Inc. (GIS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+106.0%

$70.92

vs $34.43 price

Levered DCF

$78.97

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.26

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-210.19×	13.17×	15.74×	19.31×	15.67×	16.5×	17.7×	18.09×
P/B	2.5×	3.27×	4.18×	4.79×	4.03×	4.08×	4.79×	4.49×
P/S	1×	1.54×	1.98×	2.49×	2.24×	2.13×	2.19×	1.88×
EV / EBITDA	9.37×	11.48×	12.8×	15.07×	12.94×	12.89×	13.87×	14.17×
Gross margin	33.6%	34.6%	34.9%	32.6%	33.7%	35.6%	34.8%	34.1%
Operating margin	4.8%	17.0%	17.3%	17.1%	18.3%	17.3%	16.8%	14.9%
Net margin	-0.5%	11.8%	12.6%	12.9%	14.3%	12.9%	12.4%	10.4%
Current ratio	0.68×	0.67×	0.65×	0.69×	0.63×	0.7×	0.68×	0.59×
Debt / equity	1.84×	1.66×	1.42×	1.15×	1.14×	1.37×	1.73×	2.05×
Interest coverage	1.64×	6.3×	7.16×	8.99×	9.16×	7.48×	6.33×	4.82×
Dividend yield	7.1%	4.4%	3.5%	2.6%	2.9%	3.2%	3.1%	3.7%
Payout ratio	-1501.5%	58.3%	54.6%	49.7%	46.0%	53.3%	54.8%	67.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1.2%	24.9%	26.6%	24.8%	25.7%	24.7%	27.1%	24.8%
Return on invested capital	-0.9%	9.6%	10.6%	10.8%	11.2%	9.4%	9.3%	8.1%
Return on assets	-0.3%	6.9%	7.9%	8.2%	8.7%	7.3%	7.1%	5.8%
Free cash flow yield	8.8%	7.6%	6.4%	4.2%	6.5%	6.4%	8.3%	7.2%
Earnings yield	-0.5%	7.6%	6.4%	5.2%	6.4%	6.1%	5.6%	5.5%
Enterprise value	$31.5B	$45B	$52.2B	$61.5B	$53.9B	$50.1B	$50.9B	$45.7B
Net debt / EBITDA	3.89×	3.81×	3.16×	2.81×	2.74×	2.96×	3.34×	4.35×
Cash conversion cycle (days)	-21	-24	-23	-18	-24	-21	-21	0