NYSE · GIS

General Mills, Inc.

Consumer Defensive · Packaged Foods

$36.81▲ 0.63% ($0.23)at close

After hours$36.88▲ 0.19%7:41 PM ET

52-week

$31.75$51.33

What the market price implies · Reverse DCF

To support a price of $36.81, this model requires Stage 1 FCFF to grow by -16.63%/yr over the next 5 years, compounded annually.

Historical FCFF grew by -1.75%/yr over the past 10 years. The required annual growth rate is 14.87 percentage points lower.

Selected forecast · Base scenario

-1.75%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

-16.63%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$36.81

Estimated value / share

$106.46

Base scenario

This estimate is 189.22% above the price used.

USD · TTM ending 2026-05-31

Effective tax rate could not be derived — using 21% US default.

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Market beta (-0.05) is below the minimum default of 0.5 — short lookback windows can understate systematic risk. Beta floored at 0.5 for default assumptions; adjust manually if needed.

Stage 1 -1.75% · Stage 2 3.5% · Discount rate 5.85%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 16, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-05-31
Data refreshed: Sep 16, 2026, 11:04 PM UTC · cache

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 37.2%.

Price vs Fundamentals

Why The Stock Is Moving

Likely fundamental deteriorationModerate confidence

Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.

1Y Price: -25.73%Revenue (TTM): -5.45%FCF (TTM): -29.07%P/FCF: 12th pct

What changed

The stock fell 25.73% over the last year. Revenue declined 5.45% over the trailing twelve months. Operating margin moved from 16.96% to 20.02%. Free cash flow declined 29.07% over the trailing twelve months.

What the market seems to be pricing

The market is reacting to weaker business momentum more than just compressing the valuation multiple. Even if the shares already screen cheap on P/FCF, investors are still discounting lower future earnings power.

What would invalidate this read

Operating margin stands at 20.02%. Revenue declined 5.45% — this read reverses if that trend stabilizes. Free cash flow fell 29.07% — a return toward positive territory would undermine the deterioration thesis. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.

Performance

Return analysis

Company profile

General Mills, Inc. functions as a prominent global producer and vendor of well-known consumer food brands.

CEOJeffrey L. Harmening

SectorConsumer Defensive

IndustryPackaged Foods

Employees30,000

IPO dateMar 17, 1980

https://www.generalmills.com

Market multiples

Forward P/E—

EV/EBITDA9.46

Enterprise value$31.5B

Stock splits

Jun 9, 2010↑ Forward

Every 1 shares became 2

+100%

Nov 9, 1999↑ Forward

Every 1 shares became 2

+100%

May 30, 1995↑ Forward

Every 1653 shares became 2000

+21%

Nov 8, 1990↑ Forward

Every 1 shares became 2

+100%

Nov 10, 1986↑ Forward

Every 1 shares became 2

+100%

Nov 10, 1975↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth1.17%

Gross margin (FY2026)33.49%▼1.1ppvs FY2025

Operating margin (FY2026)15.06%▼1.9ppvs FY2025

ROE-1.06%▼25.7ppYoY

Analyst consensus

RatingHold

Target price$35.92▼2.42%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Sep 23, 2026

Q4 FY26 · EPS est $0.72 · Revenue est $4.34B

View

Dividends

$2.44/shareQuarterlyDividend Achiever · 21yrAdequate

GIS pays a dividend with a 6.63% dividend yield, 21 consecutive years of growth, growing at 3.65% annually, covered 1.2× by free cash flow.

Dividend Yield

6.63%

Annual Div / Share

$2.44

5yr CAGR

+3.65%

Doubles every ~19.4yr

Payout Ratio

—

Adequate

Dividend Growth Rate

3yr CAGR

+3.36%

5yr CAGR

+3.65%

10yr CAGR

+2.98%

Dividend Safety

5/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$2.44+1.2%

2025$2.41+1.7%

2024$2.37+7.2%

2023$2.21+6.8%

2022$2.07+1.5%

2021$2.04+4.1%

2020$1.96+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$66/yr

$6/mo

In 5 yrs

$79/yr+20%

$7/mo

In 10 yrs

$95/yr+43%

$8/mo

Today	In 5 yrs	In 10 yrs
$66/yr $6/mo	$79/yr+20% $7/mo	$95/yr+43% $8/mo

Yield-on-cost grows from 6.63% → 9.48% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

GIS has raised its dividend for 21 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NYSE · GIS

General Mills, Inc.

Consumer Defensive · Packaged Foods

$36.81▲ 0.63% ($0.23)at close

After hours$36.88▲ 0.19%7:41 PM ET

52-week

$31.75$51.33

What the market price implies · Reverse DCF

To support a price of $36.81, this model requires Stage 1 FCFF to grow by -16.63%/yr over the next 5 years, compounded annually.

Historical FCFF grew by -1.75%/yr over the past 10 years. The required annual growth rate is 14.87 percentage points lower.

Selected forecast · Base scenario

-1.75%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

-16.63%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$36.81

Estimated value / share

$106.46

Base scenario

This estimate is 189.22% above the price used.

USD · TTM ending 2026-05-31

Effective tax rate could not be derived — using 21% US default.

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Market beta (-0.05) is below the minimum default of 0.5 — short lookback windows can understate systematic risk. Beta floored at 0.5 for default assumptions; adjust manually if needed.

Stage 1 -1.75% · Stage 2 3.5% · Discount rate 5.85%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 16, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-05-31
Data refreshed: Sep 16, 2026, 11:04 PM UTC · cache

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 37.2%.

Price vs Fundamentals

Why The Stock Is Moving

Likely fundamental deteriorationModerate confidence

Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.

1Y Price: -25.73%Revenue (TTM): -5.45%FCF (TTM): -29.07%P/FCF: 12th pct

What changed

What the market seems to be pricing

What would invalidate this read

Performance

Return analysis

Company profile

General Mills, Inc. functions as a prominent global producer and vendor of well-known consumer food brands.

CEOJeffrey L. Harmening

SectorConsumer Defensive

IndustryPackaged Foods

Employees30,000

IPO dateMar 17, 1980

https://www.generalmills.com

Market multiples

Forward P/E—

EV/EBITDA9.46

Enterprise value$31.5B

Stock splits

Jun 9, 2010↑ Forward

Every 1 shares became 2

+100%

Nov 9, 1999↑ Forward

Every 1 shares became 2

+100%

May 30, 1995↑ Forward

Every 1653 shares became 2000

+21%

Nov 8, 1990↑ Forward

Every 1 shares became 2

+100%

Nov 10, 1986↑ Forward

Every 1 shares became 2

+100%

Nov 10, 1975↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth1.17%

Gross margin (FY2026)33.49%▼1.1ppvs FY2025

Operating margin (FY2026)15.06%▼1.9ppvs FY2025

ROE-1.06%▼25.7ppYoY

Analyst consensus

RatingHold

Target price$35.92▼2.42%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Sep 23, 2026

Q4 FY26 · EPS est $0.72 · Revenue est $4.34B

View

Dividends

$2.44/shareQuarterlyDividend Achiever · 21yrAdequate

GIS pays a dividend with a 6.63% dividend yield, 21 consecutive years of growth, growing at 3.65% annually, covered 1.2× by free cash flow.

Dividend Yield

6.63%

Annual Div / Share

$2.44

5yr CAGR

+3.65%

Doubles every ~19.4yr

Payout Ratio

—

Adequate

Dividend Growth Rate

3yr CAGR

+3.36%

5yr CAGR

+3.65%

10yr CAGR

+2.98%

Dividend Safety

5/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$2.44+1.2%

2025$2.41+1.7%

2024$2.37+7.2%

2023$2.21+6.8%

2022$2.07+1.5%

2021$2.04+4.1%

2020$1.96+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$66/yr

$6/mo

In 5 yrs

$79/yr+20%

$7/mo

In 10 yrs

$95/yr+43%

$8/mo

Today	In 5 yrs	In 10 yrs
$66/yr $6/mo	$79/yr+20% $7/mo	$95/yr+43% $8/mo

Yield-on-cost grows from 6.63% → 9.48% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

GIS has raised its dividend for 21 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

No strong risk signal stands out from the latest period pair.