General Mills
GIS on NYSE. General Mills sells packaged food and pet food to people worldwide. Market value $16.9bn.
Price checks use the past 12 months to August 2026. Quality checks use five annual reports, the latest for the year to May 2026.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Everyday goods stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.99 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 12 cents a year. Above 10 is good.
Quality score: 88 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$32.18 a share, 3% above its 1-year low
Over the past year the price has ranged from $31.18 to $51.26.
Dividend: 7.6% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.1bn | $2.0bn | $2.0bn | $19.5bn | $18.4bn |
| Operating margin | |||||
| Operating margin | 162.9% | 175.4% | 168.4% | 17.0% | 4.8% |
| Debt to equity | |||||
| Debt to equity | 1.10 | 1.12 | 1.38 | 1.62 | 1.84 |
| Shares outstanding | |||||
| Shares outstanding | 0.59bn | 0.56bn | 0.54bn | 0.53bn | 0.53bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.84× equity
- Revenue growth, five yearsStrong, 53.1% a year
- Buying back its own sharesYes, 9% fewer since 2022
The quarter to August 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.4 billion last quarter, down 3% on a year ago.
- Profit: $397 million, down 67% on a year ago.
- It loses 1 cents on each $1 of sales, after keeping 22 cents a year earlier.
- Spare cash over the past 12 months: $1.5 billion, down from $2.1 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $13.2 billion more than cash, down from $13.5 billion a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| November 2024 | $5.2bn |
| February 2025 | $4.8bn |
| May 2025 | $4.6bn |
| August 2025 | $4.5bn |
| November 2025 | $4.9bn |
| February 2026 | $4.4bn |
| May 2026 | $4.6bn |
| August 2026 | $4.4bn |
| Quarter to | Amount |
|---|---|
| November 2024 | $796m |
| February 2025 | $626m |
| May 2025 | $294m |
| August 2025 | $1.2bn |
| November 2025 | $413m |
| February 2026 | $303m |
| May 2026 | -$2.0bn |
| August 2026 | $397m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 23 December 2026
- Last annual report (10-K)
- 1 July 2026
- Next quarterly (estimated, 10-Q)
- 23 December 2026
Who owns it
10 long-term investors we follow own it, unchanged from 10 last quarter. 1,334 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $145m
- Share of fund
- 0.3%
- Dodge & CoxDodge & Cox investment committee
- Value
- $389,760
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $145m | 0.3% | |
| Diamond Hill Capital ManagementRic Dillon (founder) | $126m | 1.0% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $79m | 0.2% | Added |
| GMOJeremy Grantham | $33m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $12m | 0.1% | Cut |
| Mairs & PowerAndy Adams | $2m | <0.1% | Cut |
| Horizon KineticsMurray Stahl | $753,768 | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $500,318 | <0.1% | Cut |
| Jensen Investment ManagementEric Schoenstein | $436,601 | <0.1% | Cut |
| Dodge & CoxDodge & Cox investment committee | $389,760 | <0.1% |
Largest holders overall
- BlackRock$2.2bnAdded
- Vanguard Capital Management$1.2bn
- State Street$1.2bn
- Vanguard Portfolio Management$928mCut
- Charles Schwab Investment Management$628mAdded
- Geode Capital Management$556m
- AQR Capital Management$522mAdded
- Morgan Stanley$431mAdded
- UBS Group AG$417mAdded
- Nordea Investment Management AB$402mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.2%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.2% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $1m.
- Sharma Pankaj MNSegment PresidentSold
- Date
- 1 October 2026
- Shares
- 6,294
- Price
- $31.33
- Value
- $197,192
- Williams-Roll JacquelineChief Human Resources OfficerSold
- Date
- 13 May 2026
- Shares
- 10,000
- Price
- $33.97
- Value
- $339,700
- Williams-Roll JacquelineChief Human Resources OfficerSold
- Date
- 12 May 2026
- Shares
- 10,000
- Price
- $34.27
- Value
- $342,700
- Fernandez RicardoSegment PresidentSold
- Date
- 12 May 2026
- Shares
- 7,995
- Price
- $34.50
- Value
- $275,828
- Gallagher Paul JosephChief Supply Chain OfficerSold
- Date
- 19 December 2025
- Shares
- 1,500
- Price
- $48.15
- Value
- $72,225
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Sharma Pankaj MN Segment President | Sold | 6,294 | $31.33 | $197,192 |
| 13 May 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Sold | 10,000 | $33.97 | $339,700 |
| 12 May 2026 | Williams-Roll Jacqueline Chief Human Resources Officer | Sold | 10,000 | $34.27 | $342,700 |
| 12 May 2026 | Fernandez Ricardo Segment President | Sold | 7,995 | $34.50 | $275,828 |
| 19 December 2025 | Gallagher Paul Joseph Chief Supply Chain Officer | Sold | 1,500 | $48.15 | $72,225 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 1 Jul 2026, plus the 10-Q filed 23 Sep 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.