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General Mills key statistics and ratios

In fiscal 2026, General Mills had return on equity of -1.1%, an operating margin of 4.8%, debt equal to 183.7% of equity and a current ratio of 0.68. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010May 20102011May 20112012May 20122013May 20132014May 20142015May 20152016May 20162017May 20172018May 20182019May 20192020May 20202021May 20212022May 20222023May 20232024May 20242025May 20252026May 2026LTMAug 2026
Gross margin———————35.6%34.5%34.1%34.8%35.6%33.7%32.6%34.9%34.6%33.6%33.6%
Operating margin17.8%18.6%15.4%16.0%16.5%11.8%16.3%16.0%15.4%14.9%16.8%17.3%18.3%17.1%17.3%17.0%4.8%−1.1%
Net margin10.5%12.1%9.4%10.4%10.2%6.9%10.2%10.6%13.5%10.4%12.4%12.9%14.3%12.9%12.6%11.8%−0.5%−4.9%
Free-cash-flow margin10.5%5.9%10.4%13.0%10.5%10.4%12.3%11.1%14.1%13.5%18.2%13.5%14.5%10.4%12.7%11.8%8.8%8.5%
Return on equity28.3%30.6%24.5%28.3%27.6%21.2%34.2%35.8%40.7%26.6%28.9%26.7%27.1%24.7%25.2%24.7%−1.1%−12.1%
Return on assets8.7%9.9%7.9%8.5%8.0%5.4%7.8%7.6%8.1%5.8%7.2%7.5%8.6%8.3%7.9%7.1%−0.3%−3.0%
Asset turnover0.830.820.840.810.780.780.760.720.600.560.580.580.600.640.630.600.580.61
Current ratio0.921.070.960.810.810.750.790.760.560.590.680.700.630.690.650.670.680.70
Debt to equity118.9%108.2%115.7%119.4%134.4%184.0%171.0%219.1%257.6%205.4%168.0%133.2%110.2%112.0%137.6%161.7%183.7%182.7%
Interest cover (operating income ÷ interest)6.5x8.0x7.3x9.0x9.8x6.6x8.9x8.4x6.5x4.8x6.3x7.5x9.2x9.0x7.2x6.3x——
Effective tax rate35.0%29.7%32.1%29.2%33.3%33.3%31.4%28.8%2.7%17.7%18.5%22.0%18.3%19.5%19.6%20.2%——
R&D as % of revenue1.5%1.6%1.5%1.3%1.4%1.3%1.3%1.4%1.4%1.3%1.3%1.3%1.3%1.3%1.3%1.3%1.4%—
SG&A as % of revenue21.6%21.5%20.3%20.0%19.4%18.9%18.8%18.5%18.1%17.4%17.9%17.0%16.6%17.4%16.4%17.7%18.4%18.4%
Capital spending as % of revenue4.4%4.4%4.1%3.5%3.7%4.0%4.4%4.4%4.0%3.2%2.6%2.9%3.0%3.4%3.9%3.2%2.9%2.8%
Free cash flow ÷ net income100.1%49.1%110.5%124.6%102.9%149.9%119.9%104.4%104.1%129.5%147.4%104.8%101.5%80.5%101.3%99.9%——
Dividends ÷ net income42.1%40.6%51.0%46.8%53.9%83.3%63.1%68.5%53.5%67.4%54.8%53.3%46.0%49.7%54.6%58.3%——
Dividends and buybacks ÷ free cash flow87.2%214.5%64.3%82.7%145.3%119.1%82.5%161.0%78.5%52.1%37.3%63.1%77.2%128.8%133.1%110.8%111.6%85.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · August 30, 2026
What it owns · $30.3bn
Short-term assets $4.9bnLonger-term assets $25.4bn
What it owes, and who funded it · $30.3bn
Short-term liabilities $6.9bnLonger-term liabilities $15.9bnShareholders' equity $7.5bn
  • Short-term assets cover short-term liabilities $4.9bn of assets due within a year against $6.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.9bn short-term assets against $15.9bn of longer-dated liabilities.
  • More cash than debt $433m of cash against $12.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 169% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 112% to 169% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $12.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$206m against $527m of interest.

From General Mills's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

66 /100

Moderate moat

How hard General Mills's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.9% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.5%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 16.5%; its worst year was -1.1%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.2% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from General Mills's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to General Mills.