General Mills (NYSE:GIS) ROC (Joel Greenblatt) %

: 85.57% (As of Feb. 2023)

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Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. General Mills's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2023 was 85.57%.

The historical rank and industry rank for General Mills's ROC (Joel Greenblatt) % or its related term are showing as below:

GIS' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 52.24 Med: 71.43 Max: 100.37
Current: 100.37

During the past 13 years, General Mills's highest ROC (Joel Greenblatt) % was 100.37%. The lowest was 52.24%. And the median was 71.43%.

GIS's ROC (Joel Greenblatt) % is ranked better than
95.85% of 1832 companies
in the Consumer Packaged Goods industry
Industry Median: 10.17 vs GIS: 100.37

General Mills's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 7.00% per year.

General Mills ROC (Joel Greenblatt) % Historical Data

The historical data trend for General Mills's ROC (Joel Greenblatt) % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

General Mills Annual Data

Trend

May13

May14

May15

May16

May17

May18

May19

May20

May21

May22

ROC (Joel Greenblatt) %

65.19

66.61

79.47

82.84

93.13

General Mills Quarterly Data
	May18	Aug18	Nov18	Feb19	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23
ROC (Joel Greenblatt) %																79.31	147.99	74.06	96.58	85.57

Competitive Comparison

For the Packaged Foods subindustry, General Mills's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annual Data Quarterly Data

General Mills ROC (Joel Greenblatt) % Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, General Mills's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where General Mills's ROC (Joel Greenblatt) % falls in comparison to its industry or sector. The grey bar indicates the ROC (Joel Greenblatt) %'s extreme value range as defined by GuruFocus.

General Mills ROC (Joel Greenblatt) % Calculation

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:

ROC (Joel Greenblatt) %

EBIT

Average of (Net fixed Assets

Net Working Capital)

EBIT stands for Earnings Before Interest and Taxes.

Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.

GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.

	Working Capital		(Q: Nov. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1834	+	2121.3	+	731.2)	-	(4022.6	+	0	+	2067.9)
=	-1404

	Working Capital		(Q: Feb. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1770.2	+	2083.3	+	643.8)	-	(3868.2	+	0	+	2103.1)
=	-1474

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of General Mills for the quarter that ended in Feb. 2023 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Feb. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Nov. 2022		Q: Feb. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	2871.6	/	( ( (3358 + max(-1404, 0))	+	(3353.6 + max(-1474, 0)) )	/	2 )
=	2871.6	/	( ( 3358	+	3353.6 )	/	2 )
=	2871.6	/	3355.8
=	85.57 %

Note: The EBIT data used here is four times the quarterly (Feb. 2023) EBIT data.

General Mills (NYSE:GIS) ROC (Joel Greenblatt) % Explanation

The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.

Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.

General Mills ROC (Joel Greenblatt) % Related Terms

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General Mills (NYSE:GIS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » General Mills Inc (NYSE:GIS) » Definitions » ROC (Joel Greenblatt) %

Comparable Companies

Traded in Other Exchanges

GIS:Mexico GRM:Germany G1MI34:Brazil

Address

Number One General Mills Boulevard, Minneapolis, MN, USA, 55426

Website

https://www.generalmills.com

General Mills is a leading global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, BLUE, and Haagen-Dazs. In fiscal 2022, 77% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. While most of General Mills' products are sold through retail stores to consumers, the company also sells products into the food-service channel and the commercial baking industry.

Executives

C Kim Goodwin	director	C/O AKAMAI TECHNOLOGIES, INC., 8 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Karen Wilson Thissen	officer: General Counsel & Secretary	1098 AMERIPRISE FINANCIAL CENTER, MINNEAPOLIS MN 55474
Paul Joseph Gallagher	officer: Chief Supply Chain Officer	1 GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jaime Montemayor	officer: Chief Technology Officer	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Mark A Pallot	officer: Chief Accounting Officer	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jo Ann Jenkins	director	2211 SOUTH 47TH STREET, PHOENIX AZ 85034
Dana M Mcnabb	officer: Group President	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Elizabeth Cahill Lempres	director	TWO COMMERCE SQUARE, 2001 MARKET STREET, SUITE 3600, PHILADELPHIA PA 19103
Sean N Walker	officer: Group President	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Diane L Neal	director
Jodi J Benson	officer: Chief Innovation Officer	GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Maria Sastre	director	C/O DARDEN RESTAURANTS, INC., 1000 DARDEN CENTER DRIVE, ORLANDO FL 32837
Bishop William W Jr	officer: Group President	C/O BLUE BUFFALO PET PRODUCTS, INC., 11 RIVER ROAD, WILTON CT 06897
Kofi A Bruce	officer: Vice President	GENERAL MILLS, INC., ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426
Ivan Pollard	officer: Senior Vice President	GENERAL MILLS, INC., ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426