Market Cap : 45.26 B | Enterprise Value : 56.41 B | PE Ratio : 17.15 | PB Ratio : 4.31 |
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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 May. 2022 was 115.00%.
The historical rank and industry rank for General Mills's ROC (Joel Greenblatt) % or its related term are showing as below:
During the past 13 years, General Mills's highest ROC (Joel Greenblatt) % was 93.53%. The lowest was 52.24%. And the median was 71.43%.
General Mills's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 6.20% per year.
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.
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.
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 into.
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: Feb. 2022 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (1750.4 | + | 1710 | + | 723.8) | - | (3474.6 | + | 0 | + | 2039.4) |
= | -1329.8 |
Working Capital | (Q: May. 2022 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (1692.1 | + | 1867.3 | + | 961) | - | (3982.3 | + | 0 | + | 1552) |
= | -1013.9 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of General Mills for the quarter that ended in May. 2022 can be restated as:
ROC (Joel Greenblatt) % | (Q: May. 2022 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Feb. 2022 | Q: May. 2022 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | 3842 | / | ( ( (3287.9 + max(-1329.8, 0)) | + | (3393.8 + max(-1013.9, 0)) ) | / | 2 ) |
= | 3842 | / | ( ( 3287.9 | + | 3393.8 ) | / | 2 ) |
= | 3842 | / | 3340.85 | ||||
= | 115.00 % |
Note: The EBIT data used here is four times the quarterly (May. 2022) EBIT data.
* 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.
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.
Thank you for viewing the detailed overview of General Mills's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Walker Sean N | officer: Group President | NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426 |
Church John R | officer: Chief SC & GBS Officer | ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426 |
Nudi Jonathon | officer: Group President | GENERAL MILLS, INC. ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426 |
Henry Maria | director | C/O THE HILLSHIRE BRANDS COMPANY 3500 LACEY ROAD DOWNERS GROVE IL 60515 |
Neal Diane L | director | PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: NEAL DIANE L a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;} |
Jenkins Jo Ann | director | 2211 SOUTH 47TH STREET PHOENIX AZ 85034 |
Lempres Elizabeth Cahill | director | TWO COMMERCE SQUARE 2001 MARKET STREET, SUITE 3600 PHILADELPHIA PA 19103 |
Uribe Jorge A. | director | 5 WESTBROOK CORPORATE CENTER WESTCHESTER IL 60154 |
Cordani David | director | CIGNA CORPORATION 900 COTTAGE GROVE ROAD BLOOMFIELD CT 06002 |
Odland Stephen A | director | ONE GENERAL MILLS BLVD M03-08 MINNEAPOLIS MN 55426 |
Clark R Kerry | director | C/O THE PROCTER & GAMBLE COMPANY ONE PROCTER & GAMBLE PLAZA CINCINNATI OH 45202 |
Sastre Maria | director | C/O DARDEN RESTAURANTS, INC. 1000 DARDEN CENTER DRIVE ORLANDO FL 32837 |
Sprunk Eric D | director | ONE BOWERMAN DRIVE BEAVERTON OR 97005 |
Ferguson Roger W. Jr. | director | INTERNATIONAL FLAVORS & FRAGRANCES INC. 521 WEST 57TH STREET NEW YORK NY 10019 |
Ogrady Shawn P | officer: Group President | ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426 |
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