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General Mills (NYSE:GIS) Cyclically Adjusted FCF per Share

: $4.47 (As of Nov. 2023)
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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

General Mills's adjusted free cash flow per share for the three months ended in Nov. 2023 was $1.655. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is $4.47 for the trailing ten years ended in Nov. 2023.

During the past 12 months, General Mills's average Cyclically Adjusted FCF Growth Rate was 3.00% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 8.50% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 8.90% per year. During the past 10 years, the average Cyclically Adjusted FCF Growth Rate was 7.60% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of General Mills was 28.00% per year. The lowest was 4.60% per year. And the median was 10.00% per year.

As of today (2024-02-29), General Mills's current stock price is $64.18. General Mills's Cyclically Adjusted FCF per Share for the quarter that ended in Nov. 2023 was $4.47. General Mills's Cyclically Adjusted Price-to-FCF of today is 14.36.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of General Mills was 28.09. The lowest was 11.90. And the median was 18.45.


General Mills Cyclically Adjusted FCF per Share Historical Data

The historical data trend for General Mills's Cyclically Adjusted FCF per Share 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 May14 May15 May16 May17 May18 May19 May20 May21 May22 May23
Cyclically Adjusted FCF per Share
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.17 3.43 3.85 4.31 4.38

General Mills Quarterly Data
Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23
Cyclically Adjusted FCF per Share Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.34 4.37 4.38 4.41 4.47

Competitive Comparison

For the Packaged Foods subindustry, General Mills's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF 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.


General Mills Cyclically Adjusted Price-to-FCF Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, General Mills's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where General Mills's Cyclically Adjusted Price-to-FCF falls into.



General Mills Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, General Mills's adjusted Free Cash Flow per Share data for the three months ended in Nov. 2023 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Nov. 2023 (Change)*Current CPI (Nov. 2023)
=1.655/129.5481*129.5481
=1.655

Current CPI (Nov. 2023) = 129.5481.

General Mills Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201402 0.887 99.057 1.160
201405 0.901 100.373 1.163
201408 0.287 100.352 0.370
201411 0.590 99.635 0.767
201502 0.855 99.032 1.118
201505 1.237 100.333 1.597
201508 0.461 100.548 0.594
201511 0.945 100.135 1.223
201602 0.859 100.040 1.112
201605 1.064 101.355 1.360
201608 0.355 101.617 0.453
201611 0.906 101.829 1.153
201702 0.716 102.779 0.902
201705 0.929 103.256 1.166
201708 0.808 103.587 1.011
201711 1.435 104.072 1.786
201802 0.739 105.052 0.911
201805 0.811 106.148 0.990
201808 0.820 106.383 0.999
201811 1.072 106.338 1.306
201902 0.855 106.649 1.039
201905 1.000 108.048 1.199
201908 0.821 108.245 0.983
201911 1.300 108.519 1.552
202002 0.967 109.139 1.148
202005 2.148 108.175 2.572
202008 0.753 109.662 0.890
202011 1.185 109.793 1.398
202102 1.067 110.968 1.246
202105 0.957 113.576 1.092
202108 0.432 115.421 0.485
202111 1.644 117.269 1.816
202202 0.986 119.703 1.067
202205 1.426 123.323 1.498
202208 0.492 124.958 0.510
202211 1.123 125.607 1.158
202302 1.171 126.928 1.195
202305 0.692 128.314 0.699
202308 0.400 129.538 0.400
202311 1.655 129.548 1.655

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


General Mills  (NYSE:GIS) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

General Mills's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=64.18/4.47
=14.36

* 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.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of General Mills was 28.09. The lowest was 11.90. And the median was 18.45.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


General Mills Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of General Mills's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


General Mills (NYSE:GIS) Business Description

Address
Number One General Mills Boulevard, Minneapolis, MN, USA, 55426
General Mills is a 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 Buffalo, and Haagen-Dazs. In fiscal 2023, 81% 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 to the foodservice channel and the commercial baking industry.
Executives
Werner Lanette Shaffer officer: Chief Innovation Officer ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426
David Cordani director THE CIGNA GROUP, 900 COTTAGE GROVE ROAD, BLOOMFIELD CT 06002
Mark A Pallot officer: Chief Accounting Officer NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jodi J Benson officer: Chief Innovation Officer GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jacqueline Williams-roll officer: Senior Vice President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Bethany C. Quam officer: Group President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426
Jonathon Nudi officer: Senior Vice President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Sean N Walker officer: Group President NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Shawn P Ogrady officer: SVP, Pres, Consumer Food Sales ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jeffrey L Harmening officer: Executive Vice President ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Dana M Mcnabb officer: Group President NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
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
John R Church officer: SVP, Supply Chain ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Richard C Allendorf officer: Senior Vice President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426