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General Mills (NYSE:GIS) Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

General Mills has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for General Mills's Piotroski F-Score or its related term are showing as below:

GIS' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of General Mills was 8. The lowest was 4. And the median was 6.


General Mills Piotroski F-Score Historical Data

The historical data trend for General Mills's Piotroski F-Score 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
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 8.00 8.00 7.00 6.00

General Mills Quarterly Data
Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23
Piotroski F-Score 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 7.00 7.00 6.00 7.00 7.00

Competitive Comparison

For the Packaged Foods subindustry, General Mills's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, General Mills's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where General Mills's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Nov23) TTM:Last Year (Nov22) TTM:
Net Income was 553.1 + 614.9 + 673.5 + 595.5 = $2,437 Mil.
Cash Flow from Operations was 826.3 + 751.6 + 378.1 + 1117.7 = $3,074 Mil.
Revenue was 5125.9 + 5030 + 4904.7 + 5139.4 = $20,200 Mil.
Gross Profit was 1664.8 + 1728.2 + 1770.5 + 1765.9 = $6,929 Mil.
Average Total Assets from the begining of this year (Nov22)
to the end of this year (Nov23) was
(31319.8 + 31199.8 + 31451.7 + 31319.7 + 31233.4) / 5 = $31304.88 Mil.
Total Assets at the begining of this year (Nov22) was $31,320 Mil.
Long-Term Debt & Capital Lease Obligation was $10,531 Mil.
Total Current Assets was $5,046 Mil.
Total Current Liabilities was $7,902 Mil.
Net Income was 660.3 + 822.8 + 820 + 605.9 = $2,909 Mil.

Revenue was 4537.7 + 4891.2 + 4717.6 + 5220.7 = $19,367 Mil.
Gross Profit was 1403.7 + 1769.9 + 1447.7 + 1705.1 = $6,326 Mil.
Average Total Assets from the begining of last year (Nov21)
to the end of last year (Nov22) was
(32481.6 + 31143.8 + 31090.1 + 31107.2 + 31319.8) / 5 = $31428.5 Mil.
Total Assets at the begining of last year (Nov21) was $32,482 Mil.
Long-Term Debt & Capital Lease Obligation was $8,623 Mil.
Total Current Assets was $5,331 Mil.
Total Current Liabilities was $9,208 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

General Mills's current Net Income (TTM) was 2,437. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

General Mills's current Cash Flow from Operations (TTM) was 3,074. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Nov22)
=2437/31319.8
=0.0778102

ROA (Last Year)=Net Income/Total Assets (Nov21)
=2909/32481.6
=0.0895584

General Mills's return on assets of this year was 0.0778102. General Mills's return on assets of last year was 0.0895584. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

General Mills's current Net Income (TTM) was 2,437. General Mills's current Cash Flow from Operations (TTM) was 3,074. ==> 3,074 > 2,437 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Nov23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Nov22 to Nov23
=10530.5/31304.88
=0.33638525

Gearing (Last Year: Nov22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Nov21 to Nov22
=8622.5/31428.5
=0.2743529

General Mills's gearing of this year was 0.33638525. General Mills's gearing of last year was 0.2743529. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Nov23)=Total Current Assets/Total Current Liabilities
=5045.6/7902.2
=0.63850573

Current Ratio (Last Year: Nov22)=Total Current Assets/Total Current Liabilities
=5330.6/9208.2
=0.57889707

General Mills's current ratio of this year was 0.63850573. General Mills's current ratio of last year was 0.57889707. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

General Mills's number of shares in issue this year was 583.4. General Mills's number of shares in issue last year was 602. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=6929.4/20200
=0.3430396

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6326.4/19367.2
=0.32665538

General Mills's gross margin of this year was 0.3430396. General Mills's gross margin of last year was 0.32665538. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Nov22)
=20200/31319.8
=0.64495942

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Nov21)
=19367.2/32481.6
=0.59625142

General Mills's asset turnover of this year was 0.64495942. General Mills's asset turnover of last year was 0.59625142. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+1+1+1+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

General Mills has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

General Mills  (NYSE:GIS) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


General Mills Piotroski F-Score Related Terms

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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