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General Mills Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, indicating 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 8. It is a good or high score, which usually indicates a very healthy situation.

NYSE:GIS' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 8
Current: 8

1
8

During the past 13 years, the highest Piotroski F-Score of General Mills was 8. The lowest was 1. And the median was 6.


General Mills Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

General Mills Annual Data
May11 May12 May13 May14 May15 May16 May17 May18 May19 May20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 5.00 5.00 5.00 8.00

General Mills Quarterly Data
Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20
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 5.00 6.00 6.00 7.00 8.00

Competitive Comparison
* 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.


General Mills Piotroski F-Score Distribution

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


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (May20) TTM:Last Year (May19) TTM:
Net Income was 520.6 + 580.8 + 454.1 + 625.7 = $2,181 Mil.
Cash Flow from Operations was 572.1 + 884.5 + 703.2 + 1516.4 = $3,676 Mil.
Revenue was 4002.5 + 4420.8 + 4180.3 + 5023 = $17,627 Mil.
Gross Profit was 1389.5 + 1569.1 + 1403.2 + 1768.1 = $6,130 Mil.
Average Total Assets from the begining of this year (May19)
to the end of this year (May20) was
(30111.2 + 30313.2 + 30452.4 + 30248.7 + 30806.7) / 5 = $30386.44 Mil.
Total Assets at the begining of this year (May19) was $30,111 Mil.
Long-Term Debt & Capital Lease Obligation was $11,206 Mil.
Total Current Assets was $5,121 Mil.
Total Current Liabilities was $7,492 Mil.
Net Income was 392.3 + 343.4 + 446.8 + 570.2 = $1,753 Mil.

Revenue was 4094 + 4411.2 + 4198.3 + 4161.7 = $16,865 Mil.
Gross Profit was 1342.8 + 1509.7 + 1443 + 1461.3 = $5,757 Mil.
Average Net Income from the begining of last year (May18)
to the end of last year (May19) was
(30624 + 30554.8 + 30384 + 30285.8 + 30111.2) / 5 = $30391.96 Mil.
Total Assets at the begining of last year (May18) was $30,624 Mil.
Long-Term Debt & Capital Lease Obligation was $11,625 Mil.
Total Current Assets was $4,187 Mil.
Total Current Liabilities was $7,087 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 2,181. ==> 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 3,676. ==> 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 (May19)
=2181.2/30111.2
=0.07243816

ROA (Last Year)=Net Income/Total Assets (May18)
=1752.7/30624
=0.05723289

General Mills's return on assets of this year was 0.07243816. General Mills's return on assets of last year was 0.05723289. ==> This year is higher. ==> Score 1.

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 2,181. General Mills's current Cash Flow from Operations (TTM) was 3,676. ==> 3,676 > 2,181 ==> 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: May20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May19 to May20
=11206/30386.44
=0.36878292

Gearing (Last Year: May19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May18 to May19
=11624.8/30391.96
=0.3824959

General Mills's gearing of this year was 0.36878292. General Mills's gearing of last year was 0.3824959. ==> This year is lower or equal to last year. ==> Score 1.

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: May20)=Total Current Assets/Total Current Liabilities
=5121.3/7491.5
=0.68361476

Current Ratio (Last Year: May19)=Total Current Assets/Total Current Liabilities
=4186.5/7087.1
=0.59072117

General Mills's current ratio of this year was 0.68361476. General Mills's current ratio of last year was 0.59072117. ==> 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 616.9. General Mills's number of shares in issue last year was 609.6. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=6129.9/17626.6
=0.34776417

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5756.8/16865.2
=0.34134193

General Mills's gross margin of this year was 0.34776417. General Mills's gross margin of last year was 0.34134193. ==> 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 (May19)
=17626.6/30111.2
=0.58538351

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (May18)
=16865.2/30624
=0.55071839

General Mills's asset turnover of this year was 0.58538351. General Mills's asset turnover of last year was 0.55071839. ==> 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+1+1+1+1+0+1+1
=8

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

General Mills has an F-score of 8. 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.


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