GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » General Mills Inc (NYSE:GIS) » Definitions » Asset Turnover

General Mills (General Mills) Asset Turnover

: 0.16 (As of Feb. 2024)
View and export this data going back to 1952. Start your Free Trial

Asset Turnover measures how quickly a company turns over its asset through sales. It is calculated as Revenue divided by Total Assets. General Mills's Revenue for the three months ended in Feb. 2024 was $5,099 Mil. General Mills's Total Assets for the quarter that ended in Feb. 2024 was $31,047 Mil. Therefore, General Mills's Asset Turnover for the quarter that ended in Feb. 2024 was 0.16.

Asset Turnover is linked to ROE % through Du Pont Formula. General Mills's annualized ROE % for the quarter that ended in Feb. 2024 was 28.49%. It is also linked to ROA % through Du Pont Formula. General Mills's annualized ROA % for the quarter that ended in Feb. 2024 was 8.63%.


General Mills Asset Turnover Historical Data

The historical data trend for General Mills's Asset Turnover 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.

Array ( [0] => - [1] => - [2] => - [3] => - [4] => - [5] => 0.56 [6] => 0.58 [7] => 0.58 [8] => 0.60 [9] => 0.64 )
General Mills Annual Data
Trend May14 May15 May16 May17 May18 May19 May20 May21 May22 May23
Asset Turnover
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.56 0.58 0.58 0.60 0.64

General Mills Quarterly Data
May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24
Asset Turnover 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 0.16 0.16 0.16 0.16 0.16

Competitive Comparison

For the Packaged Foods subindustry, General Mills's Asset Turnover, along with its competitors' market caps and Asset Turnover 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 Asset Turnover Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, General Mills's Asset Turnover distribution charts can be found below:

* The bar in red indicates where General Mills's Asset Turnover falls into.



General Mills Asset Turnover Calculation

Asset Turnover measures how quickly a company turns over its asset through sales.

General Mills's Asset Turnover for the fiscal year that ended in May. 2023 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (A: May. 2023 )/( (Total Assets (A: May. 2022 )+Total Assets (A: May. 2023 ))/ count )
=20094.2/( (31090.1+31451.7)/ 2 )
=20094.2/31270.9
=0.64

General Mills's Asset Turnover for the quarter that ended in Feb. 2024 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (Q: Feb. 2024 )/( (Total Assets (Q: Nov. 2023 )+Total Assets (Q: Feb. 2024 ))/ count )
=5099.2/( (31233.4+30860.5)/ 2 )
=5099.2/31046.95
=0.16

* 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.

Companies with low profit margins tend to have high Asset Turnover, while those with high profit margins have low Asset Turnover. Companies in the retail industry tend to have a very high turnover ratio.


General Mills  (NYSE:GIS) Asset Turnover Explanation

Asset Turnover is linked to ROE % through Du Pont Formula.

General Mills's annulized ROE % for the quarter that ended in Feb. 2024 is

ROE %**(Q: Feb. 2024 )
=Net Income/Total Stockholders Equity
=2680.4/9407.8
=(Net Income / Revenue)*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(2680.4 / 20396.8)*(20396.8 / 31046.95)*(31046.95/ 9407.8)
=Net Margin %*Asset Turnover*Equity Multiplier
=13.14 %*0.657*3.3001
=ROA %*Equity Multiplier
=8.63 %*3.3001
=28.49 %

Note: The Net Income data used here is four times the quarterly (Feb. 2024) net income data. The Revenue data used here is four times the quarterly (Feb. 2024) revenue 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 ROE % used above is for Du Pont Analysis only. It is different from the defined ROE % page on our website, as here it uses Net Income instead of Net Income attributable to Common Stockholders in the calculation.

It is also linked to ROA % through Du Pont Formula:

General Mills's annulized ROA % for the quarter that ended in Feb. 2024 is

ROA %(Q: Feb. 2024 )
=Net Income/Total Assets
=2680.4/31046.95
=(Net Income / Revenue)*(Revenue / Total Assets)
=(2680.4 / 20396.8)*(20396.8 / 31046.95)
=Net Margin %*Asset Turnover
=13.14 %*0.657
=8.63 %

Note: The Net Income data used here is four times the quarterly (Feb. 2024) net income data. The Revenue data used here is four times the quarterly (Feb. 2024) revenue 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.


Be Aware

In the article Joining The Dark Side: Pirates, Spies and Short Sellers, James Montier reported that In their US sample covering the period 1968-2003, Cooper et al find that firms with low asset growth outperformed firms with high asset growth by an astounding 20% p.a. equally weighted. Even when controlling for market, size and style, low asset growth firms outperformed high asset growth firms by 13% p.a. Therefore a company with fast asset growth may underperform.

Therefore, it is a good sign if a company's Asset Turnover is consistent or even increases. If a company's asset grows faster than sales, its Asset Turnover will decline, which can be a warning sign.


General Mills Asset Turnover Related Terms

Thank you for viewing the detailed overview of General Mills's Asset Turnover provided by GuruFocus.com. Please click on the following links to see related term pages.


General Mills (General Mills) 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