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General Mills (NYSE:GIS) Asset Turnover

: 0.17 (As of Nov. 2022)
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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 Nov. 2022 was $5,221 Mil. General Mills's Total Assets for the quarter that ended in Nov. 2022 was $31,214 Mil. Therefore, General Mills's Asset Turnover for the quarter that ended in Nov. 2022 was 0.17.

Asset Turnover is linked to ROE % through Du Pont Formula. General Mills's annualized ROE % for the quarter that ended in Nov. 2022 was 23.42%. It is also linked to ROA % through Du Pont Formula. General Mills's annualized ROA % for the quarter that ended in Nov. 2022 was 7.76%.


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.

General Mills Annual Data
Trend May13 May14 May15 May16 May17 May18 May19 May20 May21 May22
Asset Turnover
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.60 0.56 0.58 0.58 0.60

General Mills Quarterly Data
Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22
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 0.14 0.16 0.15 0.17

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 in comparison to its industry or sector. The grey bar indicates the Asset Turnover's extreme value range as defined by GuruFocus.



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. 2022 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (A: May. 2022 )/( (Total Assets (A: May. 2021 )+Total Assets (A: May. 2022 ))/ count )
=18992.8/( (31841.9+31090.1)/ 2 )
=18992.8/31466
=0.60

General Mills's Asset Turnover for the quarter that ended in Nov. 2022 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (Q: Nov. 2022 )/( (Total Assets (Q: Aug. 2022 )+Total Assets (Q: Nov. 2022 ))/ count )
=5220.7/( (31107.2+31319.8)/ 2 )
=5220.7/31213.5
=0.17

* 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 Nov. 2022 is

ROE %**(Q: Nov. 2022 )
=Net Income/Total Stockholders Equity
=2423.6/10348
=(Net Income / Revenue)*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(2423.6 / 20882.8)*(20882.8 / 31213.5)*(31213.5/ 10348)
=Net Margin %*Asset Turnover*Equity Multiplier
=11.61 %*0.669*3.0164
=ROA %*Equity Multiplier
=7.76 %*3.0164
=23.42 %

Note: The Net Income data used here is four times the quarterly (Nov. 2022) net income data. The Revenue data used here is four times the quarterly (Nov. 2022) 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 Nov. 2022 is

ROA %(Q: Nov. 2022 )
=Net Income/Total Assets
=2423.6/31213.5
=(Net Income / Revenue)*(Revenue / Total Assets)
=(2423.6 / 20882.8)*(20882.8 / 31213.5)
=Net Margin %*Asset Turnover
=11.61 %*0.669
=7.76 %

Note: The Net Income data used here is four times the quarterly (Nov. 2022) net income data. The Revenue data used here is four times the quarterly (Nov. 2022) 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 (NYSE:GIS) Business Description

General Mills logo
Address
Number One General Mills Boulevard, Minneapolis, MN, USA, 55426
General Mills is a leading 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, and Haagen-Dazs. In fiscal 2021, 75% 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 into the food-service channel and the commercial baking industry.
Executives
Thissen Karen Wilson officer: General Counsel & Secretary 1098 AMERIPRISE FINANCIAL CENTER MINNEAPOLIS MN 55474
Gallagher Paul Joseph officer: Chief Supply Chain Officer 1 GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Montemayor Jaime officer: Chief Technology Officer NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Pallot Mark A officer: Chief Accounting Officer NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Jenkins Jo Ann director 2211 SOUTH 47TH STREET PHOENIX AZ 85034
Mcnabb Dana M officer: Group President NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Lempres Elizabeth Cahill director TWO COMMERCE SQUARE 2001 MARKET STREET, SUITE 3600 PHILADELPHIA PA 19103
Walker Sean N officer: Group President NUMBER ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Neal Diane L director
Benson Jodi J officer: Chief Innovation Officer GENERAL MILLS, INC. ONE GENERAL MILLS BLVD MINNEAPOLIS MN 55426
Sastre Maria director C/O DARDEN RESTAURANTS, INC. 1000 DARDEN CENTER DRIVE ORLANDO FL 32837
Bishop William W Jr officer: Group President C/O BLUE BUFFALO PET PRODUCTS, INC. 11 RIVER ROAD WILTON CT 06897
Bruce Kofi A officer: Vice President GENERAL MILLS, INC. ONE GENERAL MILLS BLVD. MINNEAPOLIS MN 55426
Pollard Ivan officer: Senior Vice President GENERAL MILLS, INC. ONE GENERAL MILLS BLVD. MINNEAPOLIS MN 55426
Law Christina officer: Group President GENERAL MILLS, INC. ONE GENERAL MILLS BLVD. MINNEAPOLIS MN 55426

General Mills (NYSE:GIS) Headlines

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