The business behind the dividend
| Measure | GIS | Median | Formula |
|---|---|---|---|
| Return on equity | -1.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.3% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-72.30m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.63bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 4.8% | 15.0% | Operating income ÷ revenue |
| Net margin | -0.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.83x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.54x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.68x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -1.2% | 24.9% | 26.6% | 24.8% | 25.7% | 24.7% | 27.1% | 24.8% | 34.7% | 38.3% | 24.9% |
| Return on capital employed | 4.3% | 14.1% | 16.6% | 16.8% | 17.7% | 16.3% | 15.6% | 13.5% | 12.9% | 20.8% | 15.6% |
| Operating margin | 4.8% | 17.0% | 17.3% | 17.1% | 18.3% | 17.3% | 16.8% | 14.9% | 15.4% | 16.0% | 16.8% |
| Net margin | -0.5% | 11.8% | 12.6% | 12.9% | 14.3% | 12.9% | 12.4% | 10.4% | 13.5% | 10.6% | 12.4% |
| Debt to equity | 1.83x | 1.54x | 1.20x | 0.95x | 0.87x | 1.03x | 1.36x | 1.65x | 2.06x | 1.77x | 1.36x |
| Current ratio | 0.68x | 0.67x | 0.65x | 0.69x | 0.63x | 0.70x | 0.68x | 0.59x | 0.56x | 0.76x | 0.67x |
| Cash conversion | — | 1.27x | 1.32x | 1.07x | 1.22x | 1.27x | 1.69x | 1.60x | 1.33x | 1.46x | 1.32x |
How it compares in consumer staples
Among the 38 consumer staples companies here measured on free cash flow, General Mills pays out less than 9 of them. The median for that group is 65.1%, against this company’s 80.9%.
Closest on free cash flow
- Mondelez International (MDLZ) 76.9%
- Clorox (CLX) 79.1%
- Philip Morris International (PM) 80.9%
- Keurig Dr Pepper (KDP) 83.1%
Same sector and same denominator, so the figures are comparable. All 43 in consumer staples →