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Research · S&P 500 · Consumer Staples
GIS · General Mills
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
25/55
low-moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (Margin of Safety) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
1/5Diluted EPS: $4.31 (2023), $4.31 (2024), $4.10 (2025), -$0.16 (2026). The latest figure is at or below zero; the framework scores that as 1.
ROE Trend
5/5ROE (net income / common equity): 24.8% (2023), 26.6% (2024), 24.8% (2025), -1.2% (2026). Median 24.8%, lowest -1.2%; the framework scores a median above 20% as 5.
ROIC
1/5ROIC of 3.8%: operating income of $885.80M divided by $23.24B of capital (total assets $30.02B minus current liabilities $6.77B), fiscal year to May 31, 2026, as filed in the 10-K (SEC EDGAR). The framework scores below 5% as 1.
Profit Margins
1/5Net margin of -4.9%; the framework scores a negative net margin as 1; gross margin 33.7%, operating margin 15.2%.
Balance sheet & cash
Debt-to-Equity
2/5Debt-to-equity of 1.82; the framework scores 1.5-2.5 as 2 (total debt $13.62B, total cash $433.10M).
Free Cash Flow
2/5Free cash flow (operating cash flow minus capital expenditure): $2.09B (2023), $2.53B (2024), $2.29B (2025), $1.63B (2026). It ended at or below 2023; the framework scores that as 2.
Retained Earnings
4/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $19.84B (2023), $20.97B (2024), $21.92B (2025), $20.51B (2026). It rose every year but one and ended above 2023; the framework scores that as 4.
Valuation models
Graham IV
1/5Trailing EPS is -$1.64; the Graham formula requires positive trailing EPS, so no intrinsic value is computed.
DCF Value
2/5FCF/share = $2.436, stage 1 growth = 0.0% (revenue CAGR -3.7% floored at 0%; the company is valued as if it does not grow rather than extrapolating the decline) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $9.24, PV of terminal value = $22.26, DCF value = $31.49. Current price $33.13; price is 5.2% above the model value.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value N/A (not comparable); DCF value $31.49 (price is 5.2% above the model value).
Price-to-Book
3/5P/B of 2.38; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 2 of 10 years (2017-2026); lowest 3.8%, highest 15.1%.
Gross margin, each year
Between 32.6% and 35.6% over 10 years (a range of 3.0 points).
Competition, in the company’s own words · 10-K filed Jul 1, 2026
The human and pet food categories are highly competitive, with numerous manufacturers of varying sizes in the United States and throughout the world. The categories in which we participate also are very competitive. Our principal competitors in these categories are manufacturers, as well as retailers with their own branded products. Competitors market and sell their products through brick-and- mortar stores and e-commerce. All our principal competitors have substantial financial, marketing, and other resources. Competition in our product categories is based on product innovation, product quality, price, brand recognition and loyalty, effectiveness of marketing, promotional activity, convenient ordering and delivery to the consumer, and the ability to identify and satisfy consumer preferences. Our principal strategies for competing in each of our segments include unique consumer insights, effective customer relationships, superior product quality, innovative advertising, product promotion, product innovation aligned with consumers’ needs, an efficient supply chain, and price. In most product categories, we compete not only with other widely advertised, branded products, but also with regional brands and with generic and private label products that are generally sold at lower prices. Internationally, we compete with both multi-national and local manufacturers, and each country includes a unique group of competitors.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2023-2026: dividends or buybacks paid in every year (pass); $10.41B paid out against $8.54B of free cash flow (fail: paid out more than free cash flow); total debt $12.06B to $13.94B, up 15.5%, 9.1x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.59B to 0.53B, down 9.0% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
Trailing EPS -$1.64 — formula requires positive trailing EPS, no value computed.
DCF:
FCF/share = $2.436
Stage 1 growth = 0.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Stage 1 g floored at 0.0% (3-year revenue CAGR was -3.7%; the company is valued as if it does not grow rather than extrapolating the decline)
Y1: $2.436 → PV $2.215
Y2: $2.436 → PV $2.013
Y3: $2.436 → PV $1.830
Y4: $2.436 → PV $1.664
Y5: $2.436 → PV $1.513
Stage 1 PV sum = $9.24
Terminal value at end of Y5 = $35.85
PV of terminal value = $22.26
DCF value = $31.49
Current price $33.13 vs DCF value $31.49 — price is 5.2% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $33.13. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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