GISGENERAL MILLS INC

Grain Mill Products

Revenue: $18.4B; 5.4% YoY
Operating margin: 4.8%; 72% YoY
EBITDA: $1.4B; 63% YoY
Market cap: $18.3B
Employees: 30,000; $614K revenue each
Net debt / EBITDA: 8.3×; $11.9B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
84% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
47% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$614K · 37th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$19.0B	$20.1B	$19.9B	$19.5B	$18.4B	5.4%
Operating income	$3.5B	$3.4B	$3.4B	$3.3B	$886M	73%
Net income	$2.7B	$2.6B	$2.5B	$2.3B	−$85M	104%
Operating cash flow	$3.3B	$2.8B	$3.3B	$2.9B	$2.2B	26%
Capex	$569M	$690M	$774M	$625M	$540M	14%
Stock-based comp	$99M	$112M	$95M	$92M	$79M	13%
Buybacks	$877M	$1.4B	$2.0B	$1.2B	$500M	58%
Dividends	$1.2B	$1.3B	$1.4B	$1.3B	$1.3B	1.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 5
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$14M	$764K	65	88
FY2025	$12M	−$751K	97	95
FY2024	$16M	−$3M	119	104
FY2023	$16M	$33M	142	116
FY2022	$12M	$28M	115	105