Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

General Mills Inc., adjusted financial ratios

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Activity Ratio
Total Asset Turnover
Reported	0.56	0.51	0.72	0.76	0.80	0.77
Adjusted	0.55	0.50	0.69	0.74	0.78	0.76
Liquidity Ratio
Current Ratio
Reported	0.59	0.56	0.76	0.79	0.77	0.81
Adjusted	0.63	0.60	0.82	0.85	0.82	0.84
Solvency Ratios
Debt to Equity
Reported	2.05	2.58	2.19	1.71	1.85	1.34
Adjusted	1.46	1.70	1.30	1.12	1.20	0.93
Debt to Capital
Reported	0.67	0.72	0.69	0.63	0.65	0.57
Adjusted	0.59	0.63	0.57	0.53	0.55	0.48
Financial Leverage
Reported	4.27	4.99	5.04	4.40	4.40	3.54
Adjusted	3.01	3.27	2.95	2.83	2.81	2.41
Profitability Ratios
Net Profit Margin
Reported	10.39%	13.54%	10.61%	10.25%	6.93%	10.19%
Adjusted	9.30%	11.88%	14.22%	9.21%	-0.16%	13.26%
Return on Equity (ROE)
Reported	24.85%	34.70%	38.30%	34.43%	24.44%	27.92%
Adjusted	15.33%	19.52%	29.08%	19.36%	-0.36%	24.18%
Return on Assets (ROA)
Reported	5.82%	6.96%	7.60%	7.82%	5.56%	7.88%
Adjusted	5.09%	5.96%	9.87%	6.83%	-0.13%	10.04%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	General Mills Inc. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	General Mills Inc. adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	General Mills Inc. adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	General Mills Inc. adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	General Mills Inc. adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	General Mills Inc. adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	General Mills Inc. adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	General Mills Inc. adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.

General Mills Inc., Financial Ratios: Reported vs. Adjusted

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	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)
Activity Ratio
Total asset turnover¹	0.56	0.51	0.72	0.76	0.80	0.77
Adjusted
Selected Financial Data (US$ in thousands)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Adjusted total assets²	30,790,840)	31,367,082)	22,498,610)	22,317,546)	22,461,728)	23,650,035)
Activity Ratio
Adjusted total asset turnover³	0.55	0.50	0.69	0.74	0.78	0.76

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
Total asset turnover = Net sales ÷ Total assets
= 16,865,200 ÷ 30,111,200 = 0.56

² Adjusted total assets. See details »

³ 2019 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 16,865,200 ÷ 30,790,840 = 0.55

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	General Mills Inc. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Current assets	4,186,500)	4,123,700)	4,061,400)	3,937,200)	3,785,700)	4,393,500)
Current liabilities	7,087,100)	7,341,900)	5,330,800)	5,014,700)	4,890,100)	5,423,500)
Liquidity Ratio
Current ratio¹	0.59	0.56	0.76	0.79	0.77	0.81
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	4,428,800)	4,365,300)	4,294,800)	4,186,100)	3,925,100)	4,557,300)
Adjusted current liabilities³	7,050,600)	7,275,100)	5,245,800)	4,938,100)	4,769,300)	5,420,000)
Liquidity Ratio
Adjusted current ratio⁴	0.63	0.60	0.82	0.85	0.82	0.84

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 4,186,500 ÷ 7,087,100 = 0.59

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 4,428,800 ÷ 7,050,600 = 0.63

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	General Mills Inc. adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Total debt	14,490,000)	15,818,600)	9,481,700)	8,430,900)	9,223,900)	8,785,800)
Stockholders’ equity	7,054,500)	6,141,100)	4,327,900)	4,930,200)	4,996,700)	6,534,800)
Solvency Ratio
Debt to equity¹	2.05	2.58	2.19	1.71	1.85	1.34
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	14,927,340)	16,320,082)	9,934,310)	8,787,246)	9,581,728)	9,126,335)
Adjusted total equity³	10,229,200)	9,580,800)	7,634,200)	7,877,800)	7,982,100)	9,822,800)
Solvency Ratio
Adjusted debt to equity⁴	1.46	1.70	1.30	1.12	1.20	0.93

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 14,490,000 ÷ 7,054,500 = 2.05

² Adjusted total debt. See details »

³ Adjusted total equity. See details »

⁴ 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 14,927,340 ÷ 10,229,200 = 1.46

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	General Mills Inc. adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Total debt	14,490,000)	15,818,600)	9,481,700)	8,430,900)	9,223,900)	8,785,800)
Total capital	21,544,500)	21,959,700)	13,809,600)	13,361,100)	14,220,600)	15,320,600)
Solvency Ratio
Debt to capital¹	0.67	0.72	0.69	0.63	0.65	0.57
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	14,927,340)	16,320,082)	9,934,310)	8,787,246)	9,581,728)	9,126,335)
Adjusted total capital³	25,156,540)	25,900,882)	17,568,510)	16,665,046)	17,563,828)	18,949,135)
Solvency Ratio
Adjusted debt to capital⁴	0.59	0.63	0.57	0.53	0.55	0.48

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,490,000 ÷ 21,544,500 = 0.67

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 14,927,340 ÷ 25,156,540 = 0.59

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	General Mills Inc. adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)
Stockholders’ equity	7,054,500)	6,141,100)	4,327,900)	4,930,200)	4,996,700)	6,534,800)
Solvency Ratio
Financial leverage¹	4.27	4.99	5.04	4.40	4.40	3.54
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	30,790,840)	31,367,082)	22,498,610)	22,317,546)	22,461,728)	23,650,035)
Adjusted total equity³	10,229,200)	9,580,800)	7,634,200)	7,877,800)	7,982,100)	9,822,800)
Solvency Ratio
Adjusted financial leverage⁴	3.01	3.27	2.95	2.83	2.81	2.41

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 30,111,200 ÷ 7,054,500 = 4.27

² Adjusted total assets. See details »

³ Adjusted total equity. See details »

⁴ 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 30,790,840 ÷ 10,229,200 = 3.01

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	General Mills Inc. adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Profitability Ratio
Net profit margin¹	10.39%	13.54%	10.61%	10.25%	6.93%	10.19%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests²	1,567,800)	1,870,600)	2,220,400)	1,525,300)	(28,800)	2,375,000)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Profitability Ratio
Adjusted net profit margin³	9.30%	11.88%	14.22%	9.21%	-0.16%	13.26%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
Net profit margin = 100 × Net earnings attributable to General Mills ÷ Net sales
= 100 × 1,752,700 ÷ 16,865,200 = 10.39%

² Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests. See details »

³ 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests ÷ Net sales
= 100 × 1,567,800 ÷ 16,865,200 = 9.30%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	General Mills Inc. adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Stockholders’ equity	7,054,500)	6,141,100)	4,327,900)	4,930,200)	4,996,700)	6,534,800)
Profitability Ratio
ROE¹	24.85%	34.70%	38.30%	34.43%	24.44%	27.92%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests²	1,567,800)	1,870,600)	2,220,400)	1,525,300)	(28,800)	2,375,000)
Adjusted total equity³	10,229,200)	9,580,800)	7,634,200)	7,877,800)	7,982,100)	9,822,800)
Profitability Ratio
Adjusted ROE⁴	15.33%	19.52%	29.08%	19.36%	-0.36%	24.18%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
ROE = 100 × Net earnings attributable to General Mills ÷ Stockholders’ equity
= 100 × 1,752,700 ÷ 7,054,500 = 24.85%

² Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests. See details »

³ Adjusted total equity. See details »

⁴ 2019 Calculation
Adjusted ROE = 100 × Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests ÷ Adjusted total equity
= 100 × 1,567,800 ÷ 10,229,200 = 15.33%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	General Mills Inc. adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)
Profitability Ratio
ROA¹	5.82%	6.96%	7.60%	7.82%	5.56%	7.88%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests²	1,567,800)	1,870,600)	2,220,400)	1,525,300)	(28,800)	2,375,000)
Adjusted total assets³	30,790,840)	31,367,082)	22,498,610)	22,317,546)	22,461,728)	23,650,035)
Profitability Ratio
Adjusted ROA⁴	5.09%	5.96%	9.87%	6.83%	-0.13%	10.04%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

¹ 2019 Calculation
ROA = 100 × Net earnings attributable to General Mills ÷ Total assets
= 100 × 1,752,700 ÷ 30,111,200 = 5.82%

² Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests. See details »

³ Adjusted total assets. See details »

⁴ 2019 Calculation
Adjusted ROA = 100 × Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests ÷ Adjusted total assets
= 100 × 1,567,800 ÷ 30,790,840 = 5.09%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	General Mills Inc. adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.

General Mills Inc. (NYSE:GIS)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

General Mills Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)