Stock Analysis on Net
Stock Analysis on Net

General Mills Inc. (NYSE:GIS)

This company has been moved to the archive! The financial data has not been updated since December 18, 2019.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

General Mills Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Nov 24, 2019 27.47% = 6.96% × 3.95
Aug 25, 2019 25.48% = 6.21% × 4.11
May 26, 2019 24.85% = 5.82% × 4.27
Feb 24, 2019 22.18% = 5.07% × 4.37
Nov 25, 2018 30.54% = 6.69% × 4.57
Aug 26, 2018 34.03% = 6.93% × 4.91
May 27, 2018 34.70% = 6.96% × 4.99
Feb 25, 2018 44.01% = 9.83% × 4.48
Nov 26, 2017 37.86% = 7.22% × 5.25
Aug 27, 2017 42.35% = 7.44% × 5.69
May 28, 2017 38.30% = 7.60% × 5.04
Feb 26, 2017 40.07% = 7.51% × 5.33
Nov 27, 2016 39.04% = 7.56% × 5.17
Aug 28, 2016 34.22% = 7.67% × 4.46
May 29, 2016 34.43% = 7.82% × 4.40
Feb 28, 2016 30.78% = 6.96% × 4.42
Nov 29, 2015 30.98% = 6.88% × 4.50
Aug 30, 2015 26.32% = 5.84% × 4.51
May 31, 2015 24.44% = 5.56% × 4.40
Feb 22, 2015 26.45% = 6.15% × 4.30
Nov 23, 2014 26.56% = 6.22% × 4.27
Aug 24, 2014 27.58% = 7.32% × 3.77
May 25, 2014 27.92% = 7.88% × 3.54
Feb 23, 2014 — = — × 3.63
Nov 24, 2013 — = — × 3.49
Aug 25, 2013 — = — × 3.36

Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2020 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

General Mills Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Nov 24, 2019 27.47% = 12.62% × 0.55 × 3.95
Aug 25, 2019 25.48% = 11.21% × 0.55 × 4.11
May 26, 2019 24.85% = 10.39% × 0.56 × 4.27
Feb 24, 2019 22.18% = 9.26% × 0.55 × 4.37
Nov 25, 2018 30.54% = 12.48% × 0.54 × 4.57
Aug 26, 2018 34.03% = 13.19% × 0.53 × 4.91
May 27, 2018 34.70% = 13.54% × 0.51 × 4.99
Feb 25, 2018 44.01% = 13.96% × 0.70 × 4.48
Nov 26, 2017 37.86% = 10.29% × 0.70 × 5.25
Aug 27, 2017 42.35% = 10.68% × 0.70 × 5.69
May 28, 2017 38.30% = 10.61% × 0.72 × 5.04
Feb 26, 2017 40.07% = 10.34% × 0.73 × 5.33
Nov 27, 2016 39.04% = 10.23% × 0.74 × 5.17
Aug 28, 2016 34.22% = 10.33% × 0.74 × 4.46
May 29, 2016 34.43% = 10.25% × 0.76 × 4.40
Feb 28, 2016 30.78% = 8.89% × 0.78 × 4.42
Nov 29, 2015 30.98% = 8.60% × 0.80 × 4.50
Aug 30, 2015 26.32% = 7.41% × 0.79 × 4.51
May 31, 2015 24.44% = 6.93% × 0.80 × 4.40
Feb 22, 2015 26.45% = 8.17% × 0.75 × 4.30
Nov 23, 2014 26.56% = 8.54% × 0.73 × 4.27
Aug 24, 2014 27.58% = 9.61% × 0.76 × 3.77
May 25, 2014 27.92% = 10.19% × 0.77 × 3.54
Feb 23, 2014 — = — × — × 3.63
Nov 24, 2013 — = — × — × 3.49
Aug 25, 2013 — = — × — × 3.36

Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2020 is the increase in profitability measured by net profit margin ratio.

Two-Component Disaggregation of ROA

General Mills Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Nov 24, 2019 6.96% = 12.62% × 0.55
Aug 25, 2019 6.21% = 11.21% × 0.55
May 26, 2019 5.82% = 10.39% × 0.56
Feb 24, 2019 5.07% = 9.26% × 0.55
Nov 25, 2018 6.69% = 12.48% × 0.54
Aug 26, 2018 6.93% = 13.19% × 0.53
May 27, 2018 6.96% = 13.54% × 0.51
Feb 25, 2018 9.83% = 13.96% × 0.70
Nov 26, 2017 7.22% = 10.29% × 0.70
Aug 27, 2017 7.44% = 10.68% × 0.70
May 28, 2017 7.60% = 10.61% × 0.72
Feb 26, 2017 7.51% = 10.34% × 0.73
Nov 27, 2016 7.56% = 10.23% × 0.74
Aug 28, 2016 7.67% = 10.33% × 0.74
May 29, 2016 7.82% = 10.25% × 0.76
Feb 28, 2016 6.96% = 8.89% × 0.78
Nov 29, 2015 6.88% = 8.60% × 0.80
Aug 30, 2015 5.84% = 7.41% × 0.79
May 31, 2015 5.56% = 6.93% × 0.80
Feb 22, 2015 6.15% = 8.17% × 0.75
Nov 23, 2014 6.22% = 8.54% × 0.73
Aug 24, 2014 7.32% = 9.61% × 0.76
May 25, 2014 7.88% = 10.19% × 0.77
Feb 23, 2014 — = — × —
Nov 24, 2013 — = — × —
Aug 25, 2013 — = — × —

Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2020 is the increase in profitability measured by net profit margin ratio.