Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

General Mills Inc., EBITDA calculation

US$ in thousands

12 months ended:	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Add: Net income attributable to noncontrolling interest	33,500)	32,000)	43,600)	39,400)	38,100)	36,900)
Add: Income tax expense	367,800)	57,300)	655,200)	755,200)	586,800)	883,300)
Earnings before tax (EBT)	2,154,000)	2,220,300)	2,356,300)	2,492,000)	1,846,200)	2,744,600)
Add: Interest expense, net of capitalized interest	527,400)	385,400)	302,100)	311,900)	328,600)	318,500)
Earnings before interest and tax (EBIT)	2,681,400)	2,605,700)	2,658,400)	2,803,900)	2,174,800)	3,063,100)
Add: Depreciation and amortization	620,100)	618,800)	603,600)	608,100)	588,300)	585,400)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,301,500)	3,224,500)	3,262,000)	3,412,000)	2,763,100)	3,648,500)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	General Mills Inc. EBITDA decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

General Mills Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	46,517,358)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,301,500)
Valuation Ratio
EV/EBITDA	14.09
Benchmarks
EV/EBITDA, Competitors¹
Altria Group Inc.	9.22
Coca-Cola Co.	19.18
PepsiCo Inc.	15.43
Philip Morris International Inc.	17.72
EV/EBITDA, Sector
Food, Beverage & Tobacco	21.86
EV/EBITDA, Industry
Consumer Staples	29.70

Based on: 10-K (reporting date: 2019-05-26).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

General Mills Inc., historical EV/EBITDA calculation, comparison to benchmarks

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	45,968,119)	42,033,361)	40,796,369)	50,623,631)	43,168,268)	40,882,674)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,301,500)	3,224,500)	3,262,000)	3,412,000)	2,763,100)	3,648,500)
Valuation Ratio
EV/EBITDA³	13.92	13.04	12.51	14.84	15.62	11.21
Benchmarks
EV/EBITDA, Competitors⁴
Altria Group Inc.	45.37	—	—	—	—	—
Coca-Cola Co.	21.79	—	—	—	—	—
PepsiCo Inc.	17.85	—	—	—	—	—
Philip Morris International Inc.	13.77	—	—	—	—	—
EV/EBITDA, Sector
Food, Beverage & Tobacco	19.53	—	—	—	—	—
EV/EBITDA, Industry
Consumer Staples	18.45	—	—	—	—	—

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 See details »

² See details »

³ 2019 Calculation
EV/EBITDA = EV ÷ EBITDA
= 45,968,119 ÷ 3,301,500 = 13.92

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	General Mills Inc. EV/EBITDA ratio increased from 2017 to 2018 and from 2018 to 2019.

General Mills Inc. (NYSE:GIS)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical