Enterprise Value to EBITDA (EV/EBITDA)
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General Mills Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
General Mills Inc., EBITDA calculation
US$ in thousands
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).
- Net earnings attributable to General Mills
- The net earnings experienced notable fluctuations over the analyzed periods. Initially, there was a significant decrease from 1,824,400 thousand US dollars in 2014 to 1,221,300 thousand US dollars in 2015. Subsequently, earnings increased to 1,697,400 thousand US dollars in 2016, followed by a minor decline in 2017 to 1,657,500 thousand US dollars. A substantial rise was observed in 2018, reaching 2,131,000 thousand US dollars, before decreasing again to 1,752,700 thousand US dollars in 2019. The pattern indicates variability with an overall downward trend from the initial peak in 2014.
- Earnings before tax (EBT)
- EBT showed a similar variation, initially dropping markedly from 2,744,600 thousand US dollars in 2014 to 1,846,200 thousand US dollars in 2015. This was followed by a recovery to 2,492,000 thousand US dollars in 2016. From 2016 to 2019, a gradual decline was evident, moving from 2,356,300 thousand US dollars in 2017 down to 2,154,000 thousand US dollars in 2019, indicating some pressure on earnings before tax in the latter years.
- Earnings before interest and tax (EBIT)
- EBIT mirrored the trend in EBT, with a sharp decline from 3,063,100 thousand US dollars in 2014 to 2,174,800 thousand US dollars in 2015. Recovery was observed in 2016 with 2,803,900 thousand US dollars, but this was followed by a gradual decline from 2017 (2,658,400 thousand US dollars) through 2018 (2,605,700 thousand US dollars). A slight increase occurred in 2019 to 2,681,400 thousand US dollars. This suggests a consolidation phase after the initial drop.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA followed comparable dynamics, starting at 3,648,500 thousand US dollars in 2014 and decreasing to 2,763,100 thousand US dollars in 2015. It rebounded to 3,412,000 thousand US dollars in 2016, then declined slightly over the next two years reaching 3,224,500 thousand US dollars in 2018. In 2019, EBITDA increased to 3,301,500 thousand US dollars. This indicates consistent operational cash flow with some volatility.
- Overall financial pattern
- The data reflect a significant drop in earnings across all levels from 2014 to 2015, followed by a recovery in 2016. Post-2016, the company’s earnings appear relatively stable but demonstrate a mild downward pressure with intermittent increases. This pattern may suggest underlying challenges impacting profitability and tax position or changes in market conditions affecting earnings consistency over the six-year period.
Enterprise Value to EBITDA Ratio, Current
General Mills Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Coca-Cola Co. | |
| Mondelēz International Inc. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
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.
Enterprise Value to EBITDA Ratio, Historical
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 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Coca-Cola Co. | |||||||
| Mondelēz International Inc. | |||||||
| PepsiCo Inc. | |||||||
| Philip Morris International Inc. | |||||||
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).
3 2019 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited fluctuations over the observed period. It initially increased from approximately 40.88 billion USD in 2014 to a peak of about 50.62 billion USD in 2016. Following this high point, the value declined significantly to around 40.80 billion USD in 2017 but then showed a moderate upward trend thereafter, reaching approximately 45.97 billion USD by 2019.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA displayed notable volatility. It started at roughly 3.65 billion USD in 2014, followed by a marked decrease to approximately 2.76 billion USD in 2015. Subsequently, EBITDA rebounded to around 3.41 billion USD in 2016, then experienced a gradual decrease over the next two years, stabilizing near 3.22 billion USD in 2018. In 2019, a slight recovery was observed with EBITDA increasing to roughly 3.30 billion USD.
- EV/EBITDA Ratio
- The EV/EBITDA ratio demonstrated significant variability, reflecting changes in both enterprise value and EBITDA. The ratio increased substantially from 11.21 in 2014 to a peak of 15.62 in 2015, indicating that enterprise value grew relative to EBITDA or that EBITDA decreased more sharply. It then slightly declined to 14.84 in 2016 and further dropped to 12.51 in 2017, before experiencing a moderate increase in subsequent years, reaching 13.92 in 2019. These fluctuations suggest variations in market valuation relative to core earnings performance during the period.