General Mills Inc
- 거래소
- 미국
- 국가 / 지역
- USA
- 상장일
- 1983년 6월 10일
- 직원 수
- 30,000
종합 밸류에이션 구간 · 보수적 $34–$38 / 적정 $47–$55 / 낙관적 $65–$72. $36.61 기준, 보수적 내재가치 구간 내 · 충분한 안전마진.
보고서 발행 시 $33.81（2026년 5월 30일）
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General Mills, Inc. manufactures and markets branded consumer food in the United States and internationally. The company operates through four segments: North America Retail; International; North America Pet; and North America Foodservice. It offers snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; ready-to-eat cereal; convenient meals comprising meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; wholesome natural pet food; refrigerated and frozen dough; baking mixes and ingredients; and ice cream products. The company also offers dog and cat food, such as dry food, wet food, fresh food, and treats. In addition, it operates 232 and franchises 376 ice cream parlors. The company markets its products under the Annie's, Betty Crocker, Bisquick, Blue Buffalo, Bugles, Cascadian Farm, Cheerios, Chex, Cinnamon Toast Crunch, Cocoa Puffs, Cookie Crisp, Dunkaroos, Edgard & Cooper, Fiber One, Fruit by the Foot, Fruit Gushers, Fruit Roll-Ups, Gardetto's, Gold Medal, Golden Grahams, Häagen-Dazs, Kitano, Kix, Lärabar, Latina, Lucky Charms, Nature Valley, Nudges, Oatmeal Crisp, Old El Paso, Pillsbury, Progresso, Tastefuls, Tiki Pets, Total, Totino's, Trix, True Solutions, Wanchai Ferry, Wheaties, Wilderness, and Yoki brands. It sells its products to grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, e-commerce retailers, commercial and noncommercial foodservice distributors and operators, restaurants, convenience stores, and pet specialty stores. The company was founded in 1866 and is headquartered in Minneapolis, Minnesota.
연혁
General Mills, Inc. was founded in 1866 and is headquartered in Minneapolis, Minnesota, making it a global branded-foods company with more than 150 years of history; it sells over 100 brands across 100 countries and employs about 33,000 people. The company is organized into four operating segments: North America Retail, International, North America Pet, and North America Foodservice. In FY2025 net sales were $19.487 billion, with North America Retail contributing 61% of revenue, International 14%, North America Pet 13%, and North America Foodservice 12%. The portfolio spans snacks, cereals, convenient meals, pet food, refrigerated dough, baking ingredients, yogurt, and super-premium ice cream, anchored by nine iconic brands that each generate over $1 billion in retail sales. Recent portfolio moves include the FY2025 acquisition of Whitebridge Pet Brands ($1.4 billion) in North American premium cat food and pet treats, and the divestiture of the North America yogurt business (total consideration about $2.1 billion), agreed in FY2025 and completed in FY2026 Q1 with a $1.047 billion pre-tax gain. The company has paid uninterrupted dividends for more than 127 years, and diluted share count declined from 619.1 million in FY2021 to 557.5 million in FY2025. CEO Jeff Harmening joined the company in 1994 and has served as CEO since 2017, also holding the chairman role.
업계 내 위치
General Mills is a North American packaged-foods company in the Consumer Defensive sector, and its center of gravity remains North America retail branded foods: in FY2025 that segment generated 61% of revenue but 73% of segment operating profit. Customer concentration is notable, with Walmart and its affiliates representing 22% of consolidated net sales and 31% of North America Retail segment sales in FY2025, while no other single customer exceeded 10%. The company itself describes both its human-food and pet-food categories as highly competitive, with rivals ranging from large manufacturers to retailer private labels, and competition centered on product innovation, quality, price, brand awareness and loyalty, marketing effectiveness, and merchandising and channel execution. Its closest comparable packaged-food peers include Campbell's, Conagra, and Kraft Heinz, while Mondelez and Hershey represent a higher-quality end on brand strength and snacking. The primary moat sources are its brands (over 100 brands, including nine with more than $1 billion in retail sales), together with scale and channel/distribution reach; switching costs are low to medium and there are essentially no network effects, while a cost advantage exists but is not overwhelming. As part of its Accelerate Strategy, the company has built differentiated data and analytics tools used for gross-margin management, strategic pricing, and e-commerce. Recent performance reflects category pressure: FY2025 net sales fell 2%, and FY2026 Q3 net sales fell 8%, of which 6 percentage points came from the yogurt divestiture and net M&A effects, with organic sales down 3%.
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