Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
General Mills Inc
Physical assets are 17.9% of total assets, a light footprint. Capex is 0.97x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 2.6%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 5.35x. Compare it with other names in the same basket.
Physical asset ratio
17.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.35x
Revenue per dollar of the physical asset base.
Capex / D&A
0.97x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$24.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $32.87.
Fixed-charge coverage
1.70x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.3%
Latest free cash flow divided by current market cap ($17.58B).
ROIC
2.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.26x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 17.8% | 4.45x | 0.87x | -$21.88 | 0.80x | $2.27B | 9.9% | 0.66x |
| 2020 | 17.4% | 4.47x | 0.77x | -$19.77 | 1.04x | $3.22B | 12.0% | 0.75x |
| 2021 | 18.2% | 4.55x | 0.88x | -$17.50 | 1.03x | $2.45B | 12.0% | 0.79x |
| 2022 | 18.0% | 5.09x | 1.00x | -$17.29 | 1.26x | $2.75B | 13.2% | 0.93x |
| 2023 | 19.5% | 5.05x | 1.26x | -$17.93 | 1.60x | $2.09B | 12.8% | 0.86x |
| 2024 | 19.5% | 4.69x | 1.40x | -$20.85 | 1.57x | $2.53B | 12.5% | 0.81x |
| 2025 | 18.0% | 4.83x | 1.16x | -$24.20 | 1.21x | $2.29B | 11.0% | 0.82x |
| 2026 | 17.9% | 5.35x | 0.97x | -$24.58 | 1.70x | $1.63B | 2.6% | 0.26x |
- Principal due is short-term debt, the amount reported as due within a year.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2026)
Net PP&E: $3.44B
Inventory: $1.92B
Total assets: $30.02B
Goodwill: $14.12B
Intangibles: $6.72B
Liabilities: $22.64B
Tangible book: -$13.46B
Shares: 547,500,000
Revenue: $18.42B
Capex: $539.90M
D&A: $555.20M
EBITDA: $3.36B
Interest: $538.60M
Short-term debt: $1.12B
Free cash flow: $1.63B
Operating income: $885.80M
Invested capital: $20.45B
Tax rate: 40.0%