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Held by 385 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 81% of free cash flow — sustainable but with limited headroom. Last year: $1.32B dividends + $500.3M buybacks = $1.82B returned on $1.63B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -0%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.42B 100.0% | $19.49B 100.0% | $2.04B 100.0% | $1.96B 100.0% | $2.13B 100.0% | $2.19B 100.0% | $2.05B 100.0% | $2.04B 100.0% | $15.74B 100.0% | $15.62B 100.0% |
| Cost of Revenue | $12.23B 66.4% | $12.75B 65.4% | $12.93B 634.3% | $13.55B 692.2% | $12.59B 589.9% | $11.68B 533.5% | $11.50B 562.0% | $11.11B 543.5% | $10.30B 65.5% | $10.05B 64.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $10.31B 65.5% | $10.06B 64.4% |
| Research & Development | $256.0M 1.4% | $256.6M 1.3% | $257.8M 12.7% | $257.6M 13.2% | $243.1M 11.4% | $239.3M 10.9% | $224.4M 11.0% | $221.9M 10.9% | $219.1M 1.4% | $218.2M 1.4% |
| Selling, General & Admin | $3.39B 18.4% | $3.45B 17.7% | $3.26B 159.9% | $3.50B 178.8% | $3.15B 147.4% | $3.08B 140.7% | $3.15B 154.1% | $2.94B 143.6% | $2.85B 18.1% | $2.89B 18.5% |
| Operating Income | $885.8M 4.8% | $3.30B 17.0% | $3.43B 168.4% | $3.43B 175.4% | $3.48B 162.9% | $3.14B 143.7% | $2.95B 144.4% | $2.52B 123.1% | $2.42B 15.4% | $2.49B 16.0% |
| Interest Expense | — | $524.2M 2.7% | $479.2M 23.5% | $382.1M 19.5% | $379.6M 17.8% | $420.3M 19.2% | $466.5M 22.8% | $521.8M 25.5% | $373.7M 2.4% | $295.1M 1.9% |
| Interest & Investment Income | $31.0M 0.2% | $24.6M 0.1% | $18.8M 0.9% | $14.0M 0.7% | $3.8M 0.2% | $7.4M 0.3% | $6.0M 0.3% | $5.6M 0.3% | $11.7M 0.1% | $7.0M 0.0% |
| Pretax Income | $405.5M 2.2% | $2.83B 14.5% | $3.03B 148.6% | $3.14B 160.4% | $3.21B 150.4% | $2.86B 130.5% | $2.60B 127.1% | $2.08B 101.9% | $2.14B 13.6% | $2.27B 14.5% |
| Income Tax Expense | $414.3M 2.2% | $573.7M 2.9% | $594.5M 29.2% | $612.2M 31.3% | $586.3M 27.5% | $629.1M 28.7% | $480.5M 23.5% | $367.8M 18.0% | $57.3M 0.4% | $655.2M 4.2% |
| Net Income | -$85.0M -0.5% | $2.32B 11.9% | $2.52B 123.6% | $2.61B 133.3% | $2.73B 128.1% | $2.34B 106.9% | $2.18B 106.6% | $1.75B 85.8% | $2.13B 13.5% | $1.66B 10.6% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.16 | $4.12 | $4.34 | $4.36 | $4.46 | $3.81 | $3.59 | $2.92 | $3.69 | $2.82 |
| EPS (Diluted) | -$0.16 | $4.10 | $4.31 | $4.31 | $4.42 | $3.78 | $3.56 | $2.90 | $3.64 | $2.77 |
| Weighted Avg Shares (Basic) | 537.7M | 554.5M | 575.5M | 594.8M | 607.5M | 614.1M | 608.1M | 600.4M | 576.8M | 587.1M |
| Weighted Avg Shares (Diluted) | 537.7M | 557.5M | 579.5M | 601.2M | 612.6M | 619.1M | 613.3M | 605.4M | 585.7M | 598.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $34.29 today, the market must believe free cash flow compounds -2.4%/yr for a decade (off $2.15B on the 3-yr avg basis).
On the basis ($2.06B) the requirement is -1.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -2.4% is more conservative than its 9-yr track record.
Default is 7.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.53B shares (market data) · net debt $12.03B
mean 2.1% · volatility σ 25% · implied rate exceeded in 5/9 yrs
Central path = implied -2.4%/yr growth; shaded band = ±1σ (25%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $453.8M is below the $1.00B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2015-05-31 (10-K). The cash figure is from 2026-05-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.9% on $13.35B of debt. Interest last disclosed in FY2025 (no longer broken out).
Cash of $453.8M fully covers short-term debt of $68.4M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| KDP | $48.8B | 23.4× | 15.8× | 2.9× | 8.2% | 54.2% | 12.5% | 8.1% | 5.0% | 3.8× | 226 |
| ADM | $37.1B | 34.5× | — | 0.5× | -6.2% | 6.3% | 1.3% | 4.7% | 3.6% | — | 350 |
| HSY | $33.3B | — | 19.6× | 2.9× | 4.4% | 33.5% | 7.6% | 19.0% | 9.3% | 2.5× | 415 |
| KHC | $28.9B | — | — | 1.2× | -3.5% | 33.3% | -23.4% | -14.0% | -9.3% | — | 330 |
| STZ | $22.9B | — | 10.4× | 2.5× | -10.5% | 51.6% | 18.5% | 20.9% | 9.3% | 3.1× | 263 |
| TSN | $20.1B | 42.9× | 8.1× | 0.4× | 2.1% | 6.5% | 0.9% | 2.6% | 2.5% | -0.1× | 212 |
| BG | $18.6B | 19.7× | 19.5× | 0.3× | 32.4% | 4.8% | 1.2% | 5.1% | 2.9% | 7.5× | 167 |
| GIS | $18.3B | — | 21.1× | 1.0× | -5.4% | 33.6% | -0.5% | -1.2% | -0.4% | 8.3× | 385 |
| COKE | $14.0B | — | 14.4× | 1.9× | 4.8% | 39.7% | 7.9% | -77.1% | 27.9% | 2.2× | 151 |
| SJM | $13.9B | — | 29.3× | 1.5× | 3.7% | 33.5% | -1.5% | -2.5% | -1.1% | 9.6× | 259 |
| MKC | $12.7B | 16.1× | 12.4× | 1.9× | 1.7% | 37.9% | 11.5% | 13.8% | 8.6% | 2.6× | — |
| HRL | $11.7B | 24.5× | 14.2× | 1.0× | 1.6% | 15.6% | 4.0% | 6.1% | 4.4% | 2.2× | 144 |
| DAR | $8.8B | 142.9× | 12.9× | 1.4× | 7.4% | 24.0% | 1.0% | 1.3% | 1.3% | -0.1× | 143 |
| TAP | $7.5B | — | — | 0.6× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 145 |
| LW | $7.5B | 26.0× | 11.4× | 1.1× | 2.5% | 20.6% | 4.4% | 15.9% | 5.0% | 3.9× | 142 |
Peers = companies sharing GIS's sector (Grain Mill Products) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Sharma Pankaj Mn Segment President | Open-market sale | 6,294 | $31.33 | $197k |
| 2026-09-29 | Jenkins Jo Ann Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | Dorer Benno O Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | Henry Maria Director | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 5,323 |
| $0.00 |
| $0 |
| 2026-09-29 | Lempres Elizabeth Cahill Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | Sastre Maria Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | 2 co-filers Group filing | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | Morikis John G Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | Bottarini Joan Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | Neal Diane L Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | Sprunk Eric D Director | Grant | 5,323 | $0.00 | $0 |
| 2026-09-29 | 2 co-filers Group filing | Tax withholding | 560 | $33.82 | $19k |
| 2026-08-30 | Henry Maria Director | Grant | 842 | $40.08 | $34k |
| 2026-08-30 | 2 co-filers Group filing | Grant | 748 | $40.08 | $30k |
| 2026-08-30 | Morikis John G Director | Grant | 654 | $40.08 | $26k |
| 2026-08-30 | Bottarini Joan Director | Grant | 654 | $40.08 | — |
| 2026-08-30 | Odland Stephen A Director | Grant | 623 | $40.08 | — |
| 2026-08-30 | 2 co-filers Group filing | Tax withholding | 160 | $40.08 | $6k |
| 2026-08-01 | Bruce Kofi A Chief Financial Officer | Tax withholding | 971 | $35.75 | $35k |
| 2026-07-07 | 2 co-filers Chief Human Resources Officer | Gift | 337 | $0.00 | $0 |
| 2026-07-07 | 2 co-filers Chief Human Resources Officer | Giftindirect | 337 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief S&G Officer | Grant | 13,063 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief Financial Officer | Grant | 24,225 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chairman of the Board & CEO | Grant | 69,214 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Segment President | Grant | 6,576 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief Operating Officer | Grant | 27,686 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief Technology Officer | Grant | 17,304 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief Supply Chain Officer | Grant | 5,884 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief Accounting Officer | Grant | 2,077 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief Innovation Officer | Grant | 6,576 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Segment President | Grant | 6,576 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers General Counsel & Secretary | Grant | 11,767 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Chief Human Resources Officer | Grant | 8,998 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers Segment President | Grant | 6,576 | $0.00 | $0 |
| 2026-07-06 | 2 co-filers General Counsel & Secretary | Grant | 58,832 | $0.00 | — |
| 2026-07-06 | 2 co-filers Chief Financial Officer | Grant | 121,125 | $0.00 | — |
| 2026-07-06 | 2 co-filers Chief S&G Officer | Grant | 58,832 | $0.00 | — |
| 2026-07-06 | 2 co-filers Segment President | Grant | 32,877 | $0.00 | — |
| 2026-07-06 | 2 co-filers Chairman of the Board & CEO | Grant | 346,069 | $0.00 | — |
| 2026-07-06 | 2 co-filers Chief Innovation Officer | Grant | 32,877 | $0.00 | — |
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE -1% against ROIC -0% — -1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 13.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 543.5 | 562.0 | 533.5 | 589.9 | 692.2 | 634.3 | 65.4 | 66.4 |
| R&D | 10.9 | 11.0 | 10.9 | 11.4 | 13.2 | 12.7 | 1.3 | 1.4 |
| SG&A | 143.6 | 154.1 | 140.7 | 147.4 | 178.8 | 159.9 | 17.7 | 18.4 |
| Operating Income | 123.1 | 144.4 | 143.7 | 162.9 | 175.4 | 168.4 | 17.0 | 4.8 |
| Income Tax | 18.0 | 23.5 | 28.7 | 27.5 | 31.3 | 29.2 | 2.9 | 2.2 |
| Net Income | 85.8 | 106.6 | 106.9 | 128.1 | 133.3 | 123.6 | 11.9 | -0.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GIS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -4.42pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 11.5% | 7.4% (today's — no rate published for this year) | 4.1pts |
| FY2021 | 11.9% | 7.4% (today's — no rate published for this year) | 4.4pts |
| FY2022 | 12.0% | 4.2% | 7.8pts |
| FY2023 | 11.9% | 5.2% | 6.7pts |
| FY2024 | 11.6% | 5.9% | 5.7pts |
| FY2025 | 10.1% | 5.9% | 4.1pts |
| FY2026 | 3.1% | 7.4% (today's — no rate published for this year) | -4.3pts |
| Now | -0.4% | 7.4% | -7.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 35.6% | 16.0% | 10.6% |
| FY2018 | 34.5% | 15.4% | 13.5% |
| FY2019 | -443.5% | 123.1% | 85.8% |
| FY2020 | -462.0% | 144.4% | 106.6% |
| FY2021 | -433.5% | 143.7% | 106.9% |
| FY2022 | -489.9% | 162.9% | 126.8% |
| FY2023 | -592.2% | 175.4% | 132.5% |
| FY2024 | -534.3% | 168.4% | 122.5% |
| FY2025 | 34.6% | 17.0% | 11.8% |
| FY2026 | 33.6% | 4.8% | -0.5% |
Return on equity (-1%) and return on invested capital (-0%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$14.1B of goodwill — 68% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 9.49% against 3.0% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.98x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Stressed coverage falls to 1.2x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.69x |
| 5% | 1.61x |
| 10% | 1.52x |
| 15% | 1.44x |
| 20% | 1.35x |
| 25% | 1.27x |
| 30% | 1.18x |
| 35% | 1.10x |
| 40% | 1.01x |
| 45% | 0.93x |
| 50% | 0.84x |
| 55% | 0.76x |
| 60% | 0.68x |
This schedule comes from a filing dated 2015-05-31, 4171 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2015-05-31 (10-K); cash from the 2026-05-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-05-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 8.6x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $34.29, free cash flow must compound -2.22%/yr for 10 years. It has done -10.74%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −23.7% | −2.2% |
| FY2022 | 12.0% | −2.2% |
| FY2023 | −24.0% | −2.2% |
| FY2024 | 21.0% | −2.2% |
| FY2025 | −9.3% | −2.2% |
| FY2026 | −29.1% | −2.2% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$88M | −$88M |
| Share-based comp | $79M | −$8M |
| Other non-cash & working capital | $2.17B | $2.17B |
| Operating cash flow | $2.17B | $2.17B |
| Capex | −$540M | $1.63B |
| Free cash flow | $1.63B | $1.63B |
| FCF after SBC | $1.55B | $1.55B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 7.0% | not reported | not reported |
| FY2022 | -2.5% | not reported | not reported |
| FY2023 | -8.3% | not reported | not reported |
| FY2024 | 4.1% | not reported | not reported |
| FY2025 | 856.3% | not reported | not reported |
| FY2026 | -5.5% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -4.8 percent |
| FY2021 | -2.0 percent |
| FY2022 | -2.0 percent |
| FY2023 | -0.6 percent |
| FY2024 | -2.6 percent |
| FY2025 | -1.9 percent |
| FY2026 | -7.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.