Summary

• General Mills faces ongoing volume softness and portfolio reshaping and is down 31% since December 2025.
• Despite a 7.3% yield, GIS is downgraded to sell due to persistent margin compression and weak forward guidance.
• Q4 FY26 may benefit from an extra week and inventory reversal, but organic growth and EPS are expected to disappoint.
• My DCF scenarios show a limited margin of safety, with even the bull case implying a likely re-rating downward.
• Looking for a helping hand in the market? Members of iREIT®+HOYA Capital get exclusive ideas and guidance to navigate any climate. Learn More »
• Sitewide Sale 2026: Get 20% Off

Introduction

General Mills (GIS) has been bleeding for some time, and it is now down 31% since my last article (published in December 2025). I have been bearish on the stock for some time, then turning neutral, arguing that, while the company's financial health was

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.