GENERAL MILLS, INC. (GIS): what the price assumes

boothcheck covers GENERAL MILLS, INC. (GIS) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-07-26.

Generated: 2026-08-31 · Source: https://boothcheck.com/report/GIS

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.

Solve inputs: computed at a 6% cost of capital with 4% terminal growth over a 5-year stage (computed at the 6% minimum rate; the CAPM rate 5.8% sits below it).

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Asset, Earnings, Growth

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.1%); the inversion above states its own rate.

Per-Model Detail (n=9)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Leverage and coverage are computed on normalized mid-cycle operating income (mid-cycle margin 16.9%); the trailing year was depressed.

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Fiscal 2026 ended with a headline that looks like a disaster and quarters underneath it that do not: net sales of 18.4 billion dollars were down 5 percent and reported operating profit fell 73 percent to 886 million dollars, but every one of the four segments grew operating profit in the fourth quarter.

• The damage is concentrated and non-cash: a 1,500 million dollar goodwill write-off and a further 250 million dollar brand intangible charge landed entirely in North America Pet, the segment General Mills bought Blue Buffalo to build, and the 10-K traces the revaluation to a valuation model in which We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors.

• Watch the fiscal 2027 guide rather than the fiscal 2026 print: management has told investors to expect adjusted operating profit down 8 to 13 percent in constant currency, absorbing roughly nine points of headwind from lapping a 53rd week, normalizing incentive pay and the divestitures.

Bull Case

Read the fourth quarter and the fiscal year as two different documents, because they say opposite things.

The year says decline. Net sales fell 5 percent to 18.4 billion dollars, organic sales fell 2 percent, gross margin gave back 100 basis points to 33.6 percent of sales, and reported operating profit dropped 73 percent to 886 million dollars. On its face that is a business losing altitude.

The quarter says something else. Fourth-quarter adjusted gross margin rose 150 basis points to 34.2 percent, adjusted operating margin rose 160 basis points to 15.3 percent, and operating profit grew in every segment: North America Retail up 7 percent, North America Pet up 14 percent, North America Foodservice up 22 percent, International up 81 percent. Four for four is not a mixed quarter. It is what the end of a repricing cycle looks like, and management said as much in setting out the fiscal 2027 plan, describing the price investment work as behind them and the focus now on the topline.

That distinction matters because the two years were shaped by different things. Fiscal 2026 was the year General Mills spent money buying back shelf competitiveness, and the volume evidence suggests the money worked: North America Retail held or gained pound share in 65 percent of its top ten U.S. categories, and North America Pet held dollar share in dog and cat feeding, roughly 80 percent of that segment's retail sales. Price investment that buys share is an investment. Price investment that buys nothing is a discount. This one bought share, in a business whose own 10-K describes the alternative plainly: if it cannot use our scale, marketing expertise, product innovation, knowledge of consumers' needs, and category leadership positions to respond to these demands, our profitability and volume suffer.

The cost programme underneath is unusually specific for a food company. Management has committed to 3 billion dollars of cumulative savings through fiscal 2030, roughly two thirds of it from the long-running productivity programme at about 4 percent of cost of goods sold each year, with at least 750 million dollars targeted in fiscal 2027 alone. Note the arithmetic that makes this interesting: on a business with this revenue base, savings of that size are a multiple of the entire fiscal 2027 profit decline management is guiding to. The savings are not the upside case. They are what holds the floor while the topline turns.

Meanwhile the balance-sheet behaviour has not changed in the way a distressed company's would. The board declared its regular quarterly payout of 61 cents a share in July, extending an uninterrupted record that runs 127 years, and average diluted shares fell 4 percent during fiscal 2026 to 538 million. Buybacks were throttled from 1.2 billion dollars to 500 million, which is the correct move for a company protecting its rating in a heavy investment year rather than a signal of stress. Operating cash flow of 2.2 billion dollars against capital investments of 540 million leaves the payout covered.

Against the shelf it competes on, the reported profitability picture is remarkable mostly for how ordinary General Mills looks inside it. KHC carries a reported operating margin of negative 18.9 percent and a net margin of negative 23.0 percent; CAG runs 0.3 percent at the operating line; SJM shows a negative net margin. This is a category writing down a decade of acquisition prices at once, and the 10-K names the machinery that moved: Our estimates of fair value for goodwill impairment testing are determined based on a discounted cash flow model, and the discount rate that model takes as an input has risen for everyone. A cheaper multiple on assets nobody is impairing would be the anomaly. This is the industry.

Bear Case

The shelf is getting harder, and the evidence is in the competitors' own numbers rather than in commentary. MDLZ grew revenue 7.8 percent and holds a 9.4 percent operating margin; MKC grew 9.5 percent at a 14.9 percent operating margin; POST grew 7.2 percent at 10.1 percent. General Mills grew organic sales by negative 2 percent in fiscal 2026. The companies gaining are the ones selling spices, snacking and adjacent formats; the ones losing are the ones selling centre-of-store staples in boxes. That is not a pricing problem management can fix with a promotion calendar. It is a shift in what people put in the trolley.

The 10-K is unusually candid about the mechanism. General Mills competes not only with other widely advertised branded products, but also with regional brands and with generic and private label products, and warns that in uncertain periods consumers may purchase more generic, private label, and other economy brands and may forego certain purchases. It also lists, among the things that change demand for its products, changes in consumer behavior, trends, and preferences, including weight loss trends. A cereal and baking company naming appetite suppression as a demand variable in its own risk factors is worth pausing on.

Pet was supposed to be the answer to all of that, and Pet is where the accounting broke. General Mills wrote off 1,500 million dollars of goodwill and a further 250 million dollars of brand intangibles, all of which are included within our North America Pet segment, and the 10-K notes that The $1,500 million goodwill impairment charge is not deductible for tax purposes. Segment operating profit for the year was 499 million dollars, essentially flat, on organic sales down 3 percent. The peer data says the category is genuinely difficult rather than uniquely mishandled: SJM's own filing reports that The U.S. Retail Pet Foods segment net sales decreased $159.2 in 2025 with volume and mix taking off 7 percentage points. Two large branded owners, same direction.

Now the price. The market pays roughly ten times the operating profit this business generates before writedowns, which sounds forgiving until you look at what the methods actually reach. Only one family of valuation approach gets to today's quote, and it does so by putting a sector revenue multiple on 18.4 billion dollars of sales, which is a way of valuing a profit problem by ignoring profit. Every other family lands well underneath: the asset-value approaches at under half, the cash-flow projections at under half, and the earnings-power approaches, which capitalise a normalised profit stream with no growth at all, further under still. When the only lens that reaches the quote is the one that does not look at earnings, the quote is doing something other than reflecting earnings.

Fiscal 2027 does not fix it on management's own numbers. The guide calls for organic sales between down 1.5 percent and up 0.5 percent and adjusted operating profit down 8 to 13 percent in constant currency, after roughly nine points of headwind from lapping the extra week, normalising incentive pay and the divestitures. Set that against the payout. General Mills distributed 2.44 dollars a share during fiscal 2026 and guides adjusted diluted earnings of 3.00 to 3.20 dollars for fiscal 2027. The dividend consumes roughly four fifths of the midpoint of that guide, on an adjusted basis that excludes the charges, and the reported basis produced a loss. That is not a dividend at risk next quarter. It is a dividend with very little room to keep rising while profit falls.

The financing picture is the amplifier. Interest, net cost 538.6 million dollars in fiscal 2026, up 3 percent on the year, against reported operating profit of 885.8 million. Borrowings stand near 13.5 billion dollars against 453.8 million of liquid assets, a structure that works fine while adjusted profit is measured in billions and works much less well if the fiscal 2027 decline extends into fiscal 2028. Management has already responded by cutting buybacks from 1.2 billion dollars to 500 million. That is prudent. It is also the first thing that goes, and it was doing real work: share count falling about 3.2 percent a year was flattering per-share results in a year when the business itself shrank.

One boundary is worth naming, because it is not zero. Roughly 512 million dollars of value sits in equity interests held outside the operating segments, principally Cereal Partners Worldwide and Haagen-Dazs Japan. Those carry real recoverable value against a bad operating outcome. They are also currently going the wrong way: the joint ventures produced an after-tax loss of 76.5 million dollars in fiscal 2026 against earnings of 57.6 million a year earlier, driven by General Mills' share of a non-cash goodwill impairment at the cereal venture. The write-downs are not confined to the consolidated accounts.

Valuation

Start with the arithmetic the market is refusing to do. Take today's quote of $36.04, add the borrowings, and the whole enterprise changes hands for roughly ten times the operating profit General Mills earned before a year of writedowns. That multiple is low enough that the price sits below what even a steady mid-single-digit annual decline in operating profit would warrant. Read that carefully: the market is not asking this business to grow. It is pricing in shrinkage, and the question the buyer is answering is whether the shrinkage is worse than that.

The methods do not resolve it, and the shape of their disagreement is the most informative thing here. Only the peer-multiple family reaches today's quote, and it gets there on a sales multiple applied to 18.4 billion dollars of revenue rather than on any earnings figure. Every other family lands underneath. The asset-value approaches, working from book value and the returns earned on it, sit at roughly a third of the quote. The cash-flow projections sit at roughly two fifths, because they are fed a declining revenue trend and dutifully extend it. The earnings-power approaches, which capitalise a normalised profit stream with no growth assumed at all, land further underneath still. That is an unusual pattern for a company priced this cheaply against profit, and it has a single cause: the trailing profit stream those methods use includes a year in which 2,970.8 million dollars ran through the restructuring, transformation and impairment line. Feed a wrecked year into a no-growth model and the model returns a wrecked answer.

So the concrete question is which profit figure describes the business. Reported operating profit for fiscal 2026 was 885.8 million dollars, a 4.8 percent margin against 17.0 percent a year earlier. On the company's own adjusted basis, which strips the 1,500 million dollar goodwill charge, the 250 million dollar brand intangible charge and a 1,000 million dollar valuation loss on the planned Brazil disposal, operating profit was 2.8 billion dollars at a 15.3 percent margin. Those two figures differ by more than three times, and the honest answer is that the second describes the ongoing business while the first describes the year. Management's fiscal 2027 guide starts from the second and calls for it to fall 8 to 13 percent in constant currency, which puts the run rate somewhere near 2.5 billion dollars before any recovery.

The cohort makes the point that this is a category event rather than a company event. KHC reports a negative operating margin and a net margin near negative 23 percent; CAG reports 0.3 percent at the operating line; SJM reports a negative net margin. MDLZ at 9.4 percent and MKC at 14.9 percent are the ones still compounding, and both sell into faster-moving parts of the store. General Mills sits between the two groups: worse than the winners on growth, better than the impairing group on underlying margin. The multiple sits in the lower half of the range these names trade in, which is consistent with that position rather than at odds with it.

The balance sheet is where the argument gets decided. Borrowings near 13.5 billion dollars against 453.8 million dollars of liquid assets is a structure built for a business earning billions in adjusted operating profit, and interest cost 538.6 million dollars during fiscal 2026. Operating cash flow of 2.2 billion dollars still covered the 2.44 dollars a share paid out and left room for the reduced repurchase programme. What it no longer covers comfortably is a second consecutive year of double-digit profit decline, which is precisely why management is targeting 750 million dollars of savings in fiscal 2027 and 3 billion by fiscal 2030. The savings programme is not an efficiency story. It is the pivot the leverage requires.

Catalysts

The most consequential dated event has already happened, and the market has not finished processing it. On July 1, 2026, General Mills reported fiscal 2026 results and simultaneously reset the frame for fiscal 2027: organic net sales guided between down 1.5 percent and up 0.5 percent, adjusted operating profit guided down 8 to 13 percent in constant currency, and adjusted diluted earnings of 3.00 to 3.20 dollars a share. That guide carries roughly nine points of mechanical headwind on operating profit from lapping a 53-week fiscal 2026, normalising corporate incentive pay and absorbing the divestitures, so the underlying business is being asked to do better than the headline decline suggests. The first quarterly print against that guide is the next real information event.

Two structural moves are in flight. The first is the cost programme announced alongside the results: 3 billion dollars of cumulative savings targeted through fiscal 2030, roughly two thirds from the long-running productivity effort at about 4 percent of cost of goods sold annually and the balance from a global transformation initiative covering supply chain redesign and process work, with at least 750 million dollars expected in fiscal 2027. The second is portfolio surgery. The U.S. yogurt business was sold during fiscal 2026 for a gain of about 1 billion dollars, the Canada yogurt business went in fiscal 2025, and a disposal of the Brazil business is planned, already recognised through a 1 billion dollar non-cash pre-tax valuation loss in the fourth quarter. Each completed sale shrinks the revenue base and improves the mix, and the reported growth rate will keep looking worse than the underlying one while that continues.

The routine calendar matters more than usual this year. The board declared a quarterly dividend of 61 cents a share payable August 3, 2026, holding the rate rather than raising it, which for a company that has paid without interruption for 127 years is itself a signal about how management reads fiscal 2027. Watch whether the next declaration moves. Watch too whether repurchases stay near the reduced fiscal 2026 pace of 500 million dollars or step back up; the direction of that number is the clearest available read on management's own confidence in the guide it has just issued.

Peer Cohorts (Per Segment, With Filing Citations)

North America Retail (reported)

• KHC (Kraft Heinz Co)
• FY2025 10-K: …market share. Our Protect role contains platforms that are expected to have moderate growth potential, tend to generate higher gross margins, and are in markets in which we have higher market share. Our Balance role contains platforms that include commodity-heavy categories with relatively flat growth potential but…
• FY2025 10-K: North America $ 18,586 $ 19,543 $ 20,126 International Developed Markets 3,539 3,535 3,623 Total segment net sales 22,125 23,078 23,749 Emerging Markets 2,817 2,768 2,891 Total net sales $ 24,942 $ 25,846 $ 26,640 105 Segment Adjusted Operating Income was (in millions): December 27, 2025 North America International…
• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: 025-05-25 0000023217 us-gaap:OperatingSegmentsMember cag:OtherCostOfGoodsSoldMember cag:ConagraRestructuringPlanMember cag:RefrigeratedAndFrozenMember 2025-05-25 0000023217 us-gaap:OperatingSegmentsMember cag:OtherCostOfGoodsSoldMember cag:ConagraRestructuringPlanMember cag:InternationalMember 2025-05-25 0000023217…
• FY2025 10-K: …cag:AssetImpairmentNetOfGainsOnDisposalMember cag:ConagraRestructuringPlanMember cag:RefrigeratedAndFrozenMember 2025-05-25 0000023217 us-gaap:OperatingSegmentsMember cag:AssetImpairmentNetOfGainsOnDisposalMember cag:ConagraRestructuringPlanMember cag:InternationalMember 2025-05-25 0000023217…
• CPB (THE CAMPBELL'S COMPANY)
• FY2025 10-K: …operating performance and economic conditions, including the potential impact of tariffs. 7. Segment Information Our operating segments, which are also our reportable segments, are as follows: • Meals & Beverages, which consists of soup, simple meals and beverage s products in retail and foodservice in the U.S. and…
• FY2025 10-K: …to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for…
• MKC (McCORMICK & COMPANY, INCORPORATED)
• FY2025 10-K: …within Cost of goods sold. We expense any incremental costs of obtaining a contract when the contract is for a period of one year or less. Amounts billed and due from our customers are classified as accounts receivable on the balance sheet and require payment on a short-term basis. Our allowance for doubtful accounts…
• FY2025 10-K: …sold directly to customers as well as through brokers, wholesalers, and distributors. In the Consumer segment, products are then sold to consumers under a number of brands through a variety of retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce. In the…
• HRL (HORMEL FOODS CORPORATION)
• FY2025 10-K: …is included in segment profit; however, earnings attributable to the Company's corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes. The Company is an integrated…
• FY2025 10-K: …the significant expense categories regularly provided to the CODM, are provided below. Certain portions of these expenses are retained at the corporate level and are presented in Net Unallocated Expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations,…
• SJM (THE J. M. SMUCKER COMPANY)
• FY2025 10-K: International and Away From Home 20.6 17.4 U.S. Retail Coffee The U.S. Retail Coffee segment net sales increased $102.2 in 2025. Net price realization increased net sales by 5 percentage points, primarily driven by higher net pricing for the Folgers and Café Bustelo brands, partially offset by lower net pricing for…
• FY2025 10-K: …the domestic sales of Folgers , Dunkin' , and Café Bustelo branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncustables , Jif , and Smucker's branded products; the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix , Milk-Bone ,…
• POST (Post Holdings, Inc.)
• FY2025 10-K: …quarters of our fiscal year. Customers We sell Post Consumer Brands products primarily to grocery stores, mass merchandise customers, supercenters, club stores, natural/specialty stores, dollar stores, discounters, wholesalers, convenience stores, pet supply retailers and drug store customers. We also sell Post…
• FY2025 10-K: …by incremental HPAI pricing (partially offset by the pass-through of lower grain costs) and 3% higher volumes. Sales of side dishes were up $15.5 million, or 6%, driven by 6% higher volumes primarily due to the inclusion of seven months of PPI. Sales of all other products were up $48.9 million, primarily driven by…
• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …resulting in fewer, larger customers. Large retail customers and customer alliances can delist our products or reduce the shelf space allotted to our products and demand lower pricing, increased promotional programs or longer payment terms. Retail customers might also adopt these tactics in their dealings with us in…
• FY2025 10-K: …on our manufacturing and other facilities, refer to Item 2, Properties ; and on risks related to our operations outside the United States, refer to Item 1A, Risk Factors . We also monitor our revenue growth across emerging markets and developed markets: • Our emerging markets include our Latin America region in its…

North America Pet (reported)

• CPB (THE CAMPBELL'S COMPANY)
• FY2025 10-K: …2022-08-01 2023-07-30 0000016732 country:US srt:MinimumMember us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-07-31 2024-07-28 0000016732 country:US srt:MinimumMember us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-07-29 2025-08-03 0000016732…
• FY2025 10-K: …2023-07-31 2024-07-28 0000016732 us-gaap:TreasuryStockCommonMember 2023-07-31 2024-07-28 0000016732 us-gaap:CommonStockMember 2024-07-28 0000016732 us-gaap:TreasuryStockCommonMember 2024-07-28 0000016732 us-gaap:AdditionalPaidInCapitalMember 2024-07-28 0000016732 us-gaap:RetainedEarningsMember 2024-07-28 0000016732…
• CAG (CONAGRA BRANDS, INC.)
• FY2025 10-K: …distribution facilities. In addition, there are warehouses at most of our manufacturing facilities. Utilization of manufacturing capacity varies by manufacturing plant based upon the type of products assigned and the level of demand for those products. Management believes that our manufacturing and processing plants…
• FY2025 10-K: Report on Form 8-K filed with the SEC on August 12, 2021 4.3.1 First Supplemental Indenture, dated August 12, 2021, by and between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as Trustee (including Form of Note), incorporated herein by…
• MDLZ (Mondelez International, Inc.)
• FY2025 10-K: …was reflected across all categories. Favorable currency translation rate changes reflected the strength of most currencies across the region relative to the U.S. dollar, primarily the euro, Russian ruble, British pound sterling, Polish zloty and Swedish krona, partially offset by the strength of the U.S. dollar…
• FY2025 10-K: …2024-01-01 2024-12-31 0001103982 country:AR us-gaap:SellingGeneralAndAdministrativeExpensesMember 2023-01-01 2023-12-31 0001103982 country:TR us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-01 2025-12-31 0001103982 country:TR us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-01 2024-12-31…
• SJM (THE J. M. SMUCKER COMPANY)
• FY2025 10-K: …and equipment write-off charges, partially offset by favorable volume/mix. 34 U.S. Retail Pet Foods The U.S. Retail Pet Foods segment net sales decreased $159.2 in 2025. Volume/mix decreased net sales by 7 percentage points, primarily reflecting lower contract manufacturing sales related to the divested pet food…
• FY2025 10-K: …the domestic sales of Folgers , Dunkin' , and Café Bustelo branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncustables , Jif , and Smucker's branded products; the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix , Milk-Bone ,…
• MKC (McCORMICK & COMPANY, INCORPORATED)
• FY2025 10-K: …Mississippi; Irving, Texas; and Springfield, Missouri; (ii) Canada: Mississauga and London, Ontario; (iii) Heywood, U.K.; and (iv) Compans, France. We also own a distribution facility in Monteux, France. In addition, we own, lease, or contract other properties used for manufacturing Consumer and Flavor Solutions…
• FY2025 10-K: 2-01 2023-11-30 0000063754 country:US 2024-12-01 2025-11-30 0000063754 mkc:OtherCountriesMember 2024-12-01 2025-11-30 0000063754 country:US 2025-11-30 0000063754 mkc:EuropeMiddleEastAndAfricaMember 2025-11-30 0000063754 mkc:OtherCountriesMember 2025-11-30 0000063754 country:US 2023-12-01 2024-11-30 0000063754…
• HRL (HORMEL FOODS CORPORATION)
• FY2025 10-K: U.S. and other countries. Some of the more significant owned or licensed trademarks used by the Company or its affiliates are: HORMEL, ALWAYS TENDER, APPLEGATE, AUSTIN BLUES, BACON 1, BLACK LABEL, BREAD READY, BURKE, CAFÉ H, CERATTI, CHI-CHI'S, COLUMBUS, COMPLEATS, CORN NUTS, CURE 81, DAN'S PRIZE, DI LUSSO, DINTY…
• FY2025 10-K: …operating costs, or exposing the Company to litigation. For additional commentary on cybersecurity risks, see Part 1, Item 1A. Risk Factors under the heading "The Company may be adversely impacted if the Company is affected by cybersecurity attacks or other security breaches." Item 2. PROPERTIES The Company's global…
• LW (Lamb Weston Holdings, Inc.)
• FY2025 10-K: Condition and Results of Operations" and Note 13, Segments, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of this Form 10-K. North America Our North America segment primarily includes frozen potato products sold in the United States, Canada, and…
• FY2025 10-K: EMEA"); risks associated with other possible acquisitions; our debt levels; actions of governments and regulatory factors affecting our businesses; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; and other risks described in our reports filed from time to time…
• INGR (INGREDION INCORPORATED)
• FY2025 10-K: …us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:PensionPlansDefinedBenefitMember us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMember 2024-12-31 0001046257 us-gaap:ForeignPlanMember us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember…
• FY2025 10-K: …us-gaap:PostemploymentRetirementBenefitsMember 2025-01-01 2025-12-31 0001046257 country:CA us-gaap:PostemploymentRetirementBenefitsMember 2025-01-01 2025-12-31 0001046257 country:BR us-gaap:PostemploymentRetirementBenefitsMember 2025-01-01 2025-12-31 0001046257 ingr:StockRepurchaseProgram2025Member 2025-11-03…

North America Foodservice (reported)

• LW (Lamb Weston Holdings, Inc.)
• FY2025 10-K: Condition and Results of Operations" and Note 13, Segments, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of this Form 10-K. North America Our North America segment primarily includes frozen potato products sold in the United States, Canada, and…
• FY2025 10-K: …2023, Senior Vice President and General Manager of Foodservice, Retail, Marketing and Innovation from April 2018 until May 2023 and Senior Vice President, Growth and Strategy from September 2016 until April 2018. Mr. Smith also served as Vice President and General Manager of Lamb Weston Retail from May 2011 to…
• SYY (Sysco Corporation)
• FY2025 10-K: …Kingdom (U.K.), France, Ireland and Sweden; • SYGMA - our U.S. customized distribution operations serving quick-service chain restaurant customer locations; and • Other - primarily our hotel supply operations, Guest Worldwide. We estimate that we serve about 17% of an approximately $370 billion annual foodservice…
• FY2025 10-K: …information is attributable to our other operations that do not meet the quantitative disclosure thresholds. • U.S. Foodservice Operations - primarily includes (a) our U.S. Broadline operations, which distribute a full line of food products, including custom-cut meat, seafood, produce, specialty Italian, specialty…
• USFD (US FOODS HOLDING CORP.)
• FY2025 10-K: …30, 2024, among US Foods, as Borrower, the other Loan Parties (defined in the ABL Agreement), each lender party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 2,…
• FY2025 10-K: …service to our customers. Our relationship with our customers is further strengthened by our industry-leading MOXē ® digital platform that makes it easy for our customers to manage their orders and inventories, while also providing valuable support for their business. Our extensive network of over 70 distribution…
• PFGC (Performance Food Group Company)
• FY2025 10-K: …North America, from our 155 distribution centers to over 300,000 customer locations in the food-away-from-home industry. Our approximately 43,000 employees serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office…
• FY2025 10-K: …June 29, 2024 Net Sales Net sales for Foodservice increased $4.6 billion, or 15.8%, from fiscal 2024 to fiscal 2025. This increase in net sales was driven by recent acquisitions, an increase in selling price per case as a result of inflation, and case volume growth, including growth in our independent and chain…
• TSN (TYSON FOODS, INC.)
• FY2025 10-K: …operations such as plant and school cafeterias, convenience stores, hospitals and other vendors. Additionally, sales to the military and a portion of sales to international markets are made through independent brokers and trading companies. As part of our commitment to innovation and growth, we have a subsidiary…
• FY2025 10-K: …facility that shares a facility with and is included in the Prepared Foods segment in the table above. Prepared Foods Our Prepared Foods segment includes processing facilities and a vertically-integrated turkey operation. Our Prepared Foods facilities process fresh and frozen chicken, turkey, beef, pork and other raw…
• HRL (HORMEL FOODS CORPORATION)
• FY2025 10-K: …joint venture. The Foodservice segment consists primarily of the processing, marketing, and sale of food products to distributors and operators across a wide range of providers of food away from home, including restaurants, hospitality, healthcare, K-12, college and universities, and convenience stores in the U.S.…
• FY2025 10-K: Foodservice segment. Risks to this outlook include a softening of foodservice industry demand, lower-than-expected raw material markets which through market-based pricing can negatively impact net sales, and higher-than-expected operating costs. International Fourth Quarter Ended Fiscal Year Ended In thousands October…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.