Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current price: ~$37.80 (up ~10% on July 1 after the Q4 FY2026 print; 52-week range $31.75–$54.18) Market capitalization: ~$20 billion · Shares outstanding: ~534 million · Dividend: $2.44/yr (~6.5% yield) A note before we begin. We write this the way we'd talk it through on the drive back from Omaha. General Mills is a business we understand completely — we've eaten the Cheerios and fed the dog the Blue Buffalo. The trouble is not that we can't understand it. The trouble is that after we understand it, we don't like what we see. A cheap price on a mediocre, slowly-eroding franchise is one of the more seductive mistakes in this business, and we've made it ourselves (Charlie still reminds Warren about the textile mill). We'll try not to make it here. General Mills is exactly what it appears to be: a 160-year-old branded packaged-food maker.
Recent filings analysed: 8-K (2026-07-01), 10-K (2026-07-01), 8-K (2026-05-06), 8-K (2026-05-04).
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