In a continuous doughnut and shell-forming apparatus, including a dough developer, a ring-forming and shell-forming depositor, and a pump for pumping dough through the developer and depositor, the depositor is provided with a first chamber having a pair of ring-forming openings, the first chamber receiving dough from the developer and a second chamber receiving dough from the first chamber, the first chamber having dies of varied cross-section to cut-off uniform rings from non-uniform flowing dough and the second chamber having cut-off valves reciprocable past the openings to cut off shells, the valves also having an extreme position closing the openings from the first chamber, the ringforming and shell-forming portions of the machine being operable separately or simultaneously.