Kellanova (K) 10-Year Financial Performance & Capital Metrics

K • • Industrial / General

Consumer DefensiveConfectionersSnack Foods & ConvenienceGlobal Snack Food Leaders

AboutKellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and Africa. Its principal products consist of snacks, such as crackers, savory snacks, toaster pastries, cereal bars, granola bars, and bites; and convenience foods, including ready-to-eat cereals, frozen waffles, veggie foods, and noodles; and crisps. The company offers its products under the Kellogg's, Cheez-It, Pringles, Austin, Parati, RXBAR, Eggo, Morningstar Farms, Bisco, Club, Luxe, Minueto, Special K, Toasteds, Town House, Zesta, Zoo Cartoon, Choco Krispis, Crunchy Nut, Kashi, Nutri-Grain, Squares, Zucaritas, Rice Krispies Treats, Sucrilhos, Pop-Tarts, K-Time, Sunibrite, Split Stix, LCMs, Coco Pops, Krave, Frosties, Rice Krispies Squares, Incogmeato, Veggitizers, Gardenburger, Trink, Carr's, Kellogg's Extra, Müsli, Fruit n Fibre, Kellogg's Crunchy Nut, Country Store, Smacks, Honey Bsss, Zimmy's, Toppas, Tresor, Froot Ring, Chocos, Chex, Guardian, Just Right, Sultana Bran, Rice Bubbles, Sustain, Choco Krispies, Melvin, Cornelius, Chocovore, Poperto, Pops the Bee, and Sammy the Seal brand names. It sells its products to retailers through direct sales forces, as well as brokers and distributors. The company was formerly known as Kellogg Company and changed its name to Kellanova in October 2023. Kellanova was founded in 1906 and is headquartered in Chicago, Illinois.Show more

Revenue $12.75B -2.8%
EBITDA $2.24B +19.7%
Net Income $1.34B +41.2%
EPS (Diluted) 3.88 +40.6%
Gross Margin 36.86% +12.8%
EBITDA Margin 17.57% +23.2%
Operating Margin 14.69% +28.1%
Net Margin 10.53% +45.4%
ROE 37.04% +50.8%
ROIC 14.67% +35.6%
Debt/Equity 1.63 -15.7%
Interest Coverage 5.29 +23.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.0%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.7%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.33%

5Y-1.25%

3Y2.77%

TTM-1.39%

Profit (Net Income) CAGR

10Y7.83%

5Y6.95%

3Y-3.36%

TTM47.19%

EPS CAGR

10Y8.29%

5Y6.74%

3Y-3.59%

TTM44.47%

ROCE

10Y Avg12.71%

5Y Avg12.98%

3Y Avg13.45%

Latest17.4%

Peer Comparison

Global Snack Food Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KKellanova	29.03B	83.44	21.51	-2.84%	10.56%	31.71%	3.9%	1.63
MDLZMondelez International, Inc.	73.85B	57.23	16.73	1.18%	9.38%	13.46%	4.77%	0.68

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.53B	12.96B	12.85B	13.55B	13.58B	13.77B	11.75B	12.65B	13.12B	12.75B
Revenue Growth %	-0.07%	-0.04%	-0.01%	0.05%	0%	0.01%	-0.15%	0.08%	0.04%	-0.03%
Cost of Goods Sold+	8.59B	7.96B	8.04B	8.72B	9.14B	9.04B	7.92B	8.84B	8.83B	8.05B
COGS % of Revenue	0.63%	0.61%	0.63%	0.64%	0.67%	0.66%	0.67%	0.7%	0.67%	0.63%
Gross Profit+	4.94B	5.01B	4.81B	4.83B	4.43B	4.73B	3.83B	3.82B	4.29B	4.7B
Gross Margin %	0.37%	0.39%	0.37%	0.36%	0.33%	0.34%	0.33%	0.3%	0.33%	0.37%
Gross Profit Growth %	-0.06%	0.01%	-0.04%	0%	-0.08%	0.07%	-0.19%	-0%	0.12%	0.1%
Operating Expenses+	3.85B	3.52B	3.43B	3.12B	3.03B	2.97B	2.45B	2.6B	2.78B	2.83B
OpEx % of Revenue	0.28%	0.27%	0.27%	0.23%	0.22%	0.22%	0.21%	0.21%	0.21%	0.22%
Selling, General & Admin	3.44B	3.2B	3.02B	3.02B	2.83B	2.96B	2.25B	2.64B	2.83B	2.63B
SG&A % of Revenue	0.25%	0.25%	0.23%	0.22%	0.21%	0.21%	0.19%	0.21%	0.22%	0.21%
Research & Development	193M	182M	148M	154M	144M	135M	117M	111M	116M	115M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	212M	139M	262M	-57M	61M	-124M	82M	-149M	-163M	84M
Operating Income+	1.09B	1.48B	1.39B	1.71B	1.4B	1.76B	1.38B	1.21B	1.5B	1.87B
Operating Margin %	0.08%	0.11%	0.11%	0.13%	0.1%	0.13%	0.12%	0.1%	0.11%	0.15%
Operating Income Growth %	0.07%	0.36%	-0.06%	0.23%	-0.18%	0.26%	-0.21%	-0.12%	0.24%	0.24%
EBITDA+	1.63B	2B	1.87B	2.22B	1.89B	2.24B	1.85B	1.61B	1.87B	2.24B
EBITDA Margin %	0.12%	0.15%	0.15%	0.16%	0.14%	0.16%	0.16%	0.13%	0.14%	0.18%
EBITDA Growth %	0.06%	0.23%	-0.07%	0.19%	-0.15%	0.19%	-0.17%	-0.13%	0.16%	0.2%
D&A (Non-Cash Add-back)	534M	517M	481M	516M	484M	479M	467M	404M	367M	367M
EBIT	1.5B	1.8B	1.8B	1.8B	1.61B	1.77B	1.58B	1.17B	1.46B	2.07B
Net Interest Income+	-244M	-411M	-246M	-263M	-290M	-282M	-216M	-301M	-250M	-249M
Interest Income	0	0	0	16M	24M	21M	12M	33M	101M	105M
Interest Expense	244M	411M	246M	279M	314M	303M	228M	334M	351M	354M
Other Income/Expense	-318M	-548M	277M	-181M	-103M	-174M	73M	-300M	-459M	-213M
Pretax Income+	773M	935M	1.66B	1.52B	1.3B	1.59B	1.46B	911M	1.05B	1.66B
Pretax Margin %	0.06%	0.07%	0.13%	0.11%	0.1%	0.12%	0.12%	0.07%	0.08%	0.13%
Income Tax+	159M	235M	410M	181M	321M	323M	353M	180M	258M	304M
Effective Tax Rate %	0.79%	0.75%	0.75%	0.88%	0.74%	0.79%	1.02%	1.05%	0.91%	0.81%
Net Income+	614M	699M	1.25B	1.34B	960M	1.25B	1.49B	960M	951M	1.34B
Net Margin %	0.05%	0.05%	0.1%	0.1%	0.07%	0.09%	0.13%	0.08%	0.07%	0.11%
Net Income Growth %	-0.03%	0.14%	0.79%	0.07%	-0.28%	0.3%	0.19%	-0.35%	-0.01%	0.41%
Net Income (Continuing)	614M	700M	1.25B	1.34B	977M	1.26B	1.1B	731M	788M	1.36B
Discontinued Operations	0	0	0	0	0	0	392M	231M	176M	0
Minority Interest	10M	16M	16M	558M	567M	524M	495M	434M	194M	107M
EPS (Diluted)+	1.72	1.96	0.74	3.83	2.80	3.63	4.33	2.79	2.76	3.88
EPS Growth %	-0.02%	0.14%	-0.62%	4.18%	-0.27%	0.3%	0.19%	-0.36%	-0.01%	0.41%
EPS (Basic)	1.74	1.98	0.75	3.85	2.81	3.65	4.36	2.81	2.78	3.92
Diluted Shares Outstanding	356M	354M	345.6M	348M	343M	345M	343M	344.09M	344.57M	346M
Basic Shares Outstanding	354M	350M	345.6M	347M	341M	343M	341M	341.64M	342.09M	343M
Dividend Payout Ratio	1.14%	1.02%	0.59%	0.57%	0.8%	0.63%	0.53%	0.83%	0.84%	0.58%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.24B	2.94B	3.04B	3.16B	3.43B	3.48B	3.39B	4.19B	3.33B	3.75B
Cash & Short-Term Investments	251M	280M	281M	321M	397M	435M	286M	299M	274M	694M
Cash Only	251M	280M	281M	321M	397M	435M	286M	299M	274M	694M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.34B	1.23B	1.39B	1.38B	1.58B	1.54B	1.49B	1.53B	1.57B	1.52B
Days Sales Outstanding	36.27	34.66	39.44	37.05	42.37	40.74	46.27	44.19	43.62	43.57
Inventory	1.25B	1.24B	1.22B	1.33B	1.23B	1.28B	1.4B	1.34B	1.24B	1.17B
Days Inventory Outstanding	53.14	56.77	55.25	55.66	48.93	51.83	64.47	55.31	51.36	52.82
Other Current Assets	227M	0	0	131M	232M	226M	221M	1.02B	245M	373M
Total Non-Current Assets+	12.02B	12.17B	13.31B	14.62B	14.13B	14.51B	14.78B	14.31B	12.29B	11.87B
Property, Plant & Equipment	3.62B	3.57B	3.72B	3.73B	4.15B	4.37B	4.47B	3.7B	3.87B	3.83B
Fixed Asset Turnover	3.74x	3.63x	3.46x	3.63x	3.27x	3.15x	2.63x	3.42x	3.39x	3.32x
Goodwill	4.97B	5.17B	5.5B	6.05B	5.86B	5.8B	5.77B	5.38B	5.16B	5B
Intangible Assets	2.27B	2.37B	2.64B	3.36B	2.58B	2.49B	2.41B	2.24B	1.93B	1.76B
Long-Term Investments	456M	438M	429M	413M	404M	391M	424M	432M	184M	99M
Other Non-Current Assets	702M	459M	781M	822M	908M	1.21B	1.5B	2.37B	961M	1.02B
Total Assets+	15.25B	15.11B	16.35B	17.78B	17.56B	18B	18.18B	18.5B	15.62B	15.63B
Asset Turnover	0.89x	0.86x	0.79x	0.76x	0.77x	0.77x	0.65x	0.68x	0.84x	0.82x
Asset Growth %	0.01%	-0.01%	0.08%	0.09%	-0.01%	0.02%	0.01%	0.02%	-0.16%	0%
Total Current Liabilities+	5.74B	4.47B	4.52B	4.53B	4.78B	5.24B	5.32B	6.35B	5.06B	4.66B
Accounts Payable	1.91B	2.01B	2.27B	2.43B	2.39B	2.47B	2.57B	2.57B	2.31B	2.24B
Days Payables Outstanding	81.07	92.36	103.01	101.57	95.27	99.74	118.65	106.07	95.61	101.38
Short-Term Debt	2.47B	1.07B	779M	686M	727M	729M	849M	1.25B	784M	745M
Deferred Revenue (Current)	0	0	0	0	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	548M	590M	551M	502M	577M	709M	576M	1.19B	655M	541M
Current Ratio	0.56x	0.66x	0.67x	0.70x	0.72x	0.66x	0.64x	0.66x	0.66x	0.81x
Quick Ratio	0.35x	0.38x	0.40x	0.40x	0.46x	0.42x	0.38x	0.45x	0.41x	0.56x
Cash Conversion Cycle	8.34	-0.93	-8.32	-8.86	-3.97	-7.17	-7.92	-6.57	-0.64	-4.99
Total Non-Current Liabilities+	7.37B	8.71B	9.63B	10.09B	9.47B	9.12B	8.65B	7.77B	7.19B	7.09B
Long-Term Debt	5.28B	6.7B	7.84B	8.21B	7.2B	6.75B	6.26B	5.32B	5.09B	5B
Capital Lease Obligations	0	0	0	0	433M	520M	502M	482M	532M	465M
Deferred Tax Liabilities	685M	525M	355M	730M	596M	562M	722M	707M	497M	541M
Other Non-Current Liabilities	1.41B	1.49B	1.44B	1.16B	1.25B	1.29B	1.16B	1.27B	1.07B	1.08B
Total Liabilities	13.11B	13.19B	14.16B	14.62B	14.25B	14.36B	13.96B	14.12B	12.25B	11.75B
Total Debt+	7.75B	7.77B	8.62B	8.89B	8.47B	8.11B	7.73B	7.16B	6.53B	6.34B
Net Debt	7.49B	7.49B	8.33B	8.57B	8.07B	7.68B	7.44B	6.87B	6.25B	5.65B
Debt / Equity	3.62x	4.03x	3.93x	2.82x	2.56x	2.23x	1.83x	1.64x	1.94x	1.63x
Debt / EBITDA	4.77x	3.88x	4.61x	4.00x	4.49x	3.62x	4.18x	4.44x	3.49x	2.83x
Net Debt / EBITDA	4.61x	3.74x	4.46x	3.86x	4.28x	3.43x	4.02x	4.25x	3.34x	2.52x
Interest Coverage	4.47x	3.61x	5.64x	6.11x	4.46x	5.81x	6.07x	3.63x	4.29x	5.29x
Total Equity+	2.14B	1.93B	2.19B	3.16B	3.31B	3.64B	4.21B	4.38B	3.37B	3.88B
Equity Growth %	-0.25%	-0.1%	0.14%	0.44%	0.05%	0.1%	0.16%	0.04%	-0.23%	0.15%
Book Value per Share	6.01	5.44	6.35	9.08	9.66	10.54	12.29	12.71	9.78	11.22
Total Shareholders' Equity	2.13B	1.91B	2.18B	2.6B	2.75B	3.11B	3.72B	3.94B	3.17B	3.77B
Common Stock	105M	105M	105M	105M	105M	105M	105M	105M	105M	105M
Retained Earnings	6.6B	6.57B	7.07B	7.65B	7.86B	8.33B	9.03B	9.2B	8.8B	9.36B
Treasury Stock	-3.94B	-4B	-4.42B	-4.55B	-4.69B	-4.56B	-4.71B	-4.72B	-4.79B	-4.53B
Accumulated OCI	-1.38B	-1.57B	-1.46B	-1.5B	-1.45B	-1.73B	-1.72B	-1.71B	-2.04B	-2.28B
Minority Interest	10M	16M	16M	558M	567M	524M	495M	434M	194M	107M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.69B	1.63B	1.65B	1.54B	1.18B	1.99B	1.7B	1.65B	1.65B	1.76B
Operating CF Margin %	0.13%	0.13%	0.13%	0.11%	0.09%	0.14%	0.14%	0.13%	0.13%	0.14%
Operating CF Growth %	-0.06%	-0.04%	0.01%	-0.07%	-0.23%	0.69%	-0.14%	-0.03%	-0%	0.07%
Net Income	614M	694M	1.27B	1.34B	977M	1.26B	1.5B	962M	964M	1.36B
Depreciation & Amortization	534M	517M	481M	516M	484M	479M	467M	478M	419M	367M
Stock-Based Compensation	51M	63M	66M	59M	56M	76M	68M	96M	95M	89M
Deferred Taxes	-169M	-44M	88M	23M	12M	69M	125M	-46M	-21M	24M
Other Non-Cash Items	394M	175M	-444M	-357M	-241M	-130M	-456M	175M	164M	105M
Working Capital Changes	267M	223M	186M	-49M	-112M	228M	2M	-14M	24M	-181M
Change in Receivables	-127M	21M	-57M	76M	-145M	75M	-9M	-257M	-42M	-104M
Change in Inventory	-42M	7M	80M	-86M	2M	-54M	-135M	-411M	139M	2M
Change in Payables	427M	124M	193M	115M	-9M	-9M	194M	411M	-340M	38M
Cash from Investing+	-1.13B	-893M	-1.09B	-948M	774M	-585M	-528M	-448M	-562M	-750M
Capital Expenditures	-553M	-507M	-501M	-578M	-586M	-505M	-553M	-488M	-677M	-628M
CapEx % of Revenue	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.04%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	43M	-13M	6M	55M	-28M	-7M	24M	38M	-2M	26M
Cash from Financing+	-706M	-642M	-604M	-566M	-1.91B	-1.39B	-1.31B	-1.08B	-1.11B	-607M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-700M	-716M	-736M	-762M	-769M	-782M	-788M	-797M	-800M	-776M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-11M	-26M	-40M	-35M	18M	-141M	-8M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.14B	1.12B	1.15B	958M	590M	1.48B	1.15B	1.16B	968M	1.13B
FCF Margin %	0.08%	0.09%	0.09%	0.07%	0.04%	0.11%	0.1%	0.09%	0.07%	0.09%
FCF Growth %	-0.06%	-0.01%	0.02%	-0.16%	-0.38%	1.51%	-0.22%	0.01%	-0.17%	0.17%
FCF per Share	3.20	3.17	3.31	2.75	1.72	4.29	3.35	3.38	2.81	3.27
FCF Conversion (FCF/Net Income)	2.75x	2.33x	1.31x	1.15x	1.23x	1.59x	1.14x	1.72x	1.73x	1.31x
Interest Paid	228M	405M	258M	280M	284M	249M	213M	220M	291M	303M
Taxes Paid	337M	256M	352M	188M	537M	281M	365M	312M	322M	244M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.61%	34.4%	60.87%	49.92%	29.66%	36%	37.91%	22.35%	24.56%	37.04%
Return on Invested Capital (ROIC)	8.43%	11.68%	10.43%	11.5%	9.09%	11.64%	9.03%	7.93%	10.82%	14.67%
Gross Margin	36.52%	38.61%	37.45%	35.62%	32.65%	34.33%	32.62%	30.16%	32.68%	36.86%
Net Margin	4.54%	5.39%	9.76%	9.86%	7.07%	9.09%	12.67%	7.59%	7.25%	10.53%
Debt / Equity	3.62x	4.03x	3.93x	2.82x	2.56x	2.23x	1.83x	1.64x	1.94x	1.63x
Interest Coverage	4.47x	3.61x	5.64x	6.11x	4.46x	5.81x	6.07x	3.63x	4.29x	5.29x
FCF Conversion	2.75x	2.33x	1.31x	1.15x	1.23x	1.59x	1.14x	1.72x	1.73x	1.31x
Revenue Growth	-7.24%	-4.14%	-0.86%	5.39%	0.23%	1.41%	-14.69%	7.71%	3.71%	-2.84%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Retail Channel Snacks	-	-	-	6.8B	6.66B	6.28B	6.81B	7.56B	8.11B	8.12B
Retail Channel Snacks Growth	-	-	-	-	-1.97%	-5.73%	8.37%	11.11%	7.17%	0.19%
Retail Channel Cereal	-	-	-	5.21B	5.03B	5.43B	5.12B	5.28B	2.74B	2.7B
Retail Channel Cereal Growth	-	-	-	-	-3.44%	8.03%	-5.71%	3.06%	-48.18%	-1.32%
Frozen And Specialty Channels	-	-	-	1.54B	1.04B	1.14B	1.11B	1.1B	1.09B	1.1B
Frozen And Specialty Channels Growth	-	-	-	-	-32.75%	9.84%	-2.90%	-0.81%	-0.18%	0.09%
NoodlesandOther	-	-	-	-	849M	917M	1.15B	1.38B	1.19B	833M
NoodlesandOther Growth	-	-	-	-	-	8.01%	24.86%	20.09%	-13.75%	-29.76%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America Other	1.69B	1.6B	1.62B	1.85B	8.39B	8.36B	8.17B	8.96B	6.57B	6.58B
North America Other Growth	-	-5.28%	1.13%	14.67%	352.78%	-0.35%	-2.24%	9.59%	-26.61%	0.09%
Europe	2.5B	2.38B	2.29B	2.4B	2.09B	2.23B	2.4B	2.31B	2.5B	2.5B
Europe Growth	-	-4.81%	-3.62%	4.54%	-12.65%	6.69%	7.39%	-3.63%	8.27%	-0.08%
AMEA	919M	916M	967M	1.52B	2.16B	2.26B	2.61B	2.93B	2.79B	2.41B
AMEA Growth	-	-0.33%	5.57%	56.88%	42.12%	4.96%	15.47%	12.25%	-5.05%	-13.36%
Latin America	1.01B	780M	955M	947M	940M	914M	997M	1.12B	1.26B	1.26B
Latin America Growth	-	-23.15%	22.44%	-0.84%	-0.74%	-2.77%	9.08%	12.64%	12.64%	-0.32%

Frequently Asked Questions

Valuation & Price

Kellanova (K) has a price-to-earnings (P/E) ratio of 21.5x. This is roughly in line with market averages.

Growth & Financials

Kellanova (K) reported $12.64B in revenue for fiscal year 2024. This represents a 4% decrease from $13.20B in 2011.

Kellanova (K) saw revenue decline by 2.8% over the past year.

Yes, Kellanova (K) is profitable, generating $1.33B in net income for fiscal year 2024 (10.5% net margin).

Dividend & Returns

Yes, Kellanova (K) pays a dividend with a yield of 2.69%. This makes it attractive for income-focused investors.

Kellanova (K) has a return on equity (ROE) of 37.0%. This is excellent, indicating efficient use of shareholder capital.

Kellanova (K) generated $650.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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