The company maintains a strained capital structure with a debt-to-equity ratio of 1.54 and a current ratio of 0.68 as of 2025Q2, indicating limited liquidity buffers.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Total Current Assets | 3.67B | 3.75B | 3.33B | 4.19B | 3.39B | 3.48B | 3.43B | 3.16B | 3.04B | 2.94B | 3.24B | 3.34B | 3.27B | 3.38B | 3.07B | 2.92B | 2.56B | 2.52B | 2.7B | 2.43B | 2.2B | 2.12B | 1.79B | 1.76B | 1.9B | 1.61B | 1.57B | 1.5B | 1.47B | 1.53B | 1.43B |
| Cash & Short-Term Investments | 354M | 694M | 274M | 299M | 286M | 435M | 397M | 321M | 281M | 280M | 251M | 443M | 273M | 281M | 460M | 444M | 334M | 255M | 524M | 411M | 219M | 417.4M | 141.2M | 100.6M | 231.8M | 204.4M | 150.6M | 136.4M | 173M | 243.8M | 221.9M |
| Cash Only | 354M | 694M | 274M | 299M | 286M | 435M | 397M | 321M | 281M | 280M | 251M | 443M | 273M | 281M | 460M | 444M | 334M | 255M | 524M | 411M | 219M | 417.4M | 141.2M | 100.6M | 231.8M | 204.4M | 150.6M | 136.4M | 173M | 243.8M | 221.9M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.7B | 1.52B | 1.57B | 1.53B | 1.49B | 1.54B | 1.58B | 1.38B | 1.39B | 1.23B | 1.34B | 1.28B | 1.42B | 1.45B | 1.19B | 1.19B | 1.09B | 1.1B | 1.01B | 945M | 879M | 776.4M | 754.8M | 741M | 762.3M | 685.3M | 678.5M | 693M | 588M | 592.3M | 590.1M |
| Days Sales Outstanding | 46.85 | 43.57 | 43.62 | 44.19 | 46.27 | 40.74 | 42.37 | 37.05 | 39.44 | 34.66 | 36.27 | 31.94 | 35.14 | 37.38 | 32.85 | 35.04 | 31.73 | 31.31 | 31.34 | 31.63 | 31.52 | 29.48 | 31.27 | 32.57 | 36.86 | 41.1 | 35.46 | 37.41 | 31.42 | 32.38 | 30.75 |
| Inventory | 1.26B | 1.17B | 1.24B | 1.34B | 1.4B | 1.28B | 1.23B | 1.33B | 1.22B | 1.24B | 1.25B | 1.28B | 1.25B | 1.36B | 1.17B | 1.06B | 910M | 897M | 924M | 824M | 717M | 681M | 649.8M | 603.2M | 574.5M | 443.8M | 503.8M | 451.4M | 434M | 424.9M | 376.7M |
| Days Inventory Outstanding | 54.91 | 52.82 | 51.36 | 55.31 | 64.47 | 51.83 | 48.93 | 55.66 | 55.25 | 56.77 | 53.14 | 49.97 | 53.77 | 57.19 | 55.38 | 54.54 | 46.56 | 44.1 | 51.45 | 49.86 | 47.01 | 46.91 | 48.41 | 48.19 | 49.79 | 47.62 | 60.55 | 54.84 | 53.1 | 54.01 | 47.11 |
| Other Current Assets | 365M | 373M | 245M | 1.02B | 221M | 226M | 232M | 131M | 0 | 0 | 227M | 184M | 195M | 152M | 149M | 110M | 128M | 155M | 103M | 116M | 208M | 101.9M | 150M | 318.6M | 333.4M | 273.3M | 236.3M | 215.7M | 273M | 267.6M | 240.1M |
| Total Non-Current Assets | 12.2B | 11.87B | 12.29B | 14.31B | 14.78B | 14.51B | 14.13B | 14.62B | 13.31B | 12.17B | 12.02B | 11.81B | 12.21B | 11.79B | 8.87B | 8.93B | 8.64B | 8.43B | 8.7B | 8.29B | 8.38B | 8.44B | 8.35B | 8.46B | 8.47B | 3.29B | 3.24B | 3.56B | 3.41B | 3.52B | 2.99B |
| Property, Plant & Equipment | 4.11B | 3.83B | 3.87B | 3.7B | 4.47B | 4.37B | 4.15B | 3.73B | 3.72B | 3.57B | 3.62B | 3.77B | 3.86B | 3.78B | 3.28B | 3.13B | 3.01B | 2.93B | 2.99B | 2.82B | 2.65B | 2.72B | 2.78B | 2.84B | 2.95B | 2.53B | 2.64B | 2.89B | 2.77B | 2.93B | 2.78B |
| Fixed Asset Turnover | 3.21x | 3.32x | 3.39x | 3.42x | 2.63x | 3.15x | 3.27x | 3.63x | 3.46x | 3.63x | 3.74x | 3.87x | 3.84x | 3.75x | 4.02x | 3.96x | 4.18x | 4.37x | 3.94x | 3.87x | 3.84x | 3.54x | 3.17x | 2.92x | 2.56x | 2.41x | 2.64x | 2.34x | 2.46x | 2.28x | 2.51x |
| Goodwill | 5.06B | 5B | 5.16B | 5.38B | 5.77B | 5.8B | 5.86B | 6.05B | 5.5B | 5.17B | 4.97B | 4.97B | 5.05B | 5.04B | 3.62B | 3.63B | 3.64B | 3.64B | 3.52B | 3.45B | 3.46B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.81B | 1.76B | 1.93B | 2.24B | 2.41B | 2.49B | 2.58B | 3.36B | 2.64B | 2.37B | 2.27B | 2.29B | 2.37B | 2.36B | 1.45B | 1.46B | 1.46B | 1.46B | 1.45B | 1.42B | 1.44B | 4.89B | 5.13B | 5.13B | 5.12B | 407.4M | 335.6M | 379.5M | 0 | 0 | 0 |
| Long-Term Investments | 411M | 99M | 184M | 432M | 424M | 391M | 404M | 413M | 429M | 438M | 456M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.11B | 1.02B | 961M | 2.37B | 1.5B | 1.21B | 908M | 822M | 781M | 459M | 702M | 777M | 933M | 610M | 516M | 720M | 531M | 394M | 740M | 603M | 837M | 837.3M | 441.8M | 483.1M | 393.2M | 355.2M | 263M | 286.7M | 637M | 588.5M | 201M |
| Total Assets | 15.87B | 15.63B | 15.62B | 18.5B | 18.18B | 18B | 17.56B | 17.78B | 16.35B | 15.11B | 15.25B | 15.15B | 15.47B | 15.17B | 11.94B | 11.85B | 11.2B | 10.95B | 11.4B | 10.71B | 10.57B | 10.56B | 10.14B | 10.22B | 10.37B | 4.9B | 4.81B | 5.05B | 4.88B | 5.05B | 4.41B |
| Asset Turnover | 0.81x | 0.82x | 0.84x | 0.68x | 0.65x | 0.77x | 0.77x | 0.76x | 0.79x | 0.86x | 0.89x | 0.96x | 0.96x | 0.94x | 1.11x | 1.05x | 1.12x | 1.17x | 1.03x | 1.02x | 0.96x | 0.91x | 0.87x | 0.81x | 0.73x | 1.24x | 1.45x | 1.34x | 1.40x | 1.32x | 1.59x |
| Asset Growth % | -10.86% | 0.04% | -15.54% | 1.75% | 1.01% | 2.46% | -1.21% | 8.74% | 8.21% | -0.92% | 0.65% | -2.07% | 2.01% | 27.01% | 0.81% | 5.78% | 2.32% | -3.96% | 6.37% | 1.31% | 0.12% | 4.13% | -0.75% | -1.44% | 111.76% | 1.82% | -4.81% | 3.56% | -3.41% | 14.39% | -1.18% |
| Total Current Liabilities | 5.38B | 4.66B | 5.06B | 6.35B | 5.32B | 5.24B | 4.78B | 4.53B | 4.52B | 4.47B | 5.74B | 4.36B | 3.83B | 4.52B | 3.31B | 3.18B | 2.29B | 3.55B | 4.04B | 4.02B | 3.16B | 2.85B | 2.77B | 3.01B | 2.21B | 2.49B | 1.59B | 1.72B | 1.66B | 2.2B | 1.27B |
| Accounts Payable | 2.21B | 2.24B | 2.31B | 2.57B | 2.57B | 2.47B | 2.39B | 2.43B | 2.27B | 2.01B | 1.91B | 1.53B | 1.43B | 1.4B | 1.19B | 1.15B | 1.08B | 1.14B | 1.08B | 910M | 883M | 726.3M | 703.8M | 619M | 577.5M | 388.2M | 305.3M | 386.9M | 328M | 335.2M | 370.8M |
| Days Payables Outstanding | 100.91 | 101.38 | 95.61 | 106.07 | 118.65 | 99.74 | 95.27 | 101.57 | 103.01 | 92.36 | 81.07 | 59.69 | 61.7 | 58.74 | 56.08 | 59.34 | 55.1 | 55.8 | 60.19 | 55.07 | 57.89 | 50.03 | 52.44 | 49.45 | 50.05 | 41.65 | 36.69 | 47 | 40.13 | 42.61 | 46.37 |
| Short-Term Debt | 1.54B | 745M | 784M | 1.25B | 849M | 729M | 727M | 686M | 779M | 1.07B | 2.47B | 1.44B | 1.03B | 1.82B | 995M | 996M | 45M | 1.39B | 1.96B | 1.99B | 1.2B | 1.03B | 898.9M | 1.2B | 595.6M | 1.39B | 521.5M | 621.5M | 580M | 1.15B | 189.9M |
| Deferred Revenue (Current) | 44M | 44M | 85M | 150M | 138M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 736M | 541M | 655M | 1.19B | 576M | 709M | 577M | 502M | 551M | 590M | 548M | 596M | 503M | 472M | 411M | 421M | 402M | 341M | 314M | 318M | 339M | 768.5M | 327.8M | 1.2B | 1.03B | 718.1M | 761M | 710.1M | 749M | 710M | 704.7M |
| Current Ratio | 0.68x | 0.81x | 0.66x | 0.66x | 0.64x | 0.66x | 0.72x | 0.70x | 0.67x | 0.66x | 0.56x | 0.77x | 0.85x | 0.75x | 0.93x | 0.92x | 1.12x | 0.71x | 0.67x | 0.60x | 0.69x | 0.75x | 0.65x | 0.58x | 0.86x | 0.64x | 0.99x | 0.87x | 0.89x | 0.70x | 1.13x |
| Quick Ratio | 0.45x | 0.56x | 0.41x | 0.45x | 0.38x | 0.42x | 0.46x | 0.40x | 0.40x | 0.38x | 0.35x | 0.47x | 0.53x | 0.45x | 0.57x | 0.58x | 0.72x | 0.46x | 0.44x | 0.40x | 0.47x | 0.51x | 0.41x | 0.38x | 0.60x | 0.47x | 0.67x | 0.61x | 0.62x | 0.50x | 0.83x |
| Cash Conversion Cycle | 0.84 | -4.99 | -0.64 | -6.57 | -7.92 | -7.17 | -3.97 | -8.86 | -8.32 | -0.93 | 8.34 | 22.22 | 27.21 | 35.83 | 32.15 | 30.23 | 23.18 | 19.61 | 22.59 | 26.42 | 20.64 | 26.36 | 27.24 | 31.31 | 36.6 | 47.06 | 59.31 | 45.24 | 44.39 | 43.78 | 31.49 |
| Total Non-Current Liabilities | 6.28B | 7.09B | 7.19B | 7.77B | 8.65B | 9.12B | 9.47B | 10.09B | 9.63B | 8.71B | 7.37B | 7.94B | 8.03B | 8.18B | 6.83B | 6.51B | 6.64B | 5.94B | 4.83B | 4.63B | 5.13B | 5.46B | 5.93B | 6.31B | 7.29B | 1.51B | 2.41B | 2.44B | 2.22B | 1.57B | 1.56B |
| Long-Term Debt | 4.34B | 5B | 5.09B | 5.32B | 6.26B | 6.75B | 7.2B | 8.21B | 7.84B | 6.7B | 5.28B | 5.93B | 6.33B | 6.08B | 5.04B | 4.91B | 4.83B | 4.07B | 3.27B | 3.05B | 3.7B | 3.89B | 4.27B | 4.52B | 5.62B | 709.2M | 1.61B | 1.61B | 1.42B | 726.7M | 717.8M |
| Capital Lease Obligations | 1.89B | 465M | 532M | 482M | 502M | 520M | 433M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.09B | 541M | 497M | 707M | 722M | 562M | 596M | 730M | 355M | 525M | 685M | 726M | 928M | 523M | 643M | 697M | 425M | 300M | 647M | 619M | 946M | 959.1M | 1.06B | 986.4M | 949.8M | 0 | 251.3M | 259.2M | 363M | 347.7M | 0 |
| Other Non-Current Liabilities | 941M | 1.08B | 1.07B | 1.27B | 1.16B | 1.29B | 1.25B | 1.16B | 1.44B | 1.49B | 1.41B | 1.28B | 774M | 1.58B | 1.15B | 904M | 1.38B | 1.57B | 910M | 953M | 479M | 607M | 605.3M | 803.5M | 720.7M | 797M | 543.6M | 569.5M | 445M | 494.2M | 840.5M |
| Total Liabilities | 11.66B | 11.75B | 12.25B | 14.12B | 13.96B | 14.36B | 14.25B | 14.62B | 14.16B | 13.19B | 13.11B | 12.3B | 11.87B | 12.7B | 10.14B | 9.69B | 8.93B | 9.49B | 8.87B | 8.64B | 8.29B | 8.3B | 8.7B | 9.32B | 9.5B | 4B | 4B | 4.16B | 3.88B | 3.77B | 2.82B |
| Total Debt | 6.48B | 6.34B | 6.53B | 7.16B | 7.73B | 8.11B | 8.47B | 8.89B | 8.62B | 7.77B | 7.75B | 7.37B | 7.36B | 7.9B | 6.03B | 5.9B | 4.88B | 5.46B | 5.22B | 5.04B | 4.9B | 4.92B | 5.16B | 5.72B | 6.21B | 2.1B | 2.13B | 2.24B | 2B | 1.88B | 907.7M |
| Net Debt | 6.13B | 5.65B | 6.25B | 6.87B | 7.44B | 7.68B | 8.07B | 8.57B | 8.33B | 7.49B | 7.49B | 6.93B | 7.08B | 7.62B | 5.57B | 5.46B | 4.55B | 5.2B | 4.7B | 4.63B | 4.68B | 4.5B | 5.02B | 5.62B | 5.98B | 1.89B | 1.98B | 2.1B | 1.82B | 1.64B | 685.8M |
| Debt / Equity | 1.54x | 1.63x | 1.94x | 1.64x | 1.83x | 2.23x | 2.56x | 2.82x | 3.93x | 4.03x | 3.62x | 2.59x | 2.04x | 3.21x | 3.35x | 2.74x | 2.15x | 3.75x | 2.07x | 2.44x | 2.14x | 2.18x | 3.58x | 6.39x | 7.13x | 2.33x | 2.62x | 2.51x | 2.00x | 1.47x | 0.57x |
| Debt / EBITDA | 2.92x | 2.83x | 3.49x | 4.44x | 4.18x | 3.62x | 4.49x | 4.00x | 4.61x | 3.88x | 4.77x | 4.83x | 2.18x | 3.70x | 2.54x | 2.40x | 1.96x | 2.31x | 2.21x | 2.33x | 2.24x | 2.35x | 2.69x | 3.08x | 3.87x | 1.64x | 1.57x | 1.80x | 1.35x | 1.40x | 0.60x |
| Net Debt / EBITDA | 2.76x | 2.52x | 3.34x | 4.25x | 4.02x | 3.43x | 4.28x | 3.86x | 4.46x | 3.74x | 4.61x | 4.54x | 2.10x | 3.57x | 2.35x | 2.22x | 1.82x | 2.20x | 1.99x | 2.14x | 2.14x | 2.15x | 2.62x | 3.03x | 3.72x | 1.48x | 1.46x | 1.69x | 1.23x | 1.22x | 0.45x |
| Interest Coverage | 6.41x | 5.29x | 4.29x | 3.63x | 6.07x | 5.81x | 4.46x | 6.11x | 5.64x | 3.61x | 4.47x | 4.43x | 12.12x | 6.28x | 8.52x | 7.31x | 6.70x | 6.45x | 6.25x | 5.91x | 5.98x | 5.45x | - | - | - | - | - | - | - | - | - |
| Total Equity | 4.21B | 3.88B | 3.37B | 4.38B | 4.21B | 3.64B | 3.31B | 3.16B | 2.19B | 1.93B | 2.14B | 2.85B | 3.61B | 2.46B | 1.8B | 2.15B | 2.27B | 1.46B | 2.53B | 2.07B | 2.28B | 2.26B | 1.44B | 895.1M | 871.5M | 897.5M | 813.2M | 889.8M | 998M | 1.28B | 1.59B |
| Equity Growth % | 48.73% | 15.23% | -22.99% | 3.8% | 15.92% | 9.72% | 4.91% | 43.98% | 13.91% | -9.92% | -25.01% | -20.96% | 46.33% | 37.1% | -16.53% | -5.32% | 56.36% | -42.4% | 22.09% | -9.41% | 1.19% | 56.4% | 61.23% | 2.71% | -2.9% | 10.37% | -8.61% | -10.84% | -22.18% | -19.39% | -11.98% |
| Book Value per Share | 12.03 | 11.22 | 9.78 | 12.71 | 12.29 | 10.54 | 9.66 | 9.08 | 6.35 | 5.44 | 6.01 | 7.92 | 9.88 | 6.85 | 4.94 | 5.70 | 5.92 | 3.78 | 6.32 | 5.17 | 5.50 | 5.42 | 3.52 | 2.17 | 2.13 | 2.21 | 2.00 | 2.18 | 2.39 | 3.02 | 3.62 |
| Total Shareholders' Equity | 4.11B | 3.77B | 3.17B | 3.94B | 3.72B | 3.11B | 2.75B | 2.6B | 2.18B | 1.91B | 2.13B | 2.79B | 3.54B | 2.4B | 1.8B | 2.16B | 2.27B | 1.45B | 2.53B | 2.07B | 2.28B | 2.26B | 1.44B | 895.1M | 871.5M | 897.5M | 813.2M | 889.8M | 998M | 1.28B | 1.59B |
| Common Stock | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 105M | 103.8M | 103.8M | 103.8M | 103.8M | 103.8M | 103.8M | 103.8M | 0 | 0 | 0 |
| Retained Earnings | 9.59B | 9.36B | 8.8B | 9.2B | 9.03B | 8.33B | 7.86B | 7.65B | 7.07B | 6.57B | 6.6B | 6.69B | 6.75B | 5.62B | 5.3B | 6.12B | 5.48B | 4.84B | 4.22B | 3.63B | 3.27B | 2.7B | 2.25B | 1.87B | 1.56B | 1.5B | 1.32B | 1.37B | 1.24B | 4.15B | 3.96B |
| Treasury Stock | -4.38B | -4.53B | -4.79B | -4.72B | -4.71B | -4.56B | -4.69B | -4.55B | -4.42B | -4B | -3.94B | -3.47B | -3B | -2.94B | -3.13B | -2.65B | -1.82B | -1.79B | -1.36B | -912M | -570M | -108M | -203.6M | -278.2M | -337.1M | -374M | -380.9M | -394.3M | 0 | 0 | 0 |
| Accumulated OCI | -2.22B | -2.28B | -2.04B | -1.71B | -1.72B | -1.73B | -1.45B | -1.5B | -1.46B | -1.57B | -1.38B | -1.21B | -936M | -946M | -1.01B | -1.91B | -1.97B | -2.14B | -827M | -1.05B | -577M | -439.9M | -729.2M | -853.4M | -551.4M | -435.3M | -331.4M | -292.4M | 0 | 0 | 0 |
| Minority Interest | 101M | 107M | 194M | 434M | 495M | 524M | 567M | 558M | 16M | 16M | 10M | 62M | 62M | 61M | 2M | -4M | 3M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in financial statements, Kellanova's total assets have declined from $18.7 billion in 2023Q3 to $15.9 billion by 2025Q2, reflecting a significant reduction in the company's asset base following the strategic spin-off of its North American cereal business and subsequent efforts to deleverage.
The reduction in total assets appears to be a direct consequence of the corporate restructuring, which has left the remaining entity with a smaller, albeit more focused, snacking-centric footprint. Investors should monitor whether this smaller asset base can generate sufficient returns to offset the loss of the legacy cereal segment's cash flow contributions.
Based on reported figures, the company's debt-to-equity ratio remains elevated at 1.54 as of 2025Q2, suggesting that despite the divestiture of lower-growth assets, the firm continues to carry a significant debt burden that may limit its financial flexibility in a volatile commodity environment.
The persistence of high leverage relative to equity indicates that the capital structure remains sensitive to interest rate fluctuations and potential refinancing risks. This level of indebtedness warrants further investigation, as it may constrain the company's ability to fund aggressive marketing or R&D initiatives required to defend its market share.
According to recent SEC filings, Kellanova's current ratio has consistently hovered below 1.0, reaching 0.68 in 2025Q2, which indicates a limited buffer of liquid assets to cover short-term obligations and suggests potential reliance on external financing to manage working capital requirements.
A current ratio consistently below unity implies that the company is operating with minimal margin for error regarding its short-term liquidity. This tight position may force management to prioritize debt service over strategic reinvestment, potentially hindering the company's ability to respond to sudden supply chain disruptions or competitive pricing pressures.
As disclosed in quarterly balance sheets, goodwill accounts for $5.1 billion of the $15.9 billion in total assets as of 2025Q2, representing a substantial portion of the company's book value that may be susceptible to impairment if snacking segment growth fails to meet long-term expectations.
The high concentration of intangible assets relative to total equity suggests that the company's valuation is heavily dependent on the perceived future earnings power of its acquired brands. Should volume elasticity continue to pressure top-line growth, the risk of a goodwill write-down may increase, which would further erode the company's already thin equity base.
Quick answers to the most common questions about buying K stock.
As of 2024, Kellanova (K) had total assets of $15.63B including $3.75B in current assets.
Kellanova (K) carries total debt of $6.34B, offset by $694.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kellanova (K) has total shareholders' equity (book value) of $3.77B ($11.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kellanova (K) reported a current ratio of 0.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.