Stock Analysis on Net
Stock Analysis on Net

Kellanova (NYSE:K)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Kellanova, adjusted financial ratios

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Activity Ratio
Total Asset Turnover
Reported 0.84 0.83 0.78 0.77 0.77
Adjusted 0.85 0.84 0.79 0.78 0.78
Liquidity Ratio
Current Ratio
Reported 0.66 0.66 0.64 0.66 0.72
Adjusted 0.66 0.66 0.64 0.67 0.72
Solvency Ratios
Debt to Equity
Reported 1.85 1.67 1.91 2.40 2.88
Adjusted 1.76 1.44 1.62 2.03 2.26
Debt to Capital
Reported 0.65 0.62 0.66 0.71 0.74
Adjusted 0.64 0.59 0.62 0.67 0.69
Financial Leverage
Reported 4.92 4.69 4.89 5.78 6.39
Adjusted 4.18 3.69 3.78 4.45 4.62
Profitability Ratios
Net Profit Margin
Reported 7.25% 6.27% 10.49% 9.08% 7.07%
Adjusted -0.21% 5.37% 11.01% 6.85% 6.30%
Return on Equity (ROE)
Reported 29.95% 24.36% 40.00% 40.20% 34.95%
Adjusted -0.76% 16.56% 32.82% 23.63% 22.83%
Return on Assets (ROA)
Reported 6.09% 5.19% 8.19% 6.95% 5.47%
Adjusted -0.18% 4.49% 8.69% 5.31% 4.94%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Kellanova adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Kellanova adjusted current ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Kellanova adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Kellanova adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Kellanova adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Kellanova adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Kellanova adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Kellanova adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Kellanova, Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net sales 13,122 15,315 14,181 13,770 13,578
Total assets 15,621 18,496 18,178 17,996 17,564
Activity Ratio
Total asset turnover1 0.84 0.83 0.78 0.77 0.77
Adjusted
Selected Financial Data (US$ in millions)
Net sales 13,122 15,315 14,181 13,770 13,578
Adjusted total assets2 15,454 18,319 17,978 17,761 17,343
Activity Ratio
Adjusted total asset turnover3 0.85 0.84 0.79 0.78 0.78

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 13,122 ÷ 15,621 = 0.84

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 13,122 ÷ 15,454 = 0.85

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Kellanova adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 3,330 4,186 3,394 3,482 3,431
Current liabilities 5,060 6,349 5,315 5,238 4,778
Liquidity Ratio
Current ratio1 0.66 0.66 0.64 0.66 0.72
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 3,346 4,199 3,409 3,501 3,441
Current liabilities 5,060 6,349 5,315 5,238 4,778
Liquidity Ratio
Adjusted current ratio3 0.66 0.66 0.64 0.67 0.72

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,330 ÷ 5,060 = 0.66

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 3,346 ÷ 5,060 = 0.66

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Kellanova adjusted current ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 5,873 6,564 7,111 7,475 7,922
Total Kellanova equity 3,175 3,941 3,720 3,112 2,747
Solvency Ratio
Debt to equity1 1.85 1.67 1.91 2.40 2.88
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 6,526 7,171 7,729 8,112 8,469
Adjusted total equity3 3,699 4,969 4,760 3,991 3,750
Solvency Ratio
Adjusted debt to equity4 1.76 1.44 1.62 2.03 2.26

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Kellanova equity
= 5,873 ÷ 3,175 = 1.85

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 6,526 ÷ 3,699 = 1.76

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Kellanova adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 5,873 6,564 7,111 7,475 7,922
Total capital 9,048 10,505 10,831 10,587 10,669
Solvency Ratio
Debt to capital1 0.65 0.62 0.66 0.71 0.74
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 6,526 7,171 7,729 8,112 8,469
Adjusted total capital3 10,225 12,140 12,489 12,103 12,219
Solvency Ratio
Adjusted debt to capital4 0.64 0.59 0.62 0.67 0.69

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 5,873 ÷ 9,048 = 0.65

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 6,526 ÷ 10,225 = 0.64

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Kellanova adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 15,621 18,496 18,178 17,996 17,564
Total Kellanova equity 3,175 3,941 3,720 3,112 2,747
Solvency Ratio
Financial leverage1 4.92 4.69 4.89 5.78 6.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 15,454 18,319 17,978 17,761 17,343
Adjusted total equity3 3,699 4,969 4,760 3,991 3,750
Solvency Ratio
Adjusted financial leverage4 4.18 3.69 3.78 4.45 4.62

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Kellanova equity
= 15,621 ÷ 3,175 = 4.92

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 15,454 ÷ 3,699 = 4.18

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Kellanova adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova 951 960 1,488 1,251 960
Net sales 13,122 15,315 14,181 13,770 13,578
Profitability Ratio
Net profit margin1 7.25% 6.27% 10.49% 9.08% 7.07%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 (28) 823 1,562 943 856
Net sales 13,122 15,315 14,181 13,770 13,578
Profitability Ratio
Adjusted net profit margin3 -0.21% 5.37% 11.01% 6.85% 6.30%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Net profit margin = 100 × Net income attributable to Kellanova ÷ Net sales
= 100 × 951 ÷ 13,122 = 7.25%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × -28 ÷ 13,122 = -0.21%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Kellanova adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova 951 960 1,488 1,251 960
Total Kellanova equity 3,175 3,941 3,720 3,112 2,747
Profitability Ratio
ROE1 29.95% 24.36% 40.00% 40.20% 34.95%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 (28) 823 1,562 943 856
Adjusted total equity3 3,699 4,969 4,760 3,991 3,750
Profitability Ratio
Adjusted ROE4 -0.76% 16.56% 32.82% 23.63% 22.83%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
ROE = 100 × Net income attributable to Kellanova ÷ Total Kellanova equity
= 100 × 951 ÷ 3,175 = 29.95%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × -28 ÷ 3,699 = -0.76%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Kellanova adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova 951 960 1,488 1,251 960
Total assets 15,621 18,496 18,178 17,996 17,564
Profitability Ratio
ROA1 6.09% 5.19% 8.19% 6.95% 5.47%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 (28) 823 1,562 943 856
Adjusted total assets3 15,454 18,319 17,978 17,761 17,343
Profitability Ratio
Adjusted ROA4 -0.18% 4.49% 8.69% 5.31% 4.94%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
ROA = 100 × Net income attributable to Kellanova ÷ Total assets
= 100 × 951 ÷ 15,621 = 6.09%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × -28 ÷ 15,454 = -0.18%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Kellanova adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.