Stock Analysis on Net
Stock Analysis on Net

Kellanova (NYSE:K)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Kellanova, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 29, 2024 27.43% = 5.93% × 4.63
Mar 30, 2024 29.19% = 6.01% × 4.86
Dec 30, 2023 29.95% = 6.09% × 4.92
Sep 30, 2023 20.46% = 4.42% × 4.63
Jul 1, 2023 21.87% = 4.79% × 4.57
Apr 1, 2023 20.63% = 4.49% × 4.60
Dec 31, 2022 24.36% = 5.19% × 4.69
Oct 1, 2022 34.81% = 7.84% × 4.44
Jul 2, 2022 36.45% = 7.86% × 4.64
Apr 2, 2022 40.63% = 8.28% × 4.90
Dec 31, 2021 40.00% = 8.19% × 4.89
Oct 2, 2021 36.17% = 6.85% × 5.28
Jul 3, 2021 38.70% = 7.14% × 5.42
Apr 3, 2021 40.54% = 7.04% × 5.76
Dec 31, 2020 40.20% = 6.95% × 5.78
Sep 26, 2020 39.13% = 6.29% × 6.22
Jun 27, 2020 37.98% = 5.88% × 6.46
Mar 28, 2020 38.33% = 5.62% × 6.82
Dec 28, 2019 34.95% = 5.47% × 6.39
Sep 28, 2019 — = — × 6.42
Jun 29, 2019 — = — × 7.04
Mar 30, 2019 — = — × 7.29

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Kellanova, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 29, 2024 27.43% = 7.07% × 0.84 × 4.63
Mar 30, 2024 29.19% = 7.09% × 0.85 × 4.86
Dec 30, 2023 29.95% = 7.25% × 0.84 × 4.92
Sep 30, 2023 20.46% = 5.71% × 0.77 × 4.63
Jul 1, 2023 21.87% = 5.99% × 0.80 × 4.57
Apr 1, 2023 20.63% = 5.58% × 0.80 × 4.60
Dec 31, 2022 24.36% = 6.27% × 0.83 × 4.69
Oct 1, 2022 34.81% = 10.01% × 0.78 × 4.44
Jul 2, 2022 36.45% = 10.21% × 0.77 × 4.64
Apr 2, 2022 40.63% = 10.81% × 0.77 × 4.90
Dec 31, 2021 40.00% = 10.49% × 0.78 × 4.89
Oct 2, 2021 36.17% = 8.86% × 0.77 × 5.28
Jul 3, 2021 38.70% = 9.27% × 0.77 × 5.42
Apr 3, 2021 40.54% = 9.12% × 0.77 × 5.76
Dec 31, 2020 40.20% = 9.08% × 0.77 × 5.78
Sep 26, 2020 39.13% = 8.80% × 0.71 × 6.22
Jun 27, 2020 37.98% = 8.09% × 0.73 × 6.46
Mar 28, 2020 38.33% = 7.61% × 0.74 × 6.82
Dec 28, 2019 34.95% = 7.07% × 0.77 × 6.39
Sep 28, 2019 — = — × — × 6.42
Jun 29, 2019 — = — × — × 7.04
Mar 30, 2019 — = — × — × 7.29

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Kellanova, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 29, 2024 27.43% = 0.75 × 0.79 × 11.95% × 0.84 × 4.63
Mar 30, 2024 29.19% = 0.77 × 0.79 × 11.67% × 0.85 × 4.86
Dec 30, 2023 29.95% = 0.79 × 0.80 × 11.52% × 0.84 × 4.92
Sep 30, 2023 20.46% = 0.80 × 0.78 × 9.15% × 0.77 × 4.63
Jul 1, 2023 21.87% = 0.83 × 0.81 × 8.92% × 0.80 × 4.57
Apr 1, 2023 20.63% = 0.81 × 0.82 × 8.42% × 0.80 × 4.60
Dec 31, 2022 24.36% = 0.80 × 0.85 × 9.29% × 0.83 × 4.69
Oct 1, 2022 34.81% = 0.78 × 0.90 × 14.11% × 0.78 × 4.44
Jul 2, 2022 36.45% = 0.78 × 0.90 × 14.64% × 0.77 × 4.64
Apr 2, 2022 40.63% = 0.76 × 0.90 × 15.69% × 0.77 × 4.90
Dec 31, 2021 40.00% = 0.76 × 0.90 × 15.41% × 0.78 × 4.89
Oct 2, 2021 36.17% = 0.76 × 0.87 × 13.48% × 0.77 × 5.28
Jul 3, 2021 38.70% = 0.78 × 0.86 × 13.82% × 0.77 × 5.42
Apr 3, 2021 40.54% = 0.79 × 0.85 × 13.53% × 0.77 × 5.76
Dec 31, 2020 40.20% = 0.79 × 0.85 × 13.47% × 0.77 × 5.78
Sep 26, 2020 39.13% = 0.77 × 0.86 × 13.32% × 0.71 × 6.22
Jun 27, 2020 37.98% = 0.74 × 0.85 × 12.89% × 0.73 × 6.46
Mar 28, 2020 38.33% = 0.75 × 0.83 × 12.19% × 0.74 × 6.82
Dec 28, 2019 34.95% = 0.75 × 0.82 × 11.53% × 0.77 × 6.39
Sep 28, 2019 — = — × — × — × — × 6.42
Jun 29, 2019 — = — × — × — × — × 7.04
Mar 30, 2019 — = — × — × — × — × 7.29

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Kellanova, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 29, 2024 5.93% = 7.07% × 0.84
Mar 30, 2024 6.01% = 7.09% × 0.85
Dec 30, 2023 6.09% = 7.25% × 0.84
Sep 30, 2023 4.42% = 5.71% × 0.77
Jul 1, 2023 4.79% = 5.99% × 0.80
Apr 1, 2023 4.49% = 5.58% × 0.80
Dec 31, 2022 5.19% = 6.27% × 0.83
Oct 1, 2022 7.84% = 10.01% × 0.78
Jul 2, 2022 7.86% = 10.21% × 0.77
Apr 2, 2022 8.28% = 10.81% × 0.77
Dec 31, 2021 8.19% = 10.49% × 0.78
Oct 2, 2021 6.85% = 8.86% × 0.77
Jul 3, 2021 7.14% = 9.27% × 0.77
Apr 3, 2021 7.04% = 9.12% × 0.77
Dec 31, 2020 6.95% = 9.08% × 0.77
Sep 26, 2020 6.29% = 8.80% × 0.71
Jun 27, 2020 5.88% = 8.09% × 0.73
Mar 28, 2020 5.62% = 7.61% × 0.74
Dec 28, 2019 5.47% = 7.07% × 0.77
Sep 28, 2019 — = — × —
Jun 29, 2019 — = — × —
Mar 30, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2024 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Kellanova, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 29, 2024 5.93% = 0.75 × 0.79 × 11.95% × 0.84
Mar 30, 2024 6.01% = 0.77 × 0.79 × 11.67% × 0.85
Dec 30, 2023 6.09% = 0.79 × 0.80 × 11.52% × 0.84
Sep 30, 2023 4.42% = 0.80 × 0.78 × 9.15% × 0.77
Jul 1, 2023 4.79% = 0.83 × 0.81 × 8.92% × 0.80
Apr 1, 2023 4.49% = 0.81 × 0.82 × 8.42% × 0.80
Dec 31, 2022 5.19% = 0.80 × 0.85 × 9.29% × 0.83
Oct 1, 2022 7.84% = 0.78 × 0.90 × 14.11% × 0.78
Jul 2, 2022 7.86% = 0.78 × 0.90 × 14.64% × 0.77
Apr 2, 2022 8.28% = 0.76 × 0.90 × 15.69% × 0.77
Dec 31, 2021 8.19% = 0.76 × 0.90 × 15.41% × 0.78
Oct 2, 2021 6.85% = 0.76 × 0.87 × 13.48% × 0.77
Jul 3, 2021 7.14% = 0.78 × 0.86 × 13.82% × 0.77
Apr 3, 2021 7.04% = 0.79 × 0.85 × 13.53% × 0.77
Dec 31, 2020 6.95% = 0.79 × 0.85 × 13.47% × 0.77
Sep 26, 2020 6.29% = 0.77 × 0.86 × 13.32% × 0.71
Jun 27, 2020 5.88% = 0.74 × 0.85 × 12.89% × 0.73
Mar 28, 2020 5.62% = 0.75 × 0.83 × 12.19% × 0.74
Dec 28, 2019 5.47% = 0.75 × 0.82 × 11.53% × 0.77
Sep 28, 2019 — = — × — × — × —
Jun 29, 2019 — = — × — × — × —
Mar 30, 2019 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2024 is the decrease in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Kellanova, decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 29, 2024 7.07% = 0.75 × 0.79 × 11.95%
Mar 30, 2024 7.09% = 0.77 × 0.79 × 11.67%
Dec 30, 2023 7.25% = 0.79 × 0.80 × 11.52%
Sep 30, 2023 5.71% = 0.80 × 0.78 × 9.15%
Jul 1, 2023 5.99% = 0.83 × 0.81 × 8.92%
Apr 1, 2023 5.58% = 0.81 × 0.82 × 8.42%
Dec 31, 2022 6.27% = 0.80 × 0.85 × 9.29%
Oct 1, 2022 10.01% = 0.78 × 0.90 × 14.11%
Jul 2, 2022 10.21% = 0.78 × 0.90 × 14.64%
Apr 2, 2022 10.81% = 0.76 × 0.90 × 15.69%
Dec 31, 2021 10.49% = 0.76 × 0.90 × 15.41%
Oct 2, 2021 8.86% = 0.76 × 0.87 × 13.48%
Jul 3, 2021 9.27% = 0.78 × 0.86 × 13.82%
Apr 3, 2021 9.12% = 0.79 × 0.85 × 13.53%
Dec 31, 2020 9.08% = 0.79 × 0.85 × 13.47%
Sep 26, 2020 8.80% = 0.77 × 0.86 × 13.32%
Jun 27, 2020 8.09% = 0.74 × 0.85 × 12.89%
Mar 28, 2020 7.61% = 0.75 × 0.83 × 12.19%
Dec 28, 2019 7.07% = 0.75 × 0.82 × 11.53%
Sep 28, 2019 — = — × — × —
Jun 29, 2019 — = — × — × —
Mar 30, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

The primary reason for the decrease in net profit margin ratio over Q2 2024 is the decrease in effect of taxes measured by tax burden ratio.