Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Kellanova, solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Kellanova debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Kellanova debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Kellanova debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Kellanova debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Kellanova debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Kellanova debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Kellanova financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Kellanova interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Kellanova fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Kellanova, debt to equity calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 663) | 780) | 712) | 627) | 620) | |
| Notes payable | 121) | 467) | 137) | 102) | 107) | |
| Long-term debt, excluding current maturities | 5,089) | 5,317) | 6,262) | 6,746) | 7,195) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Altria Group Inc. | — | — | — | 10.38 | 4.51 | |
| Coca-Cola Co. | 1.62 | 1.62 | 1.86 | 2.22 | 2.25 | |
| PepsiCo Inc. | 2.38 | 2.28 | 2.51 | 3.28 | 2.17 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Debt to Equity, Sector | ||||||
| Food, Beverage & Tobacco | 5.06 | 4.79 | 4.70 | 5.95 | 4.55 | |
| Debt to Equity, Industry | ||||||
| Consumer Staples | 1.40 | 1.28 | 1.30 | 1.49 | 1.40 | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Kellanova debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Equity (including Operating Lease Liability)
Kellanova, debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 663) | 780) | 712) | 627) | 620) | |
| Notes payable | 121) | 467) | 137) | 102) | 107) | |
| Long-term debt, excluding current maturities | 5,089) | 5,317) | 6,262) | 6,746) | 7,195) | |
| Total debt | 5,873) | 6,564) | 7,111) | 7,475) | 7,922) | |
| Current operating lease liabilities | 121) | 121) | 116) | 117) | 114) | |
| Non-current operating lease liabilities | 532) | 486) | 502) | 520) | 433) | |
| Total debt (including operating lease liability) | 6,526) | 7,171) | 7,729) | 8,112) | 8,469) | |
| Total Kellanova equity | 3,175) | 3,941) | 3,720) | 3,112) | 2,747) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 2.06 | 1.82 | 2.08 | 2.61 | 3.08 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | 1.67 | 1.68 | 1.92 | 2.30 | 2.33 | |
| PepsiCo Inc. | 2.54 | 2.42 | 2.64 | 3.41 | 2.27 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | 5.23 | 4.95 | 4.85 | 6.12 | 4.69 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | 1.53 | 1.41 | 1.43 | 1.65 | 1.44 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Kellanova equity
= 6,526 ÷ 3,175 = 2.06
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Kellanova debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Capital
Kellanova, debt to capital calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 663) | 780) | 712) | 627) | 620) | |
| Notes payable | 121) | 467) | 137) | 102) | 107) | |
| Long-term debt, excluding current maturities | 5,089) | 5,317) | 6,262) | 6,746) | 7,195) | |
| 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) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Altria Group Inc. | 1.16 | 1.17 | 1.06 | 0.91 | 0.82 | |
| Coca-Cola Co. | 0.62 | 0.62 | 0.65 | 0.69 | 0.69 | |
| PepsiCo Inc. | 0.70 | 0.69 | 0.72 | 0.77 | 0.68 | |
| Philip Morris International Inc. | 1.31 | 1.26 | 1.57 | 1.66 | 1.59 | |
| Debt to Capital, Sector | ||||||
| Food, Beverage & Tobacco | 0.83 | 0.83 | 0.82 | 0.86 | 0.82 | |
| Debt to Capital, Industry | ||||||
| Consumer Staples | 0.58 | 0.56 | 0.57 | 0.60 | 0.58 | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Kellanova debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Capital (including Operating Lease Liability)
Kellanova, debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 663) | 780) | 712) | 627) | 620) | |
| Notes payable | 121) | 467) | 137) | 102) | 107) | |
| Long-term debt, excluding current maturities | 5,089) | 5,317) | 6,262) | 6,746) | 7,195) | |
| Total debt | 5,873) | 6,564) | 7,111) | 7,475) | 7,922) | |
| Current operating lease liabilities | 121) | 121) | 116) | 117) | 114) | |
| Non-current operating lease liabilities | 532) | 486) | 502) | 520) | 433) | |
| Total debt (including operating lease liability) | 6,526) | 7,171) | 7,729) | 8,112) | 8,469) | |
| Total Kellanova equity | 3,175) | 3,941) | 3,720) | 3,112) | 2,747) | |
| Total capital (including operating lease liability) | 9,701) | 11,112) | 11,449) | 11,224) | 11,216) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.67 | 0.65 | 0.68 | 0.72 | 0.76 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | 0.63 | 0.63 | 0.66 | 0.70 | 0.70 | |
| PepsiCo Inc. | 0.72 | 0.71 | 0.73 | 0.77 | 0.69 | |
| Philip Morris International Inc. | 1.30 | 1.26 | 1.55 | 1.64 | 1.57 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | 0.84 | 0.83 | 0.83 | 0.86 | 0.82 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | 0.61 | 0.59 | 0.59 | 0.62 | 0.59 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 6,526 ÷ 9,701 = 0.67
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Kellanova debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Assets
Kellanova, debt to assets calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 663) | 780) | 712) | 627) | 620) | |
| Notes payable | 121) | 467) | 137) | 102) | 107) | |
| Long-term debt, excluding current maturities | 5,089) | 5,317) | 6,262) | 6,746) | 7,195) | |
| Total debt | 5,873) | 6,564) | 7,111) | 7,475) | 7,922) | |
| Total assets | 15,621) | 18,496) | 18,178) | 17,996) | 17,564) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.38 | 0.35 | 0.39 | 0.42 | 0.45 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Altria Group Inc. | 0.68 | 0.72 | 0.71 | 0.62 | 0.57 | |
| Coca-Cola Co. | 0.43 | 0.42 | 0.45 | 0.49 | 0.50 | |
| PepsiCo Inc. | 0.44 | 0.42 | 0.44 | 0.48 | 0.41 | |
| Philip Morris International Inc. | 0.73 | 0.70 | 0.67 | 0.70 | 0.72 | |
| Debt to Assets, Sector | ||||||
| Food, Beverage & Tobacco | 0.52 | 0.51 | 0.51 | 0.54 | 0.52 | |
| Debt to Assets, Industry | ||||||
| Consumer Staples | 0.33 | 0.32 | 0.32 | 0.35 | 0.36 | |
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 assets = Total debt ÷ Total assets
= 5,873 ÷ 15,621 = 0.38
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Kellanova debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Assets (including Operating Lease Liability)
Kellanova, debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 663) | 780) | 712) | 627) | 620) | |
| Notes payable | 121) | 467) | 137) | 102) | 107) | |
| Long-term debt, excluding current maturities | 5,089) | 5,317) | 6,262) | 6,746) | 7,195) | |
| Total debt | 5,873) | 6,564) | 7,111) | 7,475) | 7,922) | |
| Current operating lease liabilities | 121) | 121) | 116) | 117) | 114) | |
| Non-current operating lease liabilities | 532) | 486) | 502) | 520) | 433) | |
| Total debt (including operating lease liability) | 6,526) | 7,171) | 7,729) | 8,112) | 8,469) | |
| Total assets | 15,621) | 18,496) | 18,178) | 17,996) | 17,564) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.42 | 0.39 | 0.43 | 0.45 | 0.48 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | 0.44 | 0.44 | 0.47 | 0.51 | 0.51 | |
| PepsiCo Inc. | 0.47 | 0.45 | 0.46 | 0.49 | 0.43 | |
| Philip Morris International Inc. | 0.74 | 0.71 | 0.69 | 0.72 | 0.74 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | 0.54 | 0.53 | 0.53 | 0.55 | 0.53 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | 0.37 | 0.35 | 0.36 | 0.39 | 0.37 | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 6,526 ÷ 15,621 = 0.42
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Kellanova debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Financial Leverage
Kellanova, financial leverage calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Altria Group Inc. | — | — | — | 16.70 | 7.92 | |
| Coca-Cola Co. | 3.77 | 3.85 | 4.10 | 4.52 | 4.55 | |
| PepsiCo Inc. | 5.43 | 5.38 | 5.76 | 6.91 | 5.31 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Financial Leverage, Sector | ||||||
| Food, Beverage & Tobacco | 9.67 | 9.36 | 9.20 | 11.11 | 8.81 | |
| Financial Leverage, Industry | ||||||
| Consumer Staples | 4.17 | 4.00 | 4.03 | 4.20 | 3.92 | |
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 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Kellanova financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Interest Coverage
Kellanova, interest coverage calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Kellanova | 951) | 960) | 1,488) | 1,251) | 960) | |
| Add: Net income attributable to noncontrolling interest | 13) | 2) | 7) | 13) | 17) | |
| Less: Income from discontinued operations, net of taxes | 176) | —) | —) | —) | —) | |
| Add: Income tax expense | 258) | 244) | 474) | 323) | 321) | |
| Add: Interest expense | 303) | 218) | 223) | 281) | 284) | |
| Earnings before interest and tax (EBIT) | 1,349) | 1,424) | 2,192) | 1,868) | 1,582) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 4.45 | 6.53 | 9.83 | 6.65 | 5.57 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Altria Group Inc. | 10.51 | 7.55 | 4.22 | 6.63 | 1.58 | |
| Coca-Cola Co. | 9.48 | 14.25 | 8.78 | 7.78 | 12.40 | |
| PepsiCo Inc. | 8.95 | 10.57 | 5.94 | 8.24 | 9.20 | |
| Philip Morris International Inc. | 7.95 | 16.33 | 17.80 | 16.07 | 13.59 | |
| Interest Coverage, Sector | ||||||
| Food, Beverage & Tobacco | 8.90 | 11.39 | 8.05 | 8.78 | 8.18 | |
| Interest Coverage, Industry | ||||||
| Consumer Staples | 10.96 | 14.50 | 10.36 | 10.71 | 8.32 | |
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
Interest coverage = EBIT ÷ Interest expense
= 1,349 ÷ 303 = 4.45
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Kellanova interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
Kellanova, fixed charge coverage calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Kellanova | 951) | 960) | 1,488) | 1,251) | 960) | |
| Add: Net income attributable to noncontrolling interest | 13) | 2) | 7) | 13) | 17) | |
| Less: Income from discontinued operations, net of taxes | 176) | —) | —) | —) | —) | |
| Add: Income tax expense | 258) | 244) | 474) | 323) | 321) | |
| Add: Interest expense | 303) | 218) | 223) | 281) | 284) | |
| Earnings before interest and tax (EBIT) | 1,349) | 1,424) | 2,192) | 1,868) | 1,582) | |
| Add: Operating lease costs | 137) | 136) | 139) | 135) | 133) | |
| Earnings before fixed charges and tax | 1,486) | 1,560) | 2,331) | 2,003) | 1,715) | |
| Interest expense | 303) | 218) | 223) | 281) | 284) | |
| Operating lease costs | 137) | 136) | 139) | 135) | 133) | |
| Fixed charges | 440) | 354) | 362) | 416) | 417) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 3.38 | 4.41 | 6.44 | 4.81 | 4.11 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Coca-Cola Co. | 7.73 | 10.14 | 7.41 | 6.45 | 9.47 | |
| PepsiCo Inc. | 6.43 | 7.28 | 4.85 | 6.06 | 6.79 | |
| Philip Morris International Inc. | 6.92 | 12.59 | 13.43 | 11.50 | 9.88 | |
| Fixed Charge Coverage, Sector | ||||||
| Food, Beverage & Tobacco | 7.34 | 8.80 | 6.74 | 7.11 | 6.60 | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Staples | 7.40 | 8.91 | 7.06 | 7.02 | 5.31 | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 1,486 ÷ 440 = 3.38
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Kellanova fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |