Stock Analysis on Net

Kellanova (NYSE:K)

This company has been moved to the archive! The financial data has not been updated since August 1, 2024.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Kellanova, solvency ratios (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Debt Ratios
Debt to equity 1.77 1.88 1.85 1.75 1.70 1.68 1.67 1.56 1.72 1.92 1.91 2.16 2.26 2.45 2.40 2.80 2.94 3.16 2.88 2.89 3.52 3.67
Debt to equity (including operating lease liability) 1.97 2.09 2.06 1.90 1.85 1.82 1.82 1.70 1.87 2.10 2.08 2.34 2.45 2.65 2.61 3.01 3.17 3.38 3.08 3.06 3.68 3.85
Debt to capital 0.64 0.65 0.65 0.64 0.63 0.63 0.62 0.61 0.63 0.66 0.66 0.68 0.69 0.71 0.71 0.74 0.75 0.76 0.74 0.74 0.78 0.79
Debt to capital (including operating lease liability) 0.66 0.68 0.67 0.66 0.65 0.65 0.65 0.63 0.65 0.68 0.68 0.70 0.71 0.73 0.72 0.75 0.76 0.77 0.76 0.75 0.79 0.79
Debt to assets 0.38 0.39 0.38 0.38 0.37 0.36 0.35 0.35 0.37 0.39 0.39 0.41 0.42 0.43 0.42 0.45 0.46 0.46 0.45 0.45 0.50 0.50
Debt to assets (including operating lease liability) 0.42 0.43 0.42 0.41 0.40 0.40 0.39 0.38 0.40 0.43 0.43 0.44 0.45 0.46 0.45 0.48 0.49 0.50 0.48 0.48 0.52 0.53
Financial leverage 4.63 4.86 4.92 4.63 4.57 4.60 4.69 4.44 4.64 4.90 4.89 5.28 5.42 5.76 5.78 6.22 6.46 6.82 6.39 6.42 7.04 7.29
Coverage Ratios
Interest coverage 4.60 4.49 4.45 4.07 4.65 5.16 6.53 10.54 9.88 10.20 9.83 7.49 7.37 6.88 6.65 7.02 6.53 6.05 5.57

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).

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 deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.
Debt to equity (including operating lease liability) ratio 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) deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Kellanova debt to capital ratio deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.
Debt to capital (including operating lease liability) ratio 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) deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Kellanova debt to assets ratio deteriorated from Q4 2023 to Q1 2024 but then slightly improved from Q1 2024 to Q2 2024.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Kellanova debt to assets ratio (including operating lease liability) deteriorated from Q4 2023 to Q1 2024 but then slightly improved from Q1 2024 to Q2 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Kellanova financial leverage ratio decreased from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Kellanova interest coverage ratio improved from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024.

Debt to Equity

Kellanova, debt to equity calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 650 1,303 663 1,193 1,199 567 780 816 854 891 712 16 17 605 627 1,417 1,396 626 620 6 508 509
Notes payable 206 236 121 353 461 471 467 174 320 450 137 497 551 428 102 116 121 657 107 185 568 605
Long-term debt, excluding current maturities 5,007 4,395 5,089 5,530 5,078 5,759 5,317 5,697 5,838 5,953 6,262 7,020 7,029 6,655 6,746 7,000 6,929 7,163 7,195 7,683 8,262 8,183
Total debt 5,863 5,934 5,873 7,076 6,738 6,797 6,564 6,687 7,012 7,294 7,111 7,533 7,597 7,688 7,475 8,533 8,446 8,446 7,922 7,874 9,338 9,297
 
Total Kellanova equity 3,307 3,152 3,175 4,038 3,965 4,052 3,941 4,283 4,082 3,795 3,720 3,484 3,362 3,138 3,112 3,044 2,870 2,674 2,747 2,727 2,650 2,533
Solvency Ratio
Debt to equity1 1.77 1.88 1.85 1.75 1.70 1.68 1.67 1.56 1.72 1.92 1.91 2.16 2.26 2.45 2.40 2.80 2.94 3.16 2.88 2.89 3.52 3.67
Benchmarks
Debt to Equity, Competitors2
Altria Group Inc. 8.67 10.19 10.38 9.32 5.11 4.58 4.51 2.65 2.02 2.07
Coca-Cola Co. 1.69 1.61 1.62 1.53 1.60 1.68 1.62 1.74 1.82 1.68 1.86 1.88 1.89 2.21 2.22 2.84 2.99 2.78 2.25 2.27 2.48 2.50
PepsiCo Inc. 2.31 2.41 2.38 2.38 2.47 2.45 2.28 2.07 2.12 2.20 2.51 2.60 2.76 3.13 3.28 3.31 3.60 3.06 2.17 2.30 2.24 2.24
Philip Morris International Inc.

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).

1 Q2 2024 Calculation
Debt to equity = Total debt ÷ Total Kellanova equity
= 5,863 ÷ 3,307 = 1.77

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 deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.

Debt to Equity (including Operating Lease Liability)

Kellanova, debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 650 1,303 663 1,193 1,199 567 780 816 854 891 712 16 17 605 627 1,417 1,396 626 620 6 508 509
Notes payable 206 236 121 353 461 471 467 174 320 450 137 497 551 428 102 116 121 657 107 185 568 605
Long-term debt, excluding current maturities 5,007 4,395 5,089 5,530 5,078 5,759 5,317 5,697 5,838 5,953 6,262 7,020 7,029 6,655 6,746 7,000 6,929 7,163 7,195 7,683 8,262 8,183
Total debt 5,863 5,934 5,873 7,076 6,738 6,797 6,564 6,687 7,012 7,294 7,111 7,533 7,597 7,688 7,475 8,533 8,446 8,446 7,922 7,874 9,338 9,297
Current operating lease liabilities 128 131 121 127 114 113 121 111 122 124 116 128 127 120 117 120 115 112 114 105 103 108
Non-current operating lease liabilities 510 528 532 471 478 477 486 478 502 536 502 503 517 502 520 523 532 474 433 366 321 339
Total debt (including operating lease liability) 6,501 6,593 6,526 7,674 7,330 7,387 7,171 7,276 7,636 7,954 7,729 8,164 8,241 8,310 8,112 9,176 9,093 9,032 8,469 8,345 9,762 9,744
 
Total Kellanova equity 3,307 3,152 3,175 4,038 3,965 4,052 3,941 4,283 4,082 3,795 3,720 3,484 3,362 3,138 3,112 3,044 2,870 2,674 2,747 2,727 2,650 2,533
Solvency Ratio
Debt to equity (including operating lease liability)1 1.97 2.09 2.06 1.90 1.85 1.82 1.82 1.70 1.87 2.10 2.08 2.34 2.45 2.65 2.61 3.01 3.17 3.38 3.08 3.06 3.68 3.85

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).

1 Q2 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Kellanova equity
= 6,501 ÷ 3,307 = 1.97

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio 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) deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.

Debt to Capital

Kellanova, debt to capital calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 650 1,303 663 1,193 1,199 567 780 816 854 891 712 16 17 605 627 1,417 1,396 626 620 6 508 509
Notes payable 206 236 121 353 461 471 467 174 320 450 137 497 551 428 102 116 121 657 107 185 568 605
Long-term debt, excluding current maturities 5,007 4,395 5,089 5,530 5,078 5,759 5,317 5,697 5,838 5,953 6,262 7,020 7,029 6,655 6,746 7,000 6,929 7,163 7,195 7,683 8,262 8,183
Total debt 5,863 5,934 5,873 7,076 6,738 6,797 6,564 6,687 7,012 7,294 7,111 7,533 7,597 7,688 7,475 8,533 8,446 8,446 7,922 7,874 9,338 9,297
Total Kellanova equity 3,307 3,152 3,175 4,038 3,965 4,052 3,941 4,283 4,082 3,795 3,720 3,484 3,362 3,138 3,112 3,044 2,870 2,674 2,747 2,727 2,650 2,533
Total capital 9,170 9,086 9,048 11,114 10,703 10,849 10,505 10,970 11,094 11,089 10,831 11,017 10,959 10,826 10,587 11,577 11,316 11,120 10,669 10,601 11,988 11,830
Solvency Ratio
Debt to capital1 0.64 0.65 0.65 0.64 0.63 0.63 0.62 0.61 0.63 0.66 0.66 0.68 0.69 0.71 0.71 0.74 0.75 0.76 0.74 0.74 0.78 0.79
Benchmarks
Debt to Capital, Competitors2
Altria Group Inc. 1.14 1.26 1.16 1.16 1.16 1.18 1.17 1.19 1.10 1.07 1.06 1.05 0.90 0.91 0.91 0.90 0.84 0.82 0.82 0.73 0.67 0.67
Coca-Cola Co. 0.63 0.62 0.62 0.60 0.62 0.63 0.62 0.63 0.65 0.63 0.65 0.65 0.65 0.69 0.69 0.74 0.75 0.74 0.69 0.69 0.71 0.71
PepsiCo Inc. 0.70 0.71 0.70 0.70 0.71 0.71 0.69 0.67 0.68 0.69 0.72 0.72 0.73 0.76 0.77 0.77 0.78 0.75 0.68 0.70 0.69 0.69
Philip Morris International Inc. 1.25 1.26 1.31 1.25 1.25 1.23 1.26 1.51 1.48 1.52 1.57 1.57 1.62 1.65 1.66 1.70 1.68 1.84 1.59 1.53 1.60 1.65

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).

1 Q2 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 5,863 ÷ 9,170 = 0.64

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 deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.

Debt to Capital (including Operating Lease Liability)

Kellanova, debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 650 1,303 663 1,193 1,199 567 780 816 854 891 712 16 17 605 627 1,417 1,396 626 620 6 508 509
Notes payable 206 236 121 353 461 471 467 174 320 450 137 497 551 428 102 116 121 657 107 185 568 605
Long-term debt, excluding current maturities 5,007 4,395 5,089 5,530 5,078 5,759 5,317 5,697 5,838 5,953 6,262 7,020 7,029 6,655 6,746 7,000 6,929 7,163 7,195 7,683 8,262 8,183
Total debt 5,863 5,934 5,873 7,076 6,738 6,797 6,564 6,687 7,012 7,294 7,111 7,533 7,597 7,688 7,475 8,533 8,446 8,446 7,922 7,874 9,338 9,297
Current operating lease liabilities 128 131 121 127 114 113 121 111 122 124 116 128 127 120 117 120 115 112 114 105 103 108
Non-current operating lease liabilities 510 528 532 471 478 477 486 478 502 536 502 503 517 502 520 523 532 474 433 366 321 339
Total debt (including operating lease liability) 6,501 6,593 6,526 7,674 7,330 7,387 7,171 7,276 7,636 7,954 7,729 8,164 8,241 8,310 8,112 9,176 9,093 9,032 8,469 8,345 9,762 9,744
Total Kellanova equity 3,307 3,152 3,175 4,038 3,965 4,052 3,941 4,283 4,082 3,795 3,720 3,484 3,362 3,138 3,112 3,044 2,870 2,674 2,747 2,727 2,650 2,533
Total capital (including operating lease liability) 9,808 9,745 9,701 11,712 11,295 11,439 11,112 11,559 11,718 11,749 11,449 11,648 11,603 11,448 11,224 12,220 11,963 11,706 11,216 11,072 12,412 12,277
Solvency Ratio
Debt to capital (including operating lease liability)1 0.66 0.68 0.67 0.66 0.65 0.65 0.65 0.63 0.65 0.68 0.68 0.70 0.71 0.73 0.72 0.75 0.76 0.77 0.76 0.75 0.79 0.79

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).

1 Q2 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 6,501 ÷ 9,808 = 0.66

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio 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) deteriorated from Q4 2023 to Q1 2024 but then improved from Q1 2024 to Q2 2024 exceeding Q4 2023 level.

Debt to Assets

Kellanova, debt to assets calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 650 1,303 663 1,193 1,199 567 780 816 854 891 712 16 17 605 627 1,417 1,396 626 620 6 508 509
Notes payable 206 236 121 353 461 471 467 174 320 450 137 497 551 428 102 116 121 657 107 185 568 605
Long-term debt, excluding current maturities 5,007 4,395 5,089 5,530 5,078 5,759 5,317 5,697 5,838 5,953 6,262 7,020 7,029 6,655 6,746 7,000 6,929 7,163 7,195 7,683 8,262 8,183
Total debt 5,863 5,934 5,873 7,076 6,738 6,797 6,564 6,687 7,012 7,294 7,111 7,533 7,597 7,688 7,475 8,533 8,446 8,446 7,922 7,874 9,338 9,297
 
Total assets 15,299 15,315 15,621 18,695 18,101 18,630 18,496 19,016 18,937 18,612 18,178 18,407 18,213 18,064 17,996 18,922 18,551 18,240 17,564 17,499 18,669 18,465
Solvency Ratio
Debt to assets1 0.38 0.39 0.38 0.38 0.37 0.36 0.35 0.35 0.37 0.39 0.39 0.41 0.42 0.43 0.42 0.45 0.46 0.46 0.45 0.45 0.50 0.50
Benchmarks
Debt to Assets, Competitors2
Altria Group Inc. 0.73 0.69 0.68 0.69 0.73 0.69 0.72 0.77 0.75 0.69 0.71 0.71 0.64 0.61 0.62 0.63 0.58 0.57 0.57 0.53 0.51 0.49
Coca-Cola Co. 0.43 0.43 0.43 0.41 0.42 0.44 0.42 0.43 0.45 0.44 0.45 0.46 0.47 0.50 0.49 0.54 0.55 0.54 0.50 0.49 0.50 0.50
PepsiCo Inc. 0.45 0.46 0.44 0.45 0.45 0.45 0.42 0.42 0.42 0.43 0.44 0.44 0.46 0.48 0.48 0.48 0.50 0.48 0.41 0.42 0.42 0.42
Philip Morris International Inc. 0.75 0.77 0.73 0.76 0.77 0.76 0.70 0.67 0.68 0.70 0.67 0.70 0.72 0.74 0.70 0.75 0.76 0.76 0.72 0.77 0.75 0.80

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).

1 Q2 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 5,863 ÷ 15,299 = 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 deteriorated from Q4 2023 to Q1 2024 but then slightly improved from Q1 2024 to Q2 2024.

Debt to Assets (including Operating Lease Liability)

Kellanova, debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 650 1,303 663 1,193 1,199 567 780 816 854 891 712 16 17 605 627 1,417 1,396 626 620 6 508 509
Notes payable 206 236 121 353 461 471 467 174 320 450 137 497 551 428 102 116 121 657 107 185 568 605
Long-term debt, excluding current maturities 5,007 4,395 5,089 5,530 5,078 5,759 5,317 5,697 5,838 5,953 6,262 7,020 7,029 6,655 6,746 7,000 6,929 7,163 7,195 7,683 8,262 8,183
Total debt 5,863 5,934 5,873 7,076 6,738 6,797 6,564 6,687 7,012 7,294 7,111 7,533 7,597 7,688 7,475 8,533 8,446 8,446 7,922 7,874 9,338 9,297
Current operating lease liabilities 128 131 121 127 114 113 121 111 122 124 116 128 127 120 117 120 115 112 114 105 103 108
Non-current operating lease liabilities 510 528 532 471 478 477 486 478 502 536 502 503 517 502 520 523 532 474 433 366 321 339
Total debt (including operating lease liability) 6,501 6,593 6,526 7,674 7,330 7,387 7,171 7,276 7,636 7,954 7,729 8,164 8,241 8,310 8,112 9,176 9,093 9,032 8,469 8,345 9,762 9,744
 
Total assets 15,299 15,315 15,621 18,695 18,101 18,630 18,496 19,016 18,937 18,612 18,178 18,407 18,213 18,064 17,996 18,922 18,551 18,240 17,564 17,499 18,669 18,465
Solvency Ratio
Debt to assets (including operating lease liability)1 0.42 0.43 0.42 0.41 0.40 0.40 0.39 0.38 0.40 0.43 0.43 0.44 0.45 0.46 0.45 0.48 0.49 0.50 0.48 0.48 0.52 0.53

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).

1 Q2 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 6,501 ÷ 15,299 = 0.42

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Kellanova debt to assets ratio (including operating lease liability) deteriorated from Q4 2023 to Q1 2024 but then slightly improved from Q1 2024 to Q2 2024.

Financial Leverage

Kellanova, financial leverage calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Total assets 15,299 15,315 15,621 18,695 18,101 18,630 18,496 19,016 18,937 18,612 18,178 18,407 18,213 18,064 17,996 18,922 18,551 18,240 17,564 17,499 18,669 18,465
Total Kellanova equity 3,307 3,152 3,175 4,038 3,965 4,052 3,941 4,283 4,082 3,795 3,720 3,484 3,362 3,138 3,112 3,044 2,870 2,674 2,747 2,727 2,650 2,533
Solvency Ratio
Financial leverage1 4.63 4.86 4.92 4.63 4.57 4.60 4.69 4.44 4.64 4.90 4.89 5.28 5.42 5.76 5.78 6.22 6.46 6.82 6.39 6.42 7.04 7.29
Benchmarks
Financial Leverage, Competitors2
Altria Group Inc. 13.63 16.74 16.70 14.86 8.83 8.04 7.92 5.02 3.98 4.21
Coca-Cola Co. 3.91 3.76 3.77 3.71 3.78 3.86 3.85 4.05 4.05 3.79 4.10 4.09 4.05 4.42 4.52 5.22 5.42 5.18 4.55 4.67 4.95 4.98
PepsiCo Inc. 5.12 5.25 5.43 5.31 5.42 5.46 5.38 4.98 5.02 5.11 5.76 5.88 6.04 6.54 6.91 6.83 7.17 6.32 5.31 5.48 5.38 5.31
Philip Morris International Inc.

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).

1 Q2 2024 Calculation
Financial leverage = Total assets ÷ Total Kellanova equity
= 15,299 ÷ 3,307 = 4.63

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 Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024.

Interest Coverage

Kellanova, interest coverage calculation (quarterly data)

Microsoft Excel
Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Net income attributable to Kellanova 344 267 27 269 357 298 (98) 310 326 422 433 307 380 368 205 348 351 347 145 247 286 282
Add: Net income attributable to noncontrolling interest 3 4 3 1 5 4 (2) 2 2 1 (2) 5 3 3 4 3 3 7 1 6 3
Less: Income from discontinued operations, net of taxes 44 64 68
Add: Income tax expense 97 82 16 104 77 61 (39) 74 97 112 129 92 144 109 55 65 109 94 84 91 74 72
Add: Interest expense 83 83 77 83 73 70 69 39 54 56 51 55 58 59 85 63 69 64 63 72 75 74
Earnings before interest and tax (EBIT) 527 436 79 457 448 365 (70) 425 477 592 614 452 587 539 348 480 532 508 299 411 441 431
Solvency Ratio
Interest coverage1 4.60 4.49 4.45 4.07 4.65 5.16 6.53 10.54 9.88 10.20 9.83 7.49 7.37 6.88 6.65 7.02 6.53 6.05 5.57
Benchmarks
Interest Coverage, Competitors2
Coca-Cola Co. 9.17 9.31 9.48 10.15 11.32 12.46 14.25 17.35 16.61 10.81 8.78 7.79 5.98 6.64 7.78 8.20 12.50 13.94 12.40

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).

1 Q2 2024 Calculation
Interest coverage = (EBITQ2 2024 + EBITQ1 2024 + EBITQ4 2023 + EBITQ3 2023) ÷ (Interest expenseQ2 2024 + Interest expenseQ1 2024 + Interest expenseQ4 2023 + Interest expenseQ3 2023)
= (527 + 436 + 79 + 457) ÷ (83 + 83 + 77 + 83) = 4.60

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 improved from Q4 2023 to Q1 2024 and from Q1 2024 to Q2 2024.