Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Kellanova, long-term (investment) activity 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Kellanova net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Kellanova net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Kellanova total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Kellanova equity turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net Fixed Asset Turnover
Kellanova, net fixed asset turnover 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 sales | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) | |
| Property, net | 3,212) | 3,789) | 3,827) | 3,713) | 3,612) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 4.09 | 4.04 | 3.71 | 3.71 | 3.76 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 14.82 | 15.61 | 16.75 | 13.00 | 12.56 | |
| Coca-Cola Co. | 4.95 | 4.37 | 3.90 | 3.06 | 3.44 | |
| PepsiCo Inc. | 3.38 | 3.56 | 3.55 | 3.29 | 3.48 | |
| Philip Morris International Inc. | 4.68 | 4.73 | 5.09 | 4.51 | 4.49 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 4.32 | 4.36 | 4.32 | 3.89 | 4.08 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | 5.28 | 5.33 | 5.19 | 4.49 | 4.39 | |
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 fixed asset turnover = Net sales ÷ Property, net
= 13,122 ÷ 3,212 = 4.09
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Kellanova net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Kellanova, net fixed asset turnover (including operating lease, right-of-use asset) 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 sales | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) | |
| Property, net | 3,212) | 3,789) | 3,827) | 3,713) | 3,612) | |
| Operating lease right-of-use assets | 661) | 617) | 640) | 658) | 541) | |
| Property, net (including operating lease, right-of-use asset) | 3,873) | 4,406) | 4,467) | 4,371) | 4,153) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 3.39 | 3.48 | 3.17 | 3.15 | 3.27 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Coca-Cola Co. | 4.33 | 3.82 | 3.41 | 2.68 | 3.05 | |
| PepsiCo Inc. | 3.05 | 3.24 | 3.25 | 3.05 | 3.22 | |
| Philip Morris International Inc. | 4.32 | 4.35 | 4.69 | 4.06 | 4.03 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Food, Beverage & Tobacco | 3.88 | 3.93 | 3.91 | 3.52 | 3.71 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | 4.77 | 4.79 | 4.66 | 4.00 | 4.27 | |
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 fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, net (including operating lease, right-of-use asset)
= 13,122 ÷ 3,873 = 3.39
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Kellanova net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Total Asset Turnover
Kellanova, total asset turnover 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 sales | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) | |
| Total assets | 15,621) | 18,496) | 18,178) | 17,996) | 17,564) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.84 | 0.83 | 0.78 | 0.77 | 0.77 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 0.63 | 0.68 | 0.66 | 0.55 | 0.51 | |
| Coca-Cola Co. | 0.47 | 0.46 | 0.41 | 0.38 | 0.43 | |
| PepsiCo Inc. | 0.91 | 0.94 | 0.86 | 0.76 | 0.86 | |
| Philip Morris International Inc. | 0.54 | 0.51 | 0.76 | 0.64 | 0.70 | |
| Total Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 0.66 | 0.67 | 0.66 | 0.59 | 0.63 | |
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | 1.55 | 1.50 | 1.44 | 1.34 | 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
Total asset turnover = Net sales ÷ Total assets
= 13,122 ÷ 15,621 = 0.84
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Kellanova total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Equity Turnover
Kellanova, equity turnover 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 sales | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) | |
| Total Kellanova equity | 3,175) | 3,941) | 3,720) | 3,112) | 2,747) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 4.13 | 3.89 | 3.81 | 4.42 | 4.94 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Altria Group Inc. | — | — | — | 9.21 | 4.04 | |
| Coca-Cola Co. | 1.76 | 1.78 | 1.68 | 1.71 | 1.96 | |
| PepsiCo Inc. | 4.94 | 5.04 | 4.95 | 5.23 | 4.54 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Equity Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 6.39 | 6.25 | 6.11 | 6.58 | 5.55 | |
| Equity Turnover, Industry | ||||||
| Consumer Staples | 6.44 | 6.01 | 5.80 | 5.65 | 5.49 | |
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
Equity turnover = Net sales ÷ Total Kellanova equity
= 13,122 ÷ 3,175 = 4.13
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Kellanova equity turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |