Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Kellanova, long-term (investment) activity ratios (quarterly data)
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).
The analysis of the financial ratios over the reported quarterly periods reveals several notable trends regarding asset utilization and equity efficiency.
- Net Fixed Asset Turnover
- This ratio showed a gradual decline from 3.92 in early 2020 to about 3.71 by the end of 2020, indicating a slight reduction in the efficiency of using fixed assets to generate sales. However, from 2021 onward, the ratio exhibited a recovery with fluctuations, peaking at 4.19 in early 2024 before slightly decreasing to 4.11 in mid-2024. This pattern suggests an overall improvement in the utilization of fixed assets after the initial decline.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar decreasing trend is observed for this adjusted ratio, starting at 3.34 in Q1 2020 and falling to 3.15 by the end of 2020. Thereafter, the ratio gradually increased to a peak of 3.57 in late 2022 but then slightly declined and stabilized around 3.4 to 3.45 during 2023 and mid-2024. This indicates that when accounting for right-of-use assets, the efficiency in fixed asset utilization also experienced a dip followed by moderate recovery and stabilization.
- Total Asset Turnover
- The total asset turnover ratio remained relatively stable with minor fluctuations. It started at 0.74 in Q1 2020, dipped slightly during mid-2020 to about 0.71, and then rose to 0.83 by the end of 2022. Following this, there was a mild decline to approximately 0.8 through most of 2023, followed by an increase to 0.85 by mid-2024. Overall, total asset turnover reflects consistent asset efficiency with a modest improvement evident in recent periods.
- Equity Turnover
- A downward trend in equity turnover is evident, starting from a relatively high level of 5.04 in early 2020 and steadily decreasing to around 3.48 by the end of 2022. This downward movement indicates a reduction in the rate at which equity is being used to generate sales. However, an uptick occurred in 2023, reaching about 4.13 in Q4 2023 and early 2024, followed by a slight decline to 3.88 in mid-2024, suggesting some recovery but not a full return to earlier efficiency levels.
In summary, the company showed a temporary reduction in asset utilization efficiency at the onset of the observed period, particularly apparent in fixed asset turnover ratios. This was followed by a rebound and relative stabilization toward 2023 and 2024. Total asset turnover remained stable with a slow improvement, while equity turnover experienced a more pronounced decline, with partial recovery in recent quarters. These trends may reflect changes in asset management strategies, capital structure, or operational factors influencing revenue generation relative to asset and equity bases.
Net Fixed Asset Turnover
Kellanova, net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||
| Property, net | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||
| 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).
1 Q2 2024 Calculation
Net fixed asset turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Property, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales exhibit fluctuations over the analyzed periods. Initially, net sales remain relatively stable around the 3400 million USD mark until the end of 2020. In the first half of 2021, sales rise gradually, peaking near 3946 million USD in the fourth quarter of 2022. However, in 2023, a notable decline occurs with a sharp drop to 2490 million USD by the end of that year, then partially recovering to about 3200 million USD by mid-2024. This pattern suggests seasonal or cyclical factors impacting sales alongside possible market or operational challenges in late 2023.
- Property, Net
- The net property value remains relatively stable throughout most periods, fluctuating between approximately 3440 million and 3827 million USD up to the end of 2021. Following this period, property values trend downward beginning in 2022 and continuing into 2024, decreasing from around 3789 million USD to roughly 3118 million USD by mid-2024. This downward trend might reflect asset disposals, depreciation, or reduced capital expenditure.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio shows variation but remains generally consistent across the periods analyzed. Starting at around 3.92 in early 2020, it slightly declines through 2020 and the first half of 2021, reaching lows near 3.71. Thereafter, the ratio trends upward from late 2021, peaking above 4.18 in late 2022 and remaining above 4.0 through mid-2024. This increase in turnover ratio suggests an improvement in the efficiency with which net fixed assets generate sales, notwithstanding the fluctuations in asset values and sales figures.
- Overall Insights
- The data suggests a complex interaction between sales performance and asset management. While net sales experienced volatility, particularly a significant drop in the last quarter of 2023, the company has managed to increase the efficiency of its fixed assets in generating revenue, as seen in the rising asset turnover ratio. Concurrently, the decline in net property values indicates potential changes in asset base, possibly influenced by strategic decisions or accounting factors. The combined trend points to efforts to optimize asset utilization amidst a challenging sales environment.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Kellanova, net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||
| Property, net | ||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||
| Property, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||
| Mondelēz 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).
1 Q2 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Property, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends and fluctuations over the observed periods.
- Net Sales
- Net sales exhibit a pattern of overall growth from early 2020 through late 2022, increasing from approximately 3,412 million USD to a peak near 3,946 million USD. This growth is somewhat intermittent, with minor dips observed in certain quarters such as Q4 2021. However, starting in early 2023, net sales show greater volatility, with values dropping substantially in Q4 2023 to roughly 2,490 million USD before partially recovering to just above 3,190 million USD by mid-2024. This recent pattern indicates increased instability or changing market conditions impacting sales volume or pricing.
- Property, Net (Including Operating Lease, Right-of-Use Asset)
- Net property values generally increased from early 2020, moving from 4,036 million USD to higher levels around 4,467 million USD in late 2021. Following this peak, there is a gradual decline, particularly from Q4 2022 onwards, dropping to approximately 3,758 million USD by mid-2024. This downward trend may reflect asset disposals, depreciation, or reduced capital expenditures in recent periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The ratio of net fixed asset turnover shows moderate variability across the periods. Initially, there is a slight downward trend from 3.34 in Q1 2020 to approximately 3.15 in Q4 2020. From 2021 through early 2023, the ratio fluctuates around the low to mid 3.2 to 3.5 range, reaching a high near 3.57 in Q4 2022. In the latest quarters, the fixed asset turnover ratio remains relatively stable around 3.4, indicating consistent efficiency in using fixed assets to generate sales despite fluctuations in asset base and sales volumes.
In summary, the company experienced growth in net sales and property assets over the early part of the period, followed by recent volatility in sales and a decline in property assets. Despite these shifts, operational efficiency, as measured by net fixed asset turnover, has remained relatively stable, suggesting management has maintained asset utilization effectiveness amid changing conditions.
Total Asset Turnover
Kellanova, total asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||
| 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).
1 Q2 2024 Calculation
Total asset turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data indicates several notable trends and patterns in key metrics over the analyzed periods.
- Net Sales
- Net sales demonstrate a fluctuating but generally positive trend over the course of the periods. Starting at 3,412 million USD in the first quarter of 2020, sales gradually increased with some volatility, reaching a peak of 3,946 million USD near the end of 2022. A decline followed in early 2023, reaching a lower figure around 2,490 million USD in late 2023, then slightly recovering to approximately 3,192 million USD by mid-2024. This fluctuation suggests periods of both growth and contraction, with a notable dip towards the end of 2023.
- Total Assets
- Total assets show moderate variation over the timeline but generally maintain a stable range around 18,000 to 19,000 million USD until late 2023. After peaking near 19,016 million USD in late 2022, total assets decreased substantially in 2023 and early 2024, reaching around 15,299 million USD by mid-2024. This downtrend indicates a significant reduction in the asset base during the most recent periods.
- Total Asset Turnover Ratio
- The total asset turnover ratio remains fairly consistent throughout the periods, mainly oscillating between 0.7 and 0.8 from 2020 to early 2023. Starting from 0.74, it experiences slight increases, peaking at 0.85 by mid-2024. This suggests a modest improvement in the efficiency with which assets generate sales, despite the declining asset base. The ratio’s upward trend in recent periods may imply better asset utilization under tighter asset volumes.
Overall, the data portrays a company experiencing sales growth with intermittent setbacks, a steady asset base followed by a notable contraction, and a generally improving asset efficiency ratio. The decline in both net sales and total assets during the latest periods could be indicative of restructuring, divestment, or other strategic shifts, while the improving turnover ratio points toward enhanced operational effectiveness.
Equity Turnover
Kellanova, equity turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||
| Total Kellanova equity | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||
| 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).
1 Q2 2024 Calculation
Equity turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Total Kellanova equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's sales performance, equity base, and efficiency of equity utilization over the observed periods.
- Net Sales
- Net sales exhibited moderate fluctuations with a general upward tendency from early 2020 through 2023. Initial quarters showed values around the mid-3400 millions of US dollars range, progressing to peaks near the 3900 millions mark by late 2022 and early 2023. Subsequently, sales experienced a decline in the first quarter of 2024 followed by a slight recovery. This pattern suggests seasonal or cyclical influences impacting quarterly revenues, along with possible market or operational changes affecting sales volumes.
- Total Equity
- Total equity showed consistent growth over the observed period up to late 2022, rising from approximately 2674 million US dollars to over 4280 million US dollars. After this peak, equity levels diminished somewhat yet remained elevated compared to the start of the period. The increase in equity suggests sustained reinvestment of earnings and possible capital injections, enhancing the company's net worth, though the slight decline toward mid-2024 may reflect distributions, losses, or other equity-reducing activities.
- Equity Turnover Ratio
- The equity turnover ratio, indicating how efficiently the company uses its equity to generate sales, showed a downward trend from above 5.0 in early 2020 to values closer to 3.5-4.0 in subsequent quarters. This decreasing ratio implies that as equity increased, sales did not grow proportionally, suggesting a decline in capital efficiency over time. Notably, some recovery in the ratio occurred in early 2024, indicating improved efficiency in recent periods, although it remains below initial levels.
In summary, the company demonstrated growth in both sales and equity over the longer term, but with a declining trend in equity efficiency until recent quarters. Fluctuations in net sales and equity turnover suggest dynamic operational or market conditions warrant close monitoring to sustain profitability and efficient resource utilization.