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.
Paying user area
Try for free
Kellanova pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Kellanova for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a generally stable performance from the first recorded data in March 2020 through June 2024, with values fluctuating between approximately 3.7 and 4.2. Initially, the ratio increased slightly from 3.76 in March 2020 to a peak of 4.18 in October 2022, indicating improved efficiency in generating revenue from fixed assets. However, following this peak, the ratio exhibited a mild decline and subsequent stabilization around the 4.0 to 4.1 range in 2023 and mid-2024. The trend suggests consistent asset utilization with some periods of stronger operational efficiency.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio mirrors the trend of the net fixed asset turnover but at a slightly lower level, reflecting the inclusion of leases and right-of-use assets. Values ranged from approximately 3.15 to 3.57 between March 2020 and October 2022, rising gradually before experiencing a mild decline. After peaking in late 2022, the ratio stabilized near the 3.4 level through mid-2024. The inclusion of operating leases shows a more conservative turnover rate, suggesting leased assets contribute less to revenue generation efficiency in comparison to owned fixed assets.
- Total Asset Turnover
- The total asset turnover ratio reveals relatively minor fluctuations over the observed periods, generally maintaining values between 0.71 and 0.85. Starting at 0.77 in March 2020, this ratio briefly dipped below 0.72 in December 2019 and later exhibited a gradual improvement to 0.83 by April 2023. Despite this improvement, the ratio slightly decreased again but remained above 0.8 in mid-2024. This pattern indicates a stable but modest efficiency in the utilization of all assets to generate sales, with a slight upward bias in recent years.
- Equity Turnover
- The equity turnover ratio shows a declining trend over the analyzed time frame. It began at a relatively high level of 4.94 in March 2020, then progressively decreased with some fluctuations, reaching a low of around 3.48 in October 2022. There was a partial recovery thereafter, with the ratio rising to approximately 4.13 by March 2024 before again tapering to 3.88 by June 2024. This decline suggests a decrease in the efficiency with which equity investments are translated into revenue, potentially reflecting changes in capital structure, equity base growth, or shifts in operational performance.
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 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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
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
- Net sales displayed fluctuations over the analyzed periods. Starting at 3,522 million USD in March 2019, sales experienced a gradual decline until December 2019, reaching 3,223 million USD. A modest recovery was observed throughout 2020, with values fluctuating around the mid-3,400 million USD range. In 2021, net sales generally remained stable around the 3,500 to 3,600 million USD mark but showed a dip towards the end of the year, dropping to 3,420 million USD in December 2021. During 2022, net sales increased, peaking at 3,946 million USD in October before a slight decline by the year's end. In 2023, there was notable volatility: a marked decrease to 2,490 million USD in March, followed by a moderate recovery reaching slightly above 3,100 million USD by June 2024. Overall, the data reveals a cycle of contraction and partial recovery, with recent periods indicating considerable variability and a lower sales base compared to the earlier years.
- Property, net
- The net property value showed a downward trend from 3,733 million USD in March 2019 to 3,440 million USD in March 2020. Subsequently, it rebounded, peaking at 3,789 million USD in December 2022, although with some fluctuations along the way. From early 2023 onwards, there was a sharp decrease to 3,212 million USD as of March 2024, followed by a small decline to 3,118 million USD in June 2024. This pattern indicates that while capital investments or asset values were rebuilt and grew steadily until late 2022, the first half of 2023 shows a notable contraction in net property, potentially reflecting asset disposals, impairments, or depreciation outpacing additions.
- Net Fixed Asset Turnover
- The ratio data begins in June 2019 at 3.76 and generally oscillates within a narrow range throughout the periods, fluctuating between approximately 3.7 and 4.2. After a slight drop in late 2019 and early 2020, the turnover ratio climbed to its highest point of 4.19 in June 2024. This upward trend suggests an improvement in the efficiency of using fixed assets to generate sales over time, particularly noticeable towards the most recent quarters. Despite fluctuations in asset base and sales, the company appears to be managing its fixed assets more efficiently.
- Summary of Trends and Insights
- The financial indicators reveal a company experiencing cyclical fluctuations in sales and asset base over the past five years. Net sales show variability with periods of decline and recovery, while net property values reflect investment patterns with recent contractions. The improvement in net fixed asset turnover ratio suggests growing efficiency in asset utilization, indicating potentially better management practices or operational improvements. However, the sharp decline in both net sales and net property values observed in 2023 indicates challenges that may require strategic attention.
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 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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
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 analysis of the quarterly financial data reveals several key trends in the company's sales performance, asset base, and asset turnover efficiency over the observed periods.
- Net Sales
- Net sales demonstrated a generally fluctuating pattern over the years. Beginning with values around 3,500 million USD in early 2019, sales experienced periods of modest declines and recoveries. Notably, sales peaked near 3,946 million USD in the last quarter of 2022 but then declined sharply to approximately 2,490 million USD by the first quarter of 2024. This recent decrease marks the lowest sales value within the examined timeframe, suggesting a significant downturn in revenue generation toward the end of the observed period.
- Property, Net (Including Operating Lease, Right-of-Use Asset)
- The net value of property assets showed a gradual but consistent increase from 2019 through 2023, starting at around 4,171 million USD and reaching a peak near 4,406 million USD by the end of 2022. However, from early 2023 onwards, this trend reversed with a noticeable decline in net property values, decreasing to approximately 3,758 million USD by mid-2024. This shift indicates possible asset disposals, impairments, or depreciation effects accelerating in the most recent periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio, available from late 2019, remained relatively stable, fluctuating mostly between 3.15 and 3.57. There was a gradual improvement in asset turnover efficiency through 2021 and 2022, peaking at about 3.57 in late 2022. More recently, the ratio has slightly declined but stayed near 3.4, suggesting the company has maintained reasonable effectiveness in generating sales from its fixed asset base, despite recent sales volatility and decreases in asset values.
In summary, sales performance exhibited volatility with a significant recent drop, while the asset base initially grew before contracting. The net fixed asset turnover ratio indicates maintained operational efficiency in asset utilization but may face pressure if sales levels do not stabilize or recover. The combination of declining sales and shrinking asset base in 2023 and early 2024 warrants close monitoring for potential impacts on profitability and asset management strategies.
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 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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
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 over the period reflects fluctuations in key performance indicators for Kellanova. Net sales demonstrate variability across the quarters, with values ranging between a low of approximately 2490 million US$ and a high near 3946 million US$. This suggests a cyclical or seasonally influenced sales pattern. Notably, sales peaked in the fourth quarter of 2022 before experiencing a decline in early 2024.
Total assets exhibit a relatively stable trend with minor fluctuations. Asset values generally hover between 15300 million US$ and 19000 million US$, indicating consistent investment in asset base despite some periods of reduction, particularly visible in 2024.
The total asset turnover ratio remains fairly consistent, fluctuating narrowly between approximately 0.71 and 0.85. This ratio indicates how efficiently the company is utilizing its assets to generate sales. A slight upward trend can be observed towards the end of the period, with the ratio improving from 0.77 in early periods to about 0.84-0.85 in mid-2024, suggesting improved asset utilization efficiency.
- Net Sales
- Exhibit moderate volatility with seasonal peaks, highest in late 2022, followed by a downward adjustment in early 2024.
- Total Assets
- Maintain a relatively stable range with occasional decreases, notably declining in 2024, reflecting possible asset divestitures or revaluation.
- Total Asset Turnover
- Shows consistent efficiency in asset usage, with slight improvement in the latest quarters indicating better sales generation relative to asset base.
Overall, the data indicates stable operational capacity in asset management coupled with fluctuating sales performance, possibly subject to external market factors or internal strategic shifts. The improving asset turnover ratios in recent quarters may imply enhanced operational efficiency or focus on maximizing asset productivity despite sales volatility.
Equity Turnover
Kellanova, equity turnover calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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), 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
Equity turnover
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ Total Kellanova equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales exhibit fluctuations over the periods analyzed. Initially, there is a slight decline from 3522 million US$ in March 2019 to a low of 3223 million US$ in December 2019. Following this, sales generally recover and show a rising trend reaching a peak of 3946 million US$ in October 2022. However, from this peak, a downward movement is observable, falling to 2490 million US$ by March 2024, before slightly recovering in subsequent quarters up to 3192 million US$ in June 2024. Overall, net sales demonstrate variability with peaks in late 2022 and a notable drop in early 2024.
- Total Equity Movement
- Total equity generally trends upward from 2533 million US$ in March 2019 to a high of 4283 million US$ in October 2022. Following this peak, equity declines significantly to 3175 million US$ by March 2024 before a modest increase is seen by June 2024. This pattern suggests a build-up of equity over the first part of the period followed by a contraction in more recent times, possibly linked to operational or market challenges encountered in 2023 and early 2024.
- Equity Turnover Ratio Analysis
- The equity turnover ratio starts in the range of approximately 4.9 to 5.0 in early 2020, indicating relatively high efficiency in generating sales from equity at that time. Over the subsequent years, this ratio exhibits a general downward trend, falling to a low of around 3.48 in December 2022. A moderate recovery follows, reaching approximately 4.13 by March 2024. The ratio trends suggest that the company was less efficient at producing sales from its equity base in the middle of the period, with some improvement noted in the most recent quarters.
- Overall Interpretation
- The financial data reveals that net sales and equity both peaked around late 2022, followed by declines in early 2024 indicating a period of contraction or challenges. The decreasing trend in the equity turnover ratio during this time indicates that sales generation relative to equity investment became less efficient, which may reflect operational inefficiencies or external adverse factors affecting performance. Recent modest improvements in turnover ratio and net sales may suggest initial recovery efforts or stabilization.