Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Kellanova, profitability 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).
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Kellanova gross profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Kellanova operating profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Kellanova net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Kellanova ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| ROA | A profitability ratio calculated as net income divided by total assets. | Kellanova ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Gross Profit Margin
Kellanova, gross profit margin 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) | ||||||
| Gross profit | 4,283) | 4,615) | 4,560) | 4,727) | 4,381) | |
| Net sales | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) | |
| Profitability Ratio | ||||||
| Gross profit margin1 | 32.64% | 30.13% | 32.16% | 34.33% | 32.27% | |
| Benchmarks | ||||||
| Gross Profit Margin, Competitors2 | ||||||
| Altria Group Inc. | 58.34% | 56.77% | 53.79% | 49.80% | 50.62% | |
| Coca-Cola Co. | 59.52% | 58.14% | 60.27% | 59.31% | 60.77% | |
| PepsiCo Inc. | 54.21% | 53.03% | 53.35% | 54.82% | 55.13% | |
| Philip Morris International Inc. | 63.35% | 64.10% | 68.06% | 66.65% | 64.73% | |
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
Gross profit margin = 100 × Gross profit ÷ Net sales
= 100 × 4,283 ÷ 13,122 = 32.64%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Kellanova gross profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Operating Profit Margin
Kellanova, operating profit margin 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) | ||||||
| Operating profit | 1,505) | 1,635) | 1,752) | 1,761) | 1,401) | |
| Net sales | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) | |
| Profitability Ratio | ||||||
| Operating profit margin1 | 11.47% | 10.68% | 12.35% | 12.79% | 10.32% | |
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| Altria Group Inc. | 47.16% | 47.49% | 44.44% | 41.57% | 41.12% | |
| Coca-Cola Co. | 24.72% | 25.37% | 26.67% | 27.25% | 27.06% | |
| PepsiCo Inc. | 13.10% | 13.33% | 14.04% | 14.32% | 15.32% | |
| Philip Morris International Inc. | 32.85% | 38.56% | 41.32% | 40.66% | 35.33% | |
| Operating Profit Margin, Sector | ||||||
| Food, Beverage & Tobacco | 22.81% | 23.92% | 25.17% | 25.22% | 24.66% | |
| Operating Profit Margin, Industry | ||||||
| Consumer Staples | 7.92% | 9.24% | 9.18% | 8.95% | 8.10% | |
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
Operating profit margin = 100 × Operating profit ÷ Net sales
= 100 × 1,505 ÷ 13,122 = 11.47%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Kellanova operating profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Net Profit Margin
Kellanova, net profit margin 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) | |
| Net sales | 13,122) | 15,315) | 14,181) | 13,770) | 13,578) | |
| Profitability Ratio | ||||||
| Net profit margin1 | 7.25% | 6.27% | 10.49% | 9.08% | 7.07% | |
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| Altria Group Inc. | 33.21% | 22.97% | 9.51% | 17.08% | -5.15% | |
| Coca-Cola Co. | 23.42% | 22.19% | 25.28% | 23.47% | 23.94% | |
| PepsiCo Inc. | 9.92% | 10.31% | 9.59% | 10.12% | 10.89% | |
| Philip Morris International Inc. | 22.21% | 28.49% | 29.00% | 28.08% | 24.11% | |
| Net Profit Margin, Sector | ||||||
| Food, Beverage & Tobacco | 17.47% | 16.98% | 16.06% | 16.65% | 13.35% | |
| Net Profit Margin, Industry | ||||||
| Consumer Staples | 5.80% | 6.41% | 6.12% | 6.36% | 4.13% | |
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 profit margin = 100 × Net income attributable to Kellanova ÷ Net sales
= 100 × 951 ÷ 13,122 = 7.25%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Kellanova net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Return on Equity (ROE)
Kellanova, ROE 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) | |
| Total Kellanova equity | 3,175) | 3,941) | 3,720) | 3,112) | 2,747) | |
| Profitability Ratio | ||||||
| ROE1 | 29.95% | 24.36% | 40.00% | 40.20% | 34.95% | |
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| Altria Group Inc. | — | — | — | 157.34% | -20.78% | |
| Coca-Cola Co. | 41.30% | 39.59% | 42.48% | 40.14% | 46.99% | |
| PepsiCo Inc. | 49.04% | 51.96% | 47.48% | 52.92% | 49.47% | |
| Philip Morris International Inc. | — | — | — | — | — | |
| ROE, Sector | ||||||
| Food, Beverage & Tobacco | 111.65% | 106.07% | 98.10% | 109.58% | 74.09% | |
| ROE, Industry | ||||||
| Consumer Staples | 37.38% | 38.52% | 35.49% | 35.93% | 22.69% | |
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
ROE = 100 × Net income attributable to Kellanova ÷ Total Kellanova equity
= 100 × 951 ÷ 3,175 = 29.95%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Kellanova ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Return on Assets (ROA)
Kellanova, ROA 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) | |
| Total assets | 15,621) | 18,496) | 18,178) | 17,996) | 17,564) | |
| Profitability Ratio | ||||||
| ROA1 | 6.09% | 5.19% | 8.19% | 6.95% | 5.47% | |
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| Altria Group Inc. | 21.08% | 15.60% | 6.26% | 9.42% | -2.62% | |
| Coca-Cola Co. | 10.97% | 10.29% | 10.36% | 8.87% | 10.33% | |
| PepsiCo Inc. | 9.03% | 9.67% | 8.25% | 7.66% | 9.31% | |
| Philip Morris International Inc. | 11.96% | 14.67% | 22.06% | 17.98% | 16.76% | |
| ROA, Sector | ||||||
| Food, Beverage & Tobacco | 11.55% | 11.33% | 10.66% | 9.86% | 8.41% | |
| ROA, Industry | ||||||
| Consumer Staples | 8.97% | 9.64% | 8.80% | 8.55% | 5.79% | |
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
ROA = 100 × Net income attributable to Kellanova ÷ Total assets
= 100 × 951 ÷ 15,621 = 6.09%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Kellanova ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |