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 Short-term (Operating) Activity Ratios 

Microsoft Excel

Short-term Activity Ratios (Summary)

Kellanova, short-term (operating) activity ratios

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Turnover Ratios
Inventory turnover 7.11 6.05 6.88 7.04 7.50
Receivables turnover 8.37 8.82 9.52 8.96 8.62
Payables turnover 3.82 3.60 3.74 3.66 3.85
Working capital turnover
Average No. Days
Average inventory processing period 51 60 53 52 49
Add: Average receivable collection period 44 41 38 41 42
Operating cycle 95 101 91 93 91
Less: Average payables payment period 96 101 98 100 95
Cash conversion cycle -1 0 -7 -7 -4

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Kellanova inventory turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Kellanova receivables turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Kellanova payables turnover ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Kellanova number of days of inventory outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Kellanova number of days of receivables outstanding deteriorated from 2021 to 2022 and from 2022 to 2023.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Kellanova operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Kellanova number of days of payables outstanding increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Kellanova cash conversion cycle deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Inventory Turnover

Kellanova, inventory turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data (US$ in millions)
Cost of goods sold 8,839 10,700 9,621 9,043 9,197
Inventories 1,243 1,768 1,398 1,284 1,226
Short-term Activity Ratio
Inventory turnover1 7.11 6.05 6.88 7.04 7.50
Benchmarks
Inventory Turnover, Competitors2
Altria Group Inc. 5.12 5.46 5.96 3.98 3.09
Coca-Cola Co. 4.19 4.25 4.50 4.11 4.33
PepsiCo Inc. 7.85 7.77 8.53 7.62 9.03
Philip Morris International Inc. 1.20 1.15 1.15 1.00 1.14
Inventory Turnover, Sector
Food, Beverage & Tobacco 3.66 3.72 3.94 3.30 3.42
Inventory Turnover, Industry
Consumer Staples 7.41 6.96 7.97 7.50 7.42

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
Inventory turnover = Cost of goods sold ÷ Inventories
= 8,839 ÷ 1,243 = 7.11

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Kellanova inventory turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Receivables Turnover

Kellanova, receivables turnover calculation, comparison to benchmarks

Microsoft Excel
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
Accounts receivable, net 1,568 1,736 1,489 1,537 1,576
Short-term Activity Ratio
Receivables turnover1 8.37 8.82 9.52 8.96 8.62
Benchmarks
Receivables Turnover, Competitors2
Altria Group Inc. 344.83 522.83 553.47 190.90 165.20
Coca-Cola Co. 13.42 12.33 11.01 10.50 9.38
PepsiCo Inc. 8.46 8.50 9.16 8.37 8.59
Philip Morris International Inc. 10.16 8.25 10.06 9.88 9.68
Receivables Turnover, Sector
Food, Beverage & Tobacco 11.09 10.61 11.43 10.85 10.61
Receivables Turnover, Industry
Consumer Staples 36.63 35.12 38.75 37.54 34.71

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
Receivables turnover = Net sales ÷ Accounts receivable, net
= 13,122 ÷ 1,568 = 8.37

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Kellanova receivables turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Payables Turnover

Kellanova, payables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data (US$ in millions)
Cost of goods sold 8,839 10,700 9,621 9,043 9,197
Accounts payable 2,314 2,973 2,573 2,471 2,387
Short-term Activity Ratio
Payables turnover1 3.82 3.60 3.74 3.66 3.85
Benchmarks
Payables Turnover, Competitors2
Altria Group Inc. 10.68 11.67 15.86 20.57 21.80
Coca-Cola Co. 3.31 3.39 3.34 3.82 3.84
PepsiCo Inc. 3.60 3.78 3.77 3.59 3.76
Philip Morris International Inc. 3.11 2.80 3.01 3.44 4.57
Payables Turnover, Sector
Food, Beverage & Tobacco 3.62 3.70 3.82 4.03 4.32
Payables Turnover, Industry
Consumer Staples 7.27 6.61 6.91 7.01 7.11

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
Payables turnover = Cost of goods sold ÷ Accounts payable
= 8,839 ÷ 2,314 = 3.82

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Kellanova payables turnover ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Working Capital Turnover

Kellanova, working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data (US$ in millions)
Current assets 3,330 4,186 3,394 3,482 3,431
Less: Current liabilities 5,060 6,349 5,315 5,238 4,778
Working capital (1,730) (2,163) (1,921) (1,756) (1,347)
 
Net sales 13,122 15,315 14,181 13,770 13,578
Short-term Activity Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors2
Altria Group Inc.
Coca-Cola Co. 14.47 15.00 14.90 7.12
PepsiCo Inc.
Philip Morris International Inc. 15.29 17.73
Working Capital Turnover, Sector
Food, Beverage & Tobacco 37.68
Working Capital Turnover, Industry
Consumer Staples

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
Working capital turnover = Net sales ÷ Working capital
= 13,122 ÷ -1,730 =

2 Click competitor name to see calculations.


Average Inventory Processing Period

Kellanova, average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data
Inventory turnover 7.11 6.05 6.88 7.04 7.50
Short-term Activity Ratio (no. days)
Average inventory processing period1 51 60 53 52 49
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Altria Group Inc. 71 67 61 92 118
Coca-Cola Co. 87 86 81 89 84
PepsiCo Inc. 46 47 43 48 40
Philip Morris International Inc. 305 316 317 366 321
Average Inventory Processing Period, Sector
Food, Beverage & Tobacco 100 98 93 111 107
Average Inventory Processing Period, Industry
Consumer Staples 49 52 46 49 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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 7.11 = 51

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Kellanova number of days of inventory outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Average Receivable Collection Period

Kellanova, average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data
Receivables turnover 8.37 8.82 9.52 8.96 8.62
Short-term Activity Ratio (no. days)
Average receivable collection period1 44 41 38 41 42
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Altria Group Inc. 1 1 1 2 2
Coca-Cola Co. 27 30 33 35 39
PepsiCo Inc. 43 43 40 44 43
Philip Morris International Inc. 36 44 36 37 38
Average Receivable Collection Period, Sector
Food, Beverage & Tobacco 33 34 32 34 34
Average Receivable Collection Period, Industry
Consumer Staples 10 10 9 10 11

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 8.37 = 44

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Kellanova number of days of receivables outstanding deteriorated from 2021 to 2022 and from 2022 to 2023.

Operating Cycle

Kellanova, operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data
Average inventory processing period 51 60 53 52 49
Average receivable collection period 44 41 38 41 42
Short-term Activity Ratio
Operating cycle1 95 101 91 93 91
Benchmarks
Operating Cycle, Competitors2
Altria Group Inc. 72 68 62 94 120
Coca-Cola Co. 114 116 114 124 123
PepsiCo Inc. 89 90 83 92 83
Philip Morris International Inc. 341 360 353 403 359
Operating Cycle, Sector
Food, Beverage & Tobacco 133 132 125 145 141
Operating Cycle, Industry
Consumer Staples 59 62 55 59 60

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 cycle = Average inventory processing period + Average receivable collection period
= 51 + 44 = 95

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Kellanova operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Average Payables Payment Period

Kellanova, average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data
Payables turnover 3.82 3.60 3.74 3.66 3.85
Short-term Activity Ratio (no. days)
Average payables payment period1 96 101 98 100 95
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Altria Group Inc. 34 31 23 18 17
Coca-Cola Co. 110 108 109 96 95
PepsiCo Inc. 101 97 97 102 97
Philip Morris International Inc. 117 130 121 106 80
Average Payables Payment Period, Sector
Food, Beverage & Tobacco 101 99 96 91 85
Average Payables Payment Period, Industry
Consumer Staples 50 55 53 52 51

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 3.82 = 96

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Kellanova number of days of payables outstanding increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Cash Conversion Cycle

Kellanova, cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 28, 2019
Selected Financial Data
Average inventory processing period 51 60 53 52 49
Average receivable collection period 44 41 38 41 42
Average payables payment period 96 101 98 100 95
Short-term Activity Ratio
Cash conversion cycle1 -1 0 -7 -7 -4
Benchmarks
Cash Conversion Cycle, Competitors2
Altria Group Inc. 38 37 39 76 103
Coca-Cola Co. 4 8 5 28 28
PepsiCo Inc. -12 -7 -14 -10 -14
Philip Morris International Inc. 224 230 232 297 279
Cash Conversion Cycle, Sector
Food, Beverage & Tobacco 32 33 29 54 56
Cash Conversion Cycle, Industry
Consumer Staples 9 7 2 7 9

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 51 + 4496 = -1

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Kellanova cash conversion cycle deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.