Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Kellanova, EBITDA calculation

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Net income attributable to Kellanova	951)	960)	1,488)	1,251)	960)
Add: Net income attributable to noncontrolling interest	13)	2)	7)	13)	17)
Less: Income from discontinued operations, net of taxes	176)	—)	—)	—)	—)
Add: Income tax expense	258)	244)	474)	323)	321)
Earnings before tax (EBT)	1,046)	1,206)	1,969)	1,587)	1,298)
Add: Interest expense	303)	218)	223)	281)	284)
Earnings before interest and tax (EBIT)	1,349)	1,424)	2,192)	1,868)	1,582)
Add: Depreciation and amortization	419)	478)	467)	479)	484)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,768)	1,902)	2,659)	2,347)	2,066)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Kellanova EBITDA decreased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Kellanova, current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	27,032)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,768)
Valuation Ratio
EV/EBITDA	15.29
Benchmarks
EV/EBITDA, Competitors¹
Altria Group Inc.	9.51
Coca-Cola Co.	19.30
PepsiCo Inc.	15.95
Philip Morris International Inc.	18.43
EV/EBITDA, Sector
Food, Beverage & Tobacco	16.06
EV/EBITDA, Industry
Consumer Staples	19.84

Based on: 10-K (reporting date: 2023-12-30).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Kellanova, historical EV/EBITDA 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)
Enterprise value (EV)¹	24,915)	30,255)	29,912)	27,946)	30,155)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	1,768)	1,902)	2,659)	2,347)	2,066)
Valuation Ratio
EV/EBITDA³	14.09	15.91	11.25	11.91	14.60
Benchmarks
EV/EBITDA, Competitors⁴
Altria Group Inc.	7.67	12.10	22.27	12.62	45.37
Coca-Cola Co.	18.69	20.83	19.52	19.66	21.79
PepsiCo Inc.	16.75	18.63	18.42	17.17	17.85
Philip Morris International Inc.	13.66	14.78	13.64	12.59	13.77
EV/EBITDA, Sector
Food, Beverage & Tobacco	14.59	17.07	17.81	15.78	19.53
EV/EBITDA, Industry
Consumer Staples	15.56	15.87	15.79	14.68	18.29

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 See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 24,915 ÷ 1,768 = 14.09

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Kellanova EV/EBITDA ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Kellanova (NYSE:K)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical