Current Ratio
since 2005
Calculation
Kellanova, current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 0.66 | = | 3,330) | ÷ | 5,060) |
| Dec 31, 2022 | 0.66 | = | 4,186) | ÷ | 6,349) |
| Dec 31, 2021 | 0.64 | = | 3,394) | ÷ | 5,315) |
| Jan 2, 2021 | 0.66 | = | 3,482) | ÷ | 5,238) |
| Dec 28, 2019 | 0.72 | = | 3,431) | ÷ | 4,778) |
| Dec 29, 2018 | 0.70 | = | 3,157) | ÷ | 4,529) |
| Dec 30, 2017 | 0.68 | = | 3,036) | ÷ | 4,479) |
| Dec 31, 2016 | 0.66 | = | 2,940) | ÷ | 4,474) |
| Dec 31, 2015 | 0.56 | = | 3,236) | ÷ | 5,739) |
| Dec 31, 2014 | 0.77 | = | 3,340) | ÷ | 4,364) |
| Dec 28, 2013 | 0.85 | = | 3,267) | ÷ | 3,835) |
| Dec 29, 2012 | 0.75 | = | 3,380) | ÷ | 4,523) |
| Dec 31, 2011 | 0.91 | = | 3,027) | ÷ | 3,313) |
| Dec 31, 2010 | 0.92 | = | 2,915) | ÷ | 3,184) |
| Dec 31, 2009 | 1.12 | = | 2,558) | ÷ | 2,288) |
| Dec 31, 2008 | 0.71 | = | 2,521) | ÷ | 3,552) |
| Dec 29, 2007 | 0.67 | = | 2,717) | ÷ | 4,044) |
| Dec 30, 2006 | 0.60 | = | 2,427) | ÷ | 4,020) |
| Dec 31, 2005 | 0.69 | = | 2,197) | ÷ | 3,163) |
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: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The analysis of short-term liquidity from 2005 to 2023 reveals a persistent trend of operating with a current ratio below 1.0. This indicates a structural pattern where current liabilities exceed current assets for the vast majority of the observed period. While both current assets and current liabilities have experienced overall growth over the nearly two-decade span, the ratio has remained relatively constrained, suggesting a consistent approach to working capital management.
- Liquidity Trends and Volatility
- The current ratio remained below unity for 19 of the 20 years analyzed. A notable exception occurred in 2009, when the ratio peaked at 1.12. This anomaly was primarily driven by a significant reduction in current liabilities, which fell to 2,288 million US dollars from 3,552 million US dollars in the preceding year, while current assets remained stable.
- Asset and Liability Expansion
- Current assets grew from 2,197 million US dollars in 2005 to a peak of 4,186 million US dollars in 2022. Simultaneously, current liabilities expanded from 3,163 million US dollars in 2005 to a peak of 6,349 million US dollars in 2022. The proportional growth of liabilities generally outpaced asset growth, which maintained the current ratio within a sub-1.0 range.
- Period of Minimum Liquidity
- The lowest liquidity position was recorded in 2015, with a current ratio of 0.56. This coincided with a sharp increase in current liabilities to 5,739 million US dollars, while current assets were 3,236 million US dollars, marking the widest gap between short-term assets and obligations during the mid-term period.
- Recent Stability
- From 2017 through 2023, the current ratio exhibited a period of relative stability, fluctuating within a narrow band between 0.64 and 0.72. By December 30, 2023, the ratio was 0.66, reflecting a consistent equilibrium in the management of short-term obligations relative to available liquid assets.
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Comparison to Competitors
Kellanova, current ratio, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 0.66 | 1.13 | 0.62 | 0.85 | 0.75 |
| Dec 31, 2022 | 0.66 | 1.15 | 0.60 | 0.80 | 0.72 |
| Dec 31, 2021 | 0.64 | 1.13 | 0.74 | 0.83 | 0.92 |
| Jan 2, 2021 | 0.66 | 1.32 | 0.66 | 0.98 | 1.10 |
| Dec 28, 2019 | 0.72 | 0.76 | 0.50 | 0.86 | 1.09 |
| Dec 29, 2018 | 0.70 | 1.05 | 0.45 | 0.99 | 1.13 |
| Dec 30, 2017 | 0.68 | 1.34 | 0.48 | 1.51 | 1.35 |
| Dec 31, 2016 | 0.66 | 1.28 | 0.59 | 1.28 | 1.07 |
| Dec 31, 2015 | 0.56 | 1.24 | 0.82 | 1.31 | 1.03 |
| Dec 31, 2014 | 0.77 | 1.02 | 0.84 | 1.14 | 1.02 |
| Dec 28, 2013 | 0.85 | 1.13 | 0.92 | 1.24 | 0.99 |
| Dec 29, 2012 | 0.75 | 1.09 | 1.05 | 1.10 | 0.97 |
| Dec 31, 2011 | 0.91 | 1.05 | 0.88 | 0.96 | 1.00 |
| Dec 31, 2010 | 0.92 | 1.17 | 1.04 | 1.11 | 1.07 |
| Dec 31, 2009 | 1.12 | 1.28 | 1.08 | 1.44 | 1.31 |
| Dec 31, 2008 | 0.71 | 0.94 | 1.03 | 1.23 | 1.47 |
| Dec 29, 2007 | 0.67 | 0.92 | 0.63 | 1.31 | — |
| Dec 30, 2006 | 0.60 | 0.95 | 0.79 | 1.33 | — |
| Dec 31, 2005 | 0.69 | 1.04 | 0.93 | 1.11 | — |
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: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Kellanova, current ratio, long-term trends, comparison to sector (food, beverage & tobacco)
| Kellanova | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 30, 2023 | 0.66 | 0.85 |
| Dec 31, 2022 | 0.66 | 0.82 |
| Dec 31, 2021 | 0.64 | 0.91 |
| Jan 2, 2021 | 0.66 | 1.01 |
| Dec 28, 2019 | 0.72 | 0.81 |
| Dec 29, 2018 | 0.70 | 0.93 |
| Dec 30, 2017 | 0.68 | 1.22 |
| Dec 31, 2016 | 0.66 | 1.11 |
| Dec 31, 2015 | 0.56 | 1.15 |
| Dec 31, 2014 | 0.77 | 1.02 |
| Dec 28, 2013 | 0.85 | 1.08 |
| Dec 29, 2012 | 0.75 | 1.06 |
| Dec 31, 2011 | 0.91 | 0.98 |
| Dec 31, 2010 | 0.92 | 1.10 |
| Dec 31, 2009 | 1.12 | 1.27 |
| Dec 31, 2008 | 0.71 | 1.15 |
| Dec 29, 2007 | 0.67 | 0.87 |
| Dec 30, 2006 | 0.60 | 0.98 |
| Dec 31, 2005 | 0.69 | 1.03 |
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: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Staples)
Kellanova, current ratio, long-term trends, comparison to industry (consumer staples)
| Kellanova | Consumer Staples | |
|---|---|---|
| Dec 30, 2023 | 0.66 | 0.84 |
| Dec 31, 2022 | 0.66 | 0.87 |
| Dec 31, 2021 | 0.64 | 0.93 |
| Jan 2, 2021 | 0.66 | 0.92 |
| Dec 28, 2019 | 0.72 | 0.82 |
| Dec 29, 2018 | 0.70 | 0.87 |
| Dec 30, 2017 | 0.68 | 1.02 |
| Dec 31, 2016 | 0.66 | 1.04 |
| Dec 31, 2015 | 0.56 | 1.06 |
| Dec 31, 2014 | 0.77 | 0.97 |
| Dec 28, 2013 | 0.85 | 0.97 |
| Dec 29, 2012 | 0.75 | 0.99 |
| Dec 31, 2011 | 0.91 | 0.97 |
| Dec 31, 2010 | 0.92 | 1.01 |
| Dec 31, 2009 | 1.12 | 1.03 |
| Dec 31, 2008 | 0.71 | 0.98 |
| Dec 29, 2007 | 0.67 | 0.91 |
| Dec 30, 2006 | 0.60 | 1.04 |
| Dec 31, 2005 | 0.69 | 0.99 |
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: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).