Debt to Equity
since 2005
Calculation
Kellanova, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Kellanova equity1 | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 1.85 | = | 5,873) | ÷ | 3,175) |
| Dec 31, 2022 | 1.67 | = | 6,564) | ÷ | 3,941) |
| Dec 31, 2021 | 1.91 | = | 7,111) | ÷ | 3,720) |
| Jan 2, 2021 | 2.40 | = | 7,475) | ÷ | 3,112) |
| Dec 28, 2019 | 2.88 | = | 7,922) | ÷ | 2,747) |
| Dec 29, 2018 | 3.42 | = | 8,893) | ÷ | 2,601) |
| Dec 30, 2017 | 3.89 | = | 8,615) | ÷ | 2,212) |
| Dec 31, 2016 | 4.07 | = | 7,767) | ÷ | 1,910) |
| Dec 31, 2015 | 3.65 | = | 7,759) | ÷ | 2,128) |
| Dec 31, 2014 | 2.64 | = | 7,370) | ÷ | 2,789) |
| Dec 28, 2013 | 2.08 | = | 7,358) | ÷ | 3,545) |
| Dec 29, 2012 | 3.27 | = | 7,902) | ÷ | 2,419) |
| Dec 31, 2011 | 3.43 | = | 6,032) | ÷ | 1,760) |
| Dec 31, 2010 | 2.74 | = | 5,904) | ÷ | 2,158) |
| Dec 31, 2009 | 2.15 | = | 4,880) | ÷ | 2,272) |
| Dec 31, 2008 | 3.77 | = | 5,456) | ÷ | 1,448) |
| Dec 29, 2007 | 2.07 | = | 5,225) | ÷ | 2,526) |
| Dec 30, 2006 | 2.44 | = | 5,044) | ÷ | 2,069) |
| Dec 31, 2005 | 2.14 | = | 4,897) | ÷ | 2,284) |
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 capital structure from 2005 to 2023 is characterized by significant fluctuations in leverage, moving through phases of instability, peak indebtedness, and a recent trend toward deleveraging.
- Initial Volatility and Early Leverage Spikes
- Between 2005 and 2013, the debt-to-equity ratio demonstrated high variability. A notable peak occurred in 2008, with the ratio rising to 3.77, largely driven by a sharp decline in total equity to 1.448 billion USD. While the ratio corrected to 2.15 in 2009, it remained unstable over the following four years, fluctuating between a low of 2.08 in 2013 and a high of 3.43 in 2011.
- Period of Peak Indebtedness
- A sustained period of high leverage is observed from 2014 to 2018. During this timeframe, the debt-to-equity ratio remained elevated, reaching a historical peak of 4.07 in 2016. This trend was supported by a steady increase in total debt, which climbed from 7.370 billion USD in 2014 to a maximum of 8.893 billion USD in 2018. The high ratios during this period indicate a significant reliance on debt relative to the equity base.
- Deleveraging and Capital Structure Optimization
- Starting in 2019, a consistent downward trend in the debt-to-equity ratio is evident. This deleveraging phase was characterized by a simultaneous reduction in total debt and a general increase in total equity, which peaked at 3.941 billion USD in 2022. Consequently, the debt-to-equity ratio declined steadily from 2.88 in 2018 to a period low of 1.67 in 2022. A slight increase to 1.85 was recorded in 2023, coinciding with a reduction in total equity to 3.175 billion USD and a further decrease in total debt to 5.873 billion USD.
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Comparison to Competitors
Kellanova, debt to equity, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 1.85 | 1.62 | 0.69 | 2.38 | — |
| Dec 31, 2022 | 1.67 | 1.62 | 0.85 | 2.28 | — |
| Dec 31, 2021 | 1.91 | 1.86 | 0.69 | 2.51 | — |
| Jan 2, 2021 | 2.40 | 2.22 | 0.73 | 3.28 | — |
| Dec 28, 2019 | 2.88 | 2.25 | 0.68 | 2.17 | — |
| Dec 29, 2018 | 3.42 | 2.56 | 0.72 | 2.23 | — |
| Dec 30, 2017 | 3.89 | 2.79 | 0.68 | 3.61 | — |
| Dec 31, 2016 | 4.07 | 1.98 | 0.68 | 3.33 | — |
| Dec 31, 2015 | 3.65 | 1.73 | 0.55 | 2.79 | — |
| Dec 31, 2014 | 2.64 | 1.38 | 0.60 | 1.66 | — |
| Dec 28, 2013 | 2.08 | 1.12 | 0.53 | 1.22 | — |
| Dec 29, 2012 | 3.27 | 0.99 | 0.60 | 1.27 | — |
| Dec 31, 2011 | 3.43 | 0.90 | 0.76 | 1.30 | 80.98 |
| Dec 31, 2010 | 2.74 | 0.76 | 0.80 | 1.18 | 4.71 |
| Dec 31, 2009 | 2.15 | 0.48 | 0.73 | 0.47 | 2.70 |
| Dec 31, 2008 | 3.77 | 0.45 | 0.91 | 0.68 | 1.59 |
| Dec 29, 2007 | 2.07 | 0.43 | 0.77 | 0.24 | — |
| Dec 30, 2006 | 2.44 | 0.27 | 0.36 | 0.18 | — |
| Dec 31, 2005 | 2.14 | 0.35 | 0.36 | 0.37 | — |
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, debt to equity, long-term trends, comparison to sector (food, beverage & tobacco)
| Kellanova | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 30, 2023 | 1.85 | 2.49 |
| Dec 31, 2022 | 1.67 | 2.44 |
| Dec 31, 2021 | 1.91 | 2.28 |
| Jan 2, 2021 | 2.40 | 2.90 |
| Dec 28, 2019 | 2.88 | 2.51 |
| Dec 29, 2018 | 3.42 | 2.82 |
| Dec 30, 2017 | 3.89 | 3.31 |
| Dec 31, 2016 | 4.07 | 2.76 |
| Dec 31, 2015 | 3.65 | 2.32 |
| Dec 31, 2014 | 2.64 | 1.86 |
| Dec 28, 2013 | 2.08 | 1.36 |
| Dec 29, 2012 | 3.27 | 1.23 |
| Dec 31, 2011 | 3.43 | 1.15 |
| Dec 31, 2010 | 2.74 | 1.02 |
| Dec 31, 2009 | 2.15 | 0.74 |
| Dec 31, 2008 | 3.77 | 0.80 |
| Dec 29, 2007 | 2.07 | 0.52 |
| Dec 30, 2006 | 2.44 | 0.29 |
| Dec 31, 2005 | 2.14 | 0.36 |
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, debt to equity, long-term trends, comparison to industry (consumer staples)
| Kellanova | Consumer Staples | |
|---|---|---|
| Dec 30, 2023 | 1.85 | 1.15 |
| Dec 31, 2022 | 1.67 | 1.07 |
| Dec 31, 2021 | 1.91 | 1.07 |
| Jan 2, 2021 | 2.40 | 1.24 |
| Dec 28, 2019 | 2.88 | 1.18 |
| Dec 29, 2018 | 3.42 | 1.11 |
| Dec 30, 2017 | 3.89 | 1.20 |
| Dec 31, 2016 | 4.07 | 1.09 |
| Dec 31, 2015 | 3.65 | 1.00 |
| Dec 31, 2014 | 2.64 | 0.96 |
| Dec 28, 2013 | 2.08 | 0.87 |
| Dec 29, 2012 | 3.27 | 0.83 |
| Dec 31, 2011 | 3.43 | 0.80 |
| Dec 31, 2010 | 2.74 | 0.74 |
| Dec 31, 2009 | 2.15 | 0.69 |
| Dec 31, 2008 | 3.77 | 0.68 |
| Dec 29, 2007 | 2.07 | 0.55 |
| Dec 30, 2006 | 2.44 | 0.52 |
| Dec 31, 2005 | 2.14 | 0.59 |
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).