Operating Profit Margin
since 2005
Calculation
Kellanova, operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating profit1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 30, 2023 | 11.47% | = | 100 | × | 1,505) | ÷ | 13,122) |
| Dec 31, 2022 | 10.68% | = | 100 | × | 1,635) | ÷ | 15,315) |
| Dec 31, 2021 | 12.35% | = | 100 | × | 1,752) | ÷ | 14,181) |
| Jan 2, 2021 | 12.79% | = | 100 | × | 1,761) | ÷ | 13,770) |
| Dec 28, 2019 | 10.32% | = | 100 | × | 1,401) | ÷ | 13,578) |
| Dec 29, 2018 | 12.59% | = | 100 | × | 1,706) | ÷ | 13,547) |
| Dec 30, 2017 | 15.06% | = | 100 | × | 1,946) | ÷ | 12,923) |
| Dec 31, 2016 | 10.72% | = | 100 | × | 1,395) | ÷ | 13,014) |
| Dec 31, 2015 | 8.07% | = | 100 | × | 1,091) | ÷ | 13,525) |
| Dec 31, 2014 | 7.02% | = | 100 | × | 1,024) | ÷ | 14,580) |
| Dec 28, 2013 | 19.18% | = | 100 | × | 2,837) | ÷ | 14,792) |
| Dec 29, 2012 | 11.00% | = | 100 | × | 1,562) | ÷ | 14,197) |
| Dec 31, 2011 | 14.97% | = | 100 | × | 1,976) | ÷ | 13,198) |
| Dec 31, 2010 | 16.05% | = | 100 | × | 1,990) | ÷ | 12,397) |
| Dec 31, 2009 | 15.91% | = | 100 | × | 2,001) | ÷ | 12,575) |
| Dec 31, 2008 | 15.23% | = | 100 | × | 1,953) | ÷ | 12,822) |
| Dec 29, 2007 | 15.86% | = | 100 | × | 1,868) | ÷ | 11,776) |
| Dec 30, 2006 | 16.19% | = | 100 | × | 1,766) | ÷ | 10,907) |
| Dec 31, 2005 | 17.20% | = | 100 | × | 1,750) | ÷ | 10,177) |
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
- Operating Profit
- The operating profit exhibited an overall fluctuating trend between 2005 and 2023. From 2005 to 2007, a steady increase was observed, reaching a peak of 1,868 million USD in 2007. The profit continued to rise, peaking sharply at 2,837 million USD in 2013, which marked the highest value in the entire period. However, this peak was followed by a significant decline in 2014 to 1,024 million USD. After 2014, the operating profit showed recovery trends, increasing to 1,946 million USD by 2017. Subsequently, profits generally decreased, ending at 1,505 million USD in 2023, indicating a contraction compared to previous years.
- Net Sales
- Net sales steadily increased from 10,177 million USD in 2005 to a high of 15,315 million USD in 2022, indicating long-term growth in revenue. Sales experienced minor fluctuations, with a slight decline noted in 2009 and between 2013 and 2016, followed by recovery phases. The peak in sales occurred in 2022 at 15,315 million USD, after which there was a drop to 13,122 million USD in 2023, reflecting a notable decrease in the most recent year.
- Operating Profit Margin
- The operating profit margin followed a downward trend from 17.2% in 2005 to a low of 7.02% in 2014, indicating reduced efficiency or increased costs relative to sales during this period. A recovery phase was evident from 2014 to 2017, where the margin increased to 15.06%. Subsequently, the margin experienced moderate fluctuations, stabilizing around 10% to 12% in the later years, with a slight increase to 11.47% in 2023. This pattern suggests challenges in maintaining profitability consistent with sales growth.
- Overall Interpretation
- The data indicates that despite growth in net sales over the long term, operating profit and margin have been more volatile. Sharp fluctuations in operating profit, especially the peak in 2013 and subsequent decline, suggest periods of varying operational efficiency or cost management. The decline in operating profit margin until 2014, followed by partial recovery, points to cyclical pressures or strategic adjustments affecting profitability. The recent decline in both sales and profit in 2023 raises concerns about short-term performance and warrants further investigation into underlying causes.
Comparison to Competitors
Kellanova, operating profit margin, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 11.47% | 24.72% | 15.28% | 13.10% | 32.85% |
| Dec 31, 2022 | 10.68% | 25.37% | 11.22% | 13.33% | 38.56% |
| Dec 31, 2021 | 12.35% | 26.67% | 16.20% | 14.04% | 41.32% |
| Jan 2, 2021 | 12.79% | 27.25% | 14.50% | 14.32% | 40.66% |
| Dec 28, 2019 | 10.32% | 27.06% | 14.86% | 15.32% | 35.33% |
| Dec 29, 2018 | 12.59% | 27.31% | 12.77% | 15.64% | 38.40% |
| Dec 30, 2017 | 15.06% | 21.18% | 13.54% | 16.54% | 40.01% |
| Dec 31, 2016 | 10.72% | 20.61% | 9.91% | 15.58% | 40.53% |
| Dec 31, 2015 | 8.07% | 19.70% | 30.02% | 13.25% | 39.65% |
| Dec 31, 2014 | 7.02% | 21.11% | 9.47% | 14.37% | 39.31% |
| Dec 28, 2013 | 19.18% | 21.83% | 11.25% | 14.61% | 43.29% |
| Dec 29, 2012 | 11.00% | 22.45% | 10.39% | 13.91% | 44.18% |
| Dec 31, 2011 | 14.97% | 21.82% | 12.25% | 14.48% | 42.90% |
| Dec 31, 2010 | 16.05% | 24.06% | 11.51% | 14.41% | 41.16% |
| Dec 31, 2009 | 15.91% | 26.56% | 13.68% | 18.61% | 40.10% |
| Dec 31, 2008 | 15.23% | 26.44% | 9.04% | 16.03% | 39.87% |
| Dec 29, 2007 | 15.86% | 25.13% | 11.63% | 18.16% | — |
| Dec 30, 2006 | 16.19% | 26.19% | 13.17% | 18.33% | — |
| Dec 31, 2005 | 17.20% | 26.34% | 13.93% | 18.19% | — |
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).