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
The operating profit margin exhibits significant volatility over the analyzed period from 2005 to 2023, characterized by an initial phase of stability, a period of extreme fluctuation, and a subsequent stabilization at a lower baseline compared to early historical levels.
- Initial Stability and Gradual Decline (2005–2011)
- Between 2005 and 2011, the operating profit margin remained relatively stable, beginning at 17.20% and gradually contracting to 14.97%. During this period, operating profit grew modestly from US$ 1,750 million to US$ 1,976 million, supported by a steady increase in net sales from US$ 10,177 million to US$ 13,198 million.
- Period of Extreme Volatility (2012–2014)
- A period of high variance is observed between 2012 and 2014. After a dip to 11.00% in 2012, the margin surged to a series peak of 19.18% in 2013, coinciding with the highest recorded operating profit of US$ 2,837 million. This peak was immediately followed by a sharp correction in 2014, where the margin fell to its lowest point of 7.02%, driven by a significant decrease in operating profit to US$ 1,024 million.
- Recovery and Margin Stabilization (2015–2023)
- A recovery phase began in 2015, with the margin trending upward to reach 15.06% by 2017. However, from 2018 through 2023, the margin shifted to a lower range, fluctuating between 10.32% and 12.79%. Notably, while net sales reached a peak of US$ 15,315 million in 2022, the operating profit margin for that year was 10.68%, suggesting that revenue growth did not correlate with increased operational efficiency. The period ended with an operating profit margin of 11.47% in 2023.
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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).