Price to Earnings (P/E)
since 2005
Calculation
Kellanova, P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Kellanova1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2024 | 20.11 | = | 56.13 | ÷ | 2.79 | 2.79 | = | 951 | ÷ | 340,678,265 | |
| Feb 21, 2023 | 24.54 | = | 68.91 | ÷ | 2.81 | 2.81 | = | 960 | ÷ | 341,830,292 | |
| Feb 22, 2022 | 15.18 | = | 66.12 | ÷ | 4.36 | 4.36 | = | 1,488 | ÷ | 341,674,873 | |
| Feb 22, 2021 | 16.29 | = | 59.26 | ÷ | 3.64 | 3.64 | = | 1,251 | ÷ | 343,950,311 | |
| Feb 24, 2020 | 22.98 | = | 64.50 | ÷ | 2.81 | 2.81 | = | 960 | ÷ | 342,054,365 | |
| Feb 25, 2019 | 14.33 | = | 55.66 | ÷ | 3.88 | 3.88 | = | 1,336 | ÷ | 343,894,654 | |
| Feb 20, 2018 | 18.98 | = | 69.68 | ÷ | 3.67 | 3.67 | = | 1,269 | ÷ | 345,748,749 | |
| Feb 21, 2017 | 37.82 | = | 74.74 | ÷ | 1.98 | 1.98 | = | 694 | ÷ | 351,139,083 | |
| Feb 24, 2016 | 42.16 | = | 73.91 | ÷ | 1.75 | 1.75 | = | 614 | ÷ | 350,257,015 | |
| Feb 25, 2015 | 36.55 | = | 64.78 | ÷ | 1.77 | 1.77 | = | 632 | ÷ | 356,571,864 | |
| Feb 24, 2014 | 12.15 | = | 60.71 | ÷ | 5.00 | 5.00 | = | 1,807 | ÷ | 361,686,112 | |
| Feb 26, 2013 | 22.58 | = | 59.95 | ÷ | 2.66 | 2.66 | = | 961 | ÷ | 361,890,602 | |
| Feb 29, 2012 | 15.19 | = | 52.35 | ÷ | 3.45 | 3.45 | = | 1,231 | ÷ | 357,161,392 | |
| Feb 25, 2011 | 15.56 | = | 53.15 | ÷ | 3.42 | 3.42 | = | 1,247 | ÷ | 365,098,153 | |
| Feb 26, 2010 | 16.37 | = | 52.15 | ÷ | 3.18 | 3.18 | = | 1,212 | ÷ | 380,565,213 | |
| Feb 24, 2009 | 13.20 | = | 39.67 | ÷ | 3.01 | 3.01 | = | 1,148 | ÷ | 381,939,149 | |
| Feb 25, 2008 | 18.07 | = | 51.24 | ÷ | 2.84 | 2.84 | = | 1,103 | ÷ | 388,954,500 | |
| Feb 23, 2007 | 19.75 | = | 49.84 | ÷ | 2.52 | 2.52 | = | 1,004 | ÷ | 397,969,170 | |
| Feb 28, 2006 | 18.33 | = | 44.31 | ÷ | 2.42 | 2.42 | = | 980 | ÷ | 405,472,156 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Kellanova Annual Report.
The analysis of the price-to-earnings (P/E) ratio from 2006 to 2024 reveals a trajectory characterized by an initial period of stability, a significant valuation spike between 2014 and 2017, and a subsequent phase of moderate volatility and normalization.
- Initial Stability and Moderate Valuation (2006–2012)
- During this period, the P/E ratio remained relatively consistent, generally oscillating between 13.20 and 19.75. This stability coincided with a steady upward trend in earnings per share (EPS), which grew from 2.42 in 2006 to 3.45 by 2012. The market valuation during these years appeared closely aligned with the consistent growth in earnings.
- Valuation Expansion and Earnings Divergence (2013–2017)
- A period of significant valuation volatility occurred starting in 2013. A notable divergence is observed between 2015 and 2017, where the P/E ratio reached its historical peak of 42.16 in 2016. This expansion was driven by a sharp contraction in EPS, which fell from 5.00 in 2014 to 1.75 in 2016, while the share price simultaneously climbed from 60.71 to 73.91. This indicates a phase where the market maintained a high premium on the stock despite a substantial decline in actual earnings.
- Normalization and Recent Trends (2018–2024)
- Following 2017, the P/E ratio underwent a correction, returning to a range between 14.33 and 24.54. Between 2018 and 2022, the valuation remained relatively conservative, reaching a low of 14.33 in 2019. A recent uptick in the P/E ratio to 24.54 in 2023 was observed, correlating with a decrease in EPS from the 2022 peak of 4.36 down to 2.81. By 2024, the P/E ratio settled at 20.11, reflecting a moderate valuation relative to an EPS of 2.79.
Overall, the data indicates that the P/E ratio has been most sensitive to earnings contractions rather than price increases alone. The most extreme valuation multiples occurred when earnings declined while share prices remained elevated or increased, suggesting periods of high market optimism or expectations of future recovery that decoupled from immediate financial performance.
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Comparison to Competitors
Kellanova, P/E, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 20, 2024 | 20.11 | 24.43 | 20.87 | 25.40 | 17.69 |
| Feb 21, 2023 | 24.54 | 27.12 | 33.07 | 26.71 | 17.54 |
| Feb 22, 2022 | 15.18 | 27.63 | 21.64 | 30.58 | 18.37 |
| Feb 22, 2021 | 16.29 | 27.91 | 22.33 | 26.15 | 16.55 |
| Feb 24, 2020 | 22.98 | 28.21 | 21.72 | 27.83 | 18.94 |
| Feb 25, 2019 | 14.33 | 30.47 | 20.03 | 13.01 | 15.08 |
| Feb 20, 2018 | 18.98 | 150.54 | 21.45 | 32.81 | 26.52 |
| Feb 21, 2017 | 37.82 | 27.48 | 41.76 | 24.09 | 22.84 |
| Feb 24, 2016 | 42.16 | 26.01 | 8.59 | 25.72 | 20.57 |
| Feb 25, 2015 | 36.55 | 25.87 | 27.92 | 22.86 | 17.14 |
| Feb 24, 2014 | 12.15 | 19.54 | 14.69 | 17.66 | 14.60 |
| Feb 26, 2013 | 22.58 | 19.00 | 15.56 | 18.84 | 17.49 |
| Feb 29, 2012 | 15.19 | 18.27 | 19.01 | 15.45 | 16.64 |
| Feb 25, 2011 | 15.56 | 12.42 | 13.54 | 15.93 | 15.41 |
| Feb 26, 2010 | 16.37 | 17.81 | 14.11 | 16.49 | 14.53 |
| Feb 24, 2009 | 13.20 | 16.37 | 11.54 | 15.82 | 9.95 |
| Feb 25, 2008 | 18.07 | 23.10 | 18.67 | 20.35 | — |
| Feb 23, 2007 | 19.75 | 21.69 | 17.35 | 18.79 | — |
| Feb 28, 2006 | 18.33 | 20.40 | 19.38 | 24.28 | — |
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, P/E, long-term trends, comparison to sector (food, beverage & tobacco)
| Kellanova | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 20, 2024 | 20.11 | 22.54 |
| Feb 21, 2023 | 24.54 | 24.66 |
| Feb 22, 2022 | 15.18 | 24.78 |
| Feb 22, 2021 | 16.29 | 23.23 |
| Feb 24, 2020 | 22.98 | 24.75 |
| Feb 25, 2019 | 14.33 | 18.05 |
| Feb 20, 2018 | 18.98 | 37.84 |
| Feb 21, 2017 | 37.82 | 26.08 |
| Feb 24, 2016 | 42.16 | 19.86 |
| Feb 25, 2015 | 36.55 | 22.41 |
| Feb 24, 2014 | 12.15 | 16.88 |
| Feb 26, 2013 | 22.58 | 18.09 |
| Feb 29, 2012 | 15.19 | 17.18 |
| Feb 25, 2011 | 15.56 | 14.06 |
| Feb 26, 2010 | 16.37 | 16.01 |
| Feb 24, 2009 | 13.20 | 13.43 |
| Feb 25, 2008 | 18.07 | 21.20 |
| Feb 23, 2007 | 19.75 | 19.54 |
| Feb 28, 2006 | 18.33 | 21.53 |
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, P/E, long-term trends, comparison to industry (consumer staples)
| Kellanova | Consumer Staples | |
|---|---|---|
| Feb 20, 2024 | 20.11 | 26.62 |
| Feb 21, 2023 | 24.54 | 25.35 |
| Feb 22, 2022 | 15.18 | 26.07 |
| Feb 22, 2021 | 16.29 | 24.12 |
| Feb 24, 2020 | 22.98 | 31.92 |
| Feb 25, 2019 | 14.33 | 20.62 |
| Feb 20, 2018 | 18.98 | 22.78 |
| Feb 21, 2017 | 37.82 | 21.50 |
| Feb 24, 2016 | 42.16 | 21.97 |
| Feb 25, 2015 | 36.55 | 19.71 |
| Feb 24, 2014 | 12.15 | 17.00 |
| Feb 26, 2013 | 22.58 | 16.60 |
| Feb 29, 2012 | 15.19 | 14.81 |
| Feb 25, 2011 | 15.56 | 14.32 |
| Feb 26, 2010 | 16.37 | 14.63 |
| Feb 24, 2009 | 13.20 | 15.52 |
| Feb 25, 2008 | 18.07 | 19.68 |
| Feb 23, 2007 | 19.75 | 19.79 |
| Feb 28, 2006 | 18.33 | 20.04 |
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).