Price to Sales (P/S)
since 2005
Calculation
Kellanova, P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2024 | 1.46 | = | 56.13 | ÷ | 38.52 | 38.52 | = | 13,122 | ÷ | 340,678,265 | |
| Feb 21, 2023 | 1.54 | = | 68.91 | ÷ | 44.80 | 44.80 | = | 15,315 | ÷ | 341,830,292 | |
| Feb 22, 2022 | 1.59 | = | 66.12 | ÷ | 41.50 | 41.50 | = | 14,181 | ÷ | 341,674,873 | |
| Feb 22, 2021 | 1.48 | = | 59.26 | ÷ | 40.03 | 40.03 | = | 13,770 | ÷ | 343,950,311 | |
| Feb 24, 2020 | 1.62 | = | 64.50 | ÷ | 39.70 | 39.70 | = | 13,578 | ÷ | 342,054,365 | |
| Feb 25, 2019 | 1.41 | = | 55.66 | ÷ | 39.39 | 39.39 | = | 13,547 | ÷ | 343,894,654 | |
| Feb 20, 2018 | 1.86 | = | 69.68 | ÷ | 37.38 | 37.38 | = | 12,923 | ÷ | 345,748,749 | |
| Feb 21, 2017 | 2.02 | = | 74.74 | ÷ | 37.06 | 37.06 | = | 13,014 | ÷ | 351,139,083 | |
| Feb 24, 2016 | 1.91 | = | 73.91 | ÷ | 38.61 | 38.61 | = | 13,525 | ÷ | 350,257,015 | |
| Feb 25, 2015 | 1.58 | = | 64.78 | ÷ | 40.89 | 40.89 | = | 14,580 | ÷ | 356,571,864 | |
| Feb 24, 2014 | 1.48 | = | 60.71 | ÷ | 40.90 | 40.90 | = | 14,792 | ÷ | 361,686,112 | |
| Feb 26, 2013 | 1.53 | = | 59.95 | ÷ | 39.23 | 39.23 | = | 14,197 | ÷ | 361,890,602 | |
| Feb 29, 2012 | 1.42 | = | 52.35 | ÷ | 36.95 | 36.95 | = | 13,198 | ÷ | 357,161,392 | |
| Feb 25, 2011 | 1.57 | = | 53.15 | ÷ | 33.96 | 33.96 | = | 12,397 | ÷ | 365,098,153 | |
| Feb 26, 2010 | 1.58 | = | 52.15 | ÷ | 33.04 | 33.04 | = | 12,575 | ÷ | 380,565,213 | |
| Feb 24, 2009 | 1.18 | = | 39.67 | ÷ | 33.57 | 33.57 | = | 12,822 | ÷ | 381,939,149 | |
| Feb 25, 2008 | 1.69 | = | 51.24 | ÷ | 30.28 | 30.28 | = | 11,776 | ÷ | 388,954,500 | |
| Feb 23, 2007 | 1.82 | = | 49.84 | ÷ | 27.41 | 27.41 | = | 10,907 | ÷ | 397,969,170 | |
| Feb 28, 2006 | 1.77 | = | 44.31 | ÷ | 25.10 | 25.10 | = | 10,177 | ÷ | 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-sales (P/S) ratio reveals a period of moderate volatility with a general tendency toward valuation compression over the long term. While sales per share exhibited a consistent upward trajectory for the majority of the period, the share price experienced more significant fluctuations, leading to varying market valuations relative to revenue.
- Historical Valuation Trends
- The P/S ratio began at 1.77 in 2006 and remained relatively stable until a sharp contraction in February 2009, where it reached a historical low of 1.18. This decline coincided with a significant drop in share price despite an increase in sales per share. Following this trough, the ratio stabilized within a range of 1.42 to 1.58 between 2010 and 2015.
- Peak Valuation Period
- A notable expansion in valuation occurred between 2016 and 2018, with the P/S ratio peaking at 2.02 in February 2017. This peak was driven by share prices reaching their highest levels in the sequence (approximately US$ 74.74), while sales per share remained relatively flat during those specific years, indicating an increase in the premium investors were willing to pay per dollar of revenue.
- Revenue Growth and Ratio Compression
- Sales per share grew steadily from US$ 25.10 in 2006 to a peak of US$ 44.80 in 2023. However, because share price growth did not keep pace with this revenue expansion in the latter half of the period, the P/S ratio generally trended downward from its 2017 peak, settling into a range between 1.41 and 1.62 from 2019 through 2023.
- Recent Performance
- As of February 2024, the P/S ratio is 1.46. This figure is the result of a simultaneous decline in both share price (US$ 56.13) and sales per share (US$ 38.52), returning the valuation to a level consistent with the historical averages observed between 2010 and 2015.
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Comparison to Competitors
Kellanova, P/S, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 20, 2024 | 1.46 | 5.72 | 2.87 | 2.52 | 3.93 |
| Feb 21, 2023 | 1.54 | 6.02 | 2.85 | 2.75 | 5.00 |
| Feb 22, 2022 | 1.59 | 6.99 | 3.24 | 2.93 | 5.33 |
| Feb 22, 2021 | 1.48 | 6.55 | 2.99 | 2.65 | 4.65 |
| Feb 24, 2020 | 1.62 | 6.75 | 3.25 | 3.03 | 4.57 |
| Feb 25, 2019 | 1.41 | 6.15 | 2.61 | 2.52 | 4.03 |
| Feb 20, 2018 | 1.86 | 5.31 | 2.42 | 2.51 | 5.57 |
| Feb 21, 2017 | 2.02 | 4.28 | 2.67 | 2.43 | 5.96 |
| Feb 24, 2016 | 1.91 | 4.32 | 2.11 | 2.22 | 5.28 |
| Feb 25, 2015 | 1.58 | 3.99 | 1.78 | 2.23 | 4.32 |
| Feb 24, 2014 | 1.48 | 3.58 | 1.63 | 1.79 | 4.01 |
| Feb 26, 2013 | 1.53 | 3.57 | 1.35 | 1.78 | 4.91 |
| Feb 29, 2012 | 1.42 | 3.36 | 1.23 | 1.50 | 4.60 |
| Feb 25, 2011 | 1.57 | 4.18 | 1.13 | 1.74 | 4.11 |
| Feb 26, 2010 | 1.58 | 3.92 | 1.06 | 2.27 | 3.68 |
| Feb 24, 2009 | 1.18 | 2.98 | 0.79 | 1.88 | 2.67 |
| Feb 25, 2008 | 1.69 | 4.79 | 1.30 | 2.91 | — |
| Feb 23, 2007 | 1.82 | 4.57 | 1.55 | 3.01 | — |
| Feb 28, 2006 | 1.77 | 4.30 | 1.50 | 3.03 | — |
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 Sector (Food, Beverage & Tobacco)
Kellanova, P/S, long-term trends, comparison to sector (food, beverage & tobacco)
| Kellanova | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 20, 2024 | 1.46 | 3.52 |
| Feb 21, 2023 | 1.54 | 3.87 |
| Feb 22, 2022 | 1.59 | 4.28 |
| Feb 22, 2021 | 1.48 | 3.88 |
| Feb 24, 2020 | 1.62 | 4.22 |
| Feb 25, 2019 | 1.41 | 3.59 |
| Feb 20, 2018 | 1.86 | 3.71 |
| Feb 21, 2017 | 2.02 | 3.56 |
| Feb 24, 2016 | 1.91 | 3.27 |
| Feb 25, 2015 | 1.58 | 2.95 |
| Feb 24, 2014 | 1.48 | 2.61 |
| Feb 26, 2013 | 1.53 | 2.72 |
| Feb 29, 2012 | 1.42 | 2.35 |
| Feb 25, 2011 | 1.57 | 2.45 |
| Feb 26, 2010 | 1.58 | 2.54 |
| Feb 24, 2009 | 1.18 | 1.95 |
| Feb 25, 2008 | 1.69 | 2.86 |
| Feb 23, 2007 | 1.82 | 2.88 |
| Feb 28, 2006 | 1.77 | 2.77 |
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/S, long-term trends, comparison to industry (consumer staples)
| Kellanova | Consumer Staples | |
|---|---|---|
| Feb 20, 2024 | 1.46 | 1.45 |
| Feb 21, 2023 | 1.54 | 1.54 |
| Feb 22, 2022 | 1.59 | 1.61 |
| Feb 22, 2021 | 1.48 | 1.49 |
| Feb 24, 2020 | 1.62 | 1.47 |
| Feb 25, 2019 | 1.41 | 1.24 |
| Feb 20, 2018 | 1.86 | 1.25 |
| Feb 21, 2017 | 2.02 | 1.26 |
| Feb 24, 2016 | 1.91 | 1.23 |
| Feb 25, 2015 | 1.58 | 1.18 |
| Feb 24, 2014 | 1.48 | 1.14 |
| Feb 26, 2013 | 1.53 | 1.10 |
| Feb 29, 2012 | 1.42 | 1.03 |
| Feb 25, 2011 | 1.57 | 1.08 |
| Feb 26, 2010 | 1.58 | 1.01 |
| Feb 24, 2009 | 1.18 | 1.04 |
| Feb 25, 2008 | 1.69 | 1.20 |
| Feb 23, 2007 | 1.82 | 1.25 |
| Feb 28, 2006 | 1.77 | 1.26 |
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).