Return on Assets (ROA)
since 2005
Calculation
Kellanova, ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income attributable to Kellanova1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 30, 2023 | 6.09% | = | 100 | × | 951) | ÷ | 15,621) |
| Dec 31, 2022 | 5.19% | = | 100 | × | 960) | ÷ | 18,496) |
| Dec 31, 2021 | 8.19% | = | 100 | × | 1,488) | ÷ | 18,178) |
| Jan 2, 2021 | 6.95% | = | 100 | × | 1,251) | ÷ | 17,996) |
| Dec 28, 2019 | 5.47% | = | 100 | × | 960) | ÷ | 17,564) |
| Dec 29, 2018 | 7.51% | = | 100 | × | 1,336) | ÷ | 17,780) |
| Dec 30, 2017 | 7.76% | = | 100 | × | 1,269) | ÷ | 16,350) |
| Dec 31, 2016 | 4.59% | = | 100 | × | 694) | ÷ | 15,111) |
| Dec 31, 2015 | 4.02% | = | 100 | × | 614) | ÷ | 15,265) |
| Dec 31, 2014 | 4.17% | = | 100 | × | 632) | ÷ | 15,153) |
| Dec 28, 2013 | 11.68% | = | 100 | × | 1,807) | ÷ | 15,474) |
| Dec 29, 2012 | 6.33% | = | 100 | × | 961) | ÷ | 15,184) |
| Dec 31, 2011 | 10.34% | = | 100 | × | 1,231) | ÷ | 11,901) |
| Dec 31, 2010 | 10.53% | = | 100 | × | 1,247) | ÷ | 11,847) |
| Dec 31, 2009 | 10.82% | = | 100 | × | 1,212) | ÷ | 11,200) |
| Dec 31, 2008 | 10.49% | = | 100 | × | 1,148) | ÷ | 10,946) |
| Dec 29, 2007 | 9.68% | = | 100 | × | 1,103) | ÷ | 11,397) |
| Dec 30, 2006 | 9.37% | = | 100 | × | 1,004) | ÷ | 10,714) |
| Dec 31, 2005 | 9.27% | = | 100 | × | 980) | ÷ | 10,575) |
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 long-term analysis of asset utilization reveals a transition from a period of high, stable efficiency to a phase characterized by greater volatility and lower relative returns. Between 2005 and 2023, the return on assets (ROA) experienced several distinct cycles of contraction and recovery, reflecting changes in both earnings capacity and the scale of the asset base.
- Net Income Trends
- Earnings exhibited steady growth from 2005 through 2011, followed by a period of significant volatility. A notable peak occurred in 2013 with net income reaching 1,807 million US$, which was followed by a sharp decline to a trough of 614 million US$ in 2015. While a recovery was observed between 2017 and 2021, with a peak of 1,488 million US$ in 2021, net income returned to a lower range of 951 million US$ by 2023.
- Asset Base Evolution
- The total asset base remained relatively stable under 12 billion US$ until 2011. A substantial expansion occurred in 2012, with assets increasing to over 15 billion US$ and maintaining a general upward trajectory to peak at 18.5 billion US$ in 2022. A significant contraction in the asset base was recorded in 2023, with total assets decreasing to 15.6 billion US$.
- ROA Performance and Efficiency
- The most consistent efficiency was observed between 2005 and 2011, where ROA remained above 9%, peaking at 10.82% in 2009. A period of instability followed, characterized by a sharp dip in 2012 and a multi-year low between 2014 and 2016, where ROA fell to 4.02%. Although intermittent recoveries occurred—most notably a spike to 11.68% in 2013 and a rise to 8.19% in 2021—the general trend since 2012 indicates that the expanded asset base has generally yielded lower relative returns compared to the 2005-2011 period, ending at 6.09% in 2023.
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Comparison to Competitors
Kellanova, ROA, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 6.09% | 10.97% | 6.95% | 9.03% | 11.96% |
| Dec 31, 2022 | 5.19% | 10.29% | 3.82% | 9.67% | 14.67% |
| Dec 31, 2021 | 8.19% | 10.36% | 6.41% | 8.25% | 22.06% |
| Jan 2, 2021 | 6.95% | 8.87% | 5.24% | 7.66% | 17.98% |
| Dec 28, 2019 | 5.47% | 10.33% | 6.00% | 9.31% | 16.76% |
| Dec 29, 2018 | 7.51% | 7.73% | 5.39% | 16.12% | 19.88% |
| Dec 30, 2017 | 7.76% | 1.42% | 4.63% | 6.09% | 14.05% |
| Dec 31, 2016 | 4.59% | 7.48% | 2.70% | 8.54% | 18.91% |
| Dec 31, 2015 | 4.02% | 8.16% | 11.56% | 7.83% | 20.24% |
| Dec 31, 2014 | 4.17% | 7.71% | 3.27% | 9.24% | 21.29% |
| Dec 28, 2013 | 11.68% | 9.53% | 5.40% | 8.70% | 22.47% |
| Dec 29, 2012 | 6.33% | 10.47% | 4.01% | 8.28% | 23.36% |
| Dec 31, 2011 | 10.34% | 10.72% | 3.76% | 8.84% | 24.21% |
| Dec 31, 2010 | 10.53% | 16.19% | 4.32% | 9.27% | 20.71% |
| Dec 31, 2009 | 10.82% | 14.02% | 4.53% | 14.92% | 18.35% |
| Dec 31, 2008 | 10.49% | 14.33% | 4.60% | 14.29% | 20.90% |
| Dec 29, 2007 | 9.68% | 13.82% | 3.81% | 16.34% | — |
| Dec 30, 2006 | 9.37% | 16.95% | 5.51% | 18.85% | — |
| Dec 31, 2005 | 9.27% | 16.56% | 4.57% | 12.85% | — |
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, ROA, long-term trends, comparison to sector (food, beverage & tobacco)
| Kellanova | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 30, 2023 | 6.09% | 9.72% |
| Dec 31, 2022 | 5.19% | 9.51% |
| Dec 31, 2021 | 8.19% | 10.44% |
| Jan 2, 2021 | 6.95% | 9.04% |
| Dec 28, 2019 | 5.47% | 10.02% |
| Dec 29, 2018 | 7.51% | 11.48% |
| Dec 30, 2017 | 7.76% | 5.50% |
| Dec 31, 2016 | 4.59% | 8.27% |
| Dec 31, 2015 | 4.02% | 10.50% |
| Dec 31, 2014 | 4.17% | 8.80% |
| Dec 28, 2013 | 11.68% | 10.00% |
| Dec 29, 2012 | 6.33% | 9.86% |
| Dec 31, 2011 | 10.34% | 9.62% |
| Dec 31, 2010 | 10.53% | 10.87% |
| Dec 31, 2009 | 10.82% | 11.66% |
| Dec 31, 2008 | 10.49% | 12.02% |
| Dec 29, 2007 | 9.68% | 9.75% |
| Dec 30, 2006 | 9.37% | 11.94% |
| Dec 31, 2005 | 9.27% | 9.75% |
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, ROA, long-term trends, comparison to industry (consumer staples)
| Kellanova | Consumer Staples | |
|---|---|---|
| Dec 30, 2023 | 6.09% | 8.28% |
| Dec 31, 2022 | 5.19% | 8.95% |
| Dec 31, 2021 | 8.19% | 8.75% |
| Jan 2, 2021 | 6.95% | 8.24% |
| Dec 28, 2019 | 5.47% | 6.41% |
| Dec 29, 2018 | 7.51% | 8.40% |
| Dec 30, 2017 | 7.76% | 7.42% |
| Dec 31, 2016 | 4.59% | 7.94% |
| Dec 31, 2015 | 4.02% | 7.69% |
| Dec 31, 2014 | 4.17% | 7.96% |
| Dec 28, 2013 | 11.68% | 8.75% |
| Dec 29, 2012 | 6.33% | 8.63% |
| Dec 31, 2011 | 10.34% | 8.89% |
| Dec 31, 2010 | 10.53% | 9.45% |
| Dec 31, 2009 | 10.82% | 9.43% |
| Dec 31, 2008 | 10.49% | 9.11% |
| Dec 29, 2007 | 9.68% | 8.07% |
| Dec 30, 2006 | 9.37% | 8.42% |
| Dec 31, 2005 | 9.27% | 9.55% |
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).