Total Asset Turnover
since 2005
Calculation
Kellanova, total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 0.84 | = | 13,122) | ÷ | 15,621) |
| Dec 31, 2022 | 0.83 | = | 15,315) | ÷ | 18,496) |
| Dec 31, 2021 | 0.78 | = | 14,181) | ÷ | 18,178) |
| Jan 2, 2021 | 0.77 | = | 13,770) | ÷ | 17,996) |
| Dec 28, 2019 | 0.77 | = | 13,578) | ÷ | 17,564) |
| Dec 29, 2018 | 0.76 | = | 13,547) | ÷ | 17,780) |
| Dec 30, 2017 | 0.79 | = | 12,923) | ÷ | 16,350) |
| Dec 31, 2016 | 0.86 | = | 13,014) | ÷ | 15,111) |
| Dec 31, 2015 | 0.89 | = | 13,525) | ÷ | 15,265) |
| Dec 31, 2014 | 0.96 | = | 14,580) | ÷ | 15,153) |
| Dec 28, 2013 | 0.96 | = | 14,792) | ÷ | 15,474) |
| Dec 29, 2012 | 0.93 | = | 14,197) | ÷ | 15,184) |
| Dec 31, 2011 | 1.11 | = | 13,198) | ÷ | 11,901) |
| Dec 31, 2010 | 1.05 | = | 12,397) | ÷ | 11,847) |
| Dec 31, 2009 | 1.12 | = | 12,575) | ÷ | 11,200) |
| Dec 31, 2008 | 1.17 | = | 12,822) | ÷ | 10,946) |
| Dec 29, 2007 | 1.03 | = | 11,776) | ÷ | 11,397) |
| Dec 30, 2006 | 1.02 | = | 10,907) | ÷ | 10,714) |
| Dec 31, 2005 | 0.96 | = | 10,177) | ÷ | 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 total asset turnover ratio exhibited a cyclical trajectory over the analyzed period, characterized by an initial phase of increasing efficiency, a prolonged period of decline, and a recent trend toward stabilization and modest recovery.
- Initial Efficiency Gains (2005–2011)
- During the early part of the period, asset utilization improved steadily, with the turnover ratio rising from 0.96 in 2005 to a peak of 1.17 in 2008. This trend indicates that net sales grew at a faster rate than the asset base, demonstrating high operational efficiency in generating revenue from the company's investments.
- Period of Efficiency Decline (2012–2018)
- A significant shift occurred in 2012, marked by a substantial increase in total assets from 11.9 billion to 15.2 billion. This expansion led to a sharp decrease in the turnover ratio to 0.93. A persistent downward trend followed, with the ratio reaching a low of 0.76 by 2018. This pattern suggests that capital investments or acquisitions during this window did not yield proportional increases in net sales, resulting in reduced asset productivity.
- Recent Stabilization and Recovery (2019–2023)
- Starting in 2019, the asset turnover ratio stabilized around 0.77 before beginning a gradual recovery. By 2023, the ratio improved to 0.84. This recovery is notable as it occurred despite a decrease in net sales in 2023; the improvement was primarily driven by a reduction in the total asset base from 18.5 billion in 2022 to 15.6 billion in 2023, indicating a strategic contraction or optimization of assets to improve efficiency.
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Comparison to Competitors
Kellanova, total asset turnover, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 30, 2023 | 0.84 | 0.47 | 0.50 | 0.91 | 0.54 |
| Dec 31, 2022 | 0.83 | 0.46 | 0.44 | 0.94 | 0.51 |
| Dec 31, 2021 | 0.78 | 0.41 | 0.43 | 0.86 | 0.76 |
| Jan 2, 2021 | 0.77 | 0.38 | 0.39 | 0.76 | 0.64 |
| Dec 28, 2019 | 0.77 | 0.43 | 0.40 | 0.86 | 0.70 |
| Dec 29, 2018 | 0.76 | 0.38 | 0.41 | 0.83 | 0.74 |
| Dec 30, 2017 | 0.79 | 0.40 | 0.41 | 0.80 | 0.67 |
| Dec 31, 2016 | 0.86 | 0.48 | 0.42 | 0.85 | 0.72 |
| Dec 31, 2015 | 0.89 | 0.49 | 0.47 | 0.91 | 0.79 |
| Dec 31, 2014 | 0.96 | 0.50 | 0.51 | 0.95 | 0.85 |
| Dec 28, 2013 | 0.96 | 0.52 | 0.49 | 0.86 | 0.82 |
| Dec 29, 2012 | 0.93 | 0.56 | 0.46 | 0.88 | 0.83 |
| Dec 31, 2011 | 1.11 | 0.58 | 0.58 | 0.91 | 0.88 |
| Dec 31, 2010 | 1.05 | 0.48 | 0.52 | 0.85 | 0.78 |
| Dec 31, 2009 | 1.12 | 0.64 | 0.61 | 1.08 | 0.72 |
| Dec 31, 2008 | 1.17 | 0.79 | 0.67 | 1.20 | 0.78 |
| Dec 29, 2007 | 1.03 | 0.67 | 0.55 | 1.14 | — |
| Dec 30, 2006 | 1.02 | 0.80 | 0.62 | 1.17 | — |
| Dec 31, 2005 | 0.96 | 0.79 | 0.59 | 1.03 | — |
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, total asset turnover, long-term trends, comparison to sector (food, beverage & tobacco)
| Kellanova | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 30, 2023 | 0.84 | 0.62 |
| Dec 31, 2022 | 0.83 | 0.61 |
| Dec 31, 2021 | 0.78 | 0.60 |
| Jan 2, 2021 | 0.77 | 0.54 |
| Dec 28, 2019 | 0.77 | 0.59 |
| Dec 29, 2018 | 0.76 | 0.58 |
| Dec 30, 2017 | 0.79 | 0.56 |
| Dec 31, 2016 | 0.86 | 0.61 |
| Dec 31, 2015 | 0.89 | 0.64 |
| Dec 31, 2014 | 0.96 | 0.67 |
| Dec 28, 2013 | 0.96 | 0.65 |
| Dec 29, 2012 | 0.93 | 0.66 |
| Dec 31, 2011 | 1.11 | 0.70 |
| Dec 31, 2010 | 1.05 | 0.62 |
| Dec 31, 2009 | 1.12 | 0.74 |
| Dec 31, 2008 | 1.17 | 0.83 |
| Dec 29, 2007 | 1.03 | 0.72 |
| Dec 30, 2006 | 1.02 | 0.81 |
| Dec 31, 2005 | 0.96 | 0.76 |
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, total asset turnover, long-term trends, comparison to industry (consumer staples)
| Kellanova | Consumer Staples | |
|---|---|---|
| Dec 30, 2023 | 0.84 | 1.51 |
| Dec 31, 2022 | 0.83 | 1.47 |
| Dec 31, 2021 | 0.78 | 1.41 |
| Jan 2, 2021 | 0.77 | 1.32 |
| Dec 28, 2019 | 0.77 | 1.39 |
| Dec 29, 2018 | 0.76 | 1.39 |
| Dec 30, 2017 | 0.79 | 1.34 |
| Dec 31, 2016 | 0.86 | 1.35 |
| Dec 31, 2015 | 0.89 | 1.37 |
| Dec 31, 2014 | 0.96 | 1.32 |
| Dec 28, 2013 | 0.96 | 1.30 |
| Dec 29, 2012 | 0.93 | 1.30 |
| Dec 31, 2011 | 1.11 | 1.27 |
| Dec 31, 2010 | 1.05 | 1.24 |
| Dec 31, 2009 | 1.12 | 1.36 |
| Dec 31, 2008 | 1.17 | 1.35 |
| Dec 29, 2007 | 1.03 | 1.32 |
| Dec 30, 2006 | 1.02 | 1.33 |
| Dec 31, 2005 | 0.96 | 1.52 |
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).