Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Kellanova, long-term (investment) activity ratios
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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: 2020-12-31), 10-K (reporting date: 2019-12-28).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained relatively stable between 2019 and 2021, showing values around 3.70. From 2021 onwards, there has been a noticeable increase, reaching 4.09 by the end of 2023, indicating improved efficiency in using fixed assets to generate sales.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This adjusted ratio follows a similar pattern to the standard net fixed asset turnover but at a consistently lower level. It started at 3.27 in 2019 and declined slightly through 2020 and 2021. An increase occurred in 2022 to 3.48, followed by a small decline to 3.39 in 2023. This suggests some fluctuations in the impact of operating leases on asset efficiency.
- Total Asset Turnover
- The total asset turnover ratio demonstrated a slight but steady increase over the observed periods. Beginning at 0.77 in 2019 and 2020, it improved gradually to 0.84 by 2023. This reflects a consistent enhancement in the overall utilization of total assets in generating revenue.
- Equity Turnover
- The equity turnover ratio experienced a noticeable decline from 4.94 in 2019 to 3.81 in 2021, indicating reduced efficiency in using equity to generate sales during this timeframe. However, after 2021, there was a recovery trend, with the ratio increasing to 4.13 in 2023, suggesting improved equity utilization in the more recent years.
Net Fixed Asset Turnover
Kellanova, net fixed asset turnover calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Property, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
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: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Net fixed asset turnover = Net sales ÷ Property, net
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated an overall increasing trend from 2019 to 2022, growing from 13,578 million USD in 2019 to a peak of 15,315 million USD in 2022. However, in 2023, net sales declined to 13,122 million USD, falling below the 2020 and 2021 levels. This suggests a weakening in sales performance after several years of growth.
- Property, net
- The net value of property showed a slight but steady increase from 2019 (3,612 million USD) to 2021 (3,827 million USD), followed by a minor decrease in 2022 (3,789 million USD). In 2023, there was a more notable decline to 3,212 million USD. Overall, property values rose modestly before experiencing a sharper reduction in the most recent year.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained relatively stable between 2019 and 2021, fluctuating narrowly around 3.71 to 3.76. In 2022, this ratio increased to 4.04 and further to 4.09 in 2023, indicating improved efficiency in generating sales from fixed assets despite the decline in net property value and sales in 2023.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Kellanova, net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Property, net | ||||||
| Operating lease right-of-use assets | ||||||
| Property, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | ||||||
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: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales exhibited a generally positive trajectory between 2019 and 2022, increasing steadily from $13,578 million in 2019 to a peak of $15,315 million in 2022. However, there was a noticeable decline in 2023, with net sales falling to $13,122 million, representing a decrease after four consecutive years of growth.
- Property, Net
- The net value of property, including operating lease right-of-use assets, showed moderate fluctuations over the period. The value increased from $4,153 million in 2019 to $4,467 million in 2021, then declined slightly to $4,406 million in 2022, followed by a more significant reduction to $3,873 million in 2023.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained relatively stable with minor variations. It decreased slightly from 3.27 in 2019 to 3.15 in 2020 and then remained nearly constant at 3.17 in 2021. A notable improvement occurred in 2022, with the ratio rising to 3.48, before experiencing a small decline to 3.39 in 2023. This suggests a generally efficient use of fixed assets to generate sales, with a peak efficiency reached in 2022.
- Overall Insights
- The data reflects a period of growth in sales volume and investment in property assets through 2021 and 2022, followed by a contraction in both sales and property value in 2023. Despite the decline in property values and sales in 2023, the net fixed asset turnover remains relatively high, indicating a continued effective utilization of the company's fixed assets in sales generation during that year.
Total Asset Turnover
Kellanova, total asset turnover calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
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: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited a generally positive trend from 2019 through 2022, increasing from 13,578 million US dollars in 2019 to a peak of 15,315 million US dollars in 2022. However, there was a notable decline in 2023, when net sales decreased to 13,122 million US dollars, indicating a reversal of the earlier growth trend.
- Total Assets
- Total assets demonstrated a gradual increase from 17,564 million US dollars in 2019 to a high of 18,496 million US dollars in 2022. In 2023, total assets declined significantly to 15,621 million US dollars, marking a considerable contraction in the asset base compared to the previous year.
- Total Asset Turnover
- The total asset turnover ratio showed consistent improvement over the period, increasing steadily from 0.77 in 2019 to 0.84 in 2023. This rising ratio suggests enhanced efficiency in utilizing assets to generate sales, despite the decline in both net sales and total assets in the latest year.
Equity Turnover
Kellanova, equity turnover calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total Kellanova equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Staples | ||||||
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: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 2023 Calculation
Equity turnover = Net sales ÷ Total Kellanova equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends concerning sales performance, equity development, and efficiency ratios over the five-year period under review.
- Net Sales
- Net sales exhibited a gradual increase from 2019 through 2022, rising from 13,578 million US dollars to a peak of 15,315 million in 2022. However, this upward trend reversed in 2023, with sales declining to 13,122 million US dollars, which is below the 2019 level. This fluctuation suggests volatility in revenue generation, highlighting particularly strong growth until 2022 followed by a notable contraction in the final year observed.
- Total Kellanova Equity
- The company’s total equity showed consistent growth from 2,747 million US dollars in 2019 to 3,941 million in 2022. In 2023, equity decreased to 3,175 million, which, although lower than the prior year, remains above the 2019 and 2020 levels. This indicates a generally expanding equity base over the period with a setback in the last year.
- Equity Turnover Ratio
- The equity turnover ratio, representing the efficiency of using equity to generate sales, declined steadily from 4.94 in 2019 to a low of 3.81 in 2021. It then increased slightly to 3.89 in 2022 and further improved to 4.13 in 2023. This pattern suggests a reduction in operational efficiency during the initial years, followed by a recovery trend in the latest two years, albeit not returning to the highest level recorded in 2019.
Overall, the data depicts a company that experienced growth in both revenue and equity through 2022, followed by a contraction in 2023. The equity turnover ratio indicates varying operational efficiency, with a dip in the middle years and moderate improvement thereafter. These trends may warrant further analysis to identify causes behind the recent declines in sales and equity as well as the factors contributing to the recovery in efficiency ratios.