Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Historical Valuation Ratios (Summary)
Kellanova, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins from March 28, 2020, showing an initial value of 22.98. It declined gradually to a low of 15.18 by April 2, 2022, indicating a decreasing market valuation relative to earnings during this period. Subsequently, there was a noticeable increase in the P/E ratio, peaking at 28.86 on July 1, 2023. Following this peak, the ratio trended downward again to 20.11 by March 30, 2024, but ended slightly higher at 23.42 by June 29, 2024. This pattern suggests oscillations in investor sentiment or earnings expectations, with a period of undervaluation followed by a phase of higher market optimism and then some moderation.
- Price to Operating Profit (P/OP) Ratio
- Starting from March 28, 2020, at 15.75, the P/OP ratio demonstrated a declining trend to 11.57 by March 28, 2021, indicating improving operating profitability relative to the share price or a reduction in valuation multiples. From that low point, the ratio climbed steadily, reaching a high of 16.48 on April 1, 2023. After this peak, the ratio decreased sharply to 11.27 by September 30, 2023, and then exhibited a modest recovery to 13.05 by June 29, 2024. The fluctuations in this ratio reveal variations in the market's assessment of operating profit performance, highlighting changing profit expectations and valuation adjustments over the quarters analyzed.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable in the range between 1.48 and 1.76 from March 28, 2020, to October 1, 2022, indicating consistency in how the market values sales over this period. After that, the ratio decreased to a low of 1.23 in September 30, 2023, suggesting either increased sales performance relative to price or diminished sales expectations. From this point, the ratio rebounded to 1.66 by June 29, 2024, exhibiting recovery in the valuation metric. The relative steadiness in P/S ratios reflects a stable relationship between sales and market capitalization, with some short-term variability likely tied to sales fluctuations or market sentiment shifts.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio data starts from March 30, 2019, at 7.59 and generally shows a downward trend until it reaches a low of 4.41 on September 30, 2023. This downward trend indicates a steady decrease in market valuation relative to the company's book value over several years. Periodic minor recoveries were observed, such as the increase from 5.54 on October 1, 2022, to 6.65 on July 1, 2024. These movements suggest that while the market valuation relative to net assets declined overall, there have been intervals of improved market confidence or asset revaluation. The sharp decline to the lowest point in late 2023 may imply reduced investor confidence or changes in the underlying asset base.
Price to Earnings (P/E)
Kellanova, historical P/E calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income attributable to Kellanova (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
EPS
= (Net income attributable to KellanovaQ2 2024
+ Net income attributable to KellanovaQ1 2024
+ Net income attributable to KellanovaQ4 2023
+ Net income attributable to KellanovaQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kellanova Quarterly or Annual Report.
4 Q2 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several important trends related to share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over multiple quarterly periods.
- Share Price
- The share price showed moderate growth from early 2019 through mid-2022, peaking around July 2022 at approximately $73.82. Following this peak, the price experienced a decline toward the end of 2023, bottoming near $51.99 in September 2023. A recovery trend appears afterward, with share price increasing modestly to about $62.05 by June 2024. The pattern indicates a period of relative stability initially, a significant rise reaching a peak, then a notable drop before gradual improvement.
- Earnings Per Share (EPS)
- EPS data starts from the first quarter of 2020, exhibiting a general upward trend until the first quarter of 2022, where it reached approximately $4.56. Afterward, EPS declines sharply to around $2.41 in the first quarter of 2023, remaining relatively stable with slight fluctuations till mid-2024. This suggests a period of profitability growth followed by a contraction in earnings that stabilized at a lower level.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio started at about 22.98 in the first quarter of 2020 and initially decreased steadily to a low near 15.18 in early 2022. Subsequently, the ratio substantially increased, reaching a peak above 28.86 around mid-2023. Thereafter, it declined somewhat to values around 23 by mid-2024. This pattern reflects changing market perceptions of the stock's valuation relative to its earnings, with a period of undervaluation or strong earnings growth followed by an increase in price relative to earnings, and some normalization later.
In summary, the analysis identifies an initial phase of growth in both earnings and share price followed by earnings contraction and share price volatility. The P/E ratio's fluctuation indicates shifts in investor sentiment and valuation adjustments over the periods. The recent trends suggest cautious recovery in share price and earnings stabilization, but at levels lower than prior peaks.
Price to Operating Profit (P/OP)
Kellanova, historical P/OP calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating profit (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Operating profit per share
= (Operating profitQ2 2024
+ Operating profitQ1 2024
+ Operating profitQ4 2023
+ Operating profitQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kellanova Quarterly or Annual Report.
4 Q2 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the observed periods. The share price exhibited fluctuations, generally oscillating within a range of approximately $56 to $74, with a peak near mid-2022. After reaching this peak, the share price showed a downward trend toward late 2023, subsequently stabilizing around the low $60s by mid-2024.
The operating profit per share demonstrated a gradual increase from early 2020 to mid-2021, rising from approximately $4.1 to a peak near $5.3. Following this peak, it experienced a moderate decline, fluctuating around $4.3 to $4.8 from late 2022 through mid-2024. This suggests a period of growth in profitability initially, followed by some stabilization at a slightly lower level.
The price to operating profit (P/OP) ratio shows an inverse relationship to the operating profit per share. The ratio decreased steadily from a high of approximately 15.75 in early 2020 to a low near 11.57 by the end of 2020. This decline in the P/OP ratio indicates that the share price grew less rapidly or declined relative to operating profit during this period. Subsequently, the ratio fluctuated between 11 and 16, with a general increase through late 2022, implying the market may have assigned a higher valuation multiple during this phase. Toward late 2023 and into mid-2024, the ratio declined again, suggesting adjustments in market expectations or valuation relative to operational earnings.
Overall, the data suggest an initial phase of improving operational profitability accompanied by a rising and then stabilizing share price. The variations in the P/OP ratio indicate changing investor sentiment or valuation multiples over time, with periods of both optimism and caution reflected in the market's pricing of operating earnings.
- Share Price
- Displayed volatility between $56 and $74, peaking in mid-2022, followed by a decline and stabilization around low $60s by mid-2024.
- Operating Profit per Share
- Increased steadily from early 2020 to mid-2021, peaking near $5.3, then declined moderately to a stable range around $4.3 to $4.8 thereafter.
- Price to Operating Profit (P/OP) Ratio
- Declined from above 15 in early 2020 to a trough near 11.5 by late 2020, then fluctuated and increased to values around 16 before declining again toward mid-2024.
Price to Sales (P/S)
Kellanova, historical P/S calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Sales per share
= (Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kellanova Quarterly or Annual Report.
4 Q2 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the presented periods. The data captures fluctuations spanning from early 2019 through mid-2024, reflecting periods of both growth and decline.
- Share Price
- The share price demonstrated an initial upward trajectory from approximately $56.47 in March 2019 to a peak around $73.82 in July 2022. Following this peak, the price experienced a general decline, dropping notably to near $51.99 by September 2023. Subsequent quarters showed a moderate recovery, with prices rising again to around $62.05 by June 2024. This pattern suggests sensitivity to market conditions or company performance with a cycle of growth followed by correction and partial rebound.
- Sales Per Share
- Sales per share data, available from March 2020 onward, indicates a steady and gradual increase from $39.7 to a high of $44.8 by April 2023. After peaking, sales per share show a slight downward trend, decreasing to $37.46 by June 2024. The growth phase suggests improving revenue generation efficiency or company expansion, while the later decline may point to challenges in maintaining sales momentum or shifts in the market environment.
- Price-to-Sales (P/S) Ratio
- The P/S ratio, calculated from March 2020, fluctuates between approximately 1.23 and 1.76. Initially, the ratio increased, reaching a high around 1.76 in late 2020, indicating that the market valued each dollar of sales more highly during this period. Following this, the ratio generally decreased to near 1.23 by September 2023, reflecting a potential repricing of the company’s stock relative to its sales. The ratio recovered somewhat to levels around 1.66 by mid-2024. These movements suggest changing investor sentiment or valuation adjustments in response to performance or external factors.
Overall, the data suggests that while sales per share trended positively for a substantial duration, both share price and P/S ratio exhibited more volatility. The partial recovery in share price and P/S ratio after a downturn may indicate renewed investor confidence or operational improvements. The downward trends in sales per share and valuation metrics in the latter quarters highlight areas for potential strategic focus to sustain financial performance.
Price to Book Value (P/BV)
Kellanova, historical P/BV calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 31, 2021 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Dec 31, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Kellanova equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
BVPS = Total Kellanova equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kellanova Quarterly or Annual Report.
4 Q2 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibits fluctuations over the reported periods, starting at $56.47 in March 2019, and generally climbing to a peak of approximately $73.82 in July 2022. Subsequently, the price declines notably to a low of $51.99 by September 2023, before recovering somewhat towards $62.05 by June 2024. This pattern suggests a phase of growth followed by a period of volatility and partial recovery in the later quarters.
- Book Value Per Share (BVPS)
- BVPS demonstrates a generally upward trend from $7.44 in March 2019 to a peak of $12.55 in October 2022, indicating consistent growth in the company's net asset value per share. However, post-October 2022, a decline is observed with BVPS dropping to $9.22 by July 2024. This decline may reflect asset revaluation, increased liabilities, or distribution effects impacting the company's book value in recent periods.
- Price-to-Book Value Ratio (P/BV)
- P/BV ratios start high at 7.59 in March 2019, exhibiting a gradual downward trend to a low of 4.41 in September 2023, corresponding with the increase in BVPS and the depreciation of the share price in that period. Following this low point, a rebound occurs leading to a ratio of approximately 6.42 by June 2024. This movement indicates changing market perceptions relative to the underlying book value, with investors initially paying a premium that contracted significantly before partially recovering.
- Summary of Interrelations and Trends
- The data reveals that while the company's intrinsic book value per share generally increased over the earlier years, share price movements were more volatile, resulting in varying valuations as expressed by the P/BV ratio. The significant dip in both share price and BVPS after late 2022 resulted in lower valuation multiples, possibly indicating market concerns regarding future growth or risk factors. The subsequent partial recovery in share price and P/BV by mid-2024 suggests renewed investor confidence or a stabilizing valuation despite lower book values.