Tearsheet

Kellanova (K)

Market Price (11/7/2025): $83.265 | Market Cap: $28.9 Bil
Sector: Consumer Staples | Industry: Packaged Foods & Meats

Kellanova (K)

Market Price (11/7/2025): $83.265
Market Cap: $28.9 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%	Weak multi-year price returns 3Y Excs Rtn is -46%
2	Low stock price volatility Vol 12M is 7.2%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%
2	Low stock price volatility Vol 12M is 7.2%
3	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
4	Weak multi-year price returns 3Y Excs Rtn is -46%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%

Market Valuation & Key Metrics

	11/7/25	2024	2023	2022	2021
Share Price CYE	$83.27	$79.28	$52.94	$61.15	$53.47
Market Cap CYE ($ Bil)	28.9	27.3	18.1	21.2	18.3
Total Debt ($ Bil)	6.5	6.3	6.5	7.2	7.7
Total Cash ($ Bil)	0.4	0.7	0.3	0.3	0.3
Enterprise Value ($ Bil)	35.0	33.6	24.6	28.4	26.0
Valuation Ratios
P/S TTM	2.3	2.2	1.5	1.9	1.9
P/EBIT TTM	15.3	14.1	14.2	22.1	13.3
P/E TTM	21.6	20.7	20.1	25.4	14.8
Sector Ratios
P/S TTM (Sector)	0.8	0.9	1.0	0.9	1.6
P/EBIT TTM (Sector)	7.9	9.4	10.6	10.4	12.1
P/E TTM (Sector)	11.9	13.5	15.0	13.2	16.6

	11/7/25	2024	2023
Share Price CYE	$83.27	$79.28	$52.94
Market Cap CYE ($ Bil)	28.9	27.3	18.1
Total Debt ($ Bil)	6.5	6.3	6.5
Total Cash ($ Bil)	0.4	0.7	0.3
Enterprise Value ($ Bil)	35.0	33.6	24.6
Valuation Ratios
P/S TTM	2.3	2.2	1.5
P/EBIT TTM	15.3	14.1	14.2
P/E TTM	21.6	20.7	20.1
Sector Ratios
P/S TTM (Sector)	0.8	0.9	1.0
P/EBIT TTM (Sector)	7.9	9.4	10.6
P/E TTM (Sector)	11.9	13.5	15.0

	K	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	12.6
Rev Chg Q	0.3%	7.1%
Rev Chg LTM	-1.4%	6.0%
Rev Chg 3Y Avg	1.5%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	1.9
CFO LTM ($ Bil)	1.3
Net Inc LTM ($ Bil)	1.3
Op Mgn LTM	14.7%	18.8%
CFO/Rev LTM	10.3%	20.5%
Net Inc Mgn	10.6%	12.9%
VALUATION	HIGH
P/S	2.3	3.1
P/CFO	22.2	15.1
P/FCF	44.5	19.7
P/E	21.7	23.5
STABILITY	GOOD
Debt/Equity	0.22	0.21
Cash/Assets	0.02	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Company Organic Net Sales Growth	-0.5%	9272025	Link
North America Organic Net Sales Growth	-2.6%	9272025	Link
Europe Organic Net Sales Growth	-5%	9272025	Link
Latin America Organic Net Sales Growth	-2.3%	9272025	Link
AMEA Organic Net Sales Growth	11.5%	9272025	Link
Revenue Contribution by Segment	Snacks contributed the highest to net sales, followed by cereal, frozen foods, and noodles.	9272025	Link
Renewable Electricity Target	100% by the end of 2030	10142025	Link
Water Use Reduction Target in High-Stress Regions	30% by the end of 2030	10142025	Link
Food Waste Reduction Target in Owned Manufacturing Facilities	50% by the end of 2030	10142025	Link
Sustainable Packaging Goal	100% reusable, recyclable, or compostable packaging by the end of 2030	10142025	Link
Greenhouse Gas Emissions Reduction Target	Net-zero GHG emissions by 2050	10142025	Link

K Stock

Return (1M):

Factor Drivers of Stock Movement

The 4.7% change in K stock from 8/7/2025 to 11/6/2025 was primarily driven by a 4.7% change in the company's P/E Multiple.

	8072025	11062025	Change
Stock Price ($)	79.50	83.23	4.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12643.00	12643.00	0.00%
Net Income Margin (%)	10.56%	10.56%	0.00%
P/E Multiple	20.66	21.63	4.70%
Shares Outstanding (Mil)	347.00	347.00	0.00%
Cumulative Contribution			4.70%

LTM = Last Twelve Months as of date shown

The 2.3% change in K stock from 5/8/2025 to 11/6/2025 was primarily driven by a 6.0% change in the company's P/E Multiple.

	5082025	11062025	Change
Stock Price ($)	81.37	83.23	2.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12632.00	12643.00	0.09%
Net Income Margin (%)	10.92%	10.56%	-3.35%
P/E Multiple	20.40	21.63	6.04%
Shares Outstanding (Mil)	346.00	347.00	-0.29%
Cumulative Contribution			2.28%

LTM = Last Twelve Months as of date shown

The 5.8% change in K stock from 11/6/2024 to 11/6/2025 was primarily driven by a 34.5% change in the company's Net Income Margin (%).

	11062024	11062025	Change
Stock Price ($)	78.69	83.23	5.77%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12799.00	12643.00	-1.22%
Net Income Margin (%)	7.85%	10.56%	34.47%
P/E Multiple	26.86	21.63	-19.45%
Shares Outstanding (Mil)	343.00	347.00	-1.17%
Cumulative Contribution			5.75%

LTM = Last Twelve Months as of date shown

The 37.1% change in K stock from 11/7/2022 to 11/6/2025 was primarily driven by a 55.8% change in the company's P/E Multiple.

	11072022	11062025	Change
Stock Price ($)	60.69	83.23	37.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12468.00	12643.00	1.40%
Net Income Margin (%)	11.96%	10.56%	-11.70%
P/E Multiple	13.88	21.63	55.85%
Shares Outstanding (Mil)	341.00	347.00	-1.76%
Cumulative Contribution			37.09%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are five key points explaining Kellanova's (K) stock movement during the approximate period from July 31, 2025, to November 7, 2025: 1. Kellanova reported mixed third-quarter 2025 earnings on October 30, 2025. The company announced an adjusted earnings per share (EPS) of $0.94, surpassing the consensus estimate of $0.88. However, revenue came in at $3.22 billion (or $3.26 billion), slightly missing the analyst consensus of $3.25 billion. Additionally, net income declined year-over-year, and sales volumes fell by 1.4%.

2. The European Commission restarted its in-depth review of Mars' proposed $36 billion acquisition of Kellanova. On September 17, 2025, the EU antitrust regulator resumed its probe into the acquisition, setting a new deadline of December 19, 2025. This ongoing regulatory scrutiny introduces uncertainty regarding the deal's completion, which can cause the stock to fluctuate, especially given the potential for significant downside if the deal were to fall through.

3. DA Davidson reduced its Full-Year 2025 EPS estimates for Kellanova. On November 4, 2025, DA Davidson analysts lowered their FY2025 EPS estimate for Kellanova to $3.64 from $3.82, which is below the broader consensus estimate of $3.93 per share. Such a downward revision in future earnings expectations from an analyst firm can negatively impact investor sentiment.

4. A major shareholder, Kellogg W. K. Foundation Trust, executed a significant insider sale. On August 28, 2025, Kellogg W. K. Foundation Trust sold 114,599 shares of Kellanova stock at an average price of $79.55, totaling approximately $9.12 million. This substantial insider transaction, exceeding the $5 million threshold, could be perceived by the market as a lack of confidence by a key stakeholder.

5. Several analyst ratings were updated, with some firms adopting a more cautious stance. JPMorgan Chase & Co. initiated coverage on Kellanova with a "neutral" rating and an $83.50 price objective on August 20, 2025. Subsequently, on October 25, 2025, Weiss Ratings downgraded Kellanova from a "buy" to a "hold" rating, contributing to an overall "Hold" consensus among analysts.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
K Return	-7%	7%	14%	-13%	50%	5%	56%
Peers Return	49%	-33%	-42%	-12%	-16%	-54%	-80%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
K Win Rate	58%	50%	58%	42%	75%	70%
Peers Win Rate	47%	32%	30%	40%	30%	32%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
K Max Drawdown	-22%	-9%	-6%	-26%	-4%	-3%
Peers Max Drawdown	-36%	-39%	-50%	-34%	-41%	-60%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DAR, FRPT, FAMI, ORIS, PAVS. See K Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/6/2025 (YTD)

How Low Can It Go

Unique Key	Event	K	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-36.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	58.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	307 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-24.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	32.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	127 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-30.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	43.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1163 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-37.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	60.1%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	783 days	1480 days

Compare to DAR, FRPT, FAMI, ORIS, PAVS

In The Past

Kellanova's stock fell -36.7% during the 2022 Inflation Shock from a high on 10/31/2022. A -36.7% loss requires a 58.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

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About Kellanova (K)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles. The company offers its products under the Kellogg's, Cheez-It, Pringles, Austin, Parati, RXBAR, Kashi, Bear Naked, Eggo, Morningstar Farms, Choco Krispies, Crunchy Nut, Nutri-Grain, Special K, Squares, Zucaritas, Sucrilhos, Pop-Tarts, K-Time, Sunibrite, Split Stix, Be Natural, LCMs, Coco Pops, Frosties, Rice Krispies Squares, Kashi Go, Vector, Incogmeato, Veggitizers, and Gardenburger brand names. It sells its products to retailers through direct sales forces, as well as brokers and distributors. The company was founded in 1906 and is headquartered in Battle Creek, Michigan.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Kellanova:

A global snack and convenience food powerhouse, akin to a pure-play version of PepsiCo's (PEP) Frito-Lay snack division.
The 'Mondelez International' (MDLZ) of iconic brands like Pringles, Cheez-It, and Pop-Tarts.

AI Generated Analysis | Feedback

Here are the major products of Kellanova:

Pringles: A brand of potato and wheat-based stackable snack chips.
Cheez-It: A brand of cheese crackers.
Pop-Tarts: A brand of pre-baked, convenience toaster pastries.
Kellogg's International Cereals: Various breakfast cereals like Special K, Krave, and Frosties, sold primarily outside North America.
Nutri-Grain: A brand of fruit and grain breakfast bars.
Morningstar Farms: A brand of plant-based meat and vegetarian food products.

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Kellanova's Major Customers

Kellanova (symbol: K) primarily sells its products to other companies, specifically large retail chains that then sell to individual consumers. While Kellanova's 2023 10-K report indicates a high concentration of sales among its top customers (its single largest customer accounted for approximately 15% of consolidated net sales, and its top five customers accounted for approximately 31%), the company does not publicly disclose the specific names of these major customers due to competitive considerations. However, based on its business model as a global consumer packaged goods (CPG) company, its major customers would typically include the following types of large retailers. The companies listed below are examples of such entities that would form Kellanova's primary customer base: *

Mass Merchandisers:

Walmart Inc. (WMT)
Target Corporation (TGT)

Grocery Store Chains:

The Kroger Co. (KR)
Albertsons Companies, Inc. (ACI)
Ahold Delhaize (operates brands like Stop & Shop, Giant, Food Lion in the U.S.; symbol: ADRNY on OTC, AHOLD.AS on Euronext Amsterdam)

Club Stores:

Costco Wholesale Corporation (COST)
BJ's Wholesale Club Holdings, Inc. (BJ)

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Steve Cahillane, Chairman, President and Chief Executive Officer

Steve Cahillane joined Kellanova, previously Kellogg Company, in October 2017 as President and Chief Executive Officer, becoming Chairman of the Board in March 2018. Prior to Kellanova, he was President and Chief Executive Officer at The Nature's Bounty Co. from 2014 to 2017, where he established a thriving eCommerce division and created significant shareholder value. Before that, he spent seven years with The Coca-Cola Company, serving most recently as President of Coca-Cola Americas. He also held various senior leadership roles over eight years at AB InBev, including Chief Commercial Officer. Cahillane founded State Street Brewing Company in Chicago in 1995, selling the business in 1997 before joining Coors Distribution Company.

John Renwick, Chief Financial Officer

John Renwick was appointed Kellanova Chief Financial Officer in October 2025. He previously served as Vice President, Investor Relations & Corporate Planning for eight years. Renwick joined Kellogg in 2000, and his past roles include Vice President, Finance & CFO for U.S. Snacks from 2013 to 2016, along with various international finance leadership positions. Before his tenure at Kellogg, he was Vice President of Equity Research at Morgan Stanley from 1993 to 2000 and an Assistant Vice President of middle market banking at Chemical Bank.

Nicolas Amaya, Senior Vice President & President, Kellanova North America

Nicolas Amaya serves as Senior Vice President and President, Kellanova North America. He most recently held the position of President, Kellanova Latin America. Amaya began his career at Kellogg in 2001 as a Marketing Intern for Eggo in the United States and has since held various leadership positions in the U.S. and Latin America across the cereal, frozen, and snacks businesses. Notably, he led the regional integration of Pringles in 2012. Before joining Kellogg, Mr. Amaya worked in various marketing roles at Unilever Andina in the personal care division.

Charisse Hughes, Senior Vice President, Chief Growth Officer

Charisse Hughes has served as Senior Vice President and Chief Growth Officer at Kellanova since May 2023. She joined Kellogg in 2020, initially as Chief Marketing Officer, and later held the role of Chief Brand & Advanced Analytics Officer. In her current capacity, Ms. Hughes is responsible for leading the company's growth strategy, encompassing Global Brands, Innovation and R&D, Commercial Advanced Analytics, Marketing Excellence, and Licensing & Cultural Initiatives.

Shumit Kapoor, Senior Vice President & President, Asia Pacific, Middle East And Africa

Shumit Kapoor joined Kellanova as Senior Vice President and President, Asia Pacific, Middle East and Africa in July 2020. Prior to his time at Kellanova, Mr. Kapoor spent nine years at Mars Inc., where he held various leadership positions. His most recent role at Mars was Regional President, Pet Nutrition, Asia Pacific, which also included oversight of the confectionery and food business in Japan and New Zealand.

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Addressable Markets for Kellanova's Main Products:

Snacks (Global): The global snacks market was estimated at USD 719.18 billion in 2024 and is projected to reach USD 922.08 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.3% from 2025 to 2030.
Savory Snacks (North America): The North America savory snacks market size was valued at USD 46.40 billion in 2024 and is projected to grow at a CAGR of 6.5% from 2025 to 2030.
International Cereal (Global): The global cereals market was valued at USD 40 billion in 2024 and is projected to grow at a CAGR of 4.3% from 2025 to 2030, reaching USD 51.50 billion by 2030.
Plant-Based Foods (Global): The global plant-based food market size was USD 56.99 billion in 2024 and is expected to reach USD 108.55 billion by 2029, with a compound annual growth rate (CAGR) of 14.1%.
North American Frozen Breakfast: null

AI Generated Analysis | Feedback

Kellanova (NYSE: K) is currently in the process of being acquired by Mars, Incorporated, with the transaction anticipated to close towards the end of 2025. Given this pending acquisition, identifying 3-5 expected drivers of future revenue growth for Kellanova as a standalone public company over the next 2-3 years is not applicable, as Kellanova is expected to cease being an independent public entity within that timeframe. The acquisition by Mars was announced on August 14, 2024, for $83.50 per share in cash. Kellanova shareholders approved the merger on November 1, 2024. While the U.S. Federal Trade Commission cleared the deal in June 2025, the European Commission launched an in-depth (Phase II) investigation, leading to a revised expected closing date of late 2025. Upon completion, Kellanova will become part of Mars Snacking.

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Share Repurchases

Kellanova reported $46.00 million in stock buybacks for the quarter ending June 30, 2025.
The company's free cash flow is allocated for various purposes, including future share repurchases.

Share Issuance

Kellanova had net issuances of common stock totaling $88 million for the period ending June 28, 2025.
Net issuances of common stock amounted to $45 million for the period ending December 31, 2024.
The number of shares outstanding for Kellanova increased to 350 million for the quarter ending September 30, 2025, reflecting a 0.86% increase year-over-year.

Inbound Investments

Mars, Incorporated entered into a definitive agreement to acquire Kellanova for $83.50 per share in cash, with the announcement made on August 14, 2024.
Kellanova shareholders approved this proposed transaction on November 1, 2024, with the acquisition valued at approximately $36 billion.

Capital Expenditures

Kellanova's capital expenditures for the full year 2024 were $628 million.
For the latest twelve months ending June 28, 2025, capital expenditures totaled $559.6 million.
Capital spending has been focused on investments in supply chain infrastructure and manufacturing capacity expansions, aiming to enhance capabilities for its differentiated brands.

Better Bets than Kellanova (K)

	K	Better Performance than K
Metric	Value	Industry (Packaged Foods & Meats)
Rev Chg LTM	-1.4%	MDLZ (4.1%), HSY (2.5%), JBS (41.6%), TSN (2.0%), MKC (1.6%)
Rev Chg 3Y Avg	1.5%	MDLZ (7.5%), HSY (5.2%), JBS (12.4%), MKC (2.1%), SJM (2.9%)
Op Mgn LTM	14.7%	HSY (19.1%), KHC (19.5%), GIS (16.4%), MKC (16.0%), SJM (15.5%)
CFO/Rev LTM	10.3%	HSY (19.0%), KHC (17.8%), GIS (14.0%), MKC (12.9%), SJM (11.8%)
FCF/Rev LTM	5.1%	MDLZ (6.1%), HSY (14.0%), KHC (14.4%), GIS (10.9%), MKC (9.7%)
Total Yield	7.4%	MDLZ (8.3%), HSY (7.7%), JBS (91.1%), GIS (17.1%), HRL (11.6%)

	K	Better Performance than K
Metric	Value	Sector (Consumer Staples)
Rev Chg LTM	-1.4%	WMT (4.2%), COST (8.2%), PG (1.2%), KO (2.8%), PM (7.5%)
Rev Chg 3Y Avg	1.5%	WMT (5.7%), COST (6.6%), PG (1.8%), KO (4.0%), PM (8.0%)
Op Mgn LTM	14.7%	PG (24.1%), KO (31.3%), PM (37.1%), BUD (26.1%), MO (59.0%)
CFO/Rev LTM	10.3%	PG (22.3%), KO (16.0%), PM (28.8%), PEP (12.7%), UL (12.4%)
FCF/Rev LTM	5.1%	PG (17.6%), KO (11.7%), PM (25.3%), PEP (7.3%), UL (12.4%)
Total Yield	7.4%	PEP (7.6%), MO (16.2%), MDLZ (8.3%), CL (7.5%), KR (8.6%)

	K	Better Performance than K
Metric	Value	All Other Sectors
Rev Chg LTM	-1.4%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	1.5%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	14.7%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	10.3%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	5.1%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield	7.4%	XOM (9.7%), JNJ (8.3%), BAC (7.5%), BABA (37.6%), CVX (8.4%)

		Best Bets In Consumer Staples Sector
	K	MO	PM	MNST	PG	STZ	CL	HSY	KO	FIZZ	COCO
What You Pay
P/E	21.6	11.0	27.1	41.1	20.4	18.4	21.5	22.2	22.8	16.5	34.4
P/EBIT	15.3	8.2	15.2	31.2	15.6	10.6	14.9	17.8	17.0	12.9	32.3
What You Get
Rev Chg Q	0.3%	0.2%	9.4%	11.1%	3.0%	-15.0%	1.0%	26.0%	5.1%	0.3%	37.2%
Rev Chg LTM	-1.4%	-0.2%	7.5%	3.7%	1.2%	-5.6%	0.1%	2.5%	2.8%	0.5%	23.1%
Rev Chg 3Y Avg	1.5%	-0.9%	8.0%	8.5%	1.8%	0.7%	4.2%	5.2%	4.0%	1.7%	13.3%
FCF/Rev 3Y Avg	7.2%	42.7%	24.9%	21.4%	18.0%	17.0%	15.4%	13.9%	13.9%	13.9%	13.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Kellanova Earnings Notes
2	How Low Can Kellanova Stock Really Go?	Return
3	Day 5 of Gains Streak for Kellanova Stock with 7% Return (vs. 4% YTD) [10/1/2025]	Notification
4	Day 5 of Gains Streak for Kellanova Stock with 7% Return (vs. 4% YTD) [10/1/2025]	Notification
5	Day 5 of Gains Streak for Kellanova Stock with 7.1% Return (vs. 4% YTD) [10/1/2025]	Notification
6	Now Is Not The Time To Buy Kellanova Stock	Buy or Fear
7	After K's 5.2% Climb in a Day, SJM Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
8	Kellanova vs Keurig Dr Pepper: Which Is A Better Investment?	Counter-Intuitive Comparisons
9	Kellanova vs Lamb Weston: Which Is A Better Investment?	Counter-Intuitive Comparisons
10	null
11	ARTICLES
12	Mid Cap Stocks Trading At 52-Week High		November 6th, 2025
13	S&P 500 Stocks Trading At 52-Week High		October 28th, 2025
14	K Stock Up 7.1% after 5-Day Win Streak		October 2nd, 2025
15	K Up 5.2% in One Day, Now Is Not The Time To Buy The Stock		September 30th, 2025
16	K’s 5.2% One Day Pop Begs The Question: Is SJM Better Instead?		September 30th, 2025

	Title
0	DASHBOARDS
1	Kellanova Earnings Notes
2	How Low Can Kellanova Stock Really Go?
3	Day 5 of Gains Streak for Kellanova Stock with 7% Return (vs. 4% YTD) [10/1/2025]
4	Day 5 of Gains Streak for Kellanova Stock with 7% Return (vs. 4% YTD) [10/1/2025]
5	Day 5 of Gains Streak for Kellanova Stock with 7.1% Return (vs. 4% YTD) [10/1/2025]
6	Now Is Not The Time To Buy Kellanova Stock
7	After K's 5.2% Climb in a Day, SJM Looks Like the Stronger Long-Term Play
8	Kellanova vs Keurig Dr Pepper: Which Is A Better Investment?
9	Kellanova vs Lamb Weston: Which Is A Better Investment?
10	null
11	ARTICLES
12	Mid Cap Stocks Trading At 52-Week High
13	S&P 500 Stocks Trading At 52-Week High
14	K Stock Up 7.1% after 5-Day Win Streak
15	K Up 5.2% in One Day, Now Is Not The Time To Buy The Stock
16	K’s 5.2% One Day Pop Begs The Question: Is SJM Better Instead?

Trade Ideas

Select past ideas related to K. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CLX_10312025_Dip_Buyer_ValueBuy	10312025	CLX	Clorox	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-5.5%	-5.5%	-5.5%
IPAR_10032025_Dip_Buyer_FCFYield	10032025	IPAR	Interparfums	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-7.2%	-7.2%	-7.2%
TAP_9262025_Dip_Buyer_FCFYield	09262025	TAP	Molson Coors Beverage	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.7%	-1.7%	-3.6%
GIS_9262025_Dip_Buyer_ValueBuy	09262025	GIS	General Mills	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.1%	-7.1%	-7.1%
SMPL_9122025_Dip_Buyer_FCFYield	09122025	SMPL	Simply Good Foods	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-25.9%	-25.9%	-29.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CLX_10312025_Dip_Buyer_ValueBuy	10312025	CLX	Clorox	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-5.5%	-5.5%	-5.5%
IPAR_10032025_Dip_Buyer_FCFYield	10032025	IPAR	Interparfums	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-7.2%	-7.2%	-7.2%
TAP_9262025_Dip_Buyer_FCFYield	09262025	TAP	Molson Coors Beverage	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.7%	-1.7%	-3.6%
GIS_9262025_Dip_Buyer_ValueBuy	09262025	GIS	General Mills	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.1%	-7.1%	-7.1%
SMPL_9122025_Dip_Buyer_FCFYield	09122025	SMPL	Simply Good Foods	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-25.9%	-25.9%	-29.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	1.6	35.9%	16.2%
GDEN	Golden Entertainment	0.7	34.3%	-7.2%
HAE	Haemonetics	3.2	32.3%	-14.0%
APPN	Appian	2.8	30.8%	16.3%
LFST	LifeStance Health	2.4	29.9%	-15.2%
IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
BLZE	Backblaze	0.3	-33.8%	2.7%
PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.7	217.5%	123.9%
VTYX	Ventyx Biosciences	0.7	141.8%	322.8%
INBX	Inhibrx Biosciences	1.3	141.0%	425.9%
TERN	Terns Pharmaceuticals	1.7	120.9%	229.4%
PUMP	ProPetro	1.1	88.9%	15.2%
CSIQ	Canadian Solar	1.8	87.1%	140.5%
REPL	Replimune	0.8	86.0%	-29.8%
VICR	Vicor	4.0	72.9%	84.2%
GLUE	Monte Rosa Therapeutics	1.1	68.7%	87.5%
ESTA	Establishment Labs	1.9	61.8%	40.9%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-75.7%	-78.9%
FMC	FMC	1.6	-57.3%	-72.1%
QURE	uniQure	1.5	-54.1%	55.8%
ONDS	Ondas	0.8	-53.4%	105.1%
FI	Fiserv	33.9	-51.3%	-70.0%
LRN	Stride	3.0	-51.2%	-32.1%
ASPN	Aspen Aerogels	0.3	-50.5%	-65.4%
DD	DuPont de Nemours	16.4	-50.0%	-47.8%
NTLA	Intellia Therapeutics	1.3	-49.7%	5.7%
ELF	e.l.f. Beauty	4.3	-47.2%	-39.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	1.6	35.9%	16.2%
GDEN	Golden Entertainment	0.7	34.3%	-7.2%
HAE	Haemonetics	3.2	32.3%	-14.0%
APPN	Appian	2.8	30.8%	16.3%
LFST	LifeStance Health	2.4	29.9%	-15.2%
IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
BLZE	Backblaze	0.3	-33.8%	2.7%
PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

Peer Comparisons for Kellanova

Financials

	K	DAR	FRPT	FAMI	ORIS	PAVS	Median
Name	Kellanova	Darling .	Freshpet	Farmmi	Oriental.	Paranovu.
Mkt Price	83.23	31.92	56.00	1.54	0.14	0.60	16.73
Mkt Cap	28.9	5.1	2.7	-	-	-	5.1
Rev LTM	12,643	5,844	1,079	-	-	-	5,844
Op Inc LTM	1,855	374	51	-	-	-	374
FCF LTM	650	476	2	-	-	-	476
FCF 3Y Avg	895	428	-79	-	-	-	428
CFO LTM	1,305	774	156	-	-	-	774
CFO 3Y Avg	1,512	844	115	-	-	-	844

Growth & Margins

	K	DAR	FRPT	FAMI	ORIS	PAVS	Median
Name	Kellanova	Darling .	Freshpet	Farmmi	Oriental.	Paranovu.
Rev Chg LTM	-1.4%	-1.1%	16.3%	-	-	-	-1.1%
Rev Chg 3Y Avg	1.5%	-0.6%	25.7%	-	-	-	1.5%
Rev Chg Q	0.3%	10.0%	14.0%	-	-	-	10.0%
QoQ Delta Rev Chg LTM	0.1%	2.5%	3.4%	-	-	-	2.5%
Op Mgn LTM	14.7%	6.4%	4.7%	-	-	-	6.4%
Op Mgn 3Y Avg	12.1%	6.9%	0.6%	-	-	-	6.9%
QoQ Delta Op Mgn LTM	-0.4%	0.7%	1.1%	-	-	-	0.7%
CFO/Rev LTM	10.3%	13.2%	14.4%	-	-	-	13.2%
CFO/Rev 3Y Avg	12.2%	13.6%	12.2%	-	-	-	12.2%
FCF/Rev LTM	5.1%	8.1%	0.2%	-	-	-	5.1%
FCF/Rev 3Y Avg	7.2%	7.0%	-10.4%	-	-	-	7.0%

Valuation

	K	DAR	FRPT	FAMI	ORIS	PAVS	Median
Name	Kellanova	Darling .	Freshpet	Farmmi	Oriental.	Paranovu.
Mkt Cap	28.9	5.1	2.7	-	-	-	5.1
P/S	2.3	0.9	2.5	-	-	-	2.3
P/EBIT	15.3	16.1	45.4	-	-	-	16.1
P/E	21.6	46.9	22.1	-	-	-	22.1
P/CFO	22.1	6.5	17.5	-	-	-	17.5
Total Yield	7.4%	2.1%	4.5%	-	-	-	4.5%
Dividend Yield	2.7%	0.0%	0.0%	-	-	-	0.0%
FCF Yield 3Y Avg	3.6%	7.2%	-2.1%	-	-	-	3.6%
D/E	0.2	0.9	0.2	-	-	-	0.2
Net D/E	0.2	0.8	0.1	-	-	-	0.2

Returns

	K	DAR	FRPT	FAMI	ORIS	PAVS	Median
Name	Kellanova	Darling .	Freshpet	Farmmi	Oriental.	Paranovu.
1M Rtn	0.4%	3.2%	5.9%	-15.8%	-9.2%	-40.6%	-4.4%
3M Rtn	4.7%	4.0%	-12.5%	1.5%	60.3%	-16.5%	2.7%
6M Rtn	2.3%	-5.7%	-31.7%	-7.8%	-83.7%	-43.4%	-19.8%
12M Rtn	5.8%	-18.9%	-63.9%	-60.6%	-98.0%	-35.5%	-48.0%
3Y Rtn	37.1%	-60.1%	-15.2%	-97.1%	-	-76.8%	-60.1%
1M Excs Rtn	0.9%	1.7%	13.6%	-16.3%	-12.5%	-41.2%	-5.8%
3M Excs Rtn	-0.5%	-1.0%	-15.9%	-8.9%	1.4%	-28.2%	-4.9%
6M Excs Rtn	-16.4%	-24.4%	-50.4%	-26.4%	-102.3%	-62.0%	-38.4%
12M Excs Rtn	-11.4%	-37.4%	-80.4%	-74.0%	-115.6%	-53.1%	-63.6%
3Y Excs Rtn	-45.6%	-133.9%	-80.0%	-171.5%	-	-148.5%	-133.9%

Financials

Annual
Quarterly

$ Mil \| FY: 12/28	LTM	2024	2023	2022	2021	2020	2019
Period End	6/28/2025	12/28/2024	12/31/2023	12/31/2022	12/31/2021	1/2/2021	12/28/2019
Filing Date	7/31/2025	2/21/2025	2/20/2024	2/21/2023	2/22/2022	2/22/2021	2/24/2020
Key Financials
Total Revenue	12,643	12,749	13,122	12,653	11,747	13,770	13,578
EBITDA	2,260	2,332	1,762	1,581	2,124	2,361	2,073
Operating Income	1,855	1,873	1,505	1,211	1,383	1,761	1,401
Net Income	1,335	1,343	951	960	1,488	1,251	960
EPS	3.87	3.92	2.78	2.81	4.36	3.65	2.81
Growth Rates
Total Revenue Growth	-1.4%	-2.8%	3.7%	7.7%	-14.7%	1.4%	0.2%
EBITDA Growth	20.8%	32.3%	11.4%	-25.6%	-10.0%	13.9%	-2.8%
Operating Income Growth	13.9%	24.5%	24.3%	-12.4%	-21.5%	25.7%	-17.9%
Net Income Growth	47.2%	41.2%	-0.9%	-35.5%	18.9%	30.3%	-28.1%
Margins
EBITDA Margin	17.9%	18.3%	13.4%	12.5%	18.1%	17.1%	15.3%
Operating Income Margin	14.7%	14.7%	11.5%	9.6%	11.8%	12.8%	10.3%
Net Income Margin	10.6%	10.5%	7.2%	7.6%	12.7%	9.1%	7.1%
Cash & Debt
Total Cash	354	694	274	299	286	435	397
Total Debt	6,484	6,342	6,526	7,164	7,729	8,112	8,469
Net Debt / (Cash)	6,130	5,648	6,252	6,865	7,443	7,677	8,072
Cash Flows
Net Cash from Operations	1,305	1,760	1,645	1,651	1,701	1,986	1,176
Free Cash from Operations	650	1,132	968	1,163	1,148	1,481	590
Returns to Shareholders
Dividends	788	776	800	797	788	782	769
Share Repurchases	-0	-0	170	300	240	-0	220

$ Mil \| FY: 12/28	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/28/2025	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/31/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	10/1/2022
Filing Date	7/31/2025	5/1/2025	2/21/2025	10/31/2024	8/1/2024	5/2/2024	2/20/2024	11/8/2023	8/3/2023	5/4/2023	2/21/2023	11/3/2022
Key Financials Quarterly
Total Revenue	3,203	3,083	3,124	3,233	3,192	3,200	3,174	3,255	3,351	3,342	1,171	3,946
Ebitda	538	533	620	569	621	522	264	464	555	479	-258	535
Operating Income	438	430	531	456	493	393	328	414	417	346	-89	368
Net Income	299	304	365	367	344	267	27	269	357	298	-98	310
EPS	0.86	0.88	1.06	1.07	1.01	0.78	0.08	0.79	1.04	0.87	-0.29	0.91
Key Financials TTM
Total Revenue TTM	12,643	12,632	12,749	12,799	12,821	12,980	13,122	11,119	11,810	12,323	12,653	12,468
Ebitda TTM	2,260	2,343	2,332	1,976	1,871	1,805	1,762	1,240	1,311	1,350	1,581	2,039
Operating Income TTM	1,855	1,910	1,873	1,670	1,628	1,552	1,505	1,088	1,042	1,040	1,211	1,260
Net Income TTM	1,335	1,380	1,343	1,005	907	920	951	826	867	836	960	1,491
Growth Rates Quarterly
Total Revenue Growth	0.3%	-3.7%	-1.6%	-0.7%	-4.7%	-4.2%	171.1%	-17.5%	-13.3%	-9.0%	18.8%	8.9%
EBITDA Growth	-13.4%	2.1%	134.8%	22.6%	11.9%	9.0%	202.3%	-13.3%	-6.6%	-32.5%	-229.0%	-4.6%
Operating Income Growth	-11.2%	9.4%	61.9%	10.1%	18.2%	13.6%	468.5%	12.5%	0.5%	-33.1%	-122.5%	-17.7%
Net Income Growth	-13.1%	13.9%	1251.9%	36.4%	-3.6%	-10.4%	127.6%	-13.2%	9.5%	-29.4%	-122.6%	1.0%
Margins Quarterly
EBITDA Margin	16.8%	17.3%	19.8%	17.6%	19.5%	16.3%	8.3%	14.3%	16.6%	14.3%	-22.0%	13.6%
Operating Income Margin	13.7%	13.9%	17.0%	14.1%	15.4%	12.3%	10.3%	12.7%	12.4%	10.4%	-7.6%	9.3%
Net Income Margin	9.3%	9.9%	11.7%	11.4%	10.8%	8.3%	0.9%	8.3%	10.7%	8.9%	-8.4%	7.9%
Cash & Debt
Total Cash	354	330	694	569	272	242	274	1,099	308	347	299	373
Total Debt	6,484	6,220	6,342	6,481	6,501	6,593	6,526	7,674	7,330	7,387	7,164	7,276
Net Debt / (Cash)	6,130	5,890	5,648	5,912	6,229	6,351	6,252	6,575	7,022	7,040	6,865	6,903
Cash Flows Quarterly
FCF from Operations	169	116	467	553	376	364	245	756	368	276	471	375
Cash Flows TTM
FCF from Operations TTM	1,305	1,512	1,760	1,538	1,741	1,733	1,645	1,871	1,490	1,600	1,651	1,736
Returns to Shareholders Quarterly
Dividends	198	197	196	197	192	191	190	206	202	202	201	202
Share Repurchases	-0	-0	-0	-0	-0	-0	110	-0	60	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	22.4%	23.6%	30.1%	28.2%	24.7%	19.0%	12.0%	18.1%	18.8%	15.6%	-4.0%	17.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	25.0%	26.7%	27.1%	22.7%	19.5%	18.2%	18.1%	12.8%	12.2%	11.9%	14.1%	14.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Snacks	8,105	7,563	6,807	6,281	6,663
Cereal	2,736	2,618	5,123	5,433	5,029
Noodles and other	1,186	1,375	1,145	917	849
Frozen	1,095	1,097	1,106	1,139	1,037
Total	13,122	12,653	14,181	13,770	13,578

Price Behavior

Price Behavior

Market Price	$83.23
Market Cap ($ Bil)	28.9
First Trading Date	12/17/1984
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$81.09	$80.55
DMA Trend	indeterminate	up
Distance from DMA	2.6%	3.3%
	3M	1YR
Volatility	11.6%	7.2%
Downside Capture	-4.92	5.01
Upside Capture	20.30	9.94
Correlation (SPY)	3.8%	12.5%

K Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.03	0.04	0.05	0.06	0.05	0.05
Up Beta	-0.07	-0.10	0.03	0.01	0.05	0.11
Down Beta	0.02	-0.03	-0.03	-0.00	0.01	-0.24
Up Capture	5%	30%	18%	9%	6%	4%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	11	23	34	61	130	385
Down Capture	-15%	-9%	-4%	14%	8%	25%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	10	19	29	63	114	354

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of K With Other Asset Classes (Last 1Y)
	K	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.2%	-3.8%	18.5%	45.0%	2.2%	-1.7%	50.6%
Annualized Volatility	7.2%	13.8%	19.6%	19.9%	16.2%	17.9%	37.1%
Sharpe Ratio	0.27	-0.52	0.74	1.76	-0.05	-0.24	0.86
Correlation With Other Assets		28.1%	12.6%	8.4%	-5.0%	22.1%	8.0%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of K With Other Asset Classes (Last 5Y)
	K	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.7%	6.5%	16.8%	15.9%	13.8%	6.7%	50.4%
Annualized Volatility	19.4%	13.1%	17.1%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.45	0.30	0.80	0.81	0.61	0.27	0.77
Correlation With Other Assets		45.6%	7.9%	4.6%	-1.0%	19.1%	-4.1%

Based On 10-Year Data

		Comparison of K With Other Asset Classes (Last 10Y)
	K	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.7%	6.9%	14.3%	12.8%	5.1%	5.0%	78.6%
Annualized Volatility	21.3%	14.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.24	0.35	0.68	0.71	0.22	0.21	0.96
Correlation With Other Assets		56.7%	25.4%	6.2%	3.7%	30.8%	0.5%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	12,321,898
Short Interest: % Change Since 9302025	6.3%
Average Daily Volume	3,198,662
Days-to-Cover Short Interest	3.85
Basic Shares Quantity	347,000,000
Short % of Basic Shares	3.6%

Returns Analyses

	Title
0	How Low Can Kellanova Stock Really Go?
1	K YTD Stock Return Of 48% Outperforms DAR by 62% and Underperforms FRPT by -25%
2	Kellanova Stock Return Comparison
3	[10/2/2021] Kellogg (K) Stock Price Forecast: AI Forecasts K Stock Price To Be Around $63.9 In A Month (Down 0%)

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	0.1%	0.2%
7/31/2025	0.0%	0.1%	-0.4%
5/1/2025	0.0%	-0.3%	-0.2%
2/6/2025	0.3%	0.4%	1.4%
10/31/2024	-0.2%	0.1%	0.5%
8/1/2024	6.7%	25.5%	38.5%
5/2/2024	7.5%	9.4%	5.9%
2/8/2024	2.3%	0.6%	2.0%
...
SUMMARY STATS
# Positive	13	16	12
# Negative	11	8	12
Median Positive	2.1%	2.3%	2.6%
Median Negative	-0.6%	-1.9%	-1.8%
Max Positive	7.5%	25.5%	38.5%
Max Negative	-8.5%	-6.4%	-8.0%

	Forward Returns
10/30/2025	0.1%	0.2%
7/31/2025	0.0%	0.1%	-0.4%
5/1/2025	0.0%	-0.3%	-0.2%
2/6/2025	0.3%	0.4%	1.4%
10/31/2024	-0.2%	0.1%	0.5%
8/1/2024	6.7%	25.5%	38.5%
5/2/2024	7.5%	9.4%	5.9%
2/8/2024	2.3%	0.6%	2.0%
11/8/2023	2.1%	3.3%	7.6%
8/3/2023	-0.6%	-4.6%	-7.5%
5/4/2023	-1.6%	-1.4%	-4.9%
2/9/2023	-0.1%	-0.0%	-4.1%
11/3/2022	-8.3%	-6.4%	-1.8%
8/4/2022	-0.2%	2.1%	-0.0%
5/5/2022	3.5%	6.7%	0.7%
2/10/2022	3.1%	4.3%	-2.1%
11/4/2021	-0.7%	0.3%	0.4%
8/5/2021	0.8%	3.9%	3.3%
5/6/2021	7.1%	5.3%	6.6%
2/11/2021	-1.9%	2.4%	5.4%
10/29/2020	-0.6%	0.1%	-0.0%
7/30/2020	-0.5%	-2.4%	-0.7%
4/30/2020	0.9%	-1.2%	1.5%
2/6/2020	-8.5%	-4.6%	-8.0%
SUMMARY STATS
# Positive	13	16	12
# Negative	11	8	12
Median Positive	2.1%	2.3%	2.6%
Median Negative	-0.6%	-1.9%	-1.8%
Max Positive	7.5%	25.5%	38.5%
Max Negative	-8.5%	-6.4%	-8.0%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/27/2025
6302025	7312025	10-Q 6/28/2025
3312025	5012025	10-Q 3/29/2025
12312024	2212025	10-K 12/28/2024
9302024	10312024	10-Q 9/28/2024
6302024	8012024	10-Q 6/29/2024
3312024	5022024	10-Q 3/30/2024
12312023	2202024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8032023	10-Q 7/1/2023
3312023	5042023	10-Q 4/1/2023
12312022	2212023	10-K 12/31/2022
9302022	11032022	10-Q 10/1/2022
6302022	8042022	10-Q 7/2/2022
3312022	5052022	10-Q 4/2/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

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Industry Resources

Packaged Foods & Meats Resources

USDA Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Kellanova (K)

Market Price (11/7/2025): $83.265 | Market Cap: $28.9 BilSector: Consumer Staples | Industry: Packaged Foods & Meats

Kellanova (K)

Market Price (11/7/2025): $83.265Market Cap: $28.9 BilSector: Consumer StaplesIndustry: Packaged Foods & Meats

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K Stock

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About Kellanova (K)

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Based On 1-Year Data

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Market Price (11/7/2025): $83.265 | Market Cap: $28.9 Bil
Sector: Consumer Staples | Industry: Packaged Foods & Meats

Market Price (11/7/2025): $83.265
Market Cap: $28.9 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats