Tearsheet

Kellanova (K)

Market Price (12/9/2025): $83.12 | Market Cap: $28.8 Bil
Sector: Consumer Staples | Industry: Packaged Foods & Meats

Kellanova (K)

Market Price (12/9/2025): $83.12
Market Cap: $28.8 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 7.5%, Dividend Yield is 2.8%, 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 -34%
2	Low stock price volatility Vol 12M is 7.2%

Valuation, Metrics & Events

	12/9/25	2024	2023	2022	2021
Share Price CYE	$83.12	$78.73	$52.57	$60.73	$53.10
Market Cap CYE ($ Bil)	28.8	27.1	18.0	21.0	18.2
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	33.4	24.5	28.2	25.9
Valuation Ratios
P/S TTM	2.2	2.2	1.5	1.9	1.9
P/EBIT TTM	15.0	14.1	14.2	22.1	13.3
P/E TTM	21.2	20.7	20.1	25.4	14.8
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.0	0.9	1.6
P/EBIT TTM (Sector)	9.1	9.9	10.9	10.9	12.7
P/E TTM (Sector)	13.0	14.5	15.8	14.3	17.3

	12/9/25	2024	2023
Share Price CYE	$83.12	$78.73	$52.57
Market Cap CYE ($ Bil)	28.8	27.1	18.0
Total Debt ($ Bil)	6.5	6.3	6.5
Total Cash ($ Bil)	0.4	0.7	0.3
Enterprise Value ($ Bil)	35.0	33.4	24.5
Valuation Ratios
P/S TTM	2.2	2.2	1.5
P/EBIT TTM	15.0	14.1	14.2
P/E TTM	21.2	20.7	20.1
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.0
P/EBIT TTM (Sector)	9.1	9.9	10.9
P/E TTM (Sector)	13.0	14.5	15.8

	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%	20.4%
Net Inc Mgn	10.6%	13.1%
VALUATION	HIGH
P/S	2.2	3.2
P/CFO	21.7	15.9
P/FCF	43.6	20.5
P/E	21.2	23.3
STABILITY	GOOD
Debt/Equity	0.23	0.20
Cash/Assets	0.02	0.07

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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

Recent
12/01/2025	Dividend	Amount: $0.58 Payment On: 12/15/2025
Upcoming
2/05/2026	Earnings Release	Rev: - EPS: -

K Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

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Stock Movement Drivers

Fundamental Drivers

The 5.9% change in K stock from 9/8/2025 to 12/8/2025 was primarily driven by a 5.9% change in the company's P/E Multiple.

	9082025	12082025	Change
Stock Price ($)	78.81	83.44	5.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12643.00	12643.00	0.00%
Net Income Margin (%)	10.56%	10.56%	0.00%
P/E Multiple	20.48	21.69	5.88%
Shares Outstanding (Mil)	347.00	347.00	0.00%
Cumulative Contribution			5.88%

LTM = Last Twelve Months as of date shown

Market Drivers

9/8/2025 to 12/8/2025

	Return	Correlation
K	5.9%
Market (SPY)	5.4%	1.7%
Sector (XLP)	-3.4%	16.3%

Fundamental Drivers

The 3.2% change in K stock from 6/9/2025 to 12/8/2025 was primarily driven by a 7.0% change in the company's P/E Multiple.

	6092025	12082025	Change
Stock Price ($)	80.83	83.44	3.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12632.00	12643.00	0.09%
Net Income Margin (%)	10.92%	10.56%	-3.35%
P/E Multiple	20.27	21.69	7.02%
Shares Outstanding (Mil)	346.00	347.00	-0.29%
Cumulative Contribution			3.23%

LTM = Last Twelve Months as of date shown

Market Drivers

6/9/2025 to 12/8/2025

	Return	Correlation
K	3.2%
Market (SPY)	14.3%	6.7%
Sector (XLP)	-4.0%	21.3%

Fundamental Drivers

The 6.3% change in K stock from 12/8/2024 to 12/8/2025 was primarily driven by a 34.5% change in the company's Net Income Margin (%).

	12082024	12082025	Change
Stock Price ($)	78.50	83.44	6.29%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12799.00	12643.00	-1.22%
Net Income Margin (%)	7.85%	10.56%	34.47%
P/E Multiple	26.79	21.69	-19.05%
Shares Outstanding (Mil)	343.00	347.00	-1.17%
Cumulative Contribution			6.28%

LTM = Last Twelve Months as of date shown

Market Drivers

12/8/2024 to 12/8/2025

	Return	Correlation
K	6.3%
Market (SPY)	13.5%	11.6%
Sector (XLP)	-3.7%	26.8%

Fundamental Drivers

The 35.3% change in K stock from 12/9/2022 to 12/8/2025 was primarily driven by a 53.8% change in the company's P/E Multiple.

	12092022	12082025	Change
Stock Price ($)	61.66	83.44	35.31%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12468.00	12643.00	1.40%
Net Income Margin (%)	11.96%	10.56%	-11.70%
P/E Multiple	14.10	21.69	53.79%
Shares Outstanding (Mil)	341.00	347.00	-1.76%
Cumulative Contribution			35.27%

LTM = Last Twelve Months as of date shown

Market Drivers

12/9/2023 to 12/8/2025

	Return	Correlation
K	65.3%
Market (SPY)	52.0%	-4.8%
Sector (XLP)	16.4%	19.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
K Return	-7%	7%	14%	-13%	50%	6%	57%
Peers Return	11%	19%	16%	-7%	-8%	-7%	20%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
K Win Rate	58%	50%	58%	42%	75%	70%
Peers Win Rate	58%	57%	55%	45%	40%	42%
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	-24%	-8%	-8%	-17%	-10%	-16%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PEP, MDLZ, HSY, KHC, GIS. 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 12/8/2025 (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, BRBF, MEHA, MDLZ

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

Actively managed asset allocation strategies protect wealth. Learn more.

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.

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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.

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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%), TSN (2.0%), MKC (1.6%), HRL (0.6%)
Rev Chg 3Y Avg	1.5%	MDLZ (7.5%), HSY (5.2%), SJM (2.9%), MKC (2.1%), PPC (1.9%)
Op Mgn LTM	14.7%	KHC (19.5%), HSY (19.1%), 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%	KHC (14.4%), HSY (14.0%), GIS (10.9%), MKC (9.7%), MDLZ (6.1%)
Total Yield	7.5%	PPC (17.9%), GIS (15.2%), SFD (12.8%), CPB (10.3%), HRL (8.3%)
P/S	2.3	TSN (0.4), KHC (1.2), HRL (1.4), GIS (1.5), MDLZ (2.1)
P/Op Inc	15.3	PPC (5.5), KHC (6.3), SJM (7.8), GIS (8.9), TSN (11.0)

	K	Better Performance than K
Metric	Value	SECTOR: Consumer Staples
Rev Chg LTM	-1.4%	COST (8.2%), PM (7.5%), WMT (4.2%), KO (2.8%), PG (1.2%)
Rev Chg 3Y Avg	1.5%	PM (8.0%), COST (6.6%), WMT (5.7%), KO (4.0%), PG (1.8%)
Op Mgn LTM	14.7%	MO (59.0%), PM (37.1%), KO (31.3%), BUD (26.1%), PG (24.1%)
CFO/Rev LTM	10.3%	MO (43.8%), PM (28.8%), PG (22.3%), KO (16.0%), PEP (12.7%)
FCF/Rev LTM	5.1%	MO (43.1%), PM (25.3%), PG (17.6%), KO (11.7%), PEP (7.3%)
Total Yield	7.5%	MO (14.1%), TGT (13.3%), PEP (7.7%), KR (7.6%), KO (7.5%)
P/S	2.3	WMT (1.1), COST (1.5), BUD (2.0), PEP (2.1), MDLZ (2.1)
P/Op Inc	15.3	BUD (7.7), TGT (8.3), MO (9.3), KR (12.1), CL (14.9)

	K	Better Performance than K
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-1.4%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	1.5%	NVDA (91.6%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	14.7%	NVDA (58.8%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	10.3%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	5.1%	AVGO (41.6%), NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	7.5%	XOM (10.3%), JNJ (8.4%), CVX (8.3%), UNH (8.1%), BAC (7.7%)
P/S	2.3	UNH (0.7), XOM (1.4), CVX (1.6), HD (2.1), C (2.2)
P/Op Inc	15.3	MRK (9.4), UNH (11.9), XOM (12.4), TMUS (13.9), DIS (14.9)

		Best Bets In Consumer Staples Sector
	K	MO	PM	MNST	PG	STZ	CL	HSY	KO	COCO	KVUE
What You Pay
P/E	21.3	12.7	29.3	38.1	21.5	19.4	22.3	24.8	21.9	34.9	21.7
P/EBIT	15.1	9.5	16.5	29.0	16.4	11.2	15.4	19.9	16.3	32.8	13.3
What You Get
Rev Chg Q	0.3%	0.2%	9.4%	16.8%	3.0%	-15.0%	1.0%	26.0%	5.1%	37.2%	-3.5%
Rev Chg LTM	-1.4%	-0.2%	7.5%	7.6%	1.2%	-5.6%	0.1%	2.5%	2.8%	23.1%	-2.9%
Rev Chg 3Y Avg	1.5%	-0.9%	8.0%	8.6%	1.8%	0.7%	4.2%	5.2%	4.0%	13.3%	0.2%
FCF/Rev 3Y Avg	7.2%	42.7%	24.9%	22.0%	18.0%	17.0%	15.4%	13.9%	13.9%	13.1%	11.9%

[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	How Does Kellanova Stock Stack Up Against Its Peers?	Peer Comparison
11	ARTICLES
12	Mid Cap Stocks Trading At 52-Week High		December 3rd, 2025
13	S&P 500 Stocks Trading At 52-Week High		December 3rd, 2025
14	Mid Cap Stocks Trading At 52-Week High		November 27th, 2025
15	Mid Cap Stocks Trading At 52-Week High		November 6th, 2025
16	S&P 500 Stocks Trading At 52-Week High		October 28th, 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	How Does Kellanova Stock Stack Up Against Its Peers?
11	ARTICLES
12	Mid Cap Stocks Trading At 52-Week High
13	S&P 500 Stocks Trading At 52-Week High
14	Mid Cap Stocks Trading At 52-Week High
15	Mid Cap Stocks Trading At 52-Week High
16	S&P 500 Stocks Trading At 52-Week High

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
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	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	4.9%	4.9%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	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	-1.4%	-1.4%	-3.7%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-0.0%	-0.0%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.7%	3.7%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	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	-2.7%	-2.7%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	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	4.9%	4.9%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	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	-1.4%	-1.4%	-3.7%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-0.0%	-0.0%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.7%	3.7%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	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	-2.7%	-2.7%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	147.3%	49.7%
FULC	Fulcrum Therapeutics	0.8	46.0%	176.4%
KYMR	Kymera Therapeutics	8.2	41.5%	134.4%
TERN	Terns Pharmaceuticals	3.7	37.0%	626.2%
CFLT	Confluent	10.3	29.1%	6.8%
OCUL	Ocular Therapeutix	3.0	28.1%	88.6%
NRIX	Nurix Therapeutics	1.8	18.7%	14.0%
CGEM	Cullinan Therapeutics	0.7	17.5%	2.1%
WRBY	Warby Parker	2.6	13.3%	-12.2%
SGML	Sigma Lithium	1.2	12.1%	-5.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
EVMN	Evommune	0.6	-15.8%
GTN-A	Gray Media	0.7	-14.5%	6.2%
RIGL	Rigel Pharmaceuticals	0.8	-11.3%	158.0%
SENEB	Seneca Foods	0.7	-9.8%	36.9%
SANA	Sana Biotechnology	1.2	-9.7%	184.0%
ACHC	Acadia Healthcare	1.3	-9.5%	-64.7%
CRK	Comstock Resources	7.2	-9.4%	36.1%
GROY	Gold Royalty	0.7	-9.2%	219.0%
METCB	Ramaco Resources	0.7	-9.1%	42.0%
BWIN	Baldwin Insurance	1.6	-9.1%	-41.2%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.6	820.2%	-45.9%
HPP	Hudson Pacific Properties	5.9	565.7%	-37.9%
WVE	WAVE Life Sciences	3.0	149.9%	49.7%
DBRG	DigitalBridge	2.7	57.2%	33.4%
ALMS	Alumis	0.9	51.8%	42.0%
PRAX	Praxis Precision Medicines	6.0	46.8%	252.1%
AEVA	Aeva Technologies	0.9	46.2%	217.7%
TERN	Terns Pharmaceuticals	3.7	46.1%	626.2%
KYMR	Kymera Therapeutics	8.2	41.0%	134.4%
ASTS	AST SpaceMobile	17.9	40.7%	250.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-51.2%	-69.0%
CTEV	Claritev	0.5	-29.5%
SYM	Symbotic	6.6	-29.1%	155.1%
HOV	Hovnanian Enterprises	0.6	-25.6%	-28.1%
PSN	Parsons	6.7	-23.6%	-31.5%
HPK	HighPeak Energy	0.7	-21.7%	-62.7%
ADPT	Adaptive Biotechnologies	2.3	-20.6%	149.4%
PSTG	Pure Storage	23.3	-19.8%	15.6%
URGN	UroGen Pharma	1.1	-18.9%	116.7%
BWIN	Baldwin Insurance	1.6	-18.5%	-41.2%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	410.3%	25.0%
OLMA	Olema Pharmaceuticals	2.4	241.6%	379.9%
COGT	Cogent Biosciences	5.5	173.8%	416.7%
ALMS	Alumis	0.9	136.4%	42.0%
WVE	WAVE Life Sciences	3.0	135.0%	49.7%
CDTX	Cidara Therapeutics	5.9	123.1%	718.7%
TERN	Terns Pharmaceuticals	3.7	120.4%	626.2%
SGML	Sigma Lithium	1.2	108.5%	-5.8%
VERA	Vera Therapeutics	2.9	78.5%	6.5%
CBLL	CeriBell	0.7	74.9%	-21.9%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.5	-47.1%	-59.6%
CTEV	Claritev	0.5	-46.8%
BTDR	Bitdeer Technologies	2.3	-43.4%	-44.6%
JANX	Janux Therapeutics	1.0	-42.1%	-69.0%
ARDT	Ardent Health	1.2	-40.7%	-49.8%
TLRY	Tilray Brands	7.6	-40.5%	-45.9%
FRMI	Fermi	11.0	-38.8%
HIVE	HIVE Digital Technologies	0.6	-35.0%	8.8%
ASTH	Astrana Health	1.1	-34.1%	-30.2%
SMR	NuScale Power	3.2	-33.6%	20.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	147.3%	49.7%
FULC	Fulcrum Therapeutics	0.8	46.0%	176.4%
KYMR	Kymera Therapeutics	8.2	41.5%	134.4%
TERN	Terns Pharmaceuticals	3.7	37.0%	626.2%
CFLT	Confluent	10.3	29.1%	6.8%
OCUL	Ocular Therapeutix	3.0	28.1%	88.6%
NRIX	Nurix Therapeutics	1.8	18.7%	14.0%
CGEM	Cullinan Therapeutics	0.7	17.5%	2.1%
WRBY	Warby Parker	2.6	13.3%	-12.2%
SGML	Sigma Lithium	1.2	12.1%	-5.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
EVMN	Evommune	0.6	-15.8%
GTN-A	Gray Media	0.7	-14.5%	6.2%
RIGL	Rigel Pharmaceuticals	0.8	-11.3%	158.0%
SENEB	Seneca Foods	0.7	-9.8%	36.9%
SANA	Sana Biotechnology	1.2	-9.7%	184.0%
ACHC	Acadia Healthcare	1.3	-9.5%	-64.7%
CRK	Comstock Resources	7.2	-9.4%	36.1%
GROY	Gold Royalty	0.7	-9.2%	219.0%
METCB	Ramaco Resources	0.7	-9.1%	42.0%
BWIN	Baldwin Insurance	1.6	-9.1%	-41.2%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.6	820.2%	-45.9%
HPP	Hudson Pacific Properties	5.9	565.7%	-37.9%
WVE	WAVE Life Sciences	3.0	149.9%	49.7%
DBRG	DigitalBridge	2.7	57.2%	33.4%
ALMS	Alumis	0.9	51.8%	42.0%
PRAX	Praxis Precision Medicines	6.0	46.8%	252.1%
AEVA	Aeva Technologies	0.9	46.2%	217.7%
TERN	Terns Pharmaceuticals	3.7	46.1%	626.2%
KYMR	Kymera Therapeutics	8.2	41.0%	134.4%
ASTS	AST SpaceMobile	17.9	40.7%	250.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-51.2%	-69.0%
CTEV	Claritev	0.5	-29.5%
SYM	Symbotic	6.6	-29.1%	155.1%
HOV	Hovnanian Enterprises	0.6	-25.6%	-28.1%
PSN	Parsons	6.7	-23.6%	-31.5%
HPK	HighPeak Energy	0.7	-21.7%	-62.7%
ADPT	Adaptive Biotechnologies	2.3	-20.6%	149.4%
PSTG	Pure Storage	23.3	-19.8%	15.6%
URGN	UroGen Pharma	1.1	-18.9%	116.7%
BWIN	Baldwin Insurance	1.6	-18.5%	-41.2%

Peer Comparisons for Kellanova

Peers to compare with:

Financials

	K	PEP	MDLZ	HSY	KHC	GIS	Median
Name	Kellanova	PepsiCo	Mondelez.	Hershey	Kraft He.	General .
Mkt Price	83.44	145.63	54.76	180.78	24.51	45.96	69.10
Mkt Cap	29.0	199.4	70.8	36.7	29.0	24.9	32.8
Rev LTM	12,643	92,366	37,645	11,295	25,164	19,156	22,160
Op Inc LTM	1,855	12,193	4,334	2,155	4,895	3,141	3,738
FCF LTM	650	6,788	2,290	1,579	3,631	2,096	2,193
FCF 3Y Avg	895	6,645	3,156	1,539	3,047	2,300	2,674
CFO LTM	1,305	11,755	3,576	2,146	4,474	2,691	3,134
CFO 3Y Avg	1,512	11,974	4,378	2,193	4,066	3,003	3,534

Growth & Margins

	K	PEP	MDLZ	HSY	KHC	GIS	Median
Name	Kellanova	PepsiCo	Mondelez.	Hershey	Kraft He.	General .
Rev Chg LTM	-1.4%	0.5%	4.1%	2.5%	-3.7%	-3.3%	-0.5%
Rev Chg 3Y Avg	1.5%	3.4%	7.5%	5.2%	-0.8%	0.1%	2.5%
Rev Chg Q	0.3%	2.7%	5.9%	26.0%	-2.3%	-6.8%	1.5%
QoQ Delta Rev Chg LTM	0.1%	0.7%	1.5%	5.0%	-0.6%	-1.7%	0.4%
Op Mgn LTM	14.7%	13.2%	11.5%	19.1%	19.5%	16.4%	15.5%
Op Mgn 3Y Avg	12.1%	13.8%	14.5%	21.6%	19.6%	16.9%	15.7%
QoQ Delta Op Mgn LTM	-0.4%	-0.3%	-1.6%	-1.9%	-0.9%	-0.5%	-0.7%
CFO/Rev LTM	10.3%	12.7%	9.5%	19.0%	17.8%	14.0%	13.4%
CFO/Rev 3Y Avg	12.2%	13.0%	12.1%	19.8%	15.6%	15.2%	14.1%
FCF/Rev LTM	5.1%	7.3%	6.1%	14.0%	14.4%	10.9%	9.1%
FCF/Rev 3Y Avg	7.2%	7.2%	8.7%	13.9%	11.7%	11.7%	10.2%

Valuation

	K	PEP	MDLZ	HSY	KHC	GIS	Median
Name	Kellanova	PepsiCo	Mondelez.	Hershey	Kraft He.	General .
Mkt Cap	29.0	199.4	70.8	36.7	29.0	24.9	32.8
P/S	2.3	2.1	2.1	3.4	1.2	1.5	2.1
P/EBIT	15.1	19.0	18.9	19.9	-5.5	8.7	17.0
P/E	21.3	26.6	22.9	24.8	-7.1	9.6	22.1
P/CFO	21.8	16.4	22.6	17.7	6.9	10.4	17.0
Total Yield	7.5%	7.7%	7.4%	6.9%	-8.0%	15.2%	7.4%
Dividend Yield	2.8%	3.9%	3.1%	2.9%	6.2%	4.7%	3.5%
FCF Yield 3Y Avg	3.6%	3.1%	3.4%	3.9%	8.3%	6.6%	3.8%
D/E	0.2	0.0	0.3	0.2	0.7	0.5	0.2
Net D/E	0.2	0.0	0.3	0.1	0.6	0.5	0.2

Returns

	K	PEP	MDLZ	HSY	KHC	GIS	Median
Name	Kellanova	PepsiCo	Mondelez.	Hershey	Kraft He.	General .
1M Rtn	0.8%	2.9%	-4.2%	6.8%	2.5%	-2.0%	1.7%
3M Rtn	5.9%	3.8%	-10.9%	-2.9%	-7.4%	-7.1%	-5.0%
6M Rtn	3.2%	14.3%	-16.7%	10.0%	-4.6%	-14.1%	-0.7%
12M Rtn	6.3%	-4.0%	-10.2%	6.9%	-15.7%	-26.1%	-7.1%
3Y Rtn	35.3%	-12.2%	-11.8%	-17.7%	-28.7%	-40.2%	-15.0%
1M Excs Rtn	-0.9%	2.0%	-4.4%	6.8%	3.1%	-1.9%	0.5%
3M Excs Rtn	0.6%	-2.4%	-16.9%	-8.1%	-11.8%	-12.7%	-9.9%
6M Excs Rtn	-10.8%	0.3%	-30.7%	-4.0%	-18.6%	-28.1%	-14.7%
12M Excs Rtn	-5.9%	-17.1%	-23.3%	-7.5%	-28.7%	-38.9%	-20.2%
3Y Excs Rtn	-34.2%	-81.5%	-81.1%	-83.9%	-95.9%	-107.9%	-82.7%

Comparison Analyses

	Title
0	How Does Kellanova Stock Stack Up Against Its Peers?
1	K or MKC - With 9.9% Return Forecast, MKC Probably Deserves Your Money
2	With 10% Gains On The Table, HRL May Outshine K
3	Kellogg vs. The Hershey Company: With Return Forecast Of 18%, Kellogg Is A Better Bet
4	With 6.1% Gains On The Table, TSN May Outshine K
5	Why ADM With 7.9% Upside May Beat K?
6	Kellogg vs. Edwards Lifesciences: Similar Income, But Edwards Lifesciences Is A Better Bet
7	Kellogg vs. Vertex Pharmaceuticals: Similar Income, But Vertex Pharmaceuticals Is A Better Bet
8	Kellogg vs. Medtronic: Similar Income, Similar Bets
9	Kellogg vs. Automatic Data Processing: Similar Revenue, Similar Bets

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	$83.44
Market Cap ($ Bil)	29.0
First Trading Date	12/17/1984
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$82.57	$80.32
DMA Trend	indeterminate	up
Distance from DMA	1.1%	3.9%
	3M	1YR
Volatility	11.3%	7.2%
Downside Capture	-6.06	3.71
Upside Capture	22.99	9.22
Correlation (SPY)	2.1%	11.9%

K Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.04	-0.03	0.01	0.05	0.04	0.03
Up Beta	-0.02	-0.05	-0.09	0.05	0.05	0.12
Down Beta	0.05	0.03	-0.01	-0.06	0.01	-0.27
Up Capture	-6%	0%	17%	8%	5%	4%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	20	32	60	127	382
Down Capture	-5%	-10%	-7%	9%	6%	18%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	6	15	24	58	110	350

[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	6.5%	-4.0%	14.3%	58.0%	3.6%	-4.5%	-5.9%
Annualized Volatility	7.2%	13.9%	19.7%	19.4%	15.9%	17.7%	35.8%
Sharpe Ratio	0.32	-0.53	0.56	2.24	0.04	-0.41	-0.02
Correlation With Other Assets		27.0%	11.6%	8.8%	-4.7%	21.9%	6.9%

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	10.5%	5.7%	15.1%	18.3%	11.8%	5.0%	35.8%
Annualized Volatility	19.2%	13.0%	17.1%	15.5%	18.9%	19.0%	48.9%
Sharpe Ratio	0.44	0.24	0.72	0.95	0.51	0.18	0.63
Correlation With Other Assets		45.0%	7.9%	3.2%	-1.0%	19.0%	-4.4%

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	6.1%	7.4%	14.5%	14.2%	5.8%	5.2%	73.0%
Annualized Volatility	21.2%	14.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.26	0.38	0.69	0.80	0.26	0.22	0.92
Correlation With Other Assets		56.5%	25.3%	6.1%	3.8%	30.6%	1.0%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	10,250,669
Short Interest: % Change Since 10312025	-11.6%
Average Daily Volume	1,896,229
Days-to-Cover Short Interest	5.41
Basic Shares Quantity	347,000,000
Short % of Basic Shares	3.0%

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

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	0.1%	0.2%	0.8%
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	13
# Negative	11	8	11
Median Positive	2.1%	2.3%	2.0%
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

Expand for More

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

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 (12/9/2025): $83.12 | Market Cap: $28.8 BilSector: Consumer Staples | Industry: Packaged Foods & Meats

Kellanova (K)

Market Price (12/9/2025): $83.12Market Cap: $28.8 BilSector: Consumer StaplesIndustry: Packaged Foods & Meats

Valuation, Metrics & Events

K Stock

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About Kellanova (K)

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Market Price (12/9/2025): $83.12 | Market Cap: $28.8 Bil
Sector: Consumer Staples | Industry: Packaged Foods & Meats

Market Price (12/9/2025): $83.12
Market Cap: $28.8 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats