Tearsheet

Kellanova (K)

Market Price (12/24/2025): $83.44 | Market Cap: $29.0 Bil
Sector: Consumer Staples | Industry: Packaged Foods & Meats

Kellanova (K)

Market Price (12/24/2025): $83.44
Market Cap: $29.0 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, 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 3.2%	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%	Key risks K key risks include [1] significant challenges integrating its Mars acquisition, Show more.
2	Megatrend and thematic drivers Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Vegan & Alternative Foods. Themes include Functional Foods & Beverages, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, 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 3.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%
2	Megatrend and thematic drivers Megatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Vegan & Alternative Foods. Themes include Functional Foods & Beverages, Show more.
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%
4	Key risks K key risks include [1] significant challenges integrating its Mars acquisition, Show more.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022	2021
Share Price CYE	$83.44	$78.73	$52.57	$60.73	$53.10
Market Cap CYE ($ Bil)	29.0	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)	35.1	33.4	24.5	28.2	25.9
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	21.7	20.7	20.1	25.4	14.8
P/FCF TTM	44.5	24.5	19.8	20.9	19.2
Sector Ratios
P/S TTM (Sector)	0.9	1.0	0.9	0.9	1.6
P/EBIT TTM (Sector)	8.4	9.8	10.9	10.8	12.5
P/E TTM (Sector)	12.7	14.4	15.9	14.3	16.3
P/FCF TTM (Sector)	11.3	14.5	11.9	12.1	13.9

	12/24/25	2024	2023
Share Price CYE	$83.44	$78.73	$52.57
Market Cap CYE ($ Bil)	29.0	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)	35.1	33.4	24.5
Valuation Ratios
P/S TTM	2.3	2.2	1.5
P/EBIT TTM	15.3	14.1	14.2
P/E TTM	21.7	20.7	20.1
P/FCF TTM	44.5	24.5	19.8
Sector Ratios
P/S TTM (Sector)	0.9	1.0	0.9
P/EBIT TTM (Sector)	8.4	9.8	10.9
P/E TTM (Sector)	12.7	14.4	15.9
P/FCF TTM (Sector)	11.3	14.5	11.9

	K	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	12.6
Rev Chg Q	0.3%	7.3%
Rev Chg LTM	-1.4%	6.1%
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	2.3	3.2
P/CFO	22.2	15.7
P/FCF	44.5	20.7
P/E	21.7	23.5
STABILITY	GOOD
Debt/Equity	0.22	0.21
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

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K Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Here are five key points that likely contributed to Kellanova's stock movement from August 31, 2025, to December 24, 2025: 1. Kellanova's Q3 2025 earnings surpassed analyst expectations. The company reported its third-quarter profit, which was better than anticipated by analysts, and its revenue also topped estimates. This positive earnings surprise likely boosted investor confidence.

2. Positive analyst price target updates indicated potential upside. On August 20, 2025, just before the specified period, JP Morgan set a price target of $83.50 for Kellanova, expecting a slight increase within 12 months. Such analyst sentiment can influence stock performance.

3. Show more

Stock Movement Drivers

Fundamental Drivers

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Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
K	9.1%
Market (SPY)	3.7%	3.1%
Sector (XLP)	-1.1%	8.3%

Fundamental Drivers

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Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
K	7.8%
Market (SPY)	13.7%	6.3%
Sector (XLP)	-4.0%	25.1%

Fundamental Drivers

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Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
K	6.3%
Market (SPY)	16.7%	10.8%
Sector (XLP)	0.1%	26.4%

Fundamental Drivers

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Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
K	62.9%
Market (SPY)	48.4%	-5.9%
Sector (XLP)	14.0%	17.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
K Return	-7%	7%	14%	-13%	50%	�	�
Peers Return	11%	19%	16%	-7%	-8%	-6%	21%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
K Win Rate	58%	50%	58%	42%	75%	73%
Peers Win Rate	58%	57%	55%	45%	40%	45%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
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 12/23/2025 (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	1,163 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	1,480 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.

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About Kellanova (K)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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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The public company Kellanova (symbol: K) faces several key risks to its business operations and financial performance.

The most significant current risk stems from the **integration of its operations following the acquisition by Mars**. Although regulatory approval for the merger has been secured, the process of combining the two entities presents substantial hurdles. These challenges could include cultural differences, operational inefficiencies, potential conflicts in management styles, and the diversion of management's attention from ongoing business activities. There is also a risk of losing key personnel during the transition, which could hinder the effective execution of business plans.

A second major risk involves **declining sales volumes, slim projected revenue growth, and a downward trend in earnings per share (EPS)**. Kellanova has experienced shrinking average quarterly sales volumes over the past two years, which is a concern for a consumer staples business where demand is typically stable. Analysts predict modest revenue growth, which is below the sector average, and the company has seen annual declines in both EPS and revenue over the last three years. This indicates fundamental business challenges in maintaining demand and profitable growth.

Finally, Kellanova carries a **substantial amount of indebtedness**. As of December 28, 2024, the company reported total debt of approximately $5.7 billion against total equity of $3.8 billion, indicating a highly leveraged financial position. This substantial debt load, combined with other financial and corporate risks highlighted in company disclosures, can limit financial flexibility, increase vulnerability to economic fluctuations, and potentially impact future investment or operational decisions.

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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

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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)

INDUSTRY: Packaged Foods & Meats

Higher Rev Chg 3Y Avg | Lower P/S (Values for K: 1.5% | 2.3x)

MDLZ (7.5% | 1.9x)

Mondelez International

SJM (2.5% | 1.2x)

JM Smucker

PPC (1.9% | 0.5x)

Pilgrims Pride

SFD (1.6% | 0.6x)

Smithfield Foods

CPB (4.5% | 0.8x)

Campbell's

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for K: 1.5% | 15.6x)

SJM (2.5% | 7.8x)

JM Smucker

PPC (1.9% | 5.4x)

Pilgrims Pride

SFD (1.6% | 7.7x)

Smithfield Foods

CPB (4.5% | 6.4x)

Campbell's

LW (14.2% | 7.3x)

Lamb Weston

Higher Rev Chg LTM (Value for K: -1.4%)

MDLZ (4.1%)

Mondelez International

HSY (2.5%)

Hershey

TSN (2.1%)

Tyson Foods

MKC (1.6%)

McCormick

HRL (1.6%)

Hormel Foods

Higher Rev Chg 3Y Avg (Value for K: 1.5%)

MDLZ (7.5%)

Mondelez International

HSY (5.2%)

Hershey

SJM (2.5%)

JM Smucker

MKC (2.1%)

McCormick

PPC (1.9%)

Pilgrims Pride

Higher Op Mgn LTM (Value for K: 14.7%)

KHC (19.5%)

Kraft Heinz

HSY (19.1%)

Hershey

MKC (16.0%)

McCormick

GIS (15.5%)

General Mills

SJM (15.2%)

JM Smucker

Higher CFO/Rev LTM (Value for K: 10.3%)

HSY (19.0%)

Hershey

KHC (17.8%)

Kraft Heinz

MKC (12.9%)

McCormick

GIS (12.6%)

General Mills

SJM (11.0%)

JM Smucker

Higher FCF/Rev LTM (Value for K: 5.1%)

KHC (14.4%)

Kraft Heinz

HSY (14.0%)

Hershey

MKC (9.7%)

McCormick

GIS (9.5%)

General Mills

MDLZ (6.1%)

Mondelez International

Higher Total Yield (Value for K: 7.3%)

PPC (18.3%)

Pilgrims Pride

GIS (15.4%)

General Mills

SFD (13.3%)

Smithfield Foods

MDLZ (8.6%)

Mondelez International

HRL (8.4%)

Hormel Foods

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for K: 1.5% | 2.3x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

PEP (3.4% | 2.1x)

PepsiCo

MDLZ (7.5% | 1.9x)

Mondelez International

SYY (4.8% | 0.4x)

Sysco

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for K: 1.5% | 15.6x)

CL (4.2% | 14.9x)

Colgate-Palmolive

KDP (5.9% | 10.9x)

Keurig Dr Pepper

SYY (4.8% | 11.5x)

Sysco

USFD (5.6% | 14.4x)

US Foods

COKE (5.5% | 15.3x)

Coca-Cola Consolidated

Higher Rev Chg LTM (Value for K: -1.4%)

COST (8.3%)

Costco Wholesale

PM (7.5%)

Philip Morris International

WMT (4.3%)

Walmart

KO (2.8%)

Coca-Cola

PG (1.2%)

Procter & Gamble

Higher Rev Chg 3Y Avg (Value for K: 1.5%)

PM (8.0%)

Philip Morris International

COST (6.7%)

Costco Wholesale

WMT (5.4%)

Walmart

KO (4.0%)

Coca-Cola

PG (1.8%)

Procter & Gamble

Higher Op Mgn LTM (Value for K: 14.7%)

MO (59.0%)

Altria

PM (37.1%)

Philip Morris International

KO (31.3%)

Coca-Cola

BUD (26.1%)

Anheuser-Busch InBev SA/NV

PG (24.1%)

Procter & Gamble

Higher CFO/Rev LTM (Value for K: 10.3%)

MO (43.8%)

Altria

PM (28.8%)

Philip Morris International

PG (22.3%)

Procter & Gamble

KO (16.0%)

Coca-Cola

PEP (12.7%)

PepsiCo

Higher FCF/Rev LTM (Value for K: 5.1%)

MO (43.1%)

Altria

PM (25.3%)

Philip Morris International

PG (17.6%)

Procter & Gamble

KO (11.7%)

Coca-Cola

PEP (7.3%)

PepsiCo

Higher Total Yield (Value for K: 7.3%)

MO (15.8%)

Altria

TGT (13.6%)

Target

MDLZ (8.6%)

Mondelez International

SYY (8.0%)

Sysco

PEP (7.5%)

PepsiCo

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for K: 1.5% | 2.3x)

HD (1.9% | 2.1x)

Home Depot

UNH (11.4% | 0.7x)

UnitedHealth

DIS (4.5% | 2.2x)

Walt Disney

BA (10.1% | 2.0x)

Boeing

PGR (20.6% | 1.6x)

Progressive

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for K: 1.5% | 15.6x)

UNH (11.4% | 11.2x)

UnitedHealth

MRK (2.9% | 11.7x)

Merck

TMUS (2.4% | 11.4x)

T-Mobile US

DIS (4.5% | 14.7x)

Walt Disney

GILD (2.3% | 14.0x)

Gilead Sciences

Higher Rev Chg LTM (Value for K: -1.4%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for K: 1.5%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for K: 14.7%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for K: 10.3%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for K: 5.1%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for K: 7.3%)

XOM (9.2%)

Exxon Mobil

WFC (8.8%)

Wells Fargo

UNH (8.6%)

UnitedHealth

CVX (8.6%)

Chevron

JNJ (7.5%)

Johnson & Johnson

		Best Bets In Consumer Staples Sector
	K	MO	PM	MNST	PG	STZ	CL	HSY	KO	FIZZ	COCO
What You Pay
P/E	21.7	11.3	29.2	43.9	20.0	20.0	22.3	24.2	23.1	16.0	44.1
P/EBIT	15.3	8.4	16.4	33.4	15.3	11.5	15.4	19.4	17.2	12.6	41.5
What You Get
Rev Chg Q	0.3%	0.2%	9.4%	16.8%	3.0%	-15.0%	1.0%	26.0%	5.1%	-1.0%	37.2%
Rev Chg LTM	-1.4%	-0.2%	7.5%	7.6%	1.2%	-5.6%	0.1%	2.5%	2.8%	1.0%	23.1%
Rev Chg 3Y Avg	1.5%	-0.9%	8.0%	8.6%	1.8%	0.7%	4.2%	5.2%	4.0%	1.1%	13.3%
FCF/Rev 3Y Avg	7.2%	42.7%	24.9%	22.0%	18.0%	17.0%	15.4%	13.9%	13.9%	13.4%	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
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

	Title
0	ARTICLES

Trade Ideas

Select 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	-7.4%	-7.4%	-7.4%
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	-9.2%	-9.2%	-9.2%
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	10.9%	10.9%	-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	4.0%	4.0%	-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	-6.0%	-6.0%	-6.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

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	-	143.68	54.15	182.62	23.70	46.64	54.15
Mkt Cap	29.0	196.7	70.0	37.0	28.1	25.0	33.0
Rev LTM	12,643	92,366	37,645	11,295	25,164	18,777	21,970
Op Inc LTM	1,855	12,193	4,334	2,155	4,895	2,912	3,623
FCF LTM	650	6,788	2,290	1,579	3,631	1,783	2,036
FCF 3Y Avg	895	6,645	3,156	1,539	3,047	2,300	2,673
CFO LTM	1,305	11,755	3,576	2,146	4,474	2,360	2,968
CFO 3Y Avg	1,512	11,974	4,378	2,193	4,066	3,005	3,536

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%	-5.7%	-0.5%
Rev Chg 3Y Avg	1.5%	3.4%	7.5%	5.2%	-0.8%	-0.9%	2.5%
Rev Chg Q	0.3%	2.7%	5.9%	26.0%	-2.3%	-7.2%	1.5%
QoQ Delta Rev Chg LTM	0.1%	0.7%	1.5%	5.0%	-0.6%	-2.0%	0.4%
Op Mgn LTM	14.7%	13.2%	11.5%	19.1%	19.5%	15.5%	15.1%
Op Mgn 3Y Avg	12.1%	13.8%	14.5%	21.6%	19.6%	17.1%	15.8%
QoQ Delta Op Mgn LTM	-0.4%	-0.3%	-1.6%	-1.9%	-0.9%	-0.9%	-0.9%
CFO/Rev LTM	10.3%	12.7%	9.5%	19.0%	17.8%	12.6%	12.6%
CFO/Rev 3Y Avg	12.2%	13.0%	12.1%	19.8%	15.6%	15.3%	14.1%
FCF/Rev LTM	5.1%	7.3%	6.1%	14.0%	14.4%	9.5%	8.4%
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	196.7	70.0	37.0	28.1	25.0	33.0
P/S	2.3	2.1	1.9	3.3	1.1	1.3	2.0
P/EBIT	15.3	19.5	16.4	19.4	-5.0	8.6	15.9
P/E	21.7	27.2	19.8	24.2	-6.4	9.9	20.8
P/CFO	22.2	16.7	19.6	17.3	6.3	10.6	17.0
Total Yield	7.3%	7.5%	8.6%	7.1%	-8.8%	15.4%	7.4%
Dividend Yield	2.7%	3.8%	3.5%	2.9%	6.8%	5.3%	3.7%
FCF Yield 3Y Avg	3.6%	3.1%	3.4%	3.9%	8.3%	6.5%	3.8%
D/E	0.2	0.0	0.3	0.2	0.8	0.5	0.3
Net D/E	0.2	0.0	0.3	0.1	0.6	0.5	0.3

Returns

	K	PEP	MDLZ	HSY	KHC	GIS	Median
Name	Kellanova	PepsiCo	Mondelez.	Hershey	Kraft He.	General .
1M Rtn	-	-0.9%	-5.0%	-1.8%	-4.8%	-3.5%	-3.5%
3M Rtn	-	2.2%	-14.5%	-3.5%	-9.4%	-6.6%	-6.6%
6M Rtn	-	11.8%	-19.7%	7.8%	-6.1%	-10.5%	-6.1%
12M Rtn	-	-1.2%	-5.9%	11.6%	-17.5%	-23.3%	-5.9%
3Y Rtn	-	-13.0%	-12.8%	-16.6%	-32.1%	-39.0%	-16.6%
1M Excs Rtn	-	-5.5%	-9.6%	-6.5%	-9.4%	-8.1%	-8.1%
3M Excs Rtn	-	-2.0%	-19.3%	-7.7%	-14.1%	-11.7%	-11.7%
6M Excs Rtn	-	1.0%	-31.7%	-2.7%	-18.5%	-19.1%	-18.5%
12M Excs Rtn	-	-19.1%	-23.6%	-6.1%	-34.3%	-41.6%	-23.6%
3Y Excs Rtn	-	-91.4%	-90.9%	-95.6%	-110.4%	-119.5%	-95.6%

Comparison Analyses

	Title
0	How Does Kellanova Stock Stack Up Against Its Peers?
1	Why MKC With 9.0% Upside May Beat K?
2	Why HRL With 16% Upside May Beat K?
3	Kellogg vs. The Hershey Company: With Return Forecast Of 18%, Kellogg Is A Better Bet
4	TSN Looks Stronger Than K With 4.7% Return Potential
5	Why ADM With 7.7% 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

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

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	$82.65	$80.35
DMA Trend	indeterminate	up
Distance from DMA	1.0%	3.8%
	3M	1YR
Volatility	11.3%	7.3%
Downside Capture	-10.93	3.25
Upside Capture	38.55	8.90
Correlation (SPY)	3.9%	10.9%

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

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	7.0%	-0.8%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	7.3%	13.9%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	0.38	-0.29	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		26.3%	11.0%	8.6%	-4.0%	21.9%	7.1%

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	11.5%	5.6%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	19.3%	13.0%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.49	0.23	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		45.1%	8.0%	3.4%	-0.8%	19.2%	-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	5.7%	7.2%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	21.2%	14.7%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.24	0.37	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		56.4%	25.2%	6.1%	3.8%	30.4%	1.0%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	10,481,767
Short Interest: % Change Since 11152025	2.2%
Average Daily Volume	2,870,798
Days-to-Cover Short Interest	3.65
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

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	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%

	Forward 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%
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	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

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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 (12/24/2025): $83.44 | Market Cap: $29.0 BilSector: Consumer Staples | Industry: Packaged Foods & Meats

Kellanova (K)

Market Price (12/24/2025): $83.44Market Cap: $29.0 BilSector: Consumer StaplesIndustry: Packaged Foods & Meats

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

K Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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About Kellanova (K)

Kellanova's Major Customers

Mass Merchandisers:

Grocery Store Chains:

Club Stores:

Interactive Breakdown

Better Bets than Kellanova (K)

INDUSTRY: Packaged Foods & Meats

Higher Rev Chg 3Y Avg | Lower P/S (Values for K: 1.5% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for K: 1.5% | 15.6x)

Higher Rev Chg LTM (Value for K: -1.4%)

Higher Rev Chg 3Y Avg (Value for K: 1.5%)

Higher Op Mgn LTM (Value for K: 14.7%)

Higher CFO/Rev LTM (Value for K: 10.3%)

Higher FCF/Rev LTM (Value for K: 5.1%)

Higher Total Yield (Value for K: 7.3%)

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for K: 1.5% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for K: 1.5% | 15.6x)

Higher Rev Chg LTM (Value for K: -1.4%)

Higher Rev Chg 3Y Avg (Value for K: 1.5%)

Higher Op Mgn LTM (Value for K: 14.7%)

Higher CFO/Rev LTM (Value for K: 10.3%)

Higher FCF/Rev LTM (Value for K: 5.1%)

Higher Total Yield (Value for K: 7.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for K: 1.5% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for K: 1.5% | 15.6x)

Higher Rev Chg LTM (Value for K: -1.4%)

Higher Rev Chg 3Y Avg (Value for K: 1.5%)

Higher Op Mgn LTM (Value for K: 14.7%)

Higher CFO/Rev LTM (Value for K: 10.3%)

Higher FCF/Rev LTM (Value for K: 5.1%)

Higher Total Yield (Value for K: 7.3%)

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Market Price (12/24/2025): $83.44 | Market Cap: $29.0 Bil
Sector: Consumer Staples | Industry: Packaged Foods & Meats

Market Price (12/24/2025): $83.44
Market Cap: $29.0 Bil
Sector: Consumer Staples
Industry: Packaged Foods & Meats