Latest Ratios: P/E Ratio 21.5x · EV/EBITDA 15.5x · ROE 37.0%. (1995–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.0B | $28.1B | $19.3B | $23.0B | $20.7B | $20.1B | $22.3B | $18.6B | $22.0B | $24.5B | $24.1B |
| Enterprise Value | $34.7B | $33.7B | $25.5B | $29.9B | $28.2B | $27.8B | $30.3B | $27.2B | $30.4B | $32.0B | $31.6B |
| P/E Ratio → | 21.51 | 20.92 | 20.26 | 23.96 | 13.96 | 16.09 | 23.18 | 13.97 | 86.20 | 35.29 | 39.42 |
| P/S Ratio | 2.28 | 2.20 | 1.47 | 1.82 | 1.77 | 1.46 | 1.64 | 1.37 | 1.72 | 1.89 | 1.78 |
| P/B Ratio | 7.44 | 7.23 | 5.72 | 5.26 | 4.92 | 5.54 | 6.72 | 5.89 | 10.05 | 12.71 | 11.29 |
| P/FCF | 25.65 | 24.81 | 19.90 | 19.78 | 18.06 | 13.60 | 37.72 | 19.43 | 19.25 | 21.84 | 21.21 |
| P/OCF | 16.50 | 15.96 | 11.71 | 13.93 | 12.19 | 10.14 | 18.93 | 12.12 | 13.39 | 15.04 | 14.28 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.65 | 1.94 | 2.36 | 2.40 | 2.02 | 2.23 | 2.01 | 2.36 | 2.47 | 2.34 |
| EV / EBITDA | 15.48 | 15.06 | 13.63 | 18.49 | 15.23 | 12.42 | 16.09 | 12.24 | 16.26 | 15.98 | 19.47 |
| EV / EBIT | 18.52 | 16.28 | 17.50 | 25.46 | 17.81 | 15.70 | 18.88 | 15.08 | 16.91 | 17.72 | 21.15 |
| EV / FCF | — | 29.80 | 26.36 | 25.68 | 24.54 | 18.79 | 51.41 | 28.38 | 26.53 | 28.52 | 27.80 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.9% | 36.9% | 32.7% | 30.2% | 32.6% | 34.3% | 32.6% | 35.6% | 37.5% | 38.6% | 36.5% |
| Operating Margin | 14.7% | 14.7% | 11.5% | 9.6% | 11.8% | 12.8% | 10.3% | 12.6% | 10.8% | 11.4% | 8.1% |
| Net Profit Margin | 10.5% | 10.5% | 7.2% | 7.6% | 12.7% | 9.1% | 7.1% | 9.9% | 9.8% | 5.4% | 4.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.0% | 37.0% | 24.6% | 22.4% | 37.9% | 36.0% | 29.7% | 49.9% | 60.9% | 34.4% | 24.6% |
| ROA | 8.6% | 8.6% | 5.6% | 5.2% | 8.2% | 7.0% | 5.4% | 7.8% | 8.0% | 4.6% | 4.0% |
| ROIC | 14.7% | 14.7% | 10.8% | 7.9% | 9.0% | 11.6% | 9.1% | 11.5% | 10.4% | 11.7% | 8.4% |
| ROCE | 17.4% | 17.4% | 13.3% | 9.7% | 10.8% | 13.8% | 10.8% | 13.6% | 12.3% | 14.7% | 10.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.63 | 1.63 | 1.94 | 1.64 | 1.83 | 2.23 | 2.56 | 2.82 | 3.93 | 4.03 | 3.62 |
| Debt / EBITDA | 2.83 | 2.83 | 3.49 | 4.44 | 4.18 | 3.62 | 4.49 | 4.00 | 4.61 | 3.88 | 4.77 |
| Net Debt / Equity | — | 1.45 | 1.86 | 1.57 | 1.77 | 2.11 | 2.44 | 2.71 | 3.80 | 3.89 | 3.51 |
| Net Debt / EBITDA | 2.52 | 2.52 | 3.34 | 4.25 | 4.02 | 3.43 | 4.28 | 3.86 | 4.46 | 3.74 | 4.61 |
| Debt / FCF | — | 4.99 | 6.46 | 5.90 | 6.48 | 5.18 | 13.68 | 8.95 | 7.28 | 6.68 | 6.59 |
| Interest Coverage | 5.29 | 5.29 | 4.29 | 3.63 | 6.07 | 5.81 | 4.46 | 6.11 | 5.64 | 3.61 | 4.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.81 | 0.81 | 0.66 | 0.66 | 0.64 | 0.66 | 0.72 | 0.70 | 0.67 | 0.66 | 0.56 |
| Quick Ratio | 0.56 | 0.56 | 0.41 | 0.45 | 0.38 | 0.42 | 0.46 | 0.40 | 0.40 | 0.38 | 0.35 |
| Cash Ratio | 0.15 | 0.15 | 0.05 | 0.05 | 0.05 | 0.08 | 0.08 | 0.07 | 0.06 | 0.06 | 0.04 |
| Asset Turnover | — | 0.82 | 0.84 | 0.68 | 0.65 | 0.77 | 0.77 | 0.76 | 0.79 | 0.86 | 0.89 |
| Inventory Turnover | 6.91 | 6.91 | 7.11 | 6.60 | 5.66 | 7.04 | 7.46 | 6.56 | 6.61 | 6.43 | 6.87 |
| Days Sales Outstanding | — | 43.57 | 43.62 | 44.19 | 46.27 | 40.74 | 42.37 | 37.05 | 39.44 | 34.66 | 36.27 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 2.8% | 4.2% | 3.5% | 3.8% | 3.9% | 3.5% | 4.1% | 3.3% | 2.9% | 2.9% |
| Payout Ratio | 57.8% | 57.8% | 84.1% | 83.0% | 53.0% | 62.5% | 80.1% | 57.0% | 58.7% | 102.4% | 114.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 4.8% | 4.9% | 4.2% | 7.2% | 6.2% | 4.3% | 7.2% | 1.2% | 2.8% | 2.5% |
| FCF Yield | 3.9% | 4.0% | 5.0% | 5.1% | 5.5% | 7.4% | 2.7% | 5.1% | 5.2% | 4.6% | 4.7% |
| Buyback Yield | 0.0% | 0.0% | 0.9% | 1.3% | 1.2% | 0.0% | 1.0% | 1.7% | 2.3% | 1.7% | 3.0% |
| Total Shareholder Yield | 2.7% | 2.8% | 5.0% | 4.8% | 5.0% | 3.9% | 4.4% | 5.8% | 5.7% | 4.7% | 5.9% |
| Shares Outstanding | — | $346M | $345M | $344M | $343M | $345M | $343M | $348M | $346M | $354M | $356M |
Volume elasticity and leverage
According to current market data, Kellanova trades at a P/E of 21.51, which appears elevated relative to its stagnant top-line growth and suggests investors are pricing in a snacking premium that the company's recent negative revenue performance has yet to fundamentally justify in the current environment.
The forward P/E of 22.06 implies that the market expects a recovery in earnings that may be difficult to achieve given the persistent volume elasticity observed in the snacking portfolio. Compared to diversified peers like General Mills, the valuation appears to reflect a 'pure-play' snacking thesis that remains vulnerable to downward revisions if volume trends do not improve.
Based on reported financial figures, Kellanova's ROIC has languished at approximately 3.2% as of 2025Q2, indicating that the company is currently failing to generate returns on invested capital that exceed its likely cost of capital, a trend that warrants further investigation by long-term institutional investors.
The persistent low ROIC suggests that the capital-intensive nature of the global snacking supply chain, combined with the post-spin corporate overhead, is dragging down overall efficiency. Unless management can significantly improve asset turnover or expand operating margins, the company may struggle to create meaningful economic value for shareholders.
As reported in recent quarterly filings, the company's cash conversion cycle has shown significant volatility, with the 2025Q2 figure of 29 days highlighting ongoing challenges in managing inventory and supplier payment terms effectively compared to the more efficient operational benchmarks seen in the broader consumer staples sector.
The elevated days of inventory outstanding, which reached 218 days in 2025Q2, suggests that the company may be holding excessive stock, potentially tying up liquidity that could be better deployed elsewhere. This inefficiency in working capital management appears to be a structural headwind that contributes to the observed deterioration in free cash flow.
The P/E ratio is frequently misapplied to Kellanova because it obscures the significant impact of non-recurring 'stranded costs' and the distortion caused by the 2023 spin-off, which makes historical earnings comparisons unreliable for assessing the true underlying earning power of the remaining pure-play snacking business model.
Investors should instead focus on EV/EBITDA or normalized free cash flow, as these metrics better account for the company's debt structure and the cash-generative potential of its core snack brands. Relying solely on P/E risks ignoring the impact of the corporate overhead that remains on the balance sheet post-divestiture.
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Quick answers to the most common questions about buying K stock.
Kellanova's current P/E ratio is 21.5x. The historical average is 24.1x. This places it at the 60th percentile of its historical range.
Kellanova's current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Kellanova's return on equity (ROE) is 37.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 45.6%.
Based on historical data, Kellanova is trading at a P/E of 21.5x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kellanova's current dividend yield is 2.69% with a payout ratio of 57.8%.
Kellanova has 36.9% gross margin and 14.7% operating margin. Operating margin between 10-20% is typical for established companies.
Kellanova's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.