Kellanova Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Kellanova has an operating margin of 14.7%, meaning the company retains $15 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is up from 11.5% the prior year.
Kellanova's revenue declined 2.8% year-over-year, from $13.1B to $12.7B. This contraction results in a growth score of 20/100.
Kellanova has a moderate D/E ratio of 1.32. This balance of debt and equity financing earns a leverage score of 62/100.
Kellanova's current ratio of 0.81 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 12/100, which could limit financial flexibility.
Kellanova has a free cash flow margin of 8.9%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.
Kellanova earns a strong 35.6% return on equity (ROE), meaning it generates $36 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 29.9% the prior year.
Kellanova scores 3.45, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Kellanova passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Kellanova generates $1.31 in operating cash flow ($1.8B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Kellanova earns $6.0 in operating income for every $1 of interest expense ($1.9B vs $311.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Kellanova (K) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Kellanova generated $12.7B in revenue in fiscal year 2024. This represents a decrease of 2.8% from the prior year.
Kellanova's EBITDA was $2.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.4% from the prior year.
Kellanova generated $1.1B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 16.9% from the prior year.
Kellanova reported $1.3B in net income in fiscal year 2024. This represents an increase of 41.2% from the prior year.
Kellanova earned $3.88 per diluted share (EPS) in fiscal year 2024. This represents an increase of 72.4% from the prior year.
Kellanova held $694.0M in cash against $5.0B in long-term debt as of fiscal year 2024.
Kellanova paid $2.26 per share in dividends in fiscal year 2024. This represents a decrease of 3.4% from the prior year.
Kellanova had 345M shares outstanding in fiscal year 2024. This represents an increase of 1.3% from the prior year.
Kellanova's gross margin was 35.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.0 percentage points from the prior year.
Kellanova's operating margin was 14.7% in fiscal year 2024, reflecting core business profitability. This is up 3.2 percentage points from the prior year.
Kellanova's net profit margin was 10.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.3 percentage points from the prior year.
Kellanova's ROE was 35.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 5.6 percentage points from the prior year.
Kellanova invested $115.0M in research and development in fiscal year 2024. This represents a decrease of 0.9% from the prior year.
Kellanova spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Kellanova invested $628.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 7.2% from the prior year.
K Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3B+1.8% | $3.2B+3.9% | $3.1B-1.3% | $3.1B-2.1% | $3.2B-0.3% | $3.2B+0.8% | $3.2B-2.5% | $3.3B |
| Cost of Revenue | $2.2B+3.0% | $2.1B+4.4% | $2.0B+4.0% | $1.9B-4.1% | $2.0B-6.4% | $2.2B+4.3% | $2.1B-3.1% | $2.1B |
| Gross Profit | $1.1B-0.6% | $1.1B+2.9% | $1.1B-10.0% | $1.2B+1.4% | $1.2B+12.6% | $1.0B-5.8% | $1.1B-1.4% | $1.1B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $632.0M-3.1% | $652.0M+3.7% | $629.0M-2.6% | $646.0M-3.3% | $668.0M+4.7% | $638.0M-16.8% | $767.0M+10.2% | $696.0M |
| Operating Income | $452.0M+3.2% | $438.0M+1.9% | $430.0M-19.0% | $531.0M+7.7% | $493.0M+25.4% | $393.0M+19.8% | $328.0M-20.8% | $414.0M |
| Interest Expense | $60.0M-4.8% | $63.0M0.0% | $63.0M-10.0% | $70.0M-15.7% | $83.0M0.0% | $83.0M-2.4% | $85.0M+13.3% | $75.0M |
| Income Tax | $89.0M+7.2% | $83.0M+13.7% | $73.0M-19.8% | $91.0M-6.2% | $97.0M+18.3% | $82.0M+95.2% | $42.0M-46.2% | $78.0M |
| Net Income | $309.0M+3.3% | $299.0M-1.6% | $304.0M-16.7% | $365.0M+6.1% | $344.0M+28.8% | $267.0M+888.9% | $27.0M-90.0% | $269.0M |
| EPS (Diluted) | N/A | N/A | N/A | $1.05+5.0% | $1.00+28.2% | $0.78+387.5% | $0.16-71.9% | $0.57 |
K Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.6B-1.4% | $15.9B+2.6% | $15.5B-1.0% | $15.6B+2.2% | $15.3B-0.1% | $15.3B-2.0% | $15.6B-16.4% | $18.7B |
| Current Assets | $3.5B-5.7% | $3.7B+5.7% | $3.5B-7.5% | $3.8B+8.2% | $3.5B+0.6% | $3.5B+3.6% | $3.3B-33.2% | $5.0B |
| Cash & Equivalents | $240.0M-32.2% | $354.0M+7.3% | $330.0M-52.4% | $694.0M+155.1% | $272.0M+12.4% | $242.0M-11.7% | $274.0M-75.1% | $1.1B |
| Inventory | $1.2B-4.5% | $1.3B+2.7% | $1.2B+5.0% | $1.2B-1.7% | $1.2B-2.1% | $1.2B-2.7% | $1.2B-23.8% | $1.6B |
| Accounts Receivable | $1.7B+0.5% | $1.7B+8.0% | $1.6B+3.3% | $1.5B-8.0% | $1.7B-0.7% | $1.7B+6.3% | $1.6B-16.4% | $1.9B |
| Goodwill | $5.1B-0.1% | $5.1B+0.8% | $5.0B+0.3% | $5.0B-0.8% | $5.0B-0.5% | $5.1B-1.8% | $5.2B-6.1% | $5.5B |
| Total Liabilities | $11.4B-2.7% | $11.8B+1.8% | $11.6B-2.5% | $11.9B-1.2% | $12.0B-1.4% | $12.2B-2.3% | $12.4B-15.1% | $14.7B |
| Current Liabilities | $5.1B-5.1% | $5.4B+24.0% | $4.3B-6.8% | $4.7B-2.4% | $4.8B-13.6% | $5.5B+9.2% | $5.1B-22.4% | $6.5B |
| Long-Term Debt | $4.3B0.0% | $4.3B-13.6% | $5.0B+0.6% | $5.0B-0.2% | $5.0B+13.9% | $4.4B-13.6% | $5.1B-8.0% | $5.5B |
| Total Equity | $4.2B+2.3% | $4.1B+5.0% | $3.9B+3.7% | $3.8B+14.2% | $3.3B+4.9% | $3.2B-0.7% | $3.2B-21.4% | $4.0B |
| Retained Earnings | $9.7B+1.1% | $9.6B+1.0% | $9.5B+1.5% | $9.4B+3.7% | $9.0B+1.7% | $8.9B+0.8% | $8.8B-7.4% | $9.5B |
K Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $503.0M+197.6% | $169.0M+45.7% | $116.0M-75.2% | $467.0M+24.2% | $376.0M+3.3% | $364.0M+48.6% | $245.0M-67.6% | $756.0M |
| Capital Expenditures | $144.0M-2.7% | $148.0M-15.9% | $176.0M-6.4% | $188.0M+32.4% | $142.0M-8.4% | $155.0M-9.4% | $171.0M+2.4% | $167.0M |
| Free Cash Flow | $359.0M+1609.5% | $21.0M+135.0% | -$60.0M-121.5% | $279.0M+19.2% | $234.0M+12.0% | $209.0M+182.4% | $74.0M-87.4% | $589.0M |
| Investing Cash Flow | -$156.0M+8.2% | -$170.0M-11.8% | -$152.0M+5.6% | -$161.0M-33.1% | -$121.0M+63.7% | -$333.0M-270.0% | -$90.0M+29.7% | -$128.0M |
| Financing Cash Flow | -$455.0M-1521.9% | $32.0M+110.2% | -$313.0M-64.7% | -$190.0M+18.1% | -$232.0M-300.0% | -$58.0M+94.1% | -$990.0M-653.1% | $179.0M |
| Dividends Paid | $203.0M+2.5% | $198.0M+0.5% | $197.0M+0.5% | $196.0M+2.1% | $192.0M+0.5% | $191.0M+0.5% | $190.0M-7.8% | $206.0M |
| Share Buybacks | N/A | N/A | N/A | $0 | N/A | N/A | $110.0M | $0 |
K Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.3%-0.8pp | 34.0%-0.3pp | 34.4%-3.3pp | 37.7%+1.3pp | 36.4%+4.2pp | 32.2%-2.3pp | 34.5%+0.4pp | 34.1% |
| Operating Margin | 13.9%+0.2pp | 13.7%-0.3pp | 14.0%-3.0pp | 17.0%+1.6pp | 15.4%+3.2pp | 12.3%+2.0pp | 10.3%-2.4pp | 12.7% |
| Net Margin | 9.5%+0.2pp | 9.3%-0.5pp | 9.9%-1.8pp | 11.7%+0.9pp | 10.8%+2.4pp | 8.3%+7.5pp | 0.9%-7.4pp | 8.3% |
| Return on Equity | 7.3%+0.1pp | 7.3%-0.5pp | 7.8%-1.9pp | 9.7%-0.7pp | 10.4%+1.9pp | 8.5%+7.6pp | 0.9%-5.8pp | 6.7% |
| Return on Assets | 2.0%+0.1pp | 1.9%-0.1pp | 2.0%-0.4pp | 2.3%+0.1pp | 2.3%+0.5pp | 1.7%+1.6pp | 0.2%-1.3pp | 1.4% |
| Current Ratio | 0.680.0 | 0.68-0.1 | 0.800.0 | 0.81+0.1 | 0.73+0.1 | 0.62-0.0 | 0.66-0.1 | 0.76 |
| Debt-to-Equity | 1.03-0.0 | 1.06-0.2 | 1.28-0.0 | 1.32-0.2 | 1.51+0.1 | 1.39-0.2 | 1.60+0.2 | 1.37 |
| FCF Margin | 11.0%+10.4pp | 0.7%+2.6pp | -1.9%-10.9pp | 8.9%+1.6pp | 7.3%+0.8pp | 6.5%+4.2pp | 2.3%-15.8pp | 18.1% |
Note: The current ratio is below 1.0 (0.81), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Kellanova's annual revenue?
Kellanova (K) reported $12.7B in total revenue for fiscal year 2024. This represents a -2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Kellanova's revenue growing?
Kellanova (K) revenue declined by 2.8% year-over-year, from $13.1B to $12.7B in fiscal year 2024.
Is Kellanova profitable?
Yes, Kellanova (K) reported a net income of $1.3B in fiscal year 2024, with a net profit margin of 10.5%.
What is Kellanova's earnings per share (EPS)?
Kellanova (K) reported diluted earnings per share of $3.88 for fiscal year 2024. This represents a 72.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Kellanova's EBITDA?
Kellanova (K) had EBITDA of $2.2B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Kellanova have?
As of fiscal year 2024, Kellanova (K) had $694.0M in cash and equivalents against $5.0B in long-term debt.
What is Kellanova's gross margin?
Kellanova (K) had a gross margin of 35.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Kellanova's operating margin?
Kellanova (K) had an operating margin of 14.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Kellanova's net profit margin?
Kellanova (K) had a net profit margin of 10.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Kellanova pay dividends?
Yes, Kellanova (K) paid $2.26 per share in dividends during fiscal year 2024.
What is Kellanova's return on equity (ROE)?
Kellanova (K) has a return on equity of 35.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Kellanova's free cash flow?
Kellanova (K) generated $1.1B in free cash flow during fiscal year 2024. This represents a 16.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Kellanova's operating cash flow?
Kellanova (K) generated $1.8B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Kellanova's total assets?
Kellanova (K) had $15.6B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Kellanova's capital expenditures?
Kellanova (K) invested $628.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Kellanova spend on research and development?
Kellanova (K) invested $115.0M in research and development during fiscal year 2024.
How many shares does Kellanova have outstanding?
Kellanova (K) had 345M shares outstanding as of fiscal year 2024.
What is Kellanova's current ratio?
Kellanova (K) had a current ratio of 0.81 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Kellanova's debt-to-equity ratio?
Kellanova (K) had a debt-to-equity ratio of 1.32 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Kellanova's return on assets (ROA)?
Kellanova (K) had a return on assets of 8.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Kellanova's Altman Z-Score?
Kellanova (K) has an Altman Z-Score of 3.45, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Kellanova's Piotroski F-Score?
Kellanova (K) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Kellanova's earnings high quality?
Kellanova (K) has an earnings quality ratio of 1.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Kellanova cover its interest payments?
Kellanova (K) has an interest coverage ratio of 6.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Kellanova?
Kellanova (K) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.