Kellanova

NYSE:K Stock Report

Market Cap: US$29.0b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Kellanova Past Earnings Performance

Past criteria checks 4/6

Kellanova's earnings have been declining at an average annual rate of -3.5%, while the Food industry saw earnings growing at 7.2% annually. Revenues have been declining at an average rate of 2.4% per year. Kellanova's return on equity is 30.1%, and it has net margins of 10.1%.

Key information

-3.46%

Earnings growth rate

-3.64%

EPS growth rate

Food Industry Growth15.98%
Revenue growth rate-2.35%
Return on equity30.10%
Net Margin10.08%
Last Earnings Update27 Sep 2025

Recent past performance updates

Recent updates

Seeking Alpha • Dec 11

Kellanova: A Global Snacks Engine Being Cashed Out At Full, But Not Frothy, Value

Summary Kellanova (K) is being acquired by Mars for $83.50/share, fairly valuing its snacks-led transformation and emerging markets growth. K's upside is capped by the all-cash offer; current trading presents a hold-to-close arbitrage opportunity for public investors. Strong brand architecture and emerging market exposure underpin K's resilience, but developed market growth is slowing and FX remains a headwind. Valuation multiples (EV/EBITDA ~15x, P/E low 20s) and DCF analysis confirm Mars's offer is fair; deal closure is the key catalyst. Read the full article on Seeking Alpha
Seeking Alpha • Feb 19

Kellanova: Nowhere To Go, No Value To Grow, Hold

Summary Mars Incorporated's acquisition of Kellanova at $83.50 per share is the sole reason for the stock's recent surge; otherwise, the stock would likely fall. Kellanova's financials show declining revenue and free cash flow, with minimal growth in net income and dividends, indicating stagnation. Valuation models suggest Kellanova's intrinsic value is significantly lower than its current price, reinforcing the stock's overvaluation without the acquisition. I recommend a HOLD rating due to the likely acquisition; without it, Kellanova would be a SELL given its poor growth prospects. Read the full article on Seeking Alpha
Seeking Alpha • Nov 04

Kellanova Q3 Results: Decent Quarter, And Acquisition By Mars Is Progressing Well

Summary Kellanova's Q3 results showed mixed regional sales but improved profitability, with adjusted EPS beating consensus estimates and GAAP EPS increasing by 84% year-over-year. Despite weak sales, efficiency and profitability improvements highlight management's adeptness at cost-cutting and enhancing overall performance. Shareholders approved the merger with Mars, but regulatory approvals are pending, leaving some uncertainty about the finalization of the acquisition. With limited upside potential and a share price ceiling of $83.5, investors need to ask themselves if a few extra bucks are enough to hold through potential risks. Read the full article on Seeking Alpha
Seeking Alpha • Aug 15

Kellanova: A Bittersweet Exit For Some, But A Great Treat For Others

Summary Mars is acquiriing Kellanova in an all-cash deal for $35.9 billion, sending shares spiking 7.8%. Kellanova's financial performance shows growth potential, upside is now severely limited. While some small chance of another suitor exists, this is unlikely and investors can get better returns elsewhere. Read the full article on Seeking Alpha
Seeking Alpha • Aug 06

Kellanova: A Bidding War On The Horizon?

Summary Kellanova is in talks with potential buyers Mars and Hershey for acquisition, leading to a surge in share price. Mars and Hershey both see strategic benefits in acquiring Kellanova, such as cost reductions, manufacturing efficiencies, and marketing synergies. Kellanova's financial performance has been decent, with strong Q2 results and increased guidance, leading to a higher premium for potential acquisition. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Kellanova makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:K Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
27 Sep 2512,6701,2772,5410
28 Jun 2512,6431,3352,6260
29 Mar 2512,6321,3802,6320
28 Dec 2412,7491,3432,6270
28 Sep 2412,7991,0332,8150
29 Jun 2412,8218632,7830
30 Mar 2412,9808122,8110
30 Dec 2313,1227752,8300
30 Sep 2311,1193912,6740
01 Jul 2311,8105042,7390
01 Apr 2312,3235372,7230
31 Dec 2212,6537292,6430
01 Oct 2214,9021,4912,5540
02 Jul 2214,5781,4882,5620
02 Apr 2214,2691,5422,5470
01 Jan 2211,7471,0962,2500
02 Oct 2114,2251,2602,8600
03 Jul 2114,0321,3012,8540
03 Apr 2113,9421,2722,8650
02 Jan 2113,7701,2512,9550
26 Sep 2013,5291,1912,7570
27 Jun 2013,4721,0902,7450
28 Mar 2013,4681,0252,7570
28 Dec 1913,5789602,8270
28 Sep 1913,6727312,7770
29 Jun 1913,7698642,8280
30 Mar 1913,6681,1742,8980
29 Dec 1813,5471,3363,0220
29 Sep 1813,4151,8372,9710
30 Jun 1813,1921,7452,9580
31 Mar 1813,0071,4322,9970
30 Dec 1712,8541,2543,0170
30 Sep 1712,7667843,0820
01 Jul 1712,7747883,1540
01 Apr 1712,8677853,1740
31 Dec 1612,9656993,2020
01 Oct 1613,0597063,3340
02 Jul 1613,1346193,3780
02 Apr 1613,3645623,3910
02 Jan 1613,5256143,4430
03 Oct 1513,8973623,7180
04 Jul 1514,2073813,7470
04 Apr 1514,3944533,8420
03 Jan 1514,5806323,8750

Quality Earnings: K has high quality earnings.

Growing Profit Margin: K's current net profit margins (10.1%) are higher than last year (8.1%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: K's earnings have declined by 3.5% per year over the past 5 years.

Accelerating Growth: K's earnings growth over the past year (23.8%) exceeds its 5-year average (-3.5% per year).

Earnings vs Industry: K earnings growth over the past year (23.8%) exceeded the Food industry 5.9%.

Return on Equity

High ROE: Whilst K's Return on Equity (30.1%) is high, this metric is skewed due to their high level of debt.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/10 15:55
End of Day Share Price 2025/12/10 00:00
Earnings2025/09/27
Annual Earnings2024/12/28

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Kellanova is covered by 27 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christopher GrajaArgus Research Company
Kenneth ZaslowBMO Capital Markets Equity Research
Jonathan FeeneyBrean Capital Historical (Janney Montgomery)