Kellanova (K)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	7.11	5.50	5.35	5.73	8.31	7.15	7.69	8.02	8.91	8.43	7.82	7.50	7.04	7.05	7.35	7.61	7.50	7.74	7.46	6.89
Receivables turnover	8.37	6.99	6.79	—	8.04	—	—	—	9.52	—	—	—	—	—	—	—	—	—	—	—
Payables turnover	3.82	3.22	3.25	3.56	4.33	4.19	4.50	4.62	4.84	4.60	4.28	3.99	3.66	3.63	3.78	3.89	3.85	3.97	3.84	3.83
Working capital turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Kellanova's inventory turnover ratio has been somewhat variable over the past five quarters, ranging from a low of 5.35 to a high of 8.91. This ratio suggests that the company is able to sell its inventory multiple times a year, with higher ratios indicating more efficient inventory management.

The receivables turnover ratio has also shown variability, with figures ranging from 6.79 to 9.52. This ratio indicates the company's ability to collect outstanding receivables, with higher ratios reflecting faster collection. However, data for the most recent quarter is missing, so it is difficult to draw a complete trend.

On the payables side, the turnover ratio has ranged from 3.22 to 4.84 over the past five quarters. This ratio reflects how quickly the company pays its suppliers, with higher ratios suggesting faster payment cycles.

Unfortunately, data for the Working Capital turnover ratio is missing across all quarters, making it challenging to assess how efficiently the company is utilizing its working capital to generate sales.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	51.33	66.36	68.17	63.65	43.94	51.05	47.49	45.53	40.97	43.30	46.69	48.69	51.83	51.80	49.65	47.95	48.66	47.15	48.90	52.98
Days of sales outstanding (DSO)	days	43.62	52.22	53.74	—	45.42	—	—	—	38.32	—	—	—	—	—	—	—	—	—	—	—
Number of days of payables	days	95.55	113.40	112.28	102.50	84.26	87.14	81.11	78.99	75.40	79.37	85.21	91.41	99.74	100.45	96.59	93.93	94.73	91.86	95.14	95.20

Kellanova's activity ratios provide insights into how efficiently the company manages its inventory, sales, and payables.

1. Days of Inventory on Hand (DOH): Kellanova's DOH fluctuated over the periods, ranging from a low of 40.97 days to a high of 68.17 days. The increasing trend observed from December 2021 to September 2023 indicates that the company may be taking longer to sell its inventory or managing its inventory less efficiently. However, the decrease in DOH from September 2023 to December 2023 suggests some improvement in inventory management efficiency.

2. Days of Sales Outstanding (DSO): DSO data is not available for all periods; however, the company's DSO seems to fluctuate based on the available data. The decreasing trend in DSO from December 2019 to December 2021 suggests that Kellanova was collecting its accounts receivable more quickly, indicating efficient credit management.

3. Number of Days of Payables: Kellanova's payables period shows some variability over the periods, ranging from 75.40 days to 113.40 days. The increasing trend in the payables period from December 2019 to September 2023 suggests that the company is taking longer to pay its creditors. This could indicate a change in payment terms or potential cash flow issues.

Overall, analyzing Kellanova's activity ratios indicates areas where the company may need to focus on improving efficiency, such as managing inventory levels more effectively and optimizing payment cycles to maintain healthy cash flows.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	4.09	3.49	3.47	3.60	4.51	3.99	3.99	3.78	3.71	3.79	3.83	3.83	3.71	3.88	3.92	3.92	3.76	3.91	3.90	3.66
Total asset turnover	0.84	0.70	0.72	0.73	0.75	0.75	0.77	0.77	0.78	0.77	0.77	0.77	0.77	0.71	0.73	0.74	0.77	0.78	0.74	0.74

Kellanova's long-term activity ratios provide insights into how efficiently the company utilizes its assets. The fixed asset turnover ratio has been relatively stable over the periods, ranging from 3.47 to 4.51, with an average of approximately 3.89. This indicates that Kellanova generates sales revenue efficiently in relation to its investment in fixed assets.

On the other hand, the total asset turnover ratio has shown more volatility, ranging from 0.70 to 0.84, with an average of around 0.74. This suggests that Kellanova is less efficient in generating sales in relation to its total assets compared to its fixed assets. The variability in this ratio may indicate fluctuations in the company's asset management strategy or changes in the business environment.

Overall, while Kellanova demonstrates strong efficiency in utilizing its fixed assets to generate sales revenue, there may be opportunities for improvement in optimizing the use of its total assets to enhance overall operational efficiency and profitability. Monitoring these ratios over time can help assess the effectiveness of the company's asset utilization strategies and identify areas for potential enhancements.