Kellanova (K)
Pretax margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) | US$ in thousands | 1,209,000 | 1,204,000 | 1,962,000 | 1,574,000 | 1,281,000 |
| Revenue | US$ in thousands | 13,122,000 | 12,653,000 | 14,181,000 | 13,770,000 | 13,578,000 |
| Pretax margin | 9.21% | 9.52% | 13.84% | 11.43% | 9.43% |
December 31, 2023 calculation
Pretax margin = EBT ÷ Revenue
= $1,209,000K ÷ $13,122,000K
= 9.21%
The pretax margin of Kellanova has shown fluctuations over the past five years. The company's pretax margin was 9.43% in 2019, increased to 11.43% in 2020, and further improved to 13.84% in 2021, indicating an upward trend in profitability. However, in 2022 and 2023, the pretax margin slightly decreased to 9.52% and 9.21%, respectively.
While the downward trend in pretax margin from 2021 to 2023 may raise some concerns, it is important to consider various factors that could have influenced these fluctuations, such as changes in revenue, operating expenses, or one-time charges. Further analysis of the company's financial performance and a comparison with industry benchmarks would provide more insights into the underlying reasons for these fluctuations in pretax margin.
Peer comparison
Dec 31, 2023