Kellanova (K)
Debt-to-capital ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 5,089,000 | 5,530,000 | 5,078,000 | 5,759,000 | 5,317,000 | 5,697,000 | 5,838,000 | 5,953,000 | 6,262,000 | 7,800,000 | 7,800,000 | 7,300,000 | 6,746,000 | 7,900,000 | 7,700,000 | 7,500,000 | 7,800,000 | 8,300,000 | 8,700,000 | 8,400,000 |
| Total stockholders’ equity | US$ in thousands | 3,175,000 | 4,038,000 | 3,965,000 | 4,052,000 | 3,941,000 | 4,283,000 | 4,082,000 | 3,795,000 | 3,720,000 | 3,484,000 | 3,362,000 | 3,138,000 | 3,112,000 | 3,044,000 | 2,870,000 | 2,674,000 | 2,747,000 | 2,727,000 | 2,650,000 | 2,533,000 |
| Debt-to-capital ratio | 0.62 | 0.58 | 0.56 | 0.59 | 0.57 | 0.57 | 0.59 | 0.61 | 0.63 | 0.69 | 0.70 | 0.70 | 0.68 | 0.72 | 0.73 | 0.74 | 0.74 | 0.75 | 0.77 | 0.77 |
December 31, 2023 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $5,089,000K ÷ ($5,089,000K + $3,175,000K)
= 0.62
The debt-to-capital ratio of Kellanova has shown some fluctuations over the past few years, ranging from 0.56 to 0.77. This ratio represents the proportion of the company's total debt relative to its total capital, including both debt and equity.
Observing the trend, we can see that the ratio generally increased from 2019 to 2021, peaking at 0.77 in the last quarter of 2021. This indicates a higher reliance on debt financing relative to total capital during this period.
However, from 2022 onwards, there has been a gradual decline in the debt-to-capital ratio, with some minor fluctuations. This may suggest a decrease in the proportion of debt in the company's capital structure or an increase in equity financing.
Overall, the downward trend in the debt-to-capital ratio since 2021 could indicate a shift towards a more balanced and potentially less leveraged financial structure for Kellanova. However, it is essential to further analyze the underlying reasons and implications of these changes to gain a comprehensive understanding of the company's financial health and strategy.
Peer comparison
Dec 31, 2023