KELLANOVA (KEL.DE) Fundamental Analysis & Valuation

FRA:KEL • US4878361082

66.24 EUR
+0.84 (+1.28%)
Last: Sep 25, 2025, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This KEL.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

Taking everything into account, KEL scores 5 out of 10 in our fundamental rating. KEL was compared to 61 industry peers in the Food Products industry. KEL has an excellent profitability rating, but there are concerns on its financial health. KEL does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

9

1. KEL.DE Profitability Analysis

1.1 Basic Checks

  • In the past year KEL was profitable.
  • KEL had a positive operating cash flow in the past year.
  • In the past 5 years KEL has always been profitable.
  • KEL had a positive operating cash flow in each of the past 5 years.
KEL.DE Yearly Net Income VS EBIT VS OCF VS FCFKEL.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B

1.2 Ratios

  • KEL's Return On Assets of 8.41% is amongst the best of the industry. KEL outperforms 82.76% of its industry peers.
  • KEL's Return On Equity of 32.49% is amongst the best of the industry. KEL outperforms 91.38% of its industry peers.
  • KEL's Return On Invested Capital of 13.24% is amongst the best of the industry. KEL outperforms 87.93% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for KEL is significantly above the industry average of 6.64%.
  • The last Return On Invested Capital (13.24%) for KEL is above the 3 year average (11.99%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 8.41%
ROE 32.49%
ROIC 13.24%
ROA(3y)6.62%
ROA(5y)7%
ROE(3y)29.96%
ROE(5y)34.02%
ROIC(3y)11.99%
ROIC(5y)11.58%
KEL.DE Yearly ROA, ROE, ROICKEL.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

1.3 Margins

  • KEL has a better Profit Margin (10.56%) than 77.59% of its industry peers.
  • KEL's Profit Margin has improved in the last couple of years.
  • KEL has a better Operating Margin (15.05%) than 84.48% of its industry peers.
  • KEL's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 35.99%, KEL is in line with its industry, outperforming 44.83% of the companies in the same industry.
  • KEL's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 15.05%
PM (TTM) 10.56%
GM 35.99%
OM growth 3Y5.23%
OM growth 5Y6.89%
PM growth 3Y0.13%
PM growth 5Y8.3%
GM growth 3Y3.3%
GM growth 5Y2.28%
KEL.DE Yearly Profit, Operating, Gross MarginsKEL.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. KEL.DE Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), KEL is creating some value.
  • The number of shares outstanding for KEL has been increased compared to 1 year ago.
  • KEL has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for KEL has been reduced compared to a year ago.
KEL.DE Yearly Shares OutstandingKEL.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
KEL.DE Yearly Total Debt VS Total AssetsKEL.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.2 Solvency

  • KEL has an Altman-Z score of 3.29. This indicates that KEL is financially healthy and has little risk of bankruptcy at the moment.
  • KEL's Altman-Z score of 3.29 is fine compared to the rest of the industry. KEL outperforms 79.31% of its industry peers.
  • The Debt to FCF ratio of KEL is 9.04, which is on the high side as it means it would take KEL, 9.04 years of fcf income to pay off all of its debts.
  • KEL has a Debt to FCF ratio of 9.04. This is comparable to the rest of the industry: KEL outperforms 46.55% of its industry peers.
  • A Debt/Equity ratio of 1.25 is on the high side and indicates that KEL has dependencies on debt financing.
  • KEL has a Debt to Equity ratio of 1.25. This is in the lower half of the industry: KEL underperforms 79.31% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.25
Debt/FCF 9.04
Altman-Z 3.29
ROIC/WACC1.69
WACC7.83%
KEL.DE Yearly LT Debt VS Equity VS FCFKEL.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

2.3 Liquidity

  • A Current Ratio of 0.68 indicates that KEL may have some problems paying its short term obligations.
  • KEL has a Current ratio of 0.68. This is amonst the worse of the industry: KEL underperforms 87.93% of its industry peers.
  • A Quick Ratio of 0.45 indicates that KEL may have some problems paying its short term obligations.
  • KEL has a Quick ratio of 0.45. This is in the lower half of the industry: KEL underperforms 77.59% of its industry peers.
Industry RankSector Rank
Current Ratio 0.68
Quick Ratio 0.45
KEL.DE Yearly Current Assets VS Current LiabilitesKEL.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. KEL.DE Growth Analysis

3.1 Past

  • KEL shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -4.18%.
  • KEL shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -0.46% yearly.
  • The Revenue has grown by 10.71% in the past year. This is quite good.
  • The Revenue has been decreasing by -1.25% on average over the past years.
EPS 1Y (TTM)-4.18%
EPS 3Y-2.63%
EPS 5Y-0.46%
EPS Q2Q%-6.93%
Revenue 1Y (TTM)10.71%
Revenue growth 3Y-3.49%
Revenue growth 5Y-1.25%
Sales Q2Q%0.34%

3.2 Future

  • The Earnings Per Share is expected to grow by 4.29% on average over the next years.
  • The Revenue is expected to grow by 2.11% on average over the next years.
EPS Next Y-3.98%
EPS Next 2Y0.05%
EPS Next 3Y1.34%
EPS Next 5Y4.29%
Revenue Next Year0.08%
Revenue Next 2Y1.19%
Revenue Next 3Y1.64%
Revenue Next 5Y2.11%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
KEL.DE Yearly Revenue VS EstimatesKEL.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 5B 10B 15B
KEL.DE Yearly EPS VS EstimatesKEL.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2 4 6

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Find the best growth stocksShow best growing peers

2

4. KEL.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 21.16, the valuation of KEL can be described as rather expensive.
  • Based on the Price/Earnings ratio, KEL is valued a bit more expensive than the industry average as 62.07% of the companies are valued more cheaply.
  • KEL is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 20.17 indicates a rather expensive valuation of KEL.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of KEL indicates a slightly more expensive valuation: KEL is more expensive than 63.79% of the companies listed in the same industry.
  • KEL's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 24.57.
Industry RankSector Rank
PE 21.16
Fwd PE 20.17
KEL.DE Price Earnings VS Forward Price EarningsKEL.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, KEL is valued a bit more expensive than the industry average as 68.97% of the companies are valued more cheaply.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as KEL.
Industry RankSector Rank
P/FCF 41.61
EV/EBITDA 13.99
KEL.DE Per share dataKEL.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

  • KEL has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0.05%
EPS Next 3Y1.34%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. KEL.DE Dividend Analysis

5.1 Amount

  • KEL has a Yearly Dividend Yield of 2.81%. Purely for dividend investing, there may be better candidates out there.
  • KEL's Dividend Yield is a higher than the industry average which is at 2.47.
  • Compared to an average S&P500 Dividend Yield of 1.82, KEL pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.81%

5.2 History

  • The dividend of KEL has a limited annual growth rate of 1.51%.
Dividend Growth(5Y)1.51%
Div Incr Years0
Div Non Decr Years0
KEL.DE Yearly Dividends per shareKEL.DE Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

  • 59.03% of the earnings are spent on dividend by KEL. This is a bit on the high side, but may be sustainable.
  • The dividend of KEL is growing, but earnings are growing more, so the dividend growth is sustainable.
DP59.03%
EPS Next 2Y0.05%
EPS Next 3Y1.34%
KEL.DE Yearly Income VS Free CF VS DividendKEL.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B
KEL.DE Dividend Payout.KEL.DE Dividend Payout, showing the Payout Ratio.KEL.DE Dividend Payout.PayoutRetained Earnings

More info and screens

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KEL.DE Fundamentals: All Metrics, Ratios and Statistics

KELLANOVA

FRA:KEL (9/25/2025, 7:00:00 PM)

66.24

+0.84 (+1.28%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryFood Products
Earnings (Last)07-31
Earnings (Next)10-29
Inst Owners84.18%
Inst Owner ChangeN/A
Ins Owners0.44%
Ins Owner ChangeN/A
Market Cap23.05B
Revenue(TTM)12.64B
Net Income(TTM)1.33B
Analysts54.29
Price Target72.25 (9.07%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.81%
Yearly Dividend1.93
Dividend Growth(5Y)1.51%
DP59.03%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-9.7%
Min EPS beat(2)-12.53%
Max EPS beat(2)-6.87%
EPS beat(4)2
Avg EPS beat(4)-1.39%
Min EPS beat(4)-12.53%
Max EPS beat(4)8.62%
EPS beat(8)6
Avg EPS beat(8)5.6%
EPS beat(12)10
Avg EPS beat(12)6.19%
EPS beat(16)14
Avg EPS beat(16)7.38%
Revenue beat(2)0
Avg Revenue beat(2)-3.24%
Min Revenue beat(2)-4.93%
Max Revenue beat(2)-1.54%
Revenue beat(4)1
Avg Revenue beat(4)-1.84%
Min Revenue beat(4)-4.93%
Max Revenue beat(4)0.37%
Revenue beat(8)3
Avg Revenue beat(8)-0.13%
Revenue beat(12)6
Avg Revenue beat(12)0.14%
Revenue beat(16)9
Avg Revenue beat(16)0.33%
PT rev (1m)-1.35%
PT rev (3m)-2.6%
EPS NQ rev (1m)0.01%
EPS NQ rev (3m)-4.41%
EPS NY rev (1m)0.27%
EPS NY rev (3m)-4.14%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.69%
Revenue NY rev (1m)-0.03%
Revenue NY rev (3m)-0.51%
Valuation
Industry RankSector Rank
PE 21.16
Fwd PE 20.17
P/S 2.14
P/FCF 41.61
P/OCF 20.73
P/B 6.58
P/tB N/A
EV/EBITDA 13.99
EPS(TTM)3.13
EY4.73%
EPS(NY)3.28
Fwd EY4.96%
FCF(TTM)1.59
FCFY2.4%
OCF(TTM)3.2
OCFY4.82%
SpS30.96
BVpS10.06
TBVpS-6.77
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA 8.41%
ROE 32.49%
ROCE 18.15%
ROIC 13.24%
ROICexc 13.67%
ROICexgc 36.94%
OM 15.05%
PM (TTM) 10.56%
GM 35.99%
FCFM 5.14%
ROA(3y)6.62%
ROA(5y)7%
ROE(3y)29.96%
ROE(5y)34.02%
ROIC(3y)11.99%
ROIC(5y)11.58%
ROICexc(3y)12.48%
ROICexc(5y)11.99%
ROICexgc(3y)36.74%
ROICexgc(5y)35.13%
ROCE(3y)15.6%
ROCE(5y)14.99%
ROICexgc growth 3Y9.44%
ROICexgc growth 5Y7.97%
ROICexc growth 3Y8.64%
ROICexc growth 5Y9.53%
OM growth 3Y5.23%
OM growth 5Y6.89%
PM growth 3Y0.13%
PM growth 5Y8.3%
GM growth 3Y3.3%
GM growth 5Y2.28%
F-Score6
Asset Turnover0.8
Health
Industry RankSector Rank
Debt/Equity 1.25
Debt/FCF 9.04
Debt/EBITDA 2.25
Cap/Depr 177.51%
Cap/Sales 5.18%
Interest Coverage 250
Cash Conversion 57.44%
Profit Quality 48.69%
Current Ratio 0.68
Quick Ratio 0.45
Altman-Z 3.29
F-Score6
WACC7.83%
ROIC/WACC1.69
Cap/Depr(3y)144.93%
Cap/Depr(5y)131.73%
Cap/Sales(3y)4.42%
Cap/Sales(5y)4.17%
Profit Quality(3y)102.41%
Profit Quality(5y)100.55%
High Growth Momentum
Growth
EPS 1Y (TTM)-4.18%
EPS 3Y-2.63%
EPS 5Y-0.46%
EPS Q2Q%-6.93%
EPS Next Y-3.98%
EPS Next 2Y0.05%
EPS Next 3Y1.34%
EPS Next 5Y4.29%
Revenue 1Y (TTM)10.71%
Revenue growth 3Y-3.49%
Revenue growth 5Y-1.25%
Sales Q2Q%0.34%
Revenue Next Year0.08%
Revenue Next 2Y1.19%
Revenue Next 3Y1.64%
Revenue Next 5Y2.11%
EBIT growth 1Y20.29%
EBIT growth 3Y1.56%
EBIT growth 5Y5.55%
EBIT Next Year17.18%
EBIT Next 3Y7.63%
EBIT Next 5Y6.96%
FCF growth 1Y-30.11%
FCF growth 3Y-0.47%
FCF growth 5Y13.92%
OCF growth 1Y-12.42%
OCF growth 3Y1.14%
OCF growth 5Y8.4%

KELLANOVA / KEL.DE FAQ

Can you provide the ChartMill fundamental rating for KELLANOVA?

ChartMill assigns a fundamental rating of 5 / 10 to KEL.DE.


What is the valuation status of KELLANOVA (KEL.DE) stock?

ChartMill assigns a valuation rating of 2 / 10 to KELLANOVA (KEL.DE). This can be considered as Overvalued.


What is the profitability of KEL stock?

KELLANOVA (KEL.DE) has a profitability rating of 9 / 10.


Can you provide the PE and PB ratios for KEL stock?

The Price/Earnings (PE) ratio for KELLANOVA (KEL.DE) is 21.16 and the Price/Book (PB) ratio is 6.58.


How sustainable is the dividend of KELLANOVA (KEL.DE) stock?

The dividend rating of KELLANOVA (KEL.DE) is 5 / 10 and the dividend payout ratio is 59.03%.