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Kellanova (MIL:1K) Cyclically Adjusted FCF per Share : €2.86 (As of Mar. 2025)


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What is Kellanova Cyclically Adjusted FCF per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

Kellanova's adjusted free cash flow per share for the three months ended in Mar. 2025 was €-0.159. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is €2.86 for the trailing ten years ended in Mar. 2025.

During the past 12 months, Kellanova's average Cyclically Adjusted FCF Growth Rate was -2.20% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 0.30% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 3.60% per year. During the past 10 years, the average Cyclically Adjusted FCF Growth Rate was 1.30% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Kellanova was 10.90% per year. The lowest was -4.20% per year. And the median was 4.30% per year.

As of today (2025-05-19), Kellanova's current stock price is €72.98. Kellanova's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2025 was €2.86. Kellanova's Cyclically Adjusted Price-to-FCF of today is 25.52.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Kellanova was 27.01. The lowest was 15.68. And the median was 22.20.


Kellanova Cyclically Adjusted FCF per Share Historical Data

The historical data trend for Kellanova's Cyclically Adjusted FCF per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Kellanova Cyclically Adjusted FCF per Share Chart

Kellanova Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Cyclically Adjusted FCF per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - 2.82 2.97

Kellanova Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Cyclically Adjusted FCF per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.88 2.98 2.86 2.97 2.86

Competitive Comparison of Kellanova's Cyclically Adjusted FCF per Share

For the Packaged Foods subindustry, Kellanova's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Kellanova's Cyclically Adjusted Price-to-FCF Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Kellanova's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Kellanova's Cyclically Adjusted Price-to-FCF falls into.


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Kellanova Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Kellanova's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2025 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Mar. 2025 (Change)*Current CPI (Mar. 2025)
=-0.159/134.9266*134.9266
=-0.159

Current CPI (Mar. 2025) = 134.9266.

Kellanova Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201506 0.781 100.684 1.047
201509 0.643 100.392 0.864
201512 1.439 99.792 1.946
201603 -0.352 100.470 -0.473
201606 1.353 101.688 1.795
201609 0.619 101.861 0.820
201612 0.319 101.863 0.423
201703 -0.433 102.862 -0.568
201706 -0.030 103.349 -0.039
201709 -0.019 104.136 -0.025
201712 0.209 104.011 0.271
201803 0.224 105.290 0.287
201806 0.199 106.317 0.253
201809 0.884 106.507 1.120
201812 1.057 105.998 1.345
201903 -0.201 107.251 -0.253
201906 0.789 108.070 0.985
201909 0.698 108.329 0.869
201912 0.263 108.420 0.327
202003 0.734 108.902 0.909
202006 1.220 108.767 1.513
202009 1.261 109.815 1.549
202012 0.512 109.897 0.629
202103 0.151 111.754 0.182
202106 0.784 114.631 0.923
202109 0.870 115.734 1.014
202112 1.052 117.630 1.207
202203 0.502 121.301 0.558
202206 0.965 125.017 1.041
202209 0.857 125.227 0.923
202212 0.905 125.222 0.975
202303 0.198 127.348 0.210
202306 0.621 128.729 0.651
202309 1.600 129.860 1.662
202312 0.198 129.419 0.206
202403 0.559 131.776 0.572
202406 0.630 132.554 0.641
202409 1.065 133.029 1.080
202412 0.762 133.157 0.772
202503 -0.159 134.927 -0.159

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


Kellanova  (MIL:1K) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

Kellanova's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=72.98/2.86
=25.52

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Kellanova was 27.01. The lowest was 15.68. And the median was 22.20.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


Kellanova Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of Kellanova's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


Kellanova Business Description

Address
412 N. Wells Street, Chicago, IL, USA, 60654
Following its split from the North American cereal business in October 2023, Kellanova (previously the global snacking arm of Kellogg) has operated as a leading global manufacturer and marketer of salty snacks, snack bars, frozen breakfast fare, meat alternatives, and other packaged foods. Its offerings are manufactured in around 20 countries and marketed in over 180 countries. Its product mix includes well-known brands such as Pringles, Cheez-It, Rice Krispies Treats, Pop-Tarts, Eggo, Nutri-Grain, and Morningstar Farms. Sales beyond its home turf account for about nearly two thirds of Kellanova's consolidated sales base. Mars is slated to acquire the recently independent business in a nearly $36 billion deal in the first half of calendar 2025.

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