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Kellanova Co (NYSE:K) Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Kellanova Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Kellanova Co's Piotroski F-Score or its related term are showing as below:

K' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 6   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Kellanova Co was 8. The lowest was 5. And the median was 6.


Kellanova Co Piotroski F-Score Historical Data

The historical data trend for Kellanova Co's Piotroski F-Score 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 Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 8.00 6.00 6.00 5.00

Kellanova Co Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 5.00 7.00 5.00

Competitive Comparison

For the Packaged Foods subindustry, Kellanova Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Co Piotroski F-Score Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, Kellanova Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Kellanova Co's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 298 + 357 + 269 + 27 = $951 Mil.
Cash Flow from Operations was 276 + 368 + 756 + 245 = $1,645 Mil.
Revenue was 4053 + 4041 + 3939 + 1089 = $13,122 Mil.
Gross Profit was 1210 + 1333 + 1343 + 397 = $4,283 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(18496 + 18630 + 18101 + 18695 + 15621) / 5 = $17908.6 Mil.
Total Assets at the begining of this year (Dec22) was $18,496 Mil.
Long-Term Debt & Capital Lease Obligation was $5,621 Mil.
Total Current Assets was $3,330 Mil.
Total Current Liabilities was $5,060 Mil.
Net Income was 422 + 326 + 310 + -98 = $960 Mil.

Revenue was 3672 + 3864 + 3946 + 1171 = $12,653 Mil.
Gross Profit was 1159 + 1143 + 1153 + 356 = $3,811 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(18178 + 18612 + 18937 + 19016 + 18496) / 5 = $18647.8 Mil.
Total Assets at the begining of last year (Dec21) was $18,178 Mil.
Long-Term Debt & Capital Lease Obligation was $5,799 Mil.
Total Current Assets was $4,186 Mil.
Total Current Liabilities was $6,349 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Kellanova Co's current Net Income (TTM) was 951. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Kellanova Co's current Cash Flow from Operations (TTM) was 1,645. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=951/18496
=0.05141652

ROA (Last Year)=Net Income/Total Assets (Dec21)
=960/18178
=0.05281109

Kellanova Co's return on assets of this year was 0.05141652. Kellanova Co's return on assets of last year was 0.05281109. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Kellanova Co's current Net Income (TTM) was 951. Kellanova Co's current Cash Flow from Operations (TTM) was 1,645. ==> 1,645 > 951 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=5621/17908.6
=0.31387155

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=5799/18647.8
=0.31097502

Kellanova Co's gearing of this year was 0.31387155. Kellanova Co's gearing of last year was 0.31097502. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=3330/5060
=0.65810277

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=4186/6349
=0.65931643

Kellanova Co's current ratio of this year was 0.65810277. Kellanova Co's current ratio of last year was 0.65931643. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Kellanova Co's number of shares in issue this year was 343.261. Kellanova Co's number of shares in issue last year was 347.344. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=4283/13122
=0.32639841

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=3811/12653
=0.30119339

Kellanova Co's gross margin of this year was 0.32639841. Kellanova Co's gross margin of last year was 0.30119339. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=13122/18496
=0.70945069

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=12653/18178
=0.69606117

Kellanova Co's asset turnover of this year was 0.70945069. Kellanova Co's asset turnover of last year was 0.69606117. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+1+1+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Kellanova Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Kellanova Co  (NYSE:K) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Kellanova Co Piotroski F-Score Related Terms

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Kellanova Co (NYSE:K) Business Description

Address
412 N. Wells Street, Chicago, IL, USA, 60654
Following its split from the North American cereal business, Kellanova (previously the global snacking arm of Kellogg) is 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 more than 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 half of Kellanova's consolidated sales base.
Executives
Kellogg W K Foundation Trust 10 percent owner 50 S. LA SALLE ST., B-10, CHICAGO IL 60603
John Min officer: Chief Legal Officer ONE KELLOGG SQUARE, BATTLE CREEK MI 49017
Christopher M Hood officer: Senior Vice President ONE KELLOGG SQUARE, PO BOX 3599, BATTLE CREEK MI 49016-3599
Kris Bahner officer: SVP-Chief Global Corp Affairs ONE KELLOGG SQUARE, BATTLE CREEK MI 49017
Nicolas Amaya officer: Senior Vice President ONE KELLOGG SQUARE, BATTLE CREEK MI 49017
Charisse Ford Hughes officer: Senior Vice President C/O CROCS, INC., 13601 VIA VARRA, BROOMFIELD CO 80020
Gary H Pilnick officer: Senior Vice President
Kurt D Forche officer: VP-Corporate Controller ONE KELLOGG SQUARE, PO BOX 3599, BATTLE CREEK MI 49016-3599
Amit Banati officer: Senior Vice President ONE KELLOGG SQUARE, PO BOX 3599, BATTLE CREEK MI 49016-3599
Rodrigo Lance officer: Senior Vice President ONE KELLOGG SQUARE, BATTLE CREEK MI 49017
Alistair D Hirst officer: SVP - Global Supply Chain ONE KELLOGG SQUARE, PO BOX 3599, BATTLE CREEK MI 49016-3599
J Michael Schlotman director 1014 VINE ST, CINCINNATI OH 45202
Steven A Cahillane director, officer: CEO & President ONE COCA-COLA PLAZA, ATLANTA GA 30313
Shumit Kapoor officer: Senior Vice President ONE KELLOGG SQUARE, BATTLE CREEK MI 49017
Maria Fernanda Mejia officer: Senior Vice President ONE KELLOGG SQUARE, PO BOX 3599, BATTLE CREEK MI 49016-3599