Kellanova (MEX:K) Beneish M-Score : -2.66 (As of Mar. 24, 2025)

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What is Kellanova Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:K' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.61 Max: -2.24
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Kellanova was -2.24. The lowest was -2.75. And the median was -2.61.

Kellanova Beneish M-Score Historical Data

The historical data trend for Kellanova's Beneish M-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.

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Kellanova Beneish M-Score Chart

Kellanova Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.75

-2.55

-2.57

-2.65

-2.66

Kellanova Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.65	-2.80	-2.83	-2.67	-2.66

Competitive Comparison of Kellanova's Beneish M-Score

For the Packaged Foods subindustry, Kellanova's Beneish M-Score, along with its competitors' market caps and Beneish M-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's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

* The bar in red indicates where Kellanova's Beneish M-Score falls into.

Kellanova Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Kellanova for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1324

0.528 * 0.9104

0.404 * 0.9545

0.892 * 1.0532

0.115 * 1.2522

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9933

4.679 * -0.022776

0.327 * 0.9473

-2.44

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN31,742 Mil.
Revenue was 65153.207 + 63658.74 + 58477.769 + 53108.016 = MXN240,398 Mil.
Gross Profit was 24547.159 + 23155.793 + 21269.64 + 17110.739 = MXN86,083 Mil.
Total Current Assets was MXN78,292 Mil.
Total Assets was MXN325,933 Mil.
Property, Plant and Equipment(Net PPE) was MXN79,982 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN6,940 Mil.
Selling, General, & Admin. Expense(SGA) was MXN50,476 Mil.
Total Current Liabilities was MXN97,188 Mil.
Long-Term Debt & Capital Lease Obligation was MXN113,935 Mil.
Net Income was 7612.33 + 7226.34 + 6302.115 + 4431.2 = MXN25,572 Mil.
Non Operating Income was -2294.127 + 413.496 + 604.563 + 713.639 = MXN-562 Mil.
Cash Flow from Operations was 9739.612 + 10888.736 + 6888.359 + 6041.037 = MXN33,558 Mil.

Total Receivables was MXN26,616 Mil.
Revenue was 53876.263 + 56698.51 + 57449.209 + 60239.55 = MXN228,264 Mil.
Gross Profit was 18586.802 + 19334.976 + 18755.427 + 17736.6 = MXN74,414 Mil.
Total Current Assets was MXN56,524 Mil.
Total Assets was MXN265,155 Mil.
Property, Plant and Equipment(Net PPE) was MXN65,741 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN7,303 Mil.
Selling, General, & Admin. Expense(SGA) was MXN48,249 Mil.
Total Current Liabilities was MXN85,890 Mil.
Long-Term Debt & Capital Lease Obligation was MXN95,412 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(31742.375 / 240397.732)	/	(26615.621 / 228263.532)
	=	0.132041	/	0.1166
	=	1.1324

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(74413.805 / 228263.532)	/	(86083.331 / 240397.732)
	=	0.326	/	0.358087
	=	0.9104

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (78292.298 + 79981.609) / 325932.879)	/	(1 - (56524.246 + 65741.262) / 265154.728)
	=	0.514397	/	0.53889
	=	0.9545

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	240397.732	/	228263.532
	=	1.0532

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(7302.559 / (7302.559 + 65741.262))	/	(6939.632 / (6939.632 + 79981.609))
	=	0.099975	/	0.079838
	=	1.2522

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(50476.038 / 240397.732)	/	(48249.17 / 228263.532)
	=	0.209969	/	0.211375
	=	0.9933

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((113934.689 + 97187.562) / 325932.879)	/	((95412.248 + 85889.695) / 265154.728)
	=	0.647748	/	0.683759
	=	0.9473

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(25571.985 - -562.429	-	33557.744)	/	325932.879
	=	-0.022776

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Kellanova has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

Kellanova Beneish M-Score Related Terms

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Kellanova Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Kellanova (MEX:K) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

K:USA 1K:Italy 0R1R:UK KEL:Germany KEL:Germany KEL:Germany KEL:Germany K1EL34:Brazil

Address

412 N. Wells Street, Chicago, IL, USA, 60654

Website

https://www.kellanova.com

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 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. Mars is slated to acquire the newly independent business in a nearly $36 billion deal in the first half of calendar 2025.