Kellanova - Public Comps and Valuation Multiples

Kellanova Overview

About Kellanova

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.

Founded

1922

HQ

Employees

24K+

Website

kellanova.com

Sectors

Food & Beverages

Financials

LTM Revenue $12.8B

LTM EBITDA $2.3B

EV

$34.1B

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Kellanova Financials

Kellanova has a last 12-month revenue of $12.8B and a last 12-month EBITDA of $2.3B.

In the most recent fiscal year, Kellanova achieved revenue of $12.7B and an EBITDA of $2.3B.

Kellanova expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Kellanova P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$13.1B	$12.7B	XXX	XXX	XXX
Gross Profit	$4.6B	$4.3B	XXX	XXX	XXX
Gross Margin	35%	34%	XXX	XXX	XXX
EBITDA	$1.8B	$2.3B	XXX	XXX	XXX
EBITDA Margin	13%	18%	XXX	XXX	XXX
Net Profit	$960M	$951M	XXX	XXX	XXX
Net Margin	7%	7%	XXX	XXX	XXX
Net Debt	$6.3B	$5.6B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Kellanova Stock Performance

As of April 15, 2025, Kellanova's stock price is $82.

Kellanova has current market cap of $28.5B, and EV of $34.1B.

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Kellanova Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$34.1B	$28.5B	XXX	XXX	XXX	XXX	$3.92

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Kellanova Valuation Multiples

As of April 15, 2025, Kellanova has market cap of $28.5B and EV of $34.1B.

Kellanova's trades at 2.7x LTM EV/Revenue multiple, and 14.9x LTM EBITDA.

Analysts estimate Kellanova's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Kellanova Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$34.1B	XXX	XXX	XXX
EV/Revenue	2.7x	XXX	XXX	XXX
EV/EBITDA	14.6x	XXX	XXX	XXX
P/E	21.2x	XXX	XXX	XXX
P/E/Growth	7.7x	XXX	XXX	XXX
EV/FCF	30.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Kellanova Valuation Multiples

Kellanova's NTM/LTM revenue growth is 1%

Kellanova's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Kellanova's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Kellanova's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Kellanova Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-3%	XXX	XXX	XXX	XXX
EBITDA Margin	18%	XXX	XXX	XXX	XXX
EBITDA Growth	32%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	20%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	21%	XXX	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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