This stock no longer trades (delisted December 11, 2025)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Stock

Kellanova

K
47
Food Confectioners · Consumer Defensive
Price
$83.44
-0.01 (-0.01%)
Market Cap
$29.03B
Exchange
New York Stock Exchange
Winston Score
47
Historical score — this stock no longer trades, so the score is frozen at the last available data.
Data as of Oct 18, 2026 · filings through Sep 27, 2025

§How the score breaks down

Quality
Good
17/30
Growth
Mixed
8/20
Cash Flow
Good
6/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Mixed
4/15
Dividends
Mixed
2/5

47 of 100 counted points = Winston Score 47.

§Winston Score History

The full picture

Kellanova is a global snack and food company that was created in 2023 when Kellogg split into two separate businesses. It makes popular snack brands like Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, and Eggo waffles. Its products are sold in grocery stores, convenience shops, and vending machines in more than 180 countries.

Kellanova makes money by selling packaged snacks and frozen foods to retailers, who then sell them to consumers. Snacking is the largest part of its business, with international markets generating a significant share of revenue. The company's portfolio of well-known brands gives it strong shelf space and pricing power with retailers. A key development is Mars Inc.'s agreement to acquire Kellanova, which if completed would combine it with one of the world's largest private food companies — regulatory approval and deal completion remain the primary near-term factors for the business.

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Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 345.0M (2020) → 346.0M (2024)

Score breakdown

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Quality

Profit per sale
Gross Margin
33.3%
Modest — 33.3% gross margin
Profit after running costs
Operating Margin
13.9%
Healthy — 13.9% operating margin
Return on the money invested
ROCE
17.8%
Strong — 17.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-1.0%
Shrinking sales (-1.0% YoY)
Profit growth
EPS YoY
+25.4%
Earnings growing fast (+25.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
98%
Turns 98% of profit into real cash
Spare cash per sale
FCF Margin
4.7%
Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.48
Elevated debt (1.48)
Covers its interest
Interest Cover
6.83x
Adequate interest coverage (6.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
22.6x
Growth-priced — P/E 22.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+1.5
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.78%
Moderate income — 2.78% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+1.8%
Dividend flat
Payout Ratio
66%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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