Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Kellanova
Physical assets are 32.0% of total assets, a mixed footprint. Capex is 1.71x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 16.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.32x. Compare it with other names in the same basket.
Physical asset ratio
32.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.32x
Revenue per dollar of the physical asset base.
Capex / D&A
1.71x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$8.33
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Quote unavailable.
Fixed-charge coverage
1.61x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.9%
Latest free cash flow divided by current market cap ($29.03B).
ROIC
16.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 30.2% | 3.46x | 1.04x | -$17.21 | 1.85x | $1.15B | 9.9% | 0.37x |
| 2018 | 28.5% | 3.63x | 1.12x | -$17.97 | 1.61x | $958.00M | 13.5% | 0.46x |
| 2019 | 30.6% | 3.27x | 1.21x | -$14.94 | 1.47x | $590.00M | 9.8% | 0.34x |
| 2020 | 31.4% | 3.15x | 1.05x | -$13.49 | 1.84x | $1.48B | 13.0% | 0.40x |
| 2021 | 32.3% | 2.63x | 1.18x | -$11.56 | 1.49x | $1.15B | 9.4% | 0.31x |
| 2022 | 31.1% | 2.87x | 1.02x | -$9.43 | 0.75x | $1.16B | 9.0% | 0.27x |
| 2023 | 32.8% | 3.39x | 1.62x | -$10.80 | 1.15x | $968.00M | 12.0% | 0.39x |
| 2024 | 32.0% | 3.32x | 1.71x | -$8.33 | 1.61x | $1.13B | 16.2% | 0.49x |
- Principal due is the current portion of debt.
Latest year inputs (2024)
Net PP&E: $3.84B
Inventory: $1.17B
Total assets: $15.63B
Goodwill: $5.00B
Intangibles: $1.76B
Liabilities: $11.75B
Tangible book: -$2.88B
Shares: 346,000,000
Revenue: $12.75B
Capex: $628.00M
D&A: $367.00M
EBITDA: $2.33B
Interest: $311.00M
Short-term debt: $745.00M
Free cash flow: $1.13B
Operating income: $1.87B
Invested capital: $9.42B
Tax rate: 18.4%