Is Kellanova overvalued or undervalued?

As of 12 September 2025, Kellanova's valuation grade has moved from attractive to very expensive, indicating a shift towards overvaluation. The company is currently considered overvalued, with a P/E ratio of 26, a Price to Book Value of 8.95, and an EV to EBITDA ratio of 17.82. In comparison, The Hershey Co. has a P/E of 26.49 and McCormick & Co., Inc. has a lower P/E of 24.07, suggesting that Kellanova is trading at a premium relative to its peers.
Recent performance shows that Kellanova has underperformed against the S&P 500 across multiple periods, including a YTD return of -3.42% compared to the S&P 500's 12.22%. This trend reinforces the notion that the stock may be overvalued given its lackluster returns in the face of broader market gains.