Is Kellanova overvalued or undervalued?

As of 17 October 2025, Kellanova's valuation grade has moved from very expensive to attractive, indicating a shift towards a more favorable assessment. The company appears to be undervalued based on its current metrics, with a P/E ratio of 26, an EV to EBITDA of 17.82, and a PEG ratio of 1.35. In comparison, The Hershey Co. has a P/E of 26.49 and an EV to EBITDA of 18.99, while McCormick & Co., Inc. shows a lower P/E of 24.07, suggesting that Kellanova is competitively positioned within its industry.
Despite recent stock performance lagging behind the S&P 500, with a 1Y return of 2.55% compared to the index's 14.08%, the attractive valuation metrics suggest that Kellanova may offer potential upside for investors.