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 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 McCormick & Co., Inc. has a P/E of 24.07, both suggesting that Kellanova is competitively priced within its industry.
Despite Kellanova's recent stock performance lagging behind the S&P 500 over multiple periods, including a 1-year return of 2.55% compared to the S&P 500's 14.08%, the attractive valuation metrics suggest that there is potential for growth. Overall, Kellanova's valuation ratios and peer comparisons support the conclusion that it is currently undervalued.