Mondelez International
Mondelez International's revenue rose 5.8% to $38.5 billion in fiscal 2025. Its operating margin was 9.2%, down from 17.4% a year earlier. Free cash flow was $3.2 billion, down 8.2%. It paid out $4.9 billion in dividends and buybacks, 151% of free cash flow. The diluted share count fell 3.6%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Mondelez International does
Mondelēz makes and sells snacks in over 150 countries. Its main products are biscuits and baked snacks, such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop, and chocolate, such as Cadbury Dairy Milk, Milka and Toblerone. It also sells gum and candy, powdered drinks, and cheese and grocery products in some countries. It had net revenues of $38.5 billion in 2025.
It reports four regional segments: Latin America; Asia, the Middle East and Africa; Europe, the largest by revenue; and North America. Biscuits and baked snacks are its biggest category, followed by chocolate. Sales outside the United States made up 75.8% of net revenues in 2025. It sells to supermarkets, wholesalers, club and convenience stores, distributors and other food stores, and online, and no single customer made up 10% or more of revenue. Mondelēz says it competes with global, regional and local food and snack companies, new start-up brands, and retailers' own store brands.
Mondelēz had about 91,000 employees at the end of 2025, about 12,000 of them in the United States. It runs 145 main factories and processing plants in 49 countries. It buys large amounts of cocoa, dairy, wheat, oils, sugar and nuts.
Its biggest risks, as it describes them
- Swings in the price and supply of cocoa and other ingredients, packaging and energy.
- Tariffs, trade disputes and other risks of selling in many countries, including the war in Ukraine.
- Strong competition, including from retailers' cheaper store brands as retail chains consolidate.
- Failing to predict and meet changing tastes with new and improved products.
- Changes in currency rates, since most of its sales are outside the United States.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 6.9% a year and net income 4.6% a year, as buybacks cut the share count by 17%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Mondelez International yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Mondelez International's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from Mondelez International's fiscal 2025 free cash flow of $3.2B, net cash of −$19.0B at December 31, 2025 and 1,298 million diluted shares, from its filings. The scenarios are fitted to Mondelez International: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Packaged Foods & Meats); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $62.97
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Mondelez International's earnings per share of $2.02 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24×, the middle of Mondelez International's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $62.97
- Value at this multiple, against the last close
- —
- Mondelez International's P/E at the last close
- 31.2×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| Tyson FoodsTSN | $56.40 | $1.62 | 34.8× |
| Mondelez InternationalMDLZ | $62.97 | $2.02 | 31.2× |
| Pilgrim's PridePPC | $27.33 | $2.30 | 11.9× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 3.6 | 1.9 | 1.9 | 1.4 | 2.2 |
| Debt incl. finance leases | 19.5 | 22.9 | 19.4 | 17.7 | 21.2 |
| Net debt (negative means net cash) | 16.0 | 21.0 | 17.5 | 16.3 | 19.0 |
| Net debt to EBITDA | 2.8x | 4.5x | 2.6x | 2.1x | 3.9x |
| Debt to equity | 0.7x | 0.8x | 0.7x | 0.7x | 0.8x |
| Interest coverage | 12.8x | 8.3x | 10.0x | 12.5x | 5.9x |
| Current ratio | 0.7x | 0.6x | 0.6x | 0.7x | 0.6x |
| Quick ratio | 0.5x | 0.4x | 0.4x | 0.5x | 0.4x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Mondelez International shares on the open market, and 3 insiders sold $8.7 million, $8.7 million of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | de Put Dirk VanChief Executive Officer, Director | Sold plan | 133,580 | $64.08 | $8.6 million | Form 4 |
| May 1, 2026 | Brian StevensSVP, CTR & Chief Accoun Off | Sold | 1 | $61.55 | $62 | Form 4 |
| Apr 30, 2026 | Brian StevensSVP, CTR & Chief Accoun Off | Sold | 63 | $61.46 | $3,872 | Form 4 |
| Feb 13, 2026 | Gustavo Carlos ValleEVP and President, Na | Sold plan | 3,000 | $62.00 | $186,000 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Fail | Pass | Pass |
| Debt fell relative to assets | Pass | Pass | Fail |
| Current ratio rose | Pass | Pass | Fail |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | Pass | Pass | Fail |
| Revenue rose relative to assets | Pass | Pass | Pass |
| F-score | 8 of 9 | 8 of 9 | 5 of 9 |
| Accruals ratio | 0.3% | −0.4% | −3.0% |
Compare
Put Mondelez International side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Mondelez International | FY25 | 5.8% | 9.2% | 8.4% | 6.0% | 3.9x | 5 | |
| Tyson Foods | FY25 | 2.1% | 2.0% | 2.2% | 2.8% | 3.1x | 4 | Compare |
| Kraft Heinz | FY25 | −3.5% | −18.7% | 14.7% | −5.8% | — | 4 | Compare |
| Pilgrim's Pride | FY25 | 3.5% | 8.7% | 3.5% | 20.1% | 1.2x | 4 | Compare |
| General Mills | FY26 | −5.5% | 4.8% | 8.8% | 2.0% | 9.1x | 5 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 25.9 | 25.9 | 25.9 | 25.9 | 26.6 | 28.7 | 31.5 | 36.0 | 36.4 | 38.5 |
| Revenue growth | −12.5% | −0.1% | 0.2% | −0.3% | 2.8% | 8.1% | 9.7% | 14.3% | 1.2% | 5.8% |
| Gross profit | 10.1 | 10.0 | 10.4 | 10.3 | 10.4 | 11.3 | 11.3 | 13.8 | 14.3 | 10.9 |
| Research and development | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 |
| Operating income | 2.6 | 3.5 | 3.3 | 3.8 | 3.9 | 4.7 | 3.5 | 5.5 | 6.3 | 3.5 |
| Net income | 1.6 | 2.8 | 3.3 | 3.9 | 3.6 | 4.3 | 2.7 | 5.0 | 4.6 | 2.5 |
| Diluted EPS (US$) | 1.04 | 1.85 | 2.23 | 2.69 | 2.47 | 3.04 | 1.96 | 3.62 | 3.42 | 1.89 |
| Diluted shares (millions) | 1,573 | 1,531 | 1,486 | 1,458 | 1,441 | 1,413 | 1,385 | 1,370 | 1,347 | 1,298 |
| Cash flow | ||||||||||
| Cash from operations | 2.8 | 2.6 | 3.9 | 4.0 | 4.0 | 4.1 | 3.9 | 4.7 | 4.9 | 4.5 |
| Capital expenditure | 1.2 | 1.0 | 1.1 | 0.9 | 0.9 | 1.0 | 0.9 | 1.1 | 1.4 | 1.3 |
| Free cash flow | 1.6 | 1.6 | 2.9 | 3.0 | 3.1 | 3.2 | 3.0 | 3.6 | 3.5 | 3.2 |
| Dividends paid | 1.1 | 1.2 | 1.4 | 1.5 | 1.7 | 1.8 | 2.0 | 2.2 | 2.3 | 2.5 |
| Share buybacks | 2.6 | 2.2 | 2.0 | 1.5 | 1.4 | 2.1 | 2.0 | 1.5 | 2.3 | 2.4 |
| Acquisitions | 0.2 | 0.0 | 0.5 | 0.3 | 1.1 | 0.8 | 5.3 | 0.0 | 0.2 | 0.0 |
| Stock-based compensation | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 1.7 | 0.8 | 1.1 | 1.3 | 3.6 | 3.6 | 1.9 | 1.9 | 1.4 | 2.2 |
| Debt incl. finance leases | 17.3 | 17.7 | 18.4 | 18.6 | 20.0 | 19.5 | 22.9 | 19.4 | 17.7 | 21.2 |
| Total assets | 61.5 | 63.0 | 62.6 | 64.5 | 67.8 | 67.1 | 71.2 | 71.4 | 68.5 | 71.5 |
| Total liabilities | 36.3 | 36.9 | 37.0 | 37.2 | 40.2 | 38.8 | 44.2 | 43.0 | 41.5 | 45.6 |
| Shareholders' equity | 25.2 | 26.0 | 25.6 | 27.2 | 27.6 | 28.3 | 26.9 | 28.3 | 26.9 | 25.8 |
| Margins and ratios | ||||||||||
| Gross margin | 39.0% | 38.8% | 39.9% | 40.0% | 39.3% | 39.2% | 35.9% | 38.2% | 39.1% | 28.4% |
| Operating margin | 9.8% | 13.4% | 12.8% | 14.9% | 14.5% | 16.2% | 11.2% | 15.3% | 17.4% | 9.2% |
| Net margin | 6.3% | 10.9% | 12.8% | 15.2% | 13.4% | 15.0% | 8.6% | 13.8% | 12.7% | 6.4% |
| Free cash flow margin | 6.2% | 6.1% | 11.0% | 11.8% | 11.7% | 11.1% | 9.5% | 10.0% | 9.7% | 8.4% |
| Return on capital | — | 6.5% | 5.6% | 8.8% | 5.5% | 7.7% | 5.6% | 8.7% | 10.9% | 6.0% |
| Return on equity | 6.2% | 11.1% | 12.8% | 14.9% | 13.0% | 15.4% | 9.8% | 18.0% | 16.7% | 9.3% |
| Return on assets | 2.6% | 4.5% | 5.3% | 6.2% | 5.4% | 6.4% | 3.9% | 7.0% | 6.6% | 3.5% |
| Net debt to EBITDA | 4.6x | 4.0x | 4.2x | 3.5x | 3.3x | 2.8x | 4.5x | 2.6x | 2.1x | 3.9x |