Mondelēz International Inc. (NASDAQ:MDLZ)

Total Asset Turnover

The reported total asset turnover ratio exhibits a consistent upward trend from 0.39 in 2020 to 0.53 in 2024, indicating increasingly efficient use of assets to generate revenue. The adjusted figures follow a similar pattern, rising steadily from 0.40 to 0.53 over the same period.

Current Ratio

The reported current ratio shows a moderate recovery after a dip in 2022. It increased from 0.66 in 2020 to 0.74 in 2021, declined to 0.60 in 2022, then slightly improved to 0.68 by 2024. Adjusted ratios mirror this trend closely, suggesting temporary liquidity tightening in 2022 with gradual improvement in subsequent years.

Debt to Equity

Reported debt to equity ratios fluctuate, decreasing from 0.73 in 2020 to 0.69 in 2021, rising sharply to 0.85 in 2022, then falling back to 0.66 by 2024. Adjusted ratios reflect the same general movement with somewhat lower values, indicating higher leverage in 2022 followed by deleveraging thereafter.

Debt to Capital

The reported debt to capital ratio remains relatively stable, fluctuating slightly between 0.40 and 0.46. The peak occurs in 2022, aligning with the observed rise in debt to equity, then declines toward 0.40 by 2024. Adjusted ratios show a similar, marginal downward trend over the years, suggesting cautious capital structure management.

Financial Leverage

Financial leverage ratios, both reported and adjusted, display variations coinciding with debt ratios. Reported leverage increases from 2.46 in 2020 to a peak of 2.65 in 2022, then drops and stabilizes around 2.54 by 2024. Adjusted leverage follows a gentler upward trend to 2.35 in 2022, then decreases slightly, indicating moderate use of financial leverage.

Net Profit Margin

Reported net profit margin shows significant volatility, rising from 13.37% in 2020 to 14.97% in 2021, then declining sharply to 8.63% in 2022, and recovering to 12.65% by 2024. Adjusted net margins show a similar pattern but with deeper troughs, particularly in 2022 and 2024, highlighting varying profitability margins influenced by one-time or non-recurring items.

Return on Equity (ROE)

Reported ROE demonstrates a generally positive trajectory, increasing from 12.89% in 2020 to a high of 17.50% in 2023 before slightly declining to 17.12% in 2024. Adjusted ROE follows a comparable, though lower, trend, peaking in 2023 and falling back in 2024, reflecting changes in profitability and leverage affecting shareholder returns.

Return on Assets (ROA)

Reported ROA rises from 5.24% in 2020 to 6.95% in 2023, with a minor decrease to 6.73% in 2024, indicating improved asset utilization and profitability outcomes. Adjusted ROA presents a more pronounced volatility, falling to a low of 3.25% in 2022 before partially recovering, which suggests the impact of adjustments on the underlying asset profitability.

Net revenues

Net revenues demonstrate a consistent upward trajectory over the five-year period. Beginning at 26,581 million US dollars in 2020, revenues increased steadily each year, reaching 36,441 million US dollars by 2024. The rate of increase accelerated particularly between 2022 and 2023, indicating robust growth in sales or market demand during this interval.

Total assets

Total assets showed relatively minor fluctuations across the years. From 67,810 million US dollars in 2020, the asset base slightly decreased in 2021 to 67,092 million, then rose to a peak of 71,391 million in 2023 before declining again to 68,497 million in 2024. The data reflects a degree of asset base stability with some periodic adjustments, potentially due to asset disposals, acquisitions, or revaluations.

Reported total asset turnover ratio

The reported total asset turnover ratio improved consistently during the period. Starting at 0.39 in 2020, the ratio increased yearly to reach 0.53 in 2024. This trend indicates enhanced efficiency in utilizing total assets to generate revenues, with a notable improvement in 2023 and 2024, suggesting better asset management or higher operational effectiveness.

Adjusted total assets

Adjusted total assets followed a trend similar to reported total assets, slightly declining from 67,104 million in 2020 down to 66,637 million in 2021, then increasing to 71,099 million in 2023 before decreasing to 68,238 million in 2024. These adjustments likely reflect reclassifications or valuation changes affecting asset figures but maintain overall consistency with the movement of reported total assets.

Adjusted total asset turnover ratio

The adjusted total asset turnover ratio mirrors the pattern of the reported turnover ratio, beginning at 0.40 in 2020 and rising steadily to 0.53 by 2024. This alignment reinforces the observation of improved asset efficiency when considering adjusted asset values, confirming progressive operational improvement over time.

The analysis of the financial data over the five-year period reveals several noteworthy trends in the company's liquidity position.

Current Assets

Current assets have shown a generally increasing trend, rising from US$9,979 million in 2020 to US$13,242 million in 2024. There was a slight dip observed in 2022, with values decreasing to US$10,091 million from US$10,342 million in 2021, but this decline was reversed in subsequent years.

Current Liabilities

Current liabilities exhibit a fluctuating upward trend, increasing from US$15,159 million in 2020 to US$19,549 million in 2024. There was a decline in 2021 to US$14,008 million, followed by a sharp increase in 2022 and continuing growth through to 2024.

Reported Current Ratio

The reported current ratio, which is the quotient of current assets to current liabilities, remained below 1 throughout the period, indicating that current liabilities continuously exceeded current assets. The ratio improved from 0.66 in 2020 to 0.74 in 2021, then deteriorated to 0.60 in 2022 before gradually increasing again to 0.68 in 2024. This pattern suggests fluctuating liquidity stress but some recovery in the later years.

Adjusted Current Assets

Adjusted current assets closely mirrored the trend of reported current assets, rising from US$10,063 million in 2020 to US$13,316 million in 2024. Minor deviations between reported and adjusted figures are observed but overall trends remain consistent.

Adjusted Current Ratio

The adjusted current ratio follows a similar trajectory to the reported current ratio, starting at 0.66 in 2020, peaking at 0.74 in 2021, dipping to 0.61 in 2022, and then trending upward to 0.68 in 2024. This indicates that adjustments made to current assets do not substantially alter the liquidity picture but confirm the same fluctuations and general improvements in liquidity towards the end of the period.

Overall, while current liabilities consistently exceed current assets, the slight improvements in the current ratio in the most recent years suggest a positive shift in short-term financial health. However, the company's liquidity remains constrained, and the fluctuations imply some volatility in managing working capital over the period analyzed.

The financial data demonstrates fluctuations in the debt and equity levels over the five-year period, revealing patterns that reflect the company's financial management strategy and capital structure adjustments.

Total Debt

Total debt shows variability throughout the period, with an initial decrease from 20,046 million US dollars in 2020 to 19,512 million in 2021. This is followed by a significant increase to 22,933 million in 2022, before declining again to 19,408 million in 2023 and further to 17,749 million in 2024. The trend suggests a peak in debt levels in 2022, with a subsequent reduction indicating possible deleveraging efforts.

Total Shareholders’ Equity

Shareholders' equity exhibits moderate fluctuations. It increased from 27,578 million in 2020 to 28,269 million in 2021, then declined to 26,883 million in 2022. The figure rose again in 2023 to 28,332 million, followed by a decrease to 26,932 million in 2024. Overall, these changes indicate some variability but relatively stable equity levels across the years.

Reported Debt to Equity Ratio

The reported debt-to-equity ratio follows a pattern mirroring the changes in debt and equity. Beginning at 0.73 in 2020, it decreases to 0.69 in 2021, peaks at 0.85 in 2022, and decreases again to 0.69 in 2023 and 0.66 in 2024. The peak in 2022 suggests increased leverage during that year, with reductions afterward pointing towards a more conservative capital structure.

Adjusted Total Debt

Adjusted total debt closely tracks the total debt but consistently remains slightly higher. It follows the same pattern of a rise in 2022 (from 20,706 million in 2020 and 20,145 million in 2021 to 23,613 million in 2022), followed by reductions in the subsequent years to 20,110 million in 2023 and 18,544 million in 2024. This alignment supports the interpretation of increased borrowing in 2022 with a subsequent focus on debt reduction.

Adjusted Total Equity

This metric shows a generally stable pattern with some fluctuations. Adjusted equity rose from 30,598 million in 2020 to 31,523 million in 2021, dipped to 30,152 million in 2022, rose again to 31,557 million in 2023, and slightly declined to 30,312 million in 2024. These movements indicate relatively stable equity with minor variations.

Adjusted Debt to Equity Ratio

The adjusted debt-to-equity ratio replicates the trends seen in the reported ratio but is slightly lower throughout. Starting at 0.68 in 2020, it decreases to 0.64 in 2021, increases to 0.78 in 2022, then declines again to 0.64 in 2023 and 0.61 in 2024. This suggests that after a period of higher leverage in 2022, the company has been progressively reducing its adjusted debt relative to equity.

In summary, the company experienced a notable increase in debt and leverage in 2022, with both reported and adjusted measures reflecting peak borrowing levels. Subsequent years indicate efforts to reduce debt and maintain a more balanced capital structure. Equity levels remained relatively stable despite minor fluctuations, supporting a moderate and controlled financial risk profile over the analyzed period.

Analysis of the financial data reveals several notable trends concerning the company’s debt and capital structure over the five-year period.

Total Debt

Total debt exhibited fluctuations during the period. It initially decreased slightly from 20,046 million US dollars in 2020 to 19,512 million in 2021, followed by a notable increase to 22,933 million in 2022. Subsequently, total debt declined to 19,408 million in 2023 and further to 17,749 million in 2024, indicating a reduction in leverage towards the end of the period.

Total Capital

Total capital remained relatively stable with mild variations. It increased marginally from 47,624 million in 2020 to 47,781 million in 2021, rose further to 49,816 million in 2022, then decreased to 47,740 million in 2023 and declined more significantly to 44,681 million in 2024. This suggests some contraction in the overall capital base in the latter years, possibly reflecting asset reductions or changes in equity financing.

Reported Debt to Capital Ratio

The reported debt to capital ratio closely mirrored the changes in debt and capital values. It decreased slightly from 0.42 in 2020 to 0.41 in 2021, increased to 0.46 in 2022 concurrent with the spike in total debt, and then gradually declined to 0.41 in 2023 and 0.40 in 2024. The ratio's movement indicates a peak in leverage in 2022 before improvement in capital structure stability in subsequent years.

Adjusted Total Debt

Adjusted total debt followed a trend similar to reported total debt, moving from 20,706 million in 2020 to 20,145 million in 2021, then rising to 23,613 million in 2022. It subsequently decreased to 20,110 million in 2023 and further to 18,544 million in 2024, aligning with efforts to reduce financial obligations after 2022.

Adjusted Total Capital

The adjusted total capital exhibited steady growth from 51,304 million in 2020 to 51,668 million in 2021 and 53,765 million in 2022, followed by a decline to 51,667 million in 2023 and 48,856 million in 2024. This pattern hints at a relatively robust capital base until 2022, with some moderation in the last two years.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio showed a slight downward trend overall, starting at 0.40 in 2020, dipping to 0.39 in 2021, rising to 0.44 in 2022, and then decreasing to 0.39 in 2023 and 0.38 in 2024. Despite the peak in 2022, the ratio's decrease afterwards suggests an improving capital structure with reduced leverage risk.

In conclusion, the data indicates the company experienced a temporary increase in debt levels and leverage ratios in 2022, followed by a consistent reduction in debt and a modest contraction in capital through 2024. Both reported and adjusted figures reflect an overall strengthening of the financial position, with a decline in debt to capital ratios implying enhanced financial stability and lower leverage risk in the most recent years.

Total assets

The total assets exhibit a fluctuating trend over the five-year period. Starting at 67,810 million US dollars in 2020, there was a slight decline in 2021 to 67,092 million, followed by an increase reaching a peak of 71,391 million in 2023. However, in 2024, total assets decreased again to 68,497 million. This indicates some volatility in the asset base, with an overall increase from 2020 to 2023 before a decline in the final year.

Total Mondelēz International shareholders’ equity

Shareholders' equity shows variability without a clear upward or downward trajectory. Equity increased marginally from 27,578 million in 2020 to 28,269 million in 2021, then declined to 26,883 million in 2022. It rebounded to 28,332 million in 2023, before falling again to 26,932 million in 2024. These fluctuations suggest changes in retained earnings or dividend payouts impacting equity values.

Reported financial leverage

The reported financial leverage ratio reveals moderate variation. It decreased from 2.46 in 2020 to 2.37 in 2021, rose significantly to 2.65 in 2022, declined to 2.52 in 2023, and slightly increased again to 2.54 in 2024. This pattern suggests that the company’s use of debt relative to equity changed annually, reaching its highest leverage in 2022, indicating greater reliance on debt financing that year.

Adjusted total assets

Adjusted total assets closely mirror the trend seen in total assets, beginning at 67,104 million in 2020, dipping to 66,637 million in 2021, increasing through 2022 and 2023 to a peak of 71,099 million, and descending to 68,238 million in 2024. The adjusted figures confirm the general fluctuations observed in the total asset base, although the adjusted amounts are slightly lower than the reported totals.

Adjusted total equity

Adjusted total equity follows a similar oscillating trend as reported equity but at higher levels. Starting at 30,598 million in 2020, it rose to 31,523 million in 2021, decreased to 30,152 million in 2022, increased again to 31,557 million in 2023, and then declined to 30,312 million in 2024. This pattern aligns with fluctuations in financial performance or changes in accounting adjustments impacting equity.

Adjusted financial leverage

Adjusted financial leverage shows a consistent trend of decrease followed by an increase and eventual stabilization. It declined from 2.19 in 2020 to 2.11 in 2021, rose to 2.35 in 2022, decreased again to 2.25 in 2023, and remained steady at 2.25 in 2024. The less pronounced volatility in adjusted leverage compared to reported leverage suggests that adjustments moderate reported fluctuations, implying more stable debt-to-equity dynamics when adjusted values are considered.

Net Earnings

Net earnings attributable to the company showed an overall increasing trend from 2020 to 2024, with some fluctuations. Earnings rose from $3,555 million in 2020 to a peak of $4,959 million in 2023, before slightly decreasing to $4,611 million in 2024. A notable decline occurred in 2022 when net earnings dropped to $2,717 million, representing the lowest point within this period.

Net Revenues

Net revenues steadily increased throughout the entire period under review. Starting at $26,581 million in 2020, revenues rose consistently each year, reaching $36,441 million by 2024. This reflects a stable growth trajectory with no evident decline or volatility.

Reported Net Profit Margin

The reported net profit margin experienced variability over the five years. Initially, the margin improved from 13.37% in 2020 to 14.97% in 2021. However, a significant drop was recorded in 2022 when the margin fell sharply to 8.63%. The margin recovered subsequently, climbing back to 13.77% in 2023, then dipping slightly to 12.65% in 2024. This pattern suggests fluctuations in profitability relative to revenue, particularly in 2022.

Adjusted Net Earnings

Adjusted net earnings followed a pattern similar to net earnings but showed a sharper decline and less consistent recovery. After increasing from $3,097 million in 2020 to $4,462 million in 2021, adjusted earnings declined substantially to $2,304 million in 2022. A recovery occurred in 2023, with adjusted earnings peaking at $4,961 million, followed by a notable decrease in 2024 to $3,290 million, indicating increased volatility in the adjusted figures.

Adjusted Net Profit Margin

The adjusted net profit margin mirrored the trends in adjusted earnings, with an initial increase from 11.65% in 2020 to 15.54% in 2021, then a sharp decline to 7.32% in 2022. The margin rebounded to 13.77% in 2023, matching the reported margin for that year, but dropped again to 9.03% in 2024. This reflects significant variability in profitability when adjusted for certain factors, with 2022 and 2024 showing periods of reduced profitability.

Overall Insights

The financial data indicate a general growth in revenue but fluctuating profitability margins across the period. The year 2022 stands out as a challenging year with sharp declines in both earnings and profit margins. Recovery in 2023 was strong, suggesting effective management of profit drivers, but 2024 showed signs of moderated earnings performance particularly in adjusted figures. The divergence between reported and adjusted measures highlights potential impacts of one-time or non-operational factors influencing the adjusted profitability metrics.

Net Earnings Attributable to Mondelēz International

The net earnings exhibit a fluctuating trend over the five-year period. Starting at $3,555 million in 2020, earnings rose to $4,300 million in 2021 but dropped significantly to $2,717 million in 2022. There was a strong recovery in 2023 with earnings reaching $4,959 million, followed by a slight decrease to $4,611 million in 2024.

Total Mondelēz International Shareholders’ Equity

The total shareholders’ equity remained relatively stable throughout the period, ranging between approximately $26,883 million and $28,332 million. There is a minor downward trend in 2022 and again in 2024, after slight recoveries in the prior years, indicating no significant growth or decline in equity base.

Reported Return on Equity (ROE)

The reported ROE shows variation consistent with net earnings changes. It increased from 12.89% in 2020 to a peak of 15.21% in 2021, dropped notably to 10.11% in 2022, then improved sharply to 17.5% in 2023 and slightly decreased to 17.12% in 2024. This indicates fluctuations in profitability relative to shareholders’ equity, with the highest profitability in 2023.

Adjusted Net Earnings

Adjusted net earnings display a similar pattern to net earnings but with greater volatility. After rising from $3,097 million in 2020 to $4,462 million in 2021, adjusted earnings fell substantially to $2,304 million in 2022. A strong recovery followed in 2023 with adjusted earnings reaching $4,961 million, but a notable decline occurred in 2024 to $3,290 million. This variability suggests adjustments impact the reported profitability significantly in certain years.

Adjusted Total Equity

The adjusted total equity mirrors the pattern of total shareholders’ equity, showing marginal fluctuations within a narrow range from $30,152 million to $31,557 million, indicating consistent equity levels when adjustments are accounted for, without significant expansion or contraction over the period.

Adjusted Return on Equity (Adjusted ROE)

Adjusted ROE follows a trend broadly aligned with adjusted net earnings. It increased from 10.12% in 2020 to 14.15% in 2021, dropped sharply to 7.64% in 2022, rebounded strongly to 15.72% in 2023, and then decreased again to 10.85% in 2024. This suggests adjusted profitability relative to equity is subject to pronounced year-to-year variation, reflecting the volatility in adjusted earnings.

Net Earnings attributable to Mondelēz International

The net earnings exhibited notable fluctuations over the observed period. After an increase from 3,555 million US dollars in 2020 to 4,300 million in 2021, earnings declined significantly to 2,717 million in 2022. However, 2023 saw a strong recovery to 4,959 million, before a slight decrease to 4,611 million in 2024.

Total Assets

Total assets showed a generally stable trend, with a slight decline from 67,810 million in 2020 to 67,092 million in 2021. There was a subsequent rise peaking at 71,391 million in 2023, followed by a minor decrease to 68,497 million in 2024. Overall, assets remain close to initial levels despite intermediate fluctuations.

Reported Return on Assets (ROA)

The reported ROA mirrored the fluctuations in earnings, beginning at 5.24% in 2020 and increasing steadily to 6.41% in 2021. It then dropped to 3.82% in 2022, indicating reduced profitability relative to assets. This was followed by a recovery to 6.95% in 2023 and a slight decrease to 6.73% in 2024. These movements suggest varying efficiency in asset utilization.

Adjusted Net Earnings

Adjusted net earnings followed a similar pattern to reported earnings but with more pronounced variations. Starting at 3,097 million in 2020, adjusted figures increased to 4,462 million in 2021, then declined sharply to 2,304 million in 2022. A strong rebound occurred in 2023, reaching 4,961 million, before dropping again to 3,290 million in 2024. This volatility indicates significant impacts from adjustments made to net earnings.

Adjusted Total Assets

Adjusted total assets fluctuated slightly in line with reported total assets. Starting at 67,104 million in 2020, a slight decline occurred in 2021 to 66,637 million. The value then rose to a peak of 71,099 million in 2023, followed by a decrease to 68,238 million in 2024. The pattern is consistent with reported asset figures, supporting the overall stability of asset base.

Adjusted Return on Assets (ROA)

Adjusted ROA demonstrated more volatility than the reported ROA. It increased from 4.62% in 2020 to 6.7% in 2021, then fell sharply to 3.25% in 2022, reflecting a period of diminished profitability after adjustments. A rebound to 6.98% occurred in 2023, followed by a decline to 4.82% in 2024. This indicates that adjusted profitability relative to assets was less consistent, mirroring the fluctuations seen in adjusted net earnings.