Stock Analysis on Net
Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Mondelēz International Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 17.50% = 6.95% × 2.52
Sep 30, 2023 16.09% = 6.48% × 2.48
Jun 30, 2023 14.45% = 5.75% × 2.51
Mar 31, 2023 13.97% = 5.42% × 2.58
Dec 31, 2022 10.11% = 3.82% × 2.65
Sep 30, 2022 11.78% = 4.61% × 2.55
Jun 30, 2022 14.04% = 5.85% × 2.40
Mar 31, 2022 14.89% = 6.17% × 2.41
Dec 31, 2021 15.21% = 6.41% × 2.37
Sep 30, 2021 16.08% = 6.61% × 2.43
Jun 30, 2021 15.66% = 6.49% × 2.41
Mar 31, 2021 13.96% = 5.70% × 2.45
Dec 31, 2020 12.89% = 5.24% × 2.46
Sep 30, 2020 11.60% = 4.72% × 2.46
Jun 30, 2020 13.18% = 5.34% × 2.47
Mar 31, 2020 14.38% = 5.81% × 2.48
Dec 31, 2019 14.19% = 6.00% × 2.37
Sep 30, 2019 — = — × 2.38
Jun 30, 2019 — = — × 2.44
Mar 31, 2019 — = — × 2.48

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2023 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Mondelēz International Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 17.50% = 13.77% × 0.50 × 2.52
Sep 30, 2023 16.09% = 12.97% × 0.50 × 2.48
Jun 30, 2023 14.45% = 12.13% × 0.47 × 2.51
Mar 31, 2023 13.97% = 11.99% × 0.45 × 2.58
Dec 31, 2022 10.11% = 8.63% × 0.44 × 2.65
Sep 30, 2022 11.78% = 10.30% × 0.45 × 2.55
Jun 30, 2022 14.04% = 12.93% × 0.45 × 2.40
Mar 31, 2022 14.89% = 14.34% × 0.43 × 2.41
Dec 31, 2021 15.21% = 14.97% × 0.43 × 2.37
Sep 30, 2021 16.08% = 15.70% × 0.42 × 2.43
Jun 30, 2021 15.66% = 15.49% × 0.42 × 2.41
Mar 31, 2021 13.96% = 13.94% × 0.41 × 2.45
Dec 31, 2020 12.89% = 13.37% × 0.39 × 2.46
Sep 30, 2020 11.60% = 11.93% × 0.40 × 2.46
Jun 30, 2020 13.18% = 13.25% × 0.40 × 2.47
Mar 31, 2020 14.38% = 14.18% × 0.41 × 2.48
Dec 31, 2019 14.19% = 14.96% × 0.40 × 2.37
Sep 30, 2019 — = — × — × 2.38
Jun 30, 2019 — = — × — × 2.44
Mar 31, 2019 — = — × — × 2.48

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2023 is the increase in profitability measured by net profit margin ratio.

Two-Component Disaggregation of ROA

Mondelēz International Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 6.95% = 13.77% × 0.50
Sep 30, 2023 6.48% = 12.97% × 0.50
Jun 30, 2023 5.75% = 12.13% × 0.47
Mar 31, 2023 5.42% = 11.99% × 0.45
Dec 31, 2022 3.82% = 8.63% × 0.44
Sep 30, 2022 4.61% = 10.30% × 0.45
Jun 30, 2022 5.85% = 12.93% × 0.45
Mar 31, 2022 6.17% = 14.34% × 0.43
Dec 31, 2021 6.41% = 14.97% × 0.43
Sep 30, 2021 6.61% = 15.70% × 0.42
Jun 30, 2021 6.49% = 15.49% × 0.42
Mar 31, 2021 5.70% = 13.94% × 0.41
Dec 31, 2020 5.24% = 13.37% × 0.39
Sep 30, 2020 4.72% = 11.93% × 0.40
Jun 30, 2020 5.34% = 13.25% × 0.40
Mar 31, 2020 5.81% = 14.18% × 0.41
Dec 31, 2019 6.00% = 14.96% × 0.40
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2023 is the increase in profitability measured by net profit margin ratio.