Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Mondelēz International Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
The analysis of the liquidity ratios over the reported periods reveals several notable trends and fluctuations indicating changes in the company’s short-term financial health and cash management.
- Current Ratio
- The current ratio demonstrates moderate volatility throughout the periods. Starting at 0.53 in March 2020, it experienced an upward trend reaching a peak of 0.77 in March 2024. However, there are intermittent declines, such as in the second quarter of 2023 where it dropped to 0.65 from 0.68. Overall, the ratio remains below 1.0 across all periods, suggesting that current liabilities consistently exceed current assets, which may indicate potential liquidity constraints. The higher points in 2024 suggest some temporary improvement in liquidity position during that year.
- Quick Ratio
- The quick ratio follows a pattern similar to the current ratio but consistently remains lower, ranging from 0.2 to 0.43. The highest values appear around the third quarter of 2021 at 0.43, with declines thereafter, particularly noticeable in mid-2024 when it reached approximately 0.20 before modestly improving to 0.28 by mid-2025. The lower quick ratio compared to the current ratio suggests a heavier reliance on inventory within current assets, highlighting a relatively lower ability to cover short-term liabilities with more liquid current assets.
- Cash Ratio
- The cash ratio is notably the lowest among the three liquidity ratios, with values fluctuating between 0.05 and 0.25. Peaks occurred during the last quarter of 2020 and the third quarter of 2021 reaching up to 0.25, implying periods of relatively higher cash or cash equivalents on hand. Afterward, the ratio shows a general downward trend, bottoming out around 0.05 in the first half of 2024. The modest recovery to approximately 0.08 by mid-2025 indicates limited but slightly improving cash reserves relative to current liabilities. The overall low cash ratio underlines the limited immediate liquidity available as cash.
In summary, the liquidity position as measured by these ratios suggests that the company maintains a low buffer of liquid assets relative to its short-term obligations. The fluctuating, but consistently suboptimal levels of these ratios, particularly the current and quick ratios being below 1.0, indicate a careful balance in managing working capital. Greater reliance on inventory and lower cash reserves highlight potential liquidity risk which may warrant ongoing monitoring, especially in periods showing declines in these key ratios.
Current Ratio
Mondelēz International Inc., current ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 12,750) | 12,730) | 13,242) | 13,201) | 15,170) | 19,426) | 11,703) | 11,515) | 11,622) | 12,671) | 10,091) | 9,910) | 9,210) | 9,619) | 10,342) | 10,455) | 8,654) | 8,843) | 9,979) | 9,446) | 7,995) | 9,068) | |||||||
| Current liabilities | 19,883) | 21,003) | 19,549) | 21,073) | 22,430) | 25,288) | 19,013) | 18,936) | 18,002) | 18,531) | 16,731) | 14,321) | 13,578) | 14,103) | 14,008) | 14,259) | 14,085) | 14,550) | 15,159) | 12,685) | 14,539) | 17,004) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 0.64 | 0.61 | 0.68 | 0.63 | 0.68 | 0.77 | 0.62 | 0.61 | 0.65 | 0.68 | 0.60 | 0.69 | 0.68 | 0.68 | 0.74 | 0.73 | 0.61 | 0.61 | 0.66 | 0.74 | 0.55 | 0.53 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | 1.21 | 1.10 | 1.03 | 1.06 | 1.08 | 1.04 | 1.13 | 1.14 | 1.14 | 1.15 | 1.15 | 1.13 | 1.13 | 1.18 | 1.13 | 1.52 | 1.47 | 1.33 | 1.32 | 1.13 | 1.09 | 0.87 | |||||||
| PepsiCo Inc. | 0.78 | 0.83 | 0.82 | 0.89 | 0.83 | 0.86 | 0.85 | 0.88 | 0.84 | 0.87 | 0.80 | 0.92 | 0.83 | 0.87 | 0.83 | 0.95 | 0.91 | 0.93 | 0.98 | 0.93 | 0.97 | 1.10 | |||||||
| Philip Morris International Inc. | 0.83 | 0.79 | 0.88 | 0.89 | 0.94 | 0.94 | 0.75 | 0.89 | 0.85 | 0.85 | 0.72 | 0.92 | 0.89 | 0.92 | 0.92 | 1.00 | 1.18 | 1.18 | 1.10 | 1.12 | 1.13 | 1.02 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 12,750 ÷ 19,883 = 0.64
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibit some variability across the periods analyzed. Initially, there was a modest decrease from 9,068 million USD in March 2020 to 7,995 million USD in June 2020, followed by a recovery to 9,446 million USD by September 2020 and a further increase to 9,979 million USD by December 2020. Through 2021, the values generally increased, peaking near 10,455 million USD in September 2021 before slightly declining toward the end of the year. The years 2022 and 2023 show fluctuations, with a significant increase in March 2023 to 12,671 million USD and maintaining elevated levels around 11,500–12,000 million USD thereafter. Notably, this trend culminates in a substantial rise in March 2024 to 19,426 million USD, followed by a moderate decline through June and September 2024, and stabilizing around 12,500 to 13,000 million USD toward mid-2025.
- Current Liabilities
- Current liabilities demonstrate variations but remain consistently higher than current assets throughout the period. Starting at 17,004 million USD in March 2020, there was a downward trend to 12,685 million USD by September 2020, followed by a rebound and fluctuation between approximately 14,000 and 15,500 million USD for the remainder of 2020 and 2021. Between late 2021 and 2023, liabilities steadily increased, peaking at 19,013 million USD in December 2021 and then rising further to 18,531 million USD in March 2023. A sizable jump is observable in March 2024, reaching 25,288 million USD, which decreases thereafter but stays elevated in the range of 19,000 to 21,000 million USD through mid-2025.
- Current Ratio
- The current ratio remains below 1 throughout the entire period, indicating that current liabilities consistently exceed current assets. Initially, the ratio fluctuated around 0.53 to 0.74 during 2020, with some improvement in the third and fourth quarters. Throughout 2021 and 2022, it stayed relatively stable between 0.60 and 0.74, suggesting insufficient short-term liquidity. In 2023, there was a minor improvement, but the ratio generally hovered near 0.60 to 0.68. Following the substantial increase in current assets and liabilities in early 2024, the ratio rose somewhat, reaching a high of 0.77 in March 2024, then gradually declined to approximately 0.61 by mid-2025. Despite these fluctuations, the ratio does not approach or exceed 1, highlighting a consistent trend of liabilities surpassing assets in the short term.
- Summary
- The financial data reveal that the company experienced notable fluctuations in both current assets and current liabilities over the observed period. A significant spike in both occurred in early 2024, with current liabilities increasing at a faster rate than current assets, causing only a moderate improvement to the liquidity position as reflected by the current ratio. The persistent current ratio below 1 suggests an ongoing challenge in covering short-term obligations solely with current assets, which may warrant further attention to liquidity management and working capital strategies. The variations in current assets and liabilities may also reflect changes in operational activities or financing decisions occurring in specific periods.
Quick Ratio
Mondelēz International Inc., quick ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,504) | 1,561) | 1,351) | 1,517) | 1,399) | 1,376) | 1,810) | 1,610) | 1,482) | 1,917) | 1,923) | 2,177) | 1,924) | 1,946) | 3,546) | 3,401) | 1,938) | 2,028) | 3,619) | 2,759) | 1,602) | 1,925) | |||||||
| Trade receivables, net of allowance | 3,528) | 4,318) | 3,874) | 3,800) | 3,165) | 3,998) | 3,634) | 3,498) | 2,934) | 3,502) | 3,088) | 2,819) | 2,467) | 2,943) | 2,337) | 2,673) | 2,226) | 2,655) | 2,297) | 2,491) | 1,979) | 2,628) | |||||||
| Total quick assets | 5,032) | 5,879) | 5,225) | 5,317) | 4,564) | 5,374) | 5,444) | 5,108) | 4,416) | 5,419) | 5,011) | 4,996) | 4,391) | 4,889) | 5,883) | 6,074) | 4,164) | 4,683) | 5,916) | 5,250) | 3,581) | 4,553) | |||||||
| Current liabilities | 19,883) | 21,003) | 19,549) | 21,073) | 22,430) | 25,288) | 19,013) | 18,936) | 18,002) | 18,531) | 16,731) | 14,321) | 13,578) | 14,103) | 14,008) | 14,259) | 14,085) | 14,550) | 15,159) | 12,685) | 14,539) | 17,004) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 0.25 | 0.28 | 0.27 | 0.25 | 0.20 | 0.21 | 0.29 | 0.27 | 0.25 | 0.29 | 0.30 | 0.35 | 0.32 | 0.35 | 0.42 | 0.43 | 0.30 | 0.32 | 0.39 | 0.41 | 0.25 | 0.27 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | 0.84 | 0.75 | 0.72 | 0.78 | 0.80 | 0.75 | 0.72 | 0.78 | 0.82 | 0.81 | 0.77 | 0.80 | 0.78 | 0.80 | 0.81 | 1.17 | 1.12 | 0.99 | 0.96 | 0.93 | 0.88 | 0.68 | |||||||
| PepsiCo Inc. | 0.56 | 0.62 | 0.62 | 0.66 | 0.60 | 0.64 | 0.66 | 0.68 | 0.60 | 0.61 | 0.58 | 0.68 | 0.59 | 0.63 | 0.56 | 0.65 | 0.66 | 0.68 | 0.77 | 0.73 | 0.75 | 0.89 | |||||||
| Philip Morris International Inc. | 0.36 | 0.36 | 0.39 | 0.40 | 0.44 | 0.41 | 0.28 | 0.36 | 0.37 | 0.31 | 0.29 | 0.48 | 0.47 | 0.44 | 0.44 | 0.49 | 0.59 | 0.53 | 0.56 | 0.55 | 0.52 | 0.43 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,032 ÷ 19,883 = 0.25
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends relating to liquidity over the observed periods.
- Total Quick Assets
- The total quick assets show noticeable fluctuations throughout the quarters. Initially, there was a decline from 4,553 million USD in March 2020 to 3,581 million USD in June 2020, followed by a recovery and peak at 6,074 million USD in September 2021. Subsequently, the values generally oscillate between approximately 4,400 and 5,400 million USD, with some dips and recoveries. The latest data point in June 2025 records 5,032 million USD, indicating some recovery compared to previous quarters but still below the peak observed in 2021.
- Current Liabilities
- Current liabilities have also experienced significant changes. Starting at 17,004 million USD in March 2020, there was a decline to 12,685 million USD by September 2020. However, from late 2020 onward, current liabilities generally increased with some volatility, reaching a high of 25,288 million USD in June 2024. The latest periods show a moderate decrease, with 19,883 million USD reported in June 2025, but these liabilities remain substantially higher than in the early quarters of the dataset.
- Quick Ratio
- The quick ratio, which is a key measure of liquidity, demonstrates a downward trend across the timeframe. Starting at 0.27 in March 2020, the ratio showed some improvement peaking at 0.43 in September 2021, coinciding with the peak in quick assets. Afterward, there is a consistent decline, with the ratio reaching lows around 0.20 during mid-2024. The latest reading in June 2025 is 0.25, which, although slightly improved from the mid-2024 trough, remains below the initial levels seen at the beginning of the period. This suggests a weakening liquidity position relative to current liabilities.
Overall, the data indicates that while quick assets have somewhat recovered after initial declines, current liabilities have risen markedly, resulting in a generally declining quick ratio. This situation may suggest growing short-term financial pressure or a tighter liquidity position, which should be monitored carefully in future periods to ensure adequate capacity to meet short-term obligations.
Cash Ratio
Mondelēz International Inc., cash ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,504) | 1,561) | 1,351) | 1,517) | 1,399) | 1,376) | 1,810) | 1,610) | 1,482) | 1,917) | 1,923) | 2,177) | 1,924) | 1,946) | 3,546) | 3,401) | 1,938) | 2,028) | 3,619) | 2,759) | 1,602) | 1,925) | |||||||
| Total cash assets | 1,504) | 1,561) | 1,351) | 1,517) | 1,399) | 1,376) | 1,810) | 1,610) | 1,482) | 1,917) | 1,923) | 2,177) | 1,924) | 1,946) | 3,546) | 3,401) | 1,938) | 2,028) | 3,619) | 2,759) | 1,602) | 1,925) | |||||||
| Current liabilities | 19,883) | 21,003) | 19,549) | 21,073) | 22,430) | 25,288) | 19,013) | 18,936) | 18,002) | 18,531) | 16,731) | 14,321) | 13,578) | 14,103) | 14,008) | 14,259) | 14,085) | 14,550) | 15,159) | 12,685) | 14,539) | 17,004) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.08 | 0.07 | 0.07 | 0.07 | 0.06 | 0.05 | 0.10 | 0.09 | 0.08 | 0.10 | 0.11 | 0.15 | 0.14 | 0.14 | 0.25 | 0.24 | 0.14 | 0.14 | 0.24 | 0.22 | 0.11 | 0.11 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | 0.65 | 0.58 | 0.58 | 0.64 | 0.65 | 0.60 | 0.58 | 0.63 | 0.65 | 0.61 | 0.59 | 0.62 | 0.57 | 0.55 | 0.63 | 0.93 | 0.85 | 0.76 | 0.75 | 0.79 | 0.74 | 0.55 | |||||||
| PepsiCo Inc. | 0.22 | 0.27 | 0.29 | 0.27 | 0.21 | 0.28 | 0.32 | 0.31 | 0.22 | 0.20 | 0.20 | 0.26 | 0.21 | 0.27 | 0.23 | 0.27 | 0.24 | 0.29 | 0.41 | 0.37 | 0.38 | 0.51 | |||||||
| Philip Morris International Inc. | 0.15 | 0.16 | 0.18 | 0.18 | 0.21 | 0.18 | 0.12 | 0.14 | 0.15 | 0.11 | 0.12 | 0.26 | 0.25 | 0.23 | 0.23 | 0.25 | 0.31 | 0.26 | 0.37 | 0.31 | 0.27 | 0.23 | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,504 ÷ 19,883 = 0.08
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends regarding liquidity and short-term obligations. The total cash assets exhibit considerable volatility over the observed periods, with peaks notably around the third quarters of 2020 and 2021, reaching values above US$3 billion. However, from 2022 onwards, cash assets tend to fluctuate at somewhat lower levels, mostly staying below US$2 billion, indicating a reduction in readily available cash resources compared to earlier years.
Current liabilities present a varying trajectory with general fluctuations but an overall increasing tendency towards the later periods. Early in the series, liabilities range mostly between US$12 billion and US$15 billion, but from 2023 onward, these figures escalate sharply, surpassing US$18 billion and peaking at more than US$25 billion in mid-2024 before slightly moderating. This upward trend reflects growing short-term obligations that could impact the company's liquidity management.
The cash ratio, which measures the capacity to cover current liabilities with cash and cash equivalents, consistently remains low throughout the period, rarely exceeding 0.25. The highest ratios are observed during the latter half of 2020 and 2021, aligning with higher cash reserves in those quarters. From 2022 forward, the cash ratio declines further, often hovering around 0.07 to 0.1, with the lowest point at approximately 0.05 recorded in the first half of 2024. This suggests a tightening liquidity position, raising potential concerns over the sufficiency of cash to meet short-term obligations.
In summary, the data illustrates a scenario where cash assets fluctuate but generally decline relative to the growth seen in current liabilities. Consequently, the cash ratio decreases over time, indicating reduced liquidity coverage for current liabilities. These trends highlight the importance of monitoring liquidity risk and managing working capital efficiently to maintain financial stability.