Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Mondelēz International Inc., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 0.69 0.85 0.69 0.73 0.68
Debt to equity (including operating lease liability) 0.71 0.88 0.71 0.75 0.70
Debt to capital 0.41 0.46 0.41 0.42 0.40
Debt to capital (including operating lease liability) 0.42 0.47 0.42 0.43 0.41
Debt to assets 0.27 0.32 0.29 0.30 0.29
Debt to assets (including operating lease liability) 0.28 0.33 0.30 0.31 0.29
Financial leverage 2.52 2.65 2.37 2.46 2.37
Coverage Ratios
Interest coverage 12.83 9.39 16.08 12.33 9.03
Fixed charge coverage 9.42 6.60 10.28 8.27 6.51

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Mondelēz International Inc. debt to equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Mondelēz International Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Mondelēz International Inc. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Mondelēz International Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Mondelēz International Inc. debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Mondelēz International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Mondelēz International Inc. financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Mondelēz International Inc. interest coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Mondelēz International Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Debt to Equity

Mondelēz International Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 420 2,299 216 29 2,638
Current portion of long-term debt 2,101 383 1,746 2,741 1,581
Long-term debt, excluding current portion 16,887 20,251 17,550 17,276 14,207
Total debt 19,408 22,933 19,512 20,046 18,426
 
Total Mondelēz International shareholders’ equity 28,332 26,883 28,269 27,578 27,275
Solvency Ratio
Debt to equity1 0.69 0.85 0.69 0.73 0.68
Benchmarks
Debt to Equity, Competitors2
Coca-Cola Co. 1.62 1.62 1.86 2.22 2.25
PepsiCo Inc. 2.38 2.28 2.51 3.28 2.17
Debt to Equity, Sector
Food, Beverage & Tobacco 1.45 1.48 1.52 1.77 1.53
Debt to Equity, Industry
Consumer Staples 0.90 0.85 0.90 1.02 0.96

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Mondelēz International shareholders’ equity
= 19,408 ÷ 28,332 = 0.69

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Mondelēz International Inc. debt to equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Equity (including Operating Lease Liability)

Mondelēz International Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 420 2,299 216 29 2,638
Current portion of long-term debt 2,101 383 1,746 2,741 1,581
Long-term debt, excluding current portion 16,887 20,251 17,550 17,276 14,207
Total debt 19,408 22,933 19,512 20,046 18,426
Current operating lease liabilities (included in Other current liabilities) 165 166 174 190 178
Long-term operating lease liabilities 537 514 459 470 403
Total debt (including operating lease liability) 20,110 23,613 20,145 20,706 19,007
 
Total Mondelēz International shareholders’ equity 28,332 26,883 28,269 27,578 27,275
Solvency Ratio
Debt to equity (including operating lease liability)1 0.71 0.88 0.71 0.75 0.70
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Coca-Cola Co. 1.67 1.68 1.92 2.30 2.33
PepsiCo Inc. 2.54 2.42 2.64 3.41 2.27
Debt to Equity (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 1.52 1.55 1.59 1.84 1.59
Debt to Equity (including Operating Lease Liability), Industry
Consumer Staples 1.01 0.96 1.01 1.15 0.99

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mondelēz International shareholders’ equity
= 20,110 ÷ 28,332 = 0.71

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Mondelēz International Inc. debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Capital

Mondelēz International Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 420 2,299 216 29 2,638
Current portion of long-term debt 2,101 383 1,746 2,741 1,581
Long-term debt, excluding current portion 16,887 20,251 17,550 17,276 14,207
Total debt 19,408 22,933 19,512 20,046 18,426
Total Mondelēz International shareholders’ equity 28,332 26,883 28,269 27,578 27,275
Total capital 47,740 49,816 47,781 47,624 45,701
Solvency Ratio
Debt to capital1 0.41 0.46 0.41 0.42 0.40
Benchmarks
Debt to Capital, Competitors2
Coca-Cola Co. 0.62 0.62 0.65 0.69 0.69
PepsiCo Inc. 0.70 0.69 0.72 0.77 0.68
Debt to Capital, Sector
Food, Beverage & Tobacco 0.59 0.60 0.60 0.64 0.60
Debt to Capital, Industry
Consumer Staples 0.47 0.46 0.47 0.51 0.49

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 19,408 ÷ 47,740 = 0.41

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Mondelēz International Inc. debt to capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Capital (including Operating Lease Liability)

Mondelēz International Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 420 2,299 216 29 2,638
Current portion of long-term debt 2,101 383 1,746 2,741 1,581
Long-term debt, excluding current portion 16,887 20,251 17,550 17,276 14,207
Total debt 19,408 22,933 19,512 20,046 18,426
Current operating lease liabilities (included in Other current liabilities) 165 166 174 190 178
Long-term operating lease liabilities 537 514 459 470 403
Total debt (including operating lease liability) 20,110 23,613 20,145 20,706 19,007
Total Mondelēz International shareholders’ equity 28,332 26,883 28,269 27,578 27,275
Total capital (including operating lease liability) 48,442 50,496 48,414 48,284 46,282
Solvency Ratio
Debt to capital (including operating lease liability)1 0.42 0.47 0.42 0.43 0.41
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Coca-Cola Co. 0.63 0.63 0.66 0.70 0.70
PepsiCo Inc. 0.72 0.71 0.73 0.77 0.69
Debt to Capital (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 0.60 0.61 0.61 0.65 0.61
Debt to Capital (including Operating Lease Liability), Industry
Consumer Staples 0.50 0.49 0.50 0.54 0.50

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 20,110 ÷ 48,442 = 0.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Mondelēz International Inc. debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Assets

Mondelēz International Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 420 2,299 216 29 2,638
Current portion of long-term debt 2,101 383 1,746 2,741 1,581
Long-term debt, excluding current portion 16,887 20,251 17,550 17,276 14,207
Total debt 19,408 22,933 19,512 20,046 18,426
 
Total assets 71,391 71,161 67,092 67,810 64,549
Solvency Ratio
Debt to assets1 0.27 0.32 0.29 0.30 0.29
Benchmarks
Debt to Assets, Competitors2
Coca-Cola Co. 0.43 0.42 0.45 0.49 0.50
PepsiCo Inc. 0.44 0.42 0.44 0.48 0.41
Debt to Assets, Sector
Food, Beverage & Tobacco 0.39 0.39 0.40 0.43 0.41
Debt to Assets, Industry
Consumer Staples 0.28 0.27 0.28 0.31 0.31

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 19,408 ÷ 71,391 = 0.27

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Mondelēz International Inc. debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Debt to Assets (including Operating Lease Liability)

Mondelēz International Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 420 2,299 216 29 2,638
Current portion of long-term debt 2,101 383 1,746 2,741 1,581
Long-term debt, excluding current portion 16,887 20,251 17,550 17,276 14,207
Total debt 19,408 22,933 19,512 20,046 18,426
Current operating lease liabilities (included in Other current liabilities) 165 166 174 190 178
Long-term operating lease liabilities 537 514 459 470 403
Total debt (including operating lease liability) 20,110 23,613 20,145 20,706 19,007
 
Total assets 71,391 71,161 67,092 67,810 64,549
Solvency Ratio
Debt to assets (including operating lease liability)1 0.28 0.33 0.30 0.31 0.29
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Coca-Cola Co. 0.44 0.44 0.47 0.51 0.51
PepsiCo Inc. 0.47 0.45 0.46 0.49 0.43
Debt to Assets (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 0.41 0.41 0.42 0.45 0.42
Debt to Assets (including Operating Lease Liability), Industry
Consumer Staples 0.31 0.30 0.31 0.35 0.32

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 20,110 ÷ 71,391 = 0.28

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Mondelēz International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Financial Leverage

Mondelēz International Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets 71,391 71,161 67,092 67,810 64,549
Total Mondelēz International shareholders’ equity 28,332 26,883 28,269 27,578 27,275
Solvency Ratio
Financial leverage1 2.52 2.65 2.37 2.46 2.37
Benchmarks
Financial Leverage, Competitors2
Coca-Cola Co. 3.77 3.85 4.10 4.52 4.55
PepsiCo Inc. 5.43 5.38 5.76 6.91 5.31
Financial Leverage, Sector
Food, Beverage & Tobacco 3.70 3.76 3.77 4.11 3.76
Financial Leverage, Industry
Consumer Staples 3.25 3.18 3.25 3.32 3.14

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 71,391 ÷ 28,332 = 2.52

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Mondelēz International Inc. financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Interest Coverage

Mondelēz International Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Add: Net income attributable to noncontrolling interest 9 9 14 14 15
Add: Income tax expense 1,537 865 1,190 1,224 2
Add: Interest expense, debt 550 428 365 423 484
Earnings before interest and tax (EBIT) 7,055 4,019 5,869 5,216 4,371
Solvency Ratio
Interest coverage1 12.83 9.39 16.08 12.33 9.03
Benchmarks
Interest Coverage, Competitors2
Coca-Cola Co. 9.48 14.25 8.78 7.78 12.40
PepsiCo Inc. 8.95 10.57 5.94 8.24 9.20
Interest Coverage, Sector
Food, Beverage & Tobacco 9.79 11.70 8.03 8.59 10.35
Interest Coverage, Industry
Consumer Staples 12.11 15.60 10.87 11.15 9.28

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 7,055 ÷ 550 = 12.83

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Mondelēz International Inc. interest coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Fixed Charge Coverage

Mondelēz International Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,959 2,717 4,300 3,555 3,870
Add: Net income attributable to noncontrolling interest 9 9 14 14 15
Add: Income tax expense 1,537 865 1,190 1,224 2
Add: Interest expense, debt 550 428 365 423 484
Earnings before interest and tax (EBIT) 7,055 4,019 5,869 5,216 4,371
Add: Operating lease cost 223 213 228 236 222
Earnings before fixed charges and tax 7,278 4,232 6,097 5,452 4,593
 
Interest expense, debt 550 428 365 423 484
Operating lease cost 223 213 228 236 222
Fixed charges 773 641 593 659 706
Solvency Ratio
Fixed charge coverage1 9.42 6.60 10.28 8.27 6.51
Benchmarks
Fixed Charge Coverage, Competitors2
Coca-Cola Co. 7.73 10.14 7.41 6.45 9.47
PepsiCo Inc. 6.43 7.28 4.85 6.06 6.79
Fixed Charge Coverage, Sector
Food, Beverage & Tobacco 7.43 8.17 6.46 6.57 7.68
Fixed Charge Coverage, Industry
Consumer Staples 7.45 8.71 7.00 6.81 5.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 7,278 ÷ 773 = 9.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Mondelēz International Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.