Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Solvency Ratios

Beginner level

Solvency Ratios (Summary)

Mondelēz International Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Debt Ratios
Debt to equity 0.73 0.68 0.72 0.68 0.68
Debt to equity (including operating lease liability) 0.75 0.70 0.72 0.68 0.68
Debt to capital 0.42 0.40 0.42 0.40 0.41
Debt to capital (including operating lease liability) 0.43 0.41 0.42 0.40 0.41
Debt to assets 0.30 0.29 0.29 0.28 0.28
Debt to assets (including operating lease liability) 0.31 0.29 0.29 0.28 0.28
Financial leverage 2.46 2.37 2.45 2.42 2.45
Coverage Ratios
Interest coverage 12.33 9.03 10.02 10.15 4.49
Fixed charge coverage 8.27 6.51 6.77 6.33 3.16

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Mondelēz International Inc.’s debt to equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
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.’s debt to equity ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Mondelēz International Inc.’s debt to capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
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.’s debt to capital ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Mondelēz International Inc.’s debt to assets ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
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.’s debt to assets ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Mondelēz International Inc.’s financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Mondelēz International Inc.’s interest coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Mondelēz International Inc.’s fixed charge coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Debt to Equity

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 29  2,638  3,192  3,517  2,531 
Current portion of long-term debt 2,741  1,581  2,648  1,163  1,451 
Long-term debt, excluding current portion 17,276  14,207  12,532  12,972  13,217 
Total debt 20,046  18,426  18,372  17,652  17,199 
 
Total Mondelēz International shareholders’ equity 27,578  27,275  25,637  26,111  25,161 
Solvency Ratio
Debt to equity1 0.73 0.68 0.72 0.68 0.68
Benchmarks
Debt to Equity, Industry
Consumer Goods 1.83 1.79 1.76 1.52

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Debt to equity = Total debt ÷ Total Mondelēz International shareholders’ equity
= 20,046 ÷ 27,578 = 0.73

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Mondelēz International Inc.’s debt to equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Equity (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 29  2,638  3,192  3,517  2,531 
Current portion of long-term debt 2,741  1,581  2,648  1,163  1,451 
Long-term debt, excluding current portion 17,276  14,207  12,532  12,972  13,217 
Total debt 20,046  18,426  18,372  17,652  17,199 
Current operating lease liabilities (included in Other current liabilities) 190  178  —  —  — 
Long-term operating lease liabilities 470  403  —  —  — 
Total debt (including operating lease liability) 20,706  19,007  18,372  17,652  17,199 
 
Total Mondelēz International shareholders’ equity 27,578  27,275  25,637  26,111  25,161 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.75 0.70 0.72 0.68 0.68
Benchmarks
Debt to Equity (including Operating Lease Liability), Industry
Consumer Goods 1.87 1.79 1.76 1.52

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mondelēz International shareholders’ equity
= 20,706 ÷ 27,578 = 0.75

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.’s debt to equity ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Capital

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 29  2,638  3,192  3,517  2,531 
Current portion of long-term debt 2,741  1,581  2,648  1,163  1,451 
Long-term debt, excluding current portion 17,276  14,207  12,532  12,972  13,217 
Total debt 20,046  18,426  18,372  17,652  17,199 
Total Mondelēz International shareholders’ equity 27,578  27,275  25,637  26,111  25,161 
Total capital 47,624  45,701  44,009  43,763  42,360 
Solvency Ratio
Debt to capital1 0.42 0.40 0.42 0.40 0.41
Benchmarks
Debt to Capital, Industry
Consumer Goods 0.65 0.64 0.64 0.60

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,046 ÷ 47,624 = 0.42

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.’s debt to capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Capital (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 29  2,638  3,192  3,517  2,531 
Current portion of long-term debt 2,741  1,581  2,648  1,163  1,451 
Long-term debt, excluding current portion 17,276  14,207  12,532  12,972  13,217 
Total debt 20,046  18,426  18,372  17,652  17,199 
Current operating lease liabilities (included in Other current liabilities) 190  178  —  —  — 
Long-term operating lease liabilities 470  403  —  —  — 
Total debt (including operating lease liability) 20,706  19,007  18,372  17,652  17,199 
Total Mondelēz International shareholders’ equity 27,578  27,275  25,637  26,111  25,161 
Total capital (including operating lease liability) 48,284  46,282  44,009  43,763  42,360 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.43 0.41 0.42 0.40 0.41
Benchmarks
Debt to Capital (including Operating Lease Liability), Industry
Consumer Goods 0.65 0.64 0.64 0.60

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 20,706 ÷ 48,284 = 0.43

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.’s debt to capital ratio (including operating lease liability) improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Assets

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 29  2,638  3,192  3,517  2,531 
Current portion of long-term debt 2,741  1,581  2,648  1,163  1,451 
Long-term debt, excluding current portion 17,276  14,207  12,532  12,972  13,217 
Total debt 20,046  18,426  18,372  17,652  17,199 
 
Total assets 67,810  64,549  62,729  63,109  61,538 
Solvency Ratio
Debt to assets1 0.30 0.29 0.29 0.28 0.28
Benchmarks
Debt to Assets, Industry
Consumer Goods 0.41 0.42 0.41 0.38

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= 20,046 ÷ 67,810 = 0.30

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Mondelēz International Inc.’s debt to assets ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Assets (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings 29  2,638  3,192  3,517  2,531 
Current portion of long-term debt 2,741  1,581  2,648  1,163  1,451 
Long-term debt, excluding current portion 17,276  14,207  12,532  12,972  13,217 
Total debt 20,046  18,426  18,372  17,652  17,199 
Current operating lease liabilities (included in Other current liabilities) 190  178  —  —  — 
Long-term operating lease liabilities 470  403  —  —  — 
Total debt (including operating lease liability) 20,706  19,007  18,372  17,652  17,199 
 
Total assets 67,810  64,549  62,729  63,109  61,538 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.31 0.29 0.29 0.28 0.28
Benchmarks
Debt to Assets (including Operating Lease Liability), Industry
Consumer Goods 0.42 0.42 0.41 0.38

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 20,706 ÷ 67,810 = 0.31

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.’s debt to assets ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.

Financial Leverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Total assets 67,810  64,549  62,729  63,109  61,538 
Total Mondelēz International shareholders’ equity 27,578  27,275  25,637  26,111  25,161 
Solvency Ratio
Financial leverage1 2.46 2.37 2.45 2.42 2.45
Benchmarks
Financial Leverage, Industry
Consumer Goods 4.43 4.28 4.25 3.96

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 67,810 ÷ 27,578 = 2.46

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Mondelēz International Inc.’s financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Interest Coverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 3,555  3,870  3,381  2,922  1,659 
Add: Net income attributable to noncontrolling interest 14  15  14  14  10 
Add: Income tax expense 1,224  773  688  129 
Add: Interest expense, debt 423  484  462  396  515 
Earnings before interest and tax (EBIT) 5,216  4,371  4,630  4,020  2,313 
Solvency Ratio
Interest coverage1 12.33 9.03 10.02 10.15 4.49
Benchmarks
Interest Coverage, Industry
Consumer Goods 9.36 11.69 12.86 14.56

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Interest coverage = EBIT ÷ Interest expense
= 5,216 ÷ 423 = 12.33

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Mondelēz International Inc.’s interest coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Fixed Charge Coverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 3,555  3,870  3,381  2,922  1,659 
Add: Net income attributable to noncontrolling interest 14  15  14  14  10 
Add: Income tax expense 1,224  773  688  129 
Add: Interest expense, debt 423  484  462  396  515 
Earnings before interest and tax (EBIT) 5,216  4,371  4,630  4,020  2,313 
Add: Operating lease cost 236  222  260  284  317 
Earnings before fixed charges and tax 5,452  4,593  4,890  4,304  2,630 
 
Interest expense, debt 423  484  462  396  515 
Operating lease cost 236  222  260  284  317 
Fixed charges 659  706  722  680  832 
Solvency Ratio
Fixed charge coverage1 8.27 6.51 6.77 6.33 3.16
Benchmarks
Fixed Charge Coverage, Industry
Consumer Goods 5.97 7.51 8.40 9.63

Based on: 10-K (filing date: 2021-02-05), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-24).

1 2020 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 5,452 ÷ 659 = 8.27

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.’s fixed charge coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.