Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Solvency Ratios 

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

Mondelēz International Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Debt Ratios
Debt to equity 0.69 0.73 0.68 0.72 0.68
Debt to equity (including operating lease liability) 0.71 0.75 0.70 0.72 0.68
Debt to capital 0.41 0.42 0.40 0.42 0.40
Debt to capital (including operating lease liability) 0.42 0.43 0.41 0.42 0.40
Debt to assets 0.29 0.30 0.29 0.29 0.28
Debt to assets (including operating lease liability) 0.30 0.31 0.29 0.29 0.28
Financial leverage 2.37 2.46 2.37 2.45 2.42
Coverage Ratios
Interest coverage 16.08 12.33 9.03 10.02 10.15
Fixed charge coverage 10.28 8.27 6.51 6.77 6.33

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 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 2019 to 2020 but then slightly improved from 2020 to 2021.
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 2019 to 2020 but then slightly improved from 2020 to 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Mondelēz International Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Mondelēz International Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.
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 improved from 2019 to 2020 and from 2020 to 2021.

Debt to Equity

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 216  29  2,638  3,192  3,517 
Current portion of long-term debt 1,746  2,741  1,581  2,648  1,163 
Long-term debt, excluding current portion 17,550  17,276  14,207  12,532  12,972 
Total debt 19,512  20,046  18,426  18,372  17,652 
 
Total Mondelēz International shareholders’ equity 28,269  27,578  27,275  25,637  26,111 
Solvency Ratio
Debt to equity1 0.69 0.73 0.68 0.72 0.68
Benchmarks
Debt to Equity, Competitors2
Altria Group Inc. 10.38 4.51 1.74 0.90
Coca-Cola Co. 1.86 2.22 2.25 2.56 2.79
PepsiCo Inc. 2.51 3.28 2.17 2.23 3.61
Philip Morris International Inc.
Debt to Equity, Sector
Food, Beverage & Tobacco 2.85 3.32 2.74 2.55 2.66
Debt to Equity, Industry
Consumer Staples 1.24 1.40 1.30 1.17 1.18

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Mondelēz International shareholders’ equity
= 19,512 ÷ 28,269 = 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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

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, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 216  29  2,638  3,192  3,517 
Current portion of long-term debt 1,746  2,741  1,581  2,648  1,163 
Long-term debt, excluding current portion 17,550  17,276  14,207  12,532  12,972 
Total debt 19,512  20,046  18,426  18,372  17,652 
Current operating lease liabilities (included in Other current liabilities) 174  190  178  —  — 
Long-term operating lease liabilities 459  470  403  —  — 
Total debt (including operating lease liability) 20,145  20,706  19,007  18,372  17,652 
 
Total Mondelēz International shareholders’ equity 28,269  27,578  27,275  25,637  26,111 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.71 0.75 0.70 0.72 0.68
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Coca-Cola Co. 1.92 2.30 2.33 2.56 2.79
PepsiCo Inc. 2.64 3.41 2.27 2.23 3.61
Philip Morris International Inc.
Debt to Equity (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 2.93 3.41 2.81 2.55 2.66
Debt to Equity (including Operating Lease Liability), Industry
Consumer Staples 1.35 1.54 1.32 1.17 1.18

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mondelēz International shareholders’ equity
= 20,145 ÷ 28,269 = 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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Capital

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 216  29  2,638  3,192  3,517 
Current portion of long-term debt 1,746  2,741  1,581  2,648  1,163 
Long-term debt, excluding current portion 17,550  17,276  14,207  12,532  12,972 
Total debt 19,512  20,046  18,426  18,372  17,652 
Total Mondelēz International shareholders’ equity 28,269  27,578  27,275  25,637  26,111 
Total capital 47,781  47,624  45,701  44,009  43,763 
Solvency Ratio
Debt to capital1 0.41 0.42 0.40 0.42 0.40
Benchmarks
Debt to Capital, Competitors2
Altria Group Inc. 1.06 0.91 0.82 0.64 0.47
Coca-Cola Co. 0.65 0.69 0.69 0.72 0.74
PepsiCo Inc. 0.72 0.77 0.68 0.69 0.78
Philip Morris International Inc. 1.57 1.66 1.59 1.65 1.54
Debt to Capital, Sector
Food, Beverage & Tobacco 0.74 0.77 0.73 0.72 0.73
Debt to Capital, Industry
Consumer Staples 0.55 0.58 0.57 0.54 0.54

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 19,512 ÷ 47,781 = 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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

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, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 216  29  2,638  3,192  3,517 
Current portion of long-term debt 1,746  2,741  1,581  2,648  1,163 
Long-term debt, excluding current portion 17,550  17,276  14,207  12,532  12,972 
Total debt 19,512  20,046  18,426  18,372  17,652 
Current operating lease liabilities (included in Other current liabilities) 174  190  178  —  — 
Long-term operating lease liabilities 459  470  403  —  — 
Total debt (including operating lease liability) 20,145  20,706  19,007  18,372  17,652 
Total Mondelēz International shareholders’ equity 28,269  27,578  27,275  25,637  26,111 
Total capital (including operating lease liability) 48,414  48,284  46,282  44,009  43,763 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.42 0.43 0.41 0.42 0.40
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Coca-Cola Co. 0.66 0.70 0.70 0.72 0.74
PepsiCo Inc. 0.73 0.77 0.69 0.69 0.78
Philip Morris International Inc. 1.55 1.64 1.57 1.65 1.54
Debt to Capital (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 0.75 0.77 0.74 0.72 0.73
Debt to Capital (including Operating Lease Liability), Industry
Consumer Staples 0.57 0.61 0.57 0.54 0.54

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 20,145 ÷ 48,414 = 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 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Assets

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 216  29  2,638  3,192  3,517 
Current portion of long-term debt 1,746  2,741  1,581  2,648  1,163 
Long-term debt, excluding current portion 17,550  17,276  14,207  12,532  12,972 
Total debt 19,512  20,046  18,426  18,372  17,652 
 
Total assets 67,092  67,810  64,549  62,729  63,109 
Solvency Ratio
Debt to assets1 0.29 0.30 0.29 0.29 0.28
Benchmarks
Debt to Assets, Competitors2
Altria Group Inc. 0.71 0.62 0.57 0.46 0.32
Coca-Cola Co. 0.45 0.49 0.50 0.52 0.54
PepsiCo Inc. 0.44 0.48 0.41 0.42 0.49
Philip Morris International Inc. 0.67 0.70 0.72 0.80 0.80
Debt to Assets, Sector
Food, Beverage & Tobacco 0.47 0.49 0.47 0.48 0.48
Debt to Assets, Industry
Consumer Staples 0.32 0.35 0.35 0.35 0.35

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 19,512 ÷ 67,092 = 0.29

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 2019 to 2020 but then slightly improved from 2020 to 2021.

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, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Short-term borrowings 216  29  2,638  3,192  3,517 
Current portion of long-term debt 1,746  2,741  1,581  2,648  1,163 
Long-term debt, excluding current portion 17,550  17,276  14,207  12,532  12,972 
Total debt 19,512  20,046  18,426  18,372  17,652 
Current operating lease liabilities (included in Other current liabilities) 174  190  178  —  — 
Long-term operating lease liabilities 459  470  403  —  — 
Total debt (including operating lease liability) 20,145  20,706  19,007  18,372  17,652 
 
Total assets 67,092  67,810  64,549  62,729  63,109 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.30 0.31 0.29 0.29 0.28
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Coca-Cola Co. 0.47 0.51 0.51 0.52 0.54
PepsiCo Inc. 0.46 0.49 0.43 0.42 0.49
Philip Morris International Inc. 0.69 0.72 0.74 0.80 0.80
Debt to Assets (including Operating Lease Liability), Sector
Food, Beverage & Tobacco 0.49 0.51 0.49 0.48 0.48
Debt to Assets (including Operating Lease Liability), Industry
Consumer Staples 0.35 0.39 0.36 0.35 0.35

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 20,145 ÷ 67,092 = 0.30

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 2019 to 2020 but then slightly improved from 2020 to 2021.

Financial Leverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Total assets 67,092  67,810  64,549  62,729  63,109 
Total Mondelēz International shareholders’ equity 28,269  27,578  27,275  25,637  26,111 
Solvency Ratio
Financial leverage1 2.37 2.46 2.37 2.45 2.42
Benchmarks
Financial Leverage, Competitors2
Altria Group Inc. 16.70 7.92 3.76 2.81
Coca-Cola Co. 4.10 4.52 4.55 4.90 5.15
PepsiCo Inc. 5.76 6.91 5.31 5.35 7.33
Philip Morris International Inc.
Financial Leverage, Sector
Food, Beverage & Tobacco 6.02 6.72 5.78 5.37 5.53
Financial Leverage, Industry
Consumer Staples 3.82 3.96 3.68 3.37 3.34

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 67,092 ÷ 28,269 = 2.37

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 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Interest Coverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,300  3,555  3,870  3,381  2,922 
Add: Net income attributable to noncontrolling interest 14  14  15  14  14 
Add: Income tax expense 1,190  1,224  773  688 
Add: Interest expense, debt 365  423  484  462  396 
Earnings before interest and tax (EBIT) 5,869  5,216  4,371  4,630  4,020 
Solvency Ratio
Interest coverage1 16.08 12.33 9.03 10.02 10.15
Benchmarks
Interest Coverage, Competitors2
Altria Group Inc. 4.22 6.63 1.58 14.40 14.52
Coca-Cola Co. 8.78 7.78 12.40 10.09 9.02
PepsiCo Inc. 5.94 8.24 9.20 7.03 9.34
Philip Morris International Inc. 17.80 16.07 13.59 13.55 10.72
Interest Coverage, Sector
Food, Beverage & Tobacco 8.48 9.19 8.43 10.37 10.60
Interest Coverage, Industry
Consumer Staples 11.02 10.99 8.42 11.02 11.90

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 5,869 ÷ 365 = 16.08

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 improved from 2019 to 2020 and from 2020 to 2021.

Fixed Charge Coverage

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,300  3,555  3,870  3,381  2,922 
Add: Net income attributable to noncontrolling interest 14  14  15  14  14 
Add: Income tax expense 1,190  1,224  773  688 
Add: Interest expense, debt 365  423  484  462  396 
Earnings before interest and tax (EBIT) 5,869  5,216  4,371  4,630  4,020 
Add: Operating lease cost 228  236  222  260  284 
Earnings before fixed charges and tax 6,097  5,452  4,593  4,890  4,304 
 
Interest expense, debt 365  423  484  462  396 
Operating lease cost 228  236  222  260  284 
Fixed charges 593  659  706  722  680 
Solvency Ratio
Fixed charge coverage1 10.28 8.27 6.51 6.77 6.33
Benchmarks
Fixed Charge Coverage, Competitors2
Coca-Cola Co. 7.41 6.45 9.47 10.09 9.02
PepsiCo Inc. 4.85 6.06 6.79 5.00 6.05
Philip Morris International Inc. 13.43 11.50 9.88 10.20 8.56
Fixed Charge Coverage, Sector
Food, Beverage & Tobacco 7.05 7.37 6.76 8.20 8.28
Fixed Charge Coverage, Industry
Consumer Staples 7.39 7.18 5.37 6.88 7.66

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 6,097 ÷ 593 = 10.28

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 improved from 2019 to 2020 and from 2020 to 2021.