Mondelēz International Inc. (NASDAQ:MDLZ)

Debt to Equity Ratio

The debt to equity ratio shows an overall slight decline from 0.77 in March 2020 to a low of 0.66 in December 2024, indicating a general reduction in reliance on debt relative to equity over this period. There are fluctuations within the timeline, including temporary increases such as a peak of 0.85 in December 2022 and rises toward the end of the period, culminating in 0.76 in March 2025. This suggests intermittent periods of increased leverage but a general trend toward lower relative debt.

Debt to Equity Ratio (Including Operating Lease Liability)

This adjusted ratio follows a similar pattern to the standard debt to equity ratio, also declining modestly from 0.79 in March 2020 to 0.68 in December 2024, before rising again to 0.78 in March 2025. Like the standard ratio, it reflects a general reduction in debt levels when including operating leases, with a peak at 0.87 in December 2022 indicating a temporary higher level of total liabilities.

Debt to Capital Ratio

The debt to capital ratio remains relatively stable, fluctuating between 0.40 and 0.46 throughout the period. It starts at 0.44 in March 2020, dips to 0.40 in several periods towards the end of the timeline, and experiences a moderate peak of 0.46 in December 2022. This stability suggests consistent capital structure management with mild adjustments over time.

Debt to Capital Ratio (Including Operating Lease Liability)

Similarly, this ratio shows limited variation, ranging between 0.41 and 0.47. It echoes the trends of the non-adjusted debt to capital ratio and highlights slightly higher leverage when operating lease liabilities are considered. The highest levels appear around late 2022, coinciding with the peaks seen in other debt measures.

Debt to Assets Ratio

The debt to assets ratio shows a gentle downward trend from 0.31 in March 2020 to 0.26 in December 2024, suggesting a gradual reduction in the portion of assets financed by debt. Minor fluctuations occur, such as a short-term increase to 0.32 in December 2022, but the overall direction is toward lower leverage on assets.

Debt to Assets Ratio (Including Operating Lease Liability)

This ratio including operating lease liabilities remains marginally higher than the standard debt to assets ratio but follows the same gradual downward movement, from 0.32 in March 2020 to 0.27 in December 2024. This highlights a consistent position that factoring operating leases slightly increases the proportion of assets financed by debt-related obligations.

Financial Leverage Ratio

The financial leverage ratio indicates more variability across the periods. It starts at 2.48 in March 2020, decreases slightly in mid-2021, but then rises to a peak of 2.73 in September 2024. Overall, this reflects oscillating levels of asset financing relative to equity, indicating varying degrees of leverage used in different quarters. The ratio ends higher than at the start, suggesting an increased reliance on debt or liabilities relative to equity by the end of the timeline.

The analysis of the quarterly financial data reveals several notable trends and fluctuations in the key financial metrics over the observed period.

Total Debt

Total debt exhibited moderate fluctuations throughout the reported quarters. Beginning at approximately $19,790 million in March 2020, it generally trended downward until mid-2021, reaching around $19,015 million. Subsequently, debt levels experienced intermittent increases, peaking near $22,933 million at the end of 2022, before exhibiting a declining trajectory again through 2023 and early 2024. The quarter ending March 2025 showed a slight increase compared to the immediately preceding quarter but remained below the peak levels seen in late 2022.

Total Shareholders’ Equity

Shareholders’ equity demonstrated a steady upward movement from early 2020 through the end of 2021, rising from approximately $25,674 million to about $28,269 million. However, starting in 2022, equity values showed a mild decline with periodic fluctuations, decreasing to roughly $26,641 million by the third quarter of 2022. From late 2022 onward, equity figures generally stabilized around the $28,000 million range with slight oscillations. The most recent data indicate a downturn, with equity decreasing to approximately $25,785 million by the first quarter of 2025.

Debt to Equity Ratio

The debt to equity ratio initially showed a gradual decline from 0.77 in March 2020 to a low of 0.69 by June 2021, reflecting relatively stronger equity compared to debt levels during this phase. However, in the subsequent quarters, the ratio rose, peaking at 0.85 in December 2022, indicative of increased leverage. Following this peak, the ratio trended downward again, approaching 0.66 by the middle of 2024, suggesting deleveraging and improved equity support. Yet, the ratio increased once more to 0.76 by March 2025, signaling a renewed increase in leverage relative to equity.

In summary, the financial metrics display periods of both deleveraging and increased leverage, with total debt and shareholders’ equity showing inverse fluctuations that influence the debt to equity ratio. The overall pattern suggests cautious management of capital structure with responses to changing financing conditions. The recent slight rise in leverage toward early 2025 may warrant further monitoring in subsequent periods.

The financial data from March 2020 through March 2025 reveals several notable trends regarding debt levels, equity, and the leverage position as expressed by the debt-to-equity ratio of the entity.

Total Debt (Including Operating Lease Liability)

The total debt figures exhibit a fluctuating trend over the period analyzed. Starting from US$20,223 million in March 2020, debt levels mildly decreased until June 2021, reaching approximately US$19,504 million. Following this period, there is a general upward movement until December 2022, peaking at US$23,447 million. Subsequently, the debt trend reverses downward, falling steadily through March 2025 when it reaches US$20,155 million. The data suggests intermittent episodes of increased borrowing, particularly noticeable in late 2021 and throughout 2022, before a gradual deleveraging phase in 2023 and into early 2025.

Total Shareholders' Equity

Equity levels demonstrate moderate variation with an initial increase from US$25,674 million in March 2020 to a peak of US$28,647 million in June 2023. After this peak, there is a gradual decline to US$25,785 million by March 2025. The overall equity trend indicates stability with slight growth through mid-2023, followed by a softening towards the end of the period under review.

Debt to Equity Ratio (Including Operating Lease Liability)

The leverage ratio follows a somewhat cyclical pattern that corresponds broadly with the movements in debt and equity. Starting at 0.79 in March 2020, it declines to a low near 0.69 by June 2024, reflecting reduced leverage relative to equity amidst decreasing debt and stable-to-increasing equity. However, a reversal occurs in the final months observed, with the ratio climbing back to 0.78 by March 2025. This indicates a moderate increase in leverage, likely driven by the combined effect of decreased equity and a slight rise in debt.

In summary, the company’s debt profile shows variability with periods of borrowing increase and repayment, while shareholders' equity remains relatively stable with modest fluctuations. The debt-to-equity ratio reflects these dynamics, signaling slightly reduced leverage up to mid-2024, followed by renewed leverage pressure towards early 2025. These patterns may suggest strategic capital management responding to market or operational conditions across the analyzed timeline.

The financial data reveals several key trends concerning the company's total debt, total capital, and debt to capital ratio over the analyzed period.

Total Debt

Total debt exhibited moderate fluctuations across the periods. It began near $19.8 billion in early 2020 and showed a slight decline through mid-2021, dipping to approximately $19 billion by June 2021. A noticeable increase occurred during late 2022, peaking at about $22.9 billion in December 2022. Subsequently, total debt resumed a downward trend through 2023 and into early 2024, lowering to roughly $19 billion by mid-2024 before rising slightly again toward the end of the observed period.

Total Capital

Total capital followed a generally stable pattern, with values ranging between approximately $44.7 billion and $50.4 billion. The figure remained relatively flat around $45 billion during much of 2020 and 2021, experiencing incremental growth toward late 2022 into early 2023, reaching a high near $50.4 billion. After this peak, total capital gradually decreased through mid-2025, ending close to the low $45 billion mark. These movements indicate limited volatility but a mild downward adjustment in total capital in the later periods.

Debt to Capital Ratio

The debt to capital ratio reflected these fluctuations in debt and capital, maintaining a range roughly between 0.40 and 0.46. The ratio slightly decreased from about 0.44 in early 2020 to a low near 0.40 in mid-2024, signalling a marginal reduction in leverage. However, intermittent rises to around 0.45 occurred during late 2022, concurrent with the spike in total debt. The ratio's movement suggests prudent management of debt relative to the company’s capital, with periods of elevated leverage balanced by later reductions.

Overall, the trends suggest the company managed its debt levels carefully against the backdrop of relatively steady total capital. The temporary increase in total debt and the related rise in the debt to capital ratio in late 2022 may indicate strategic financing or investment activity during that timeframe. The subsequent return to lower leverage ratios reflects a rebalancing toward more conservative capital structure metrics in recent quarters.

Total Debt (Including Operating Lease Liability)

The total debt demonstrates a fluctuating pattern over the observed periods. Initially, from March 2020 to December 2020, it remains relatively stable, fluctuating slightly around the 20,000 million US dollar mark. Subsequently, a downward trend is visible until mid-2021, followed by a notable increase in the latter half of 2022, peaking in December 2022. After this peak, a general decline resumes toward the end of the period, with a low point in March 2025 at approximately 18,372 million US dollars, followed by a minor rise by the end of Q1 2025.

Total Capital (Including Operating Lease Liability)

Total capital shows a gradual upward trend from March 2020 through December 2022, indicating an increase from around 45,897 million US dollars to over 50,000 million US dollars. This growth suggests an expansion in the company's capital base during the period. From early 2023 to early 2025, there is a slight decline, with capital levels decreasing by roughly 5,000 million US dollars by March 2025. This reduction may reflect changes in equity, retained earnings, or other capital structure components.

Debt to Capital Ratio (Including Operating Lease Liability)

The debt to capital ratio exhibits moderate variability but remains within a relatively narrow band throughout the timeframe. Beginning near 0.44 in early 2020, it dips gradually to a low of approximately 0.41 by mid-2021, indicating a marginal reduction in leverage relative to capital. However, the ratio trends upward again toward the end of 2022, reaching approximately 0.47, which corresponds with the noted increase in debt during the same period. In the subsequent periods up to March 2025, the ratio declines back toward the low 0.40s, ending close to 0.44. This oscillation suggests periods of leverage adjustment possibly in response to changing financing strategies or operational needs.

Overall Insights

The company’s financial leverage, measured by the debt to capital ratio, experiences fluctuations but maintains a moderate leverage level throughout the observed periods. The pattern of debt and capital movement indicates responsiveness to external or internal financial conditions, with a peak in debt and leverage toward the end of 2022 followed by deleveraging efforts thereafter. The overall capital base shows growth in the early years followed by a mild contraction, which may impact strategic financial decisions. The trends suggest an active approach in managing the balance between debt and equity, potentially to optimize the cost of capital and financial risk.

Total Debt

The total debt level exhibits moderate fluctuations over the observed periods. Starting at 19,790 million USD in the first quarter of 2020, the debt slightly decreased and increased intermittently, peaking at 22,933 million USD in the fourth quarter of 2022. Following this peak, the debt generally declined, reaching 17,749 million USD in the first quarter of 2024 before slightly rising again to 19,538 million USD by the first quarter of 2025. The trend indicates a peak in debt during late 2022, followed by a notable reduction in 2023 and early 2024, suggesting efforts toward debt management or repayment.

Total Assets

Total assets show a general upward trend with periodic fluctuations. Beginning at 63,598 million USD in the first quarter of 2020, assets increased to a peak of 77,624 million USD in the second quarter of 2024. Despite some decreases, particularly noticeable around mid-2022 and early 2025, the overall asset base expanded over the timeline. This growth may reflect investments, acquisitions, or appreciation in asset values, indicating an expansion in the company's resource base.

Debt to Assets Ratio

The debt to assets ratio remains relatively stable, fluctuating within a narrow band from 0.25 to 0.32 throughout the entire period. Starting at 0.31 in Q1 2020, the ratio slightly declined until Q2 2024, reaching a low of 0.25, before a minor increase to 0.28 by Q1 2025. The ratio's stability despite varying debt and asset levels suggests balanced management of debt relative to asset growth, maintaining a consistent leverage posture over time.

Overall Analysis

The data implies a strategic approach to managing leverage, with total debt peaking in late 2022 and subsequently reduced while total assets show a general increasing trend. This results in a gradually declining debt to assets ratio until 2024, reflecting improved financial stability and reduced reliance on debt financing. The slight increase in both debt and ratio towards the end of the period indicates possible renewed borrowing or changes in asset valuation. Overall, the financial position appears to maintain controlled leverage with asset growth supporting debt levels.

Total Debt (including operating lease liability)

The total debt level exhibited moderate fluctuations over the observed periods. Starting at approximately $20.2 billion in early 2020, debt decreased slightly until mid-2021, then saw an increase peaking around $23.4 billion at the end of 2022. Following this peak, a steady decline in total debt occurred through to early 2025, reaching about $20.2 billion. Overall, the trend shows some cyclicality with a downward bias in the most recent periods.

Total Assets

Total assets demonstrated a generally increasing trend from roughly $63.6 billion at the start of 2020 to a high of about $77.6 billion in mid-2024. Notable growth occurred especially after 2022, despite some short-term declines. Towards the final periods, assets decreased somewhat, finishing near $68.9 billion in early 2025. This progression suggests overall asset growth with occasional contractions.

Debt to Assets Ratio (including operating lease liability)

The debt-to-assets ratio was fairly stable throughout the timeframe, mostly ranging between 0.27 and 0.33. It started at 0.32 in early 2020, then gradually declined to 0.28 in mid-2024, revealing an improvement in leverage. Some minor rises occurred late in 2022 and towards 2025, but the ratio's general trend indicates a modest reduction in debt relative to assets over time, reflecting potentially improved financial flexibility.

Overall Analysis

The data portrays a company managing its debt prudently while growing its asset base. The moderate peak in debt at the end of 2022 followed by a consistent reduction suggests efforts to deleverage after a period of increased borrowing. The stable and slightly decreasing debt-to-asset ratio corroborates this notion. Asset growth, especially pronounced after 2022, may imply investment or acquisition activities contributing to expansion. The combination of these patterns points to a balanced approach between leveraging and asset accumulation, fostering a potentially stronger financial position by early 2025.

Total Assets

Total assets exhibit a generally increasing trend from March 31, 2020, through December 31, 2024, with some fluctuations. The asset base grew from $63,598 million at the beginning of the period to a peak of $77,624 million in March 31, 2024. Following this peak, a decline is observable, with total assets reducing to $68,497 million by December 31, 2024, then showing a marginal uptick to $68,927 million by March 31, 2025. This pattern suggests overall growth in asset size over the five-year horizon, despite intermittent decreases in some quarters, particularly pronounced in the latter part of the timeframe.

Total Shareholders' Equity

Shareholders’ equity demonstrates a modest upward trend from $25,674 million at March 31, 2020, reaching a high of $28,647 million by June 30, 2023. After this peak, equity levels show a gradual decline to $25,785 million by March 31, 2025. The equity movements indicate a moderate growth in retained earnings and capital over the initial years, followed by a period of contraction, which may reflect distributions, share repurchases, or net losses influencing the equity base toward the end of the timeline. Despite slight fluctuations, equity remains within a relatively consistent range over the period analyzed.

Financial Leverage

Financial leverage ratios are relatively stable but display slight variations throughout the period. It started at 2.48 in March 2020 and trended downward slightly to 2.37 by December 31, 2021, indicating a marginal reduction in debt relative to equity. However, beginning in early 2022, leverage ratios gradually increased, peaking at 2.73 by March 31, 2024. Following this peak, a mild reduction to 2.67 occurs by March 31, 2025. Overall, the leverage ratio fluctuates within a narrow band predominantly between 2.4 and 2.7, suggesting a consistent, moderately leveraged capital structure with periodic increases in debt relative to equity.