Mondelēz International Inc. (NASDAQ:MDLZ)

The analysis of the financial leverage and debt ratios over the specified periods reveals several notable patterns and trends.

Debt to Equity Ratios

The debt to equity ratio shows a generally declining trend from 0.77 at March 31, 2020, to a low of 0.66 by March 31, 2025, with some fluctuations in between. The lowest ratios are observed around the first half of 2024, indicating a reduction in debt relative to shareholders' equity during this period. However, slight increases occur again towards mid-2025, reaching up to 0.80. When including operating lease liabilities, the ratio follows a similar pattern but maintains slightly higher values throughout the timeline, peaking around 0.87 at December 31, 2022.

Debt to Capital Ratios

The debt to capital ratio remains relatively stable, mostly fluctuating between 0.40 and 0.44 throughout the periods. A mild decline is evident toward the middle of the timeline, particularly entering 2024 where the ratio reaches approximately 0.40, indicating a modest reduction in total debt compared to capital. Including operating lease liabilities slightly increases the ratio values, but the pattern remains consistent, peaking at about 0.47 in late 2022 before moderating back down.

Debt to Assets Ratios

Debt to assets ratios demonstrate a steady but gradual decline from about 0.31 at the start of 2020 to a trough around 0.25 by mid-2024. This suggests a decreasing proportion of total assets financed by debt over time. The inclusion of operating lease liabilities results in slightly higher ratios, but the overall downward trajectory is maintained, highlighting consistent deleveraging trends at the asset level.

Financial Leverage

Financial leverage, calculated as the ratio of total assets to equity, displays some variability but tends to increase toward the later periods. Starting near 2.48 in early 2020, it peaks around 2.73 in mid-2024 and remains elevated close to 2.71 by mid-2025. The increase in financial leverage in recent periods may reflect changes in asset composition or equity fluctuations, despite the decline in debt ratios.

Overall, the data suggests a general trend toward reduced debt reliance relative to equity, capital, and assets over the analyzed intervals, particularly noticeable from late 2022 through mid-2024. The inclusion of operating lease liabilities consistently shows marginally higher leverage metrics but does not alter the underlying trends. The rise in financial leverage near the end may warrant further examination but does not contradict the observed deleveraging indicated by the debt ratios.

Total Debt

The total debt values exhibit moderate fluctuations over the observed periods. Beginning at approximately 19,790 million USD at the end of March 2020, the debt level slightly decreased through mid-2021, reaching a low point near 19,015 million USD by June 2021. However, from mid-2021 onward, there was a noticeable upward trend peaking in December 2022 at about 22,933 million USD. Following this peak, the debt decreased again into early 2024, bottoming near 19,064 million USD by June 2024. Approaching the end of the series, the total debt rose, reaching approximately 20,887 million USD by June 2025. This pattern indicates periods of active debt management, with an overall volatility but no consistent long-term rise or fall.

Total Shareholders' Equity

Shareholders' equity shows a generally positive trajectory in the initial years, climbing from 25,674 million USD in March 2020 to a peak around early 2023 at approximately 28,647 million USD in June 2023. After this peak, equity values demonstrate a declining trend, falling steadily toward approximately 25,785 million USD by March 2025, the lowest observed in the given timeframe. This suggests that while shareholder value grew during the early periods, recent quarters reflect a contraction in equity, possibly influenced by market conditions, operational factors, or capital structure changes.

Debt to Equity Ratio

The debt to equity ratio fluctuates across the timeframe, starting at 0.77 in March 2020, and declining somewhat consistently to a low near 0.66 by June 2025. Interim fluctuations include a peak ratio of 0.85 by the end of 2022, coinciding with the highest total debt values noted. The ratio decreases following this peak, reflecting a reduction in leverage or improved equity relative to debt, before rising again slightly toward 0.80 by mid-2025. Overall, the leverage level has remained within a relatively stable range around 0.7, indicating a balanced approach to capital structure despite short-term variations.

The financial data reveals certain evolving trends in the company's leverage and equity over the examined periods.

Total Debt (including operating lease liability)

Across the timeline, total debt values fluctuate moderately, starting at approximately 20.2 billion US dollars in early 2020, decreasing slightly towards mid-2021, and then experiencing intermittent rises and falls. Notably, there is a peak at the end of 2022 surpassing 23 billion US dollars, followed by a decline through 2023 and early 2024, reaching a low near 18.4 billion US dollars mid-2025 before increasing again. This pattern suggests episodic adjustments possibly related to financing activities or lease obligations.

Total Shareholders' Equity

Shareholders’ equity shows an initial growth trend from roughly 25.7 billion US dollars in the first quarter of 2020 to a peak of approximately 28.6 billion US dollars by mid-2023. Following this high point, a gradual decrease is observed towards the end of the data range, with equity settling near 26.2 billion US dollars by mid-2025. This indicates a phase of accumulation of equity followed by some contraction or distributions.

Debt to Equity Ratio

The debt-to-equity ratio exhibits a declining trend from 0.79 in the first quarter of 2020 to a low of 0.68 around the first quarter of 2025, indicative of a reduced leverage position relative to equity in that period. However, the ratio spikes back to 0.82 by mid-2025, suggesting an increase in leverage. The ratio generally remains below 1 throughout, signaling a conservative debt management approach relative to equity.

Overall, the data points towards a company managing its capital structure actively, controlling debt levels and equity capital. The intermittent fluctuations in total debt and the debt-to-equity ratio alongside relatively stable equity levels indicate responsiveness to market conditions or strategic financial decisions. The observed leverage remains moderate, underscoring a balanced risk approach over time.

The analysis of the financial metrics over the observed quarters reveals several key trends in the company's capital structure and indebtedness.

Total Debt

The total debt level demonstrates a moderate degree of fluctuation over the period. Beginning at approximately $19.8 billion in early 2020, it experienced a slight decrease by mid-2021, followed by a general upward trajectory reaching around $22.9 billion by the end of 2022. Subsequently, total debt declined steadily through 2023 and into early 2024, hitting a low near $17.7 billion in early 2025 before increasing again towards mid-2025. This pattern suggests active debt management with periods of both repayment and new borrowings.

Total Capital

Total capital remained relatively stable but showed a subtle increasing trend over the first three years, rising from about $45.5 billion in early 2020 to a peak of roughly $50.4 billion by early 2023. From that point onward, a gradual decrease is noticeable, down to about $44.7 billion by early 2025, followed by a slight recovery toward mid-2025. This overall pattern indicates some variability in the company's capital base, likely reflecting changes in equity or retained earnings alongside debt adjustments.

Debt to Capital Ratio

The debt-to-capital ratio fluctuated within a narrow band, generally between 0.40 and 0.46, indicating a relatively consistent leverage position. Initially around 0.44 in early 2020, the ratio decreased slightly through 2021 to approximately 0.41, then rose to about 0.46 at the end of 2022. Afterward, the ratio trended downward again, hitting near 0.40 by early 2025, before rising marginally later in the year. These movements correspond closely with the variations in total debt and capital, reflecting a balance in the proportion of debt financing relative to total capital employed.

Overall, the data suggests the company maintains a stable capital structure with moderate leverage. Periods of increased debt are generally aligned with increases in total capital, while reductions in debt coincide with declines in capital, indicating integrated management of financing sources. The debt-to-capital ratio’s constrained variability points to a controlled approach toward financial leverage, balancing risk and capital efficiency across the periods analyzed.

The analysis of the quarterly financial data reveals several key trends concerning the company's debt and capital structure over the examined periods.

Total Debt (including operating lease liability)

Total debt exhibited a fluctuating trend throughout the series. Starting at approximately $20,223 million in the first quarter of 2020, the debt showed modest variations within a range of roughly $19,500 million to $23,447 million over the period. Notably, debt reached a peak around the fourth quarter of 2022 at $23,447 million, followed by a general downward trend into 2023 and early 2024. By the end of the observed timeline, total debt decreased to about $21,505 million in the second quarter of 2025, indicating some debt reduction efforts or changes in financing levels.

Total Capital (including operating lease liability)

Total capital displayed relative stability with slight fluctuations. Beginning at $45,897 million in the first quarter of 2020, capital rose modestly to a peak near $50,938 million by the first quarter of 2023. After this peak, capital levels moderately declined but remained generally around the mid-to-high $40,000 million range towards the end of the timeline. Despite some volatility, total capital did not exhibit sharp swings, suggesting consistent capitalization and possibly steady asset and equity management.

Debt to Capital Ratio (including operating lease liability)

The debt-to-capital ratio depicted a relatively narrow range fluctuating mostly between 0.41 and 0.47. Early figures hovered around 0.43 to 0.44 in 2020, declining slightly toward 0.41 by mid-2021, indicating a slight improvement in capital structure with reduced relative debt levels. However, the ratio increased to a high of approximately 0.47 in the fourth quarter of 2022, corresponding with a peak in total debt. Subsequently, the ratio decreased again to levels near 0.41 in the first half of 2024, reflecting balance sheet strengthening. Toward the later periods, the ratio edged up moderately to 0.45 by mid-2025, signaling a modest relative increase in leverage.

In summary, the data suggests that while total debt and capital levels showed some volatility, the company maintained a relatively stable capital structure with a debt-to-capital ratio predominantly in the low- to mid-40-percent range. Peaks in debt and leverage in late 2022 were followed by periods of deleveraging or capital adjustments, indicating active financial management to balance leverage and capital resources.

The examination of the quarterly financial data reveals several noteworthy trends in the company's leverage and asset base over the observed periods.

Total Debt

The total debt levels exhibit a moderate degree of fluctuation throughout the reported quarters. Starting from approximately $19.8 billion in the first quarter of 2020, the total debt declined slightly almost consistently until mid-2021, reaching a low near $19.0 billion. Subsequently, an increase was observed toward the latter half of 2022, peaking close to $22.9 billion by the end of that year. Following this peak, total debt gradually decreased again, falling to approximately $19.0 billion by mid-2024. A slight upswing is seen toward the end of the period with debt increasing to roughly $20.9 billion by mid-2025.

Total Assets

Total assets generally trended upward from around $63.6 billion at the start of 2020 to a peak close to $77.6 billion in mid-2024. There were some short-term declines, notably a dip in mid-2022 and another in early 2025, but the overall pattern indicates growth in asset base over the five-year span. This upward trajectory suggests ongoing asset accumulation or revaluation activities.

Debt to Assets Ratio

The debt to assets ratio remained relatively stable, fluctuating mostly between 0.25 and 0.32 throughout the timeframe. Initially, the ratio hovered around 0.30 to 0.31 in 2020, then exhibited a slight decreasing trend through 2023, reaching a trough near 0.25 in mid-2024. Toward the end of the period, the ratio edged upwards again to approximately 0.29 by mid-2025. This stability indicates that changes in debt were generally proportional to changes in assets, reflecting consistent leverage management.

In summary, the company maintained a stable leverage profile despite fluctuations in absolute debt and asset values. The increase in total assets over time coupled with controlled debt levels contributed to a generally stable debt to assets ratio. The periods of increased debt, particularly in late 2022, did not lead to disproportionate increases in leverage, which may suggest strategic financing actions aligned with asset growth or investments.

The financial data reveals several key trends and insights over the observed quarters regarding the company's leverage and asset base.

Total Debt (including operating lease liability)

The total debt fluctuated within a range from approximately $18.4 billion to $23.4 billion. Initially, debt levels showed a mild decline from about $20.2 billion in March 2020 to roughly $19.5 billion by mid-2021. However, a notable increase occurred towards late 2022, peaking at $23.4 billion in December 2022. Following this peak, total debt consistently declined through to June 2024, reaching $18.4 billion, the lowest point in the presented timeline. This was followed by a renewed increase ending at around $21.5 billion by June 2025.

Total Assets

Total assets demonstrated an overall growth trajectory despite some periodical volatility. Starting at nearly $63.6 billion in March 2020, assets experienced moderate increases with some variability, peaking significantly at approximately $77.6 billion in June 2024. This peak represents a substantial expansion compared to the starting value. After this, there was a decline towards the end of the timeline, finishing at about $71.0 billion by June 2025. The asset growth suggests ongoing investment or acquisition activity during this period, offset partially by later contractions.

Debt to Assets Ratio (including operating lease liability)

The debt-to-assets ratio remained relatively stable but exhibited a mild decreasing trend over the entire period. Starting around 0.32 in early 2020, it gradually declined to a low of approximately 0.25 in June 2024, indicating a reduction in leverage relative to the asset base. However, in the final few quarters, there was a slight increase back towards 0.30 by mid-2025. This ratio trend implies that although debt levels experienced fluctuations, asset growth helped maintain or improve the leverage position until the latter period when both debt and assets moved upward again but with debt growing slightly faster.

In summary, the company managed a relatively stable leverage position with a noteworthy reduction in debt relative to assets up to mid-2024, supported by asset growth and debt reduction. The subsequent periods show a reversal with increases in both debt and assets, suggesting a shift in financial strategy or external influences affecting the capital structure. Overall, the patterns indicate prudent debt management with periods of increased borrowing aligned with asset expansions, followed by strategic deleveraging phases.

The financial data exhibits several notable trends in asset levels, shareholders' equity, and financial leverage over the examined quarters.

Total Assets

Total assets generally show a gradual upward trend from March 31, 2020, through December 31, 2023, with fluctuations thereafter. Starting at approximately $63.6 billion, assets increased to a peak of around $77.6 billion as of March 31, 2024. However, subsequent quarters demonstrate a decline and then slight recovery, ending near $71.0 billion by June 30, 2025. The trend indicates periods of expansion particularly noticeable in early 2024, followed by some contraction in asset base towards mid-2024 and 2025.

Total Shareholders’ Equity

Shareholders’ equity exhibits mild growth initially, rising from approximately $25.7 billion in early 2020 to a peak of about $28.6 billion by June 30, 2023. Thereafter, it enters a downward trajectory, decreasing steadily to around $26.2 billion by mid-2025. This decline in equity after mid-2023 contrasts with the overall asset expansions seen earlier, suggesting increased liabilities or possible share buybacks impacting equity levels.

Financial Leverage

Financial leverage ratios remain relatively stable around the 2.4 to 2.5 range during 2020 and through most of 2021, before beginning a moderate increase starting in late 2021. The leverage ratio peaks near 2.73 by mid-2024, reflecting a higher proportion of assets financed by debt relative to equity. Towards mid-2025, the leverage ratio stays elevated above 2.6, indicating sustained increased use of leverage. The rising leverage coupled with declining equity levels points to a strategic increase in debt financing over recent quarters.

Overall, the data suggests that the organization has expanded its asset base significantly until early 2024, supported by a modest rise in equity and a controlled financial leverage position. Subsequent periods indicate tightening equity and higher leverage, implying increased borrowing or capital structure adjustments. The evolving financial leverage ratio highlights a shift towards more debt reliance, which could impact financial risk profiles going forward.