Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ) 

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

Mondelēz International Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net fixed asset turnover 3.84 3.72 3.49 3.32 2.94
Net fixed asset turnover (including operating lease, right-of-use asset) 3.56 3.47 3.25 3.10 2.75
Total asset turnover 0.53 0.50 0.44 0.43 0.39
Equity turnover 1.35 1.27 1.17 1.02 0.96

Based on: 10-K (reporting date: 2024-12-31), 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).


The financial ratios over the examined periods show a consistent and positive trajectory across all categories, indicating improvement in asset utilization and efficiency.

Net Fixed Asset Turnover
This ratio exhibits a steady increase from 2.94 in 2020 to 3.84 in 2024, reflecting enhanced efficiency in generating revenue from net fixed assets. The upward trend suggests improved management and utilization of the company's fixed asset base over the years.
Net Fixed Asset Turnover (including operating lease, right-of-use asset)
When including operating leases and right-of-use assets, the turnover ratio also shows consistent growth, rising from 2.75 in 2020 to 3.56 in 2024. Although slightly lower than the net fixed asset turnover excluding leases, the trend similarly confirms better utilization of the company's asset base, including leased assets.
Total Asset Turnover
This ratio moves upward from 0.39 in 2020 to 0.53 in 2024, signaling an increased ability to generate sales from total assets. The steady rise points toward improving operational efficiency and asset management at a broader company-wide level.
Equity Turnover
Equity turnover improves from 0.96 in 2020 to 1.35 in 2024, indicating the company is generating higher revenue per dollar of shareholders' equity. This upward progression implies more effective use of equity financing in driving sales and business growth.

Overall, the increasing ratios across all metrics suggest enhanced operational performance through better asset and equity utilization. The trends reflect positively on management's capacity to leverage assets and equity more efficiently to support revenue generation.


Net Fixed Asset Turnover

Mondelēz International Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net revenues 36,441 36,016 31,496 28,720 26,581
Property, plant and equipment, net 9,481 9,694 9,020 8,658 9,026
Long-term Activity Ratio
Net fixed asset turnover1 3.84 3.72 3.49 3.32 2.94
Benchmarks
Net Fixed Asset Turnover, Competitors2
Coca-Cola Co. 4.57 4.95 4.37 3.90 3.06
PepsiCo Inc. 3.28 3.38 3.56 3.55 3.29
Philip Morris International Inc. 5.18 4.68 4.73 5.09 4.51
Net Fixed Asset Turnover, Sector
Food, Beverage & Tobacco 3.87 3.90 3.86 3.78 3.34
Net Fixed Asset Turnover, Industry
Consumer Staples 5.04 5.17 5.21 5.06 4.37

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net fixed asset turnover = Net revenues ÷ Property, plant and equipment, net
= 36,441 ÷ 9,481 = 3.84

2 Click competitor name to see calculations.


Net Revenues
Net revenues have shown a consistent upward trend over the five-year period. Starting at 26,581 million US dollars in 2020, revenues increased to 28,720 million in 2021, then further to 31,496 million in 2022. There was a more pronounced rise in 2023 to 36,016 million, with a slight additional increase to 36,441 million in 2024. This pattern indicates steady growth with a noticeable acceleration in revenue between 2022 and 2023, followed by stabilization in 2024.
Property, Plant and Equipment, Net
The net value of property, plant, and equipment exhibited minor fluctuations throughout the period. It initially decreased from 9,026 million US dollars in 2020 to 8,658 million in 2021, then recovered to 9,020 million in 2022. The asset base expanded to 9,694 million in 2023 before slightly declining again to 9,481 million in 2024. Overall, this suggests a relatively stable investment in fixed assets with minor year-on-year variations.
Net Fixed Asset Turnover
The net fixed asset turnover ratio demonstrated a consistent upward trajectory, climbing from 2.94 in 2020 to 3.84 in 2024. This indicates increasing efficiency in utilizing fixed assets to generate sales over the period. The steady rise each year suggests improvements in operational performance or asset utilization, contributing to enhanced revenue generation relative to the investment in property, plant, and equipment.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Mondelēz International Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net revenues 36,441 36,016 31,496 28,720 26,581
 
Property, plant and equipment, net 9,481 9,694 9,020 8,658 9,026
Operating lease right of use assets 767 683 660 613 638
Property, plant and equipment, net (including operating lease, right-of-use asset) 10,248 10,377 9,680 9,271 9,664
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 3.56 3.47 3.25 3.10 2.75
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Coca-Cola Co. 4.10 4.33 3.82 3.41 2.68
PepsiCo Inc. 2.93 3.05 3.24 3.25 3.05
Philip Morris International Inc. 4.80 4.32 4.35 4.69 4.06
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Food, Beverage & Tobacco 3.49 3.53 3.51 3.45 3.05
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Consumer Staples 4.57 4.68 4.69 4.55 3.90

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 36,441 ÷ 10,248 = 3.56

2 Click competitor name to see calculations.


Net Revenues
The net revenues demonstrate a consistent upward trend over the five-year period. Starting at 26,581 million US dollars in 2020, revenues increased steadily each year, reaching 36,441 million US dollars in 2024. The growth appears to be more pronounced between 2022 and 2023, indicating an acceleration in revenue generation during that interval.
Property, Plant and Equipment, Net
The net value of property, plant, and equipment, including operating lease right-of-use assets, shows slight fluctuations without a clear increasing or decreasing trend. Beginning at 9,664 million US dollars in 2020, this value slightly declined in 2021 to 9,271 million US dollars, then recovered in subsequent years to peak at 10,377 million in 2023, followed by a minor decrease to 10,248 million in 2024. Overall, the asset base remains relatively stable with modest expansion by the end of the period.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio, which measures revenue generated per unit of fixed asset, shows a continuous increase from 2.75 in 2020 to 3.56 in 2024. This rising trend indicates improving efficiency in utilizing fixed assets to generate sales. The company appears to be enhancing operational productivity, generating more revenue for each dollar invested in property, plant, and equipment.
Summary of Trends and Insights
The data indicates a positive revenue growth trajectory accompanied by a stable asset investment level. Despite modest fluctuations in the net book value of fixed assets, the increasing fixed asset turnover ratio suggests improved asset utilization efficiency. This combination implies effective management of physical assets to support growing revenues, potentially reflecting successful capital allocation and operational improvements over the five-year horizon.

Total Asset Turnover

Mondelēz International Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net revenues 36,441 36,016 31,496 28,720 26,581
Total assets 68,497 71,391 71,161 67,092 67,810
Long-term Activity Ratio
Total asset turnover1 0.53 0.50 0.44 0.43 0.39
Benchmarks
Total Asset Turnover, Competitors2
Coca-Cola Co. 0.47 0.47 0.46 0.41 0.38
PepsiCo Inc. 0.92 0.91 0.94 0.86 0.76
Philip Morris International Inc. 0.61 0.54 0.51 0.76 0.64
Total Asset Turnover, Sector
Food, Beverage & Tobacco 0.65 0.62 0.61 0.60 0.54
Total Asset Turnover, Industry
Consumer Staples 1.56 1.51 1.47 1.41 1.32

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 36,441 ÷ 68,497 = 0.53

2 Click competitor name to see calculations.


Net Revenues
Net revenues demonstrated a consistent upward trajectory over the period analyzed. Starting at 26,581 million US dollars in 2020, revenues increased steadily each year, reaching 36,441 million US dollars by the end of 2024. This represents a significant growth overall, with the largest annual increase occurring between 2022 and 2023.
Total Assets
Total assets showed some fluctuations throughout the period. The value decreased slightly from 67,810 million US dollars in 2020 to 67,092 million US dollars in 2021, then increased to a peak of 71,391 million US dollars in 2023. By 2024, total assets declined again to 68,497 million US dollars. Despite these variations, the asset base remained relatively stable with moderate growth around the middle of the period.
Total Asset Turnover
The total asset turnover ratio exhibited a clear improving trend, increasing from 0.39 in 2020 to 0.53 in 2024. This upward movement indicates enhanced efficiency in utilizing assets to generate revenues. The most notable improvements appeared after 2021, suggesting that operational effectiveness or asset management improved considerably in the latter years.
Overall Analysis
The company has shown robust revenue growth coupled with relatively stable asset levels, which has contributed to an improving asset turnover ratio. This suggests a positive trend in operational efficiency, with increasing sales generated per unit of asset. The decline in total assets in the final year did not impede the growth in revenues or asset efficiency, reinforcing the trend toward better asset utilization over time.

Equity Turnover

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

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net revenues 36,441 36,016 31,496 28,720 26,581
Total Mondelēz International shareholders’ equity 26,932 28,332 26,883 28,269 27,578
Long-term Activity Ratio
Equity turnover1 1.35 1.27 1.17 1.02 0.96
Benchmarks
Equity Turnover, Competitors2
Coca-Cola Co. 1.89 1.76 1.78 1.68 1.71
PepsiCo Inc. 5.09 4.94 5.04 4.95 5.23
Philip Morris International Inc.
Equity Turnover, Sector
Food, Beverage & Tobacco 3.67 3.39 3.26 3.12 3.32
Equity Turnover, Industry
Consumer Staples 5.66 5.62 5.26 5.06 4.98

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Equity turnover = Net revenues ÷ Total Mondelēz International shareholders’ equity
= 36,441 ÷ 26,932 = 1.35

2 Click competitor name to see calculations.


The financial data demonstrates a consistent growth trend in net revenues over the five-year period, increasing from 26,581 million US dollars in 2020 to 36,441 million US dollars in 2024. This steady upward trajectory indicates expanding sales or market presence.

Shareholders' equity exhibits a more fluctuating pattern, starting at 27,578 million US dollars in 2020 and reaching 26,932 million US dollars in 2024. The equity value peaks in 2021 at 28,269 million US dollars, followed by a decline in 2022 to 26,883 million US dollars, a slight recovery in 2023, and a subsequent decrease in 2024.

Equity Turnover Ratio
The equity turnover ratio, which reflects the efficiency of using shareholders' equity to generate revenue, shows a consistent increase from 0.96 in 2020 to 1.35 in 2024. This rising trend suggests improving efficiency in the company's use of equity to produce sales.

Overall, the data indicates that while the company has successfully grown its revenues substantially, its shareholders' equity has declined slightly with some variability. The rising equity turnover ratio signifies enhanced effectiveness in utilizing shareholders’ equity, possibly driven by revenue growth outpacing changes in equity.