Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Mondelēz International Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Net Fixed Asset Turnover
- The ratio of net fixed asset turnover demonstrates a generally positive trend over the period analyzed. Starting at 3.09, the metric increased steadily, peaking at 3.87 in the third quarter of 2023. Although there are minor fluctuations subsequently, the ratio stabilizes around the 3.6 to 3.8 level toward the end of the period in 2025. This indicates an improvement in efficiency of utilizing fixed assets to generate revenue, though some volatility is present.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted turnover ratio follows a similar upward trajectory as the net fixed asset turnover, beginning at 2.89 and rising to a high of 3.63 in the third quarter of 2023. Post this peak, the ratio slightly declines and stabilizes around the 3.35 to 3.56 range through 2025. The inclusion of operating lease and right-of-use assets results in lower turnover ratios overall but maintains a comparable trend, highlighting growing asset utilization efficiency when considering additional lease-related assets.
- Total Asset Turnover
- Total asset turnover exhibits a consistent improvement over the timeline, moving from 0.41 initially to a high of 0.53 by the end of the analyzed period. The increases are steady, with minor plateaus, indicating enhanced effectiveness in using total assets to produce sales. The trend suggests the company is progressively generating more revenue per unit of assets employed.
- Equity Turnover
- Equity turnover also shows a sustained upward trend, starting from a base of 1.00 and rising to 1.44 by the later stages of the period. The progression is steady and uninterrupted, reflecting increasing efficiency in the use of shareholder equity to generate revenue. This metric’s growth underscores stronger returns relative to shareholders' equity over time.
Net Fixed Asset Turnover
Mondelēz International Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends concerning the company’s net revenues, property, plant and equipment (PP&E), and net fixed asset turnover over the observed periods.
- Net Revenues
- The net revenues show a general upward trend with some fluctuations. Initially, revenues rose from approximately $7.2 billion in the first quarter of 2021, peaking at about $8.7 billion by the end of 2022. Following this peak, revenues experienced some variability but generally remained strong, reaching over $9.7 billion in the early part of 2025. The data indicates sustained growth over the four-year span, with some short-term declines mostly in mid-year quarters, suggesting possible seasonal influences or market adjustments.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment displays relative stability with a moderate overall increase. Beginning at approximately $8.8 billion in early 2021, the figure experiences some declines and recoveries but trends upward, ending slightly above $10.3 billion by late 2025. This suggests continuous investment in fixed assets, possibly to support growth or modernization initiatives. The fluctuations might reflect disposals or revaluations in particular quarters but do not indicate any significant downward trend.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, measuring efficiency in utilizing fixed assets to generate revenue, has shown improvement over the periods. Starting from around 3.09 in early 2021, the ratio increased steadily to a peak near 3.87 in late 2023, indicating enhanced asset utilization. Following this peak, the ratio exhibits minor declines but remains above 3.6, reflecting generally efficient asset management. The consistency of a ratio above 3.5 in recent periods suggests the company is maintaining strong revenue production relative to its asset base.
Overall, the data reflects a growing revenue base supported by sustained investment in fixed assets while maintaining efficient use of these assets. The company's ability to grow revenues in conjunction with an increasing asset base, without a significant drop in turnover, indicates effective operational management and positive business momentum.
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 (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
- Net Revenues
- The net revenues exhibit a generally increasing trend over the analyzed periods. Starting at 7,238 million USD in the first quarter of 2021, revenues experienced fluctuations but maintained upward momentum, reaching 9,744 million USD by the third quarter of 2025. Seasonal patterns appear evident with multiple peaks typically in the fourth quarters, such as 8,695 million USD in December 2022 and 9,314 million USD in December 2023. Mid-year quarters often show a dip relative to the preceding quarter, as seen in several years, indicating possible cyclicality in demand or pricing.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment, including operating lease right-of-use assets, remained relatively stable with moderate growth over the period. Initial values near 9,375 million USD in the first quarter of 2021 rose incrementally to approximately 11,083 million USD by the third quarter of 2025. Although some minor fluctuations are evident within quarters, the overall asset base expanded by roughly 18% across the observed timeframe, reflecting ongoing investment or capital expenditure to support operations.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed progressive improvement in operational efficiency through the periods observed. The ratio began at 2.89 in Q1 2021, rising steadily and peaking at 3.63 in Q3 2023. This upward movement suggests that revenue generation per unit of fixed asset invested has improved, denoting enhanced asset utilization. Following the peak, the ratio exhibited some slight volatility and a moderate decline, settling around 3.4 by Q3 2025, yet maintaining a level above the initial period. This pattern indicates sustained but variable productivity gains in asset usage over time.
- Summary
- Overall, the data indicates positive financial and operational trends, characterized by increasing net revenues and expanded property, plant, and equipment. Accompanying this growth, the company improved the efficiency of its asset use, as evidenced by rising net fixed asset turnover ratios through the majority of the period. The combination of rising revenues and better asset turnover points to effective management of fixed resources and successful execution of revenue-generating activities. Some seasonal and periodic fluctuations are noted but do not detract from the general trajectory of growth and improved efficiency.
Total Asset Turnover
Mondelēz International Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues showed a generally upward trend over the analyzed periods, with seasonal fluctuations observable within each year. Starting at 7,238 million US dollars in the first quarter of 2021, revenues dipped slightly in the following quarter before recovering and peaking at 8,695 million in the final quarter of 2022. The upward momentum continued into 2023 with quarterly revenues consistently above 8,500 million, reaching 9,314 million by December 2023. In 2024, revenues displayed higher volatility with some declines in mid-year quarters but rebounded by year-end. Early 2025 figures suggest sustained elevated revenue levels near 9,700 million, indicating overall growth and resilience in sales performance over the examined timeframe.
- Total Assets
- Total assets exhibited moderate fluctuations with an overall stable pattern. From approximately 66,349 million US dollars at the start of 2021, assets experienced minor variation throughout the quarters, peaking at 77,624 million in the first quarter of 2024 before experiencing a decline to around 68,497 million in the fourth quarter of 2024. The subsequent quarters into 2025 show a slight recovery with assets fluctuating near 71,000 million. This indicates periods of capital investment or reallocation followed by consolidation phases, reflecting adaptive asset management practices in response to market or operational conditions.
- Total Asset Turnover
- Total asset turnover ratios demonstrated a consistent improvement trend, moving from a ratio of 0.41 in early 2021 to approximately 0.53 by late 2025. This gradual increase suggests enhanced efficiency in utilizing assets to generate revenue, with incremental gains each year. Notably, the turnover rose steadily without interruption, signifying continuous operational improvements or better asset deployment, contributing positively to the company's effectiveness in leveraging its asset base for revenue generation.
- Summary Insights
- The analyzed data reflects a company with growing revenue streams accompanied by a generally stable asset base. The improving asset turnover ratio underscores effective asset utilization over time. Despite some fluctuations in revenues and assets, the overall trajectory points to operational strengthening and possibly strategic initiatives driving efficiency and growth. The combination of rising revenues and better asset turnover indicates potential enhancement in profitability and return on assets, which is a positive indicator of financial health and operational management.
Equity Turnover
Mondelēz International Inc., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||||
| Total Mondelēz International shareholders’ equity | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Equity turnover
= (Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024)
÷ Total Mondelēz International shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
-
The net revenues exhibit a generally positive trend from March 2021 to September 2025, with fluctuations aligning with seasonal or economic factors. Starting at 7,238 million USD in March 2021, revenues decreased slightly in the following quarter before rising steadily to reach 8,695 million USD by December 2022.
During 2023, net revenues experienced some volatility, oscillating between approximately 8,507 million USD and 9,314 million USD, peaking in December 2023. Into 2024 and 2025, revenues followed a similar pattern, showing strong increases in the first quarter of each year, followed by mid-year declines, and ending with higher fourth-quarter figures. The highest net revenue within the observed period is recorded at 9,744 million USD in September 2025, indicating sustained growth over multiple years.
- Total Shareholders’ Equity
-
The total shareholders’ equity demonstrates more variability over the period. It began at 27,075 million USD in March 2021, increased slightly until the end of 2021, and then experienced a notable decline through 2022, reaching a low point of 26,641 million USD in September 2022.
Subsequently, equity levels showed modest recoveries and fluctuations through 2023 and 2024 but exhibited a declining trend again in 2024 and 2025, ending near 26,177 million USD in September 2025. Overall, the shareholders' equity appears somewhat volatile, with no strong upward trend over the examined quarters.
- Equity Turnover
-
The equity turnover ratio exhibits a consistent upward trajectory across the entire period. Beginning at 1.00 in March 2021, this ratio progressively increased to 1.44 by September 2025.
This steady rise indicates improving efficiency in the use of shareholders’ equity to generate net revenues. The incremental increases suggest the company is generating growing revenue relative to its equity base, which may reflect enhanced operational effectiveness or a strategic focus on optimizing asset utilization.
- Summary of Financial Trends
-
The financial data reveal a clear trend of increasing net revenues combined with a relatively stable but somewhat declining shareholders’ equity. The increasing equity turnover ratio underscores the company's improved capability to generate revenue from its equity base over time.
Despite some mid-period dips in revenues and equity, the long-term trend points towards revenue growth exceeding the growth or maintenance of equity, possibly indicating effective capital management or financial leverage adjustments. The volatility in shareholders’ equity may warrant further investigation into the components influencing equity changes, such as dividends, share repurchases, or other equity-related activities.