Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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Mondelēz International Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Profitability Ratios (Summary)
Mondelēz International Inc., profitability ratios
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).
- Gross Profit Margin
- The gross profit margin exhibited fluctuations over the five-year period. Starting at 39.3% in 2020, it remained relatively stable in 2021 at 39.19%. However, a notable decline occurred in 2022, dropping to 35.92%, which may indicate increased costs of goods sold or pricing pressures. Recovery was observed in 2023 with an increase to 38.22%, and further improvement in 2024 reaching 39.12%, almost returning to the initial level.
- Operating Profit Margin
- The operating profit margin showed significant variability. From 14.5% in 2020, it increased to 16.2% in 2021, representing operational efficiency improvements. A sharp decline occurred in 2022 to 11.22%, suggesting increased operating expenses or reduced operational efficiency. Subsequently, a recovery trend emerged with the margin rising to 15.28% in 2023 and further to 17.41% in 2024, surpassing the initial margins and indicating enhanced operational performance.
- Net Profit Margin
- The net profit margin followed a somewhat similar pattern to operating margin but with distinct variations. Beginning at 13.37% in 2020, it rose moderately to 14.97% in 2021. A steep decrease to 8.63% was seen in 2022, reflecting substantial challenges impacting net profitability, possibly due to interest, taxes, or other non-operating expenses. A recovery to 13.77% in 2023 was noted, although a decrease to 12.65% occurred in 2024, indicating some volatility persisting in bottom-line profitability.
- Return on Equity (ROE)
- The return on equity demonstrated considerable fluctuations with an overall improving trend from 2020 through 2024. After increasing from 12.89% in 2020 to 15.21% in 2021, it declined sharply to 10.11% in 2022. This was followed by a substantial rebound to 17.5% in 2023, peaking near this level again in 2024 at 17.12%. This pattern suggests variations in profitability relative to shareholders’ equity, with strong improvements in recent years.
- Return on Assets (ROA)
- The return on assets showed a wide range of movement across the period. Starting at 5.24% in 2020, it rose to 6.41% in 2021, then fell significantly to 3.82% in 2022. A recovery was observed in 2023 with an increase to 6.95%, slightly decreasing to 6.73% in 2024. These fluctuations reflect changes in how effectively the company utilized its asset base to generate profits.
Return on Sales
Return on Investment
Gross Profit Margin
Mondelēz International Inc., gross profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Gross profit | ||||||
| Net revenues | ||||||
| Profitability Ratio | ||||||
| Gross profit margin1 | ||||||
| Benchmarks | ||||||
| Gross Profit Margin, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
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
Gross profit margin = 100 × Gross profit ÷ Net revenues
= 100 × ÷ =
2 Click competitor name to see calculations.
The financial data over the five-year period reveals notable developments in the company's profitability and revenue generation.
- Net Revenues
- There is a consistent upward trend in net revenues from 2020 to 2024. Revenue increased from approximately 26.58 billion USD in 2020 to 36.44 billion USD in 2024, showing a steady growth trajectory throughout the period.
- Gross Profit
- Gross profit also exhibits a growth trend aligned with the increase in revenues. It rose from about 10.45 billion USD in 2020 to 14.26 billion USD in 2024. Notably, there was a substantial jump from 11.31 billion USD in 2022 to 13.76 billion USD in 2023, indicating improved gross profitability in that year.
- Gross Profit Margin
- The gross profit margin experienced some fluctuations over the years. It started at 39.3% in 2020, slightly decreased to 39.19% in 2021, and then declined more markedly to 35.92% in 2022. Following this dip, the margin recovered to 38.22% in 2023 and further increased to 39.12% in 2024. This suggests that although margin compression occurred in 2022, the company managed to restore its profitability levels close to those at the beginning of the period in subsequent years.
Overall, the data reflects robust revenue growth accompanied by an initial margin decrease which was later reversed, culminating in a stronger gross profit both in absolute terms and as a percentage of revenues by the end of 2024. This pattern indicates effective management of cost of goods sold relative to sales and resilience in maintaining profitability despite market dynamics affecting the earlier years.
Operating Profit Margin
Mondelēz International Inc., operating profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Net revenues | ||||||
| Profitability Ratio | ||||||
| Operating profit margin1 | ||||||
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Operating Profit Margin, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Operating Profit Margin, Industry | ||||||
| Consumer Staples | ||||||
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
Operating profit margin = 100 × Operating income ÷ Net revenues
= 100 × ÷ =
2 Click competitor name to see calculations.
The financial data reveals several important trends in the company's performance over the five-year period.
- Net Revenues
- Net revenues exhibited a consistent upward trajectory from 26,581 million US dollars in 2020 to 36,441 million US dollars in 2024. This steady increase indicates growth in sales or business scale, reflecting positively on the company’s ability to generate higher top-line income year over year.
- Operating Income
- Operating income followed a generally positive trend but with some fluctuations. It increased significantly from 3,853 million US dollars in 2020 to 4,653 million US dollars in 2021. However, there was a decline to 3,534 million in 2022. Following this dip, operating income surged strongly to 5,502 million in 2023 and further increased to 6,345 million in 2024. This pattern suggests periods of operational challenge or increased costs in 2022, followed by substantial recovery and improvement in subsequent years.
- Operating Profit Margin
- The operating profit margin reflected a similar pattern to operating income. It rose from 14.5% in 2020 to 16.2% in 2021, dropped to a low of 11.22% in 2022, and then improved to 15.28% in 2023 and 17.41% in 2024. The margin contraction in 2022 indicates a reduced efficiency or increased expenses relative to revenues during that year, while the subsequent margin expansion reflects enhanced operational efficiency or effective cost management going forward.
Overall, the data highlights continuous revenue growth coupled with variable profitability, characterized by a notable dip in 2022 followed by strong recovery. The company appears to have effectively addressed the challenges encountered in 2022, resulting in improved operating profitability and margins by 2024.
Net Profit Margin
Mondelēz International Inc., net profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings attributable to Mondelēz International | ||||||
| Net revenues | ||||||
| Profitability Ratio | ||||||
| Net profit margin1 | ||||||
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| Net Profit Margin, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Net Profit Margin, Industry | ||||||
| Consumer Staples | ||||||
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 profit margin = 100 × Net earnings attributable to Mondelēz International ÷ Net revenues
= 100 × ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues of the company demonstrated a consistent upward trajectory over the five-year period. Starting from approximately 26.6 billion US dollars in 2020, revenues increased annually to reach over 36.4 billion US dollars by the end of 2024. This growth indicates a steady expansion in sales or operations, with the most notable jump occurring between 2022 and 2023.
- Net Earnings Attributable
- Net earnings attributable to the company exhibited volatile performance across the analyzed years. There was growth from 3.6 billion US dollars in 2020 to 4.3 billion in 2021, followed by a significant decline to 2.7 billion in 2022. This was succeeded by a sharp recovery and peak of approximately 5.0 billion in 2023, before a slight decrease to 4.6 billion in 2024. Such fluctuations suggest episodic factors impacting profitability or exceptional items affecting net income in specific years.
- Net Profit Margin
- The net profit margin reflected the variability observed in net earnings, with margin percentages shifting correspondingly over the period. The margin increased from 13.37% in 2020 to a high of 14.97% in 2021, before dropping to 8.63% in 2022, which aligns with the dip in net earnings despite the growing revenues. The margin then improved markedly to 13.77% in 2023 and slightly declined to 12.65% in 2024. These fluctuations in the profit margin point to changes in cost structure, pricing strategies, or other operational efficiencies affecting profitability relative to revenue.
- Overall Trends
- While revenues grew steadily, net earnings and profit margins showed significant volatility, indicating that growth in sales was not uniformly translated into proportional profitability. The year 2022 stood out as a challenging period with reduced earnings and margins, whereas 2023 marked a strong recovery. The data may suggest management’s efforts towards cost control or operational improvements that positively impacted profitability in the latter years.
Return on Equity (ROE)
Mondelēz International Inc., ROE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings attributable to Mondelēz International | ||||||
| Total Mondelēz International shareholders’ equity | ||||||
| Profitability Ratio | ||||||
| ROE1 | ||||||
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| ROE, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| ROE, Industry | ||||||
| Consumer Staples | ||||||
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
ROE = 100 × Net earnings attributable to Mondelēz International ÷ Total Mondelēz International shareholders’ equity
= 100 × ÷ =
2 Click competitor name to see calculations.
- Net Earnings Attributable to Mondelēz International
- The net earnings demonstrated notable fluctuations over the examined period. Beginning at $3,555 million in 2020, earnings increased to $4,300 million in 2021, representing a strong upward trend. However, in 2022, there was a marked decline to $2,717 million, indicating a significant reduction in profitability for that year. The earnings rebounded considerably in 2023, reaching a peak of $4,959 million, the highest value within the timeframe. In 2024, net earnings slightly decreased to $4,611 million but remained substantially higher compared to most previous years, indicating overall earnings growth despite variability.
- Total Shareholders' Equity
- Shareholders' equity showed relative stability with moderate fluctuations. Starting at $27,578 million in 2020, it marginally increased to $28,269 million in 2021. A decrease followed in 2022 with equity lowering to $26,883 million. The equity value recovered in 2023 to $28,332 million but slightly declined again to $26,932 million in 2024. The overall equity levels reflect some variability but no clear long-term growth or decline trend, suggesting consistent capital base management despite the fluctuations.
- Return on Equity (ROE)
- The ROE displayed significant variations consistent with the changes observed in net earnings and shareholders' equity. It improved from 12.89% in 2020 to 15.21% in 2021, reflecting enhanced profitability relative to equity. The ratio declined sharply to 10.11% in 2022, mirroring the downturn in net earnings. In 2023, ROE surged to 17.5%, the highest point across the five years, indicating a period of strong returns for shareholders. In 2024, it slightly decreased to 17.12%, yet remained well above the levels seen in the early years, highlighting improved capital efficiency and profit generation.
Return on Assets (ROA)
Mondelēz International Inc., ROA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings attributable to Mondelēz International | ||||||
| Total assets | ||||||
| Profitability Ratio | ||||||
| ROA1 | ||||||
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| ROA, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| ROA, Industry | ||||||
| Consumer Staples | ||||||
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
ROA = 100 × Net earnings attributable to Mondelēz International ÷ Total assets
= 100 × ÷ =
2 Click competitor name to see calculations.
The financial data reveals notable fluctuations in the company's profitability and asset base over the observed five-year span.
- Net Earnings
- The net earnings attributable to the company demonstrate significant volatility. Starting at 3,555 million USD in 2020, earnings increased markedly to 4,300 million USD in 2021. However, in 2022, there was a sharp decline to 2,717 million USD. The company then experienced a strong recovery in 2023, with net earnings nearly doubling from the previous year to 4,959 million USD. In 2024, earnings decreased slightly to 4,611 million USD but remained substantially higher than the 2020 levels. This pattern indicates periods of both substantial growth and contraction, suggesting variability in operational performance or external market factors affecting profitability.
- Total Assets
- The total assets of the company show moderate variability. Assets decreased marginally from 67,810 million USD in 2020 to 67,092 million USD in 2021. Following this, total assets increased steadily to reach a peak of 71,391 million USD in 2023 before declining again to 68,497 million USD in 2024. The fluctuations in asset levels are less pronounced than those in profitability but may reflect investment cycles, asset revaluation, or divestitures.
- Return on Assets (ROA)
- The ROA, reflecting the company’s efficiency in generating earnings from its asset base, mirrors the net earnings trend with some variation. It rose from 5.24% in 2020 to 6.41% in 2021, indicating improved asset utilization. A decrease followed in 2022 to 3.82%, corresponding with the drop in net earnings. The ROA then increased sharply in 2023 to 6.95%, signaling effective use of assets during the earnings rebound. In 2024, the ratio slightly decreased to 6.73% but remained well above the lower point observed in 2022. This suggests that, despite variability in earnings, asset management remained relatively efficient in the latter years.
Overall, the observed data sets highlight cyclical trends in net earnings and asset utilization effectiveness, with a generally stable asset base. Profitability experienced significant swings, which were closely related to the fluctuations in ROA, underscoring the impact of earnings volatility on overall return on assets.