Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Short-term (Operating) Activity Ratios 

Microsoft Excel

Short-term Activity Ratios (Summary)

Mondelēz International Inc., short-term (operating) activity ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Turnover Ratios
Inventory turnover 6.45 6.10 6.10 6.01 6.19
Receivables turnover 12.29 11.57 11.69 11.47 9.62
Payables turnover 2.60 2.60 2.65 2.69 2.77
Working capital turnover
Average No. Days
Average inventory processing period 57 60 60 61 59
Add: Average receivable collection period 30 32 31 32 38
Operating cycle 87 92 91 93 97
Less: Average payables payment period 141 140 138 136 132
Cash conversion cycle -54 -48 -47 -43 -35

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Mondelēz International Inc. inventory turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Mondelēz International Inc. receivables turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Mondelēz International Inc. payables turnover ratio decreased from 2019 to 2020 and from 2020 to 2021.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Mondelēz International Inc. number of days of receivables outstanding deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Mondelēz International Inc. operating cycle deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Mondelēz International Inc. number of days of payables outstanding increased from 2019 to 2020 and from 2020 to 2021.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Mondelēz International Inc. cash conversion cycle improved from 2019 to 2020 and from 2020 to 2021.

Inventory Turnover

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Cost of sales 17,466 16,135 15,531 15,586 15,831
Inventories, net 2,708 2,647 2,546 2,592 2,557
Short-term Activity Ratio
Inventory turnover1 6.45 6.10 6.10 6.01 6.19
Benchmarks
Inventory Turnover, Competitors2
Coca-Cola Co. 4.50 4.11 4.33 4.26 4.99
PepsiCo Inc. 8.53 7.62 9.03 9.39 9.77
Philip Morris International Inc. 1.15 1.00 1.14 1.22 1.18
Inventory Turnover, Sector
Food, Beverage & Tobacco 4.17 3.61 3.83 3.90 4.03
Inventory Turnover, Industry
Consumer Staples 8.40 7.89 7.88 7.79 7.71

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Inventory turnover = Cost of sales ÷ Inventories, net
= 17,466 ÷ 2,708 = 6.45

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Mondelēz International Inc. inventory turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Receivables Turnover

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net revenues 28,720 26,581 25,868 25,938 25,896
Trade receivables, net of allowances 2,337 2,297 2,212 2,262 2,691
Short-term Activity Ratio
Receivables turnover1 12.29 11.57 11.69 11.47 9.62
Benchmarks
Receivables Turnover, Competitors2
Coca-Cola Co. 11.01 10.50 9.38 9.38 9.66
PepsiCo Inc. 9.16 8.37 8.59 9.05 9.04
Philip Morris International Inc. 26.33 26.18 25.30 27.06 24.45
Receivables Turnover, Sector
Food, Beverage & Tobacco 12.98 12.30 12.19 12.84 12.24
Receivables Turnover, Industry
Consumer Staples 34.29 33.38 31.34 32.59 30.79

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Receivables turnover = Net revenues ÷ Trade receivables, net of allowances
= 28,720 ÷ 2,337 = 12.29

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Mondelēz International Inc. receivables turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Payables Turnover

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Cost of sales 17,466 16,135 15,531 15,586 15,831
Accounts payable 6,730 6,209 5,853 5,794 5,705
Short-term Activity Ratio
Payables turnover1 2.60 2.60 2.65 2.69 2.77
Benchmarks
Payables Turnover, Competitors2
Coca-Cola Co. 3.34 3.82 3.84 4.71 5.79
PepsiCo Inc. 3.77 3.59 3.76 4.07 4.28
Philip Morris International Inc. 3.01 3.44 4.57 5.20 4.65
Payables Turnover, Sector
Food, Beverage & Tobacco 3.26 3.32 3.55 3.84 4.03
Payables Turnover, Industry
Consumer Staples 6.83 6.83 6.93 7.02 7.39

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Payables turnover = Cost of sales ÷ Accounts payable
= 17,466 ÷ 6,730 = 2.60

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Mondelēz International Inc. payables turnover ratio decreased from 2019 to 2020 and from 2020 to 2021.

Working Capital Turnover

Mondelēz International Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current assets 10,342 9,979 7,630 7,604 7,520
Less: Current liabilities 14,008 15,159 15,322 16,737 15,793
Working capital (3,666) (5,180) (7,692) (9,133) (8,273)
 
Net revenues 28,720 26,581 25,868 25,938 25,896
Short-term Activity Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors2
Coca-Cola Co. 14.90 7.12 22.58 3.79
PepsiCo Inc. 6.04
Philip Morris International Inc. 40.52 46.35 35.46 13.87
Working Capital Turnover, Sector
Food, Beverage & Tobacco 213.49 11.77
Working Capital Turnover, Industry
Consumer Staples 213.43

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Working capital turnover = Net revenues ÷ Working capital
= 28,720 ÷ -3,666 =

2 Click competitor name to see calculations.


Average Inventory Processing Period

Mondelēz International Inc., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Inventory turnover 6.45 6.10 6.10 6.01 6.19
Short-term Activity Ratio (no. days)
Average inventory processing period1 57 60 60 61 59
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Coca-Cola Co. 81 89 84 86 73
PepsiCo Inc. 43 48 40 39 37
Philip Morris International Inc. 317 366 321 299 308
Average Inventory Processing Period, Sector
Food, Beverage & Tobacco 88 101 95 94 91
Average Inventory Processing Period, Industry
Consumer Staples 43 46 46 47 47

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 6.45 = 57

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

Mondelēz International Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Receivables turnover 12.29 11.57 11.69 11.47 9.62
Short-term Activity Ratio (no. days)
Average receivable collection period1 30 32 31 32 38
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Coca-Cola Co. 33 35 39 39 38
PepsiCo Inc. 40 44 43 40 40
Philip Morris International Inc. 14 14 14 13 15
Average Receivable Collection Period, Sector
Food, Beverage & Tobacco 28 30 30 28 30
Average Receivable Collection Period, Industry
Consumer Staples 11 11 12 11 12

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 12.29 = 30

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Mondelēz International Inc. number of days of receivables outstanding deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Operating Cycle

Mondelēz International Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Average inventory processing period 57 60 60 61 59
Average receivable collection period 30 32 31 32 38
Short-term Activity Ratio
Operating cycle1 87 92 91 93 97
Benchmarks
Operating Cycle, Competitors2
Coca-Cola Co. 114 124 123 125 111
PepsiCo Inc. 83 92 83 79 77
Philip Morris International Inc. 331 380 335 312 323
Operating Cycle, Sector
Food, Beverage & Tobacco 116 131 125 122 121
Operating Cycle, Industry
Consumer Staples 54 57 58 58 59

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 57 + 30 = 87

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Mondelēz International Inc. operating cycle deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Average Payables Payment Period

Mondelēz International Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Payables turnover 2.60 2.60 2.65 2.69 2.77
Short-term Activity Ratio (no. days)
Average payables payment period1 141 140 138 136 132
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Coca-Cola Co. 109 96 95 77 63
PepsiCo Inc. 97 102 97 90 85
Philip Morris International Inc. 121 106 80 70 78
Average Payables Payment Period, Sector
Food, Beverage & Tobacco 112 110 103 95 91
Average Payables Payment Period, Industry
Consumer Staples 53 53 53 52 49

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 2.60 = 141

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Mondelēz International Inc. number of days of payables outstanding increased from 2019 to 2020 and from 2020 to 2021.

Cash Conversion Cycle

Mondelēz International Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Average inventory processing period 57 60 60 61 59
Average receivable collection period 30 32 31 32 38
Average payables payment period 141 140 138 136 132
Short-term Activity Ratio
Cash conversion cycle1 -54 -48 -47 -43 -35
Benchmarks
Cash Conversion Cycle, Competitors2
Coca-Cola Co. 5 28 28 48 48
PepsiCo Inc. -14 -10 -14 -11 -8
Philip Morris International Inc. 210 274 255 242 245
Cash Conversion Cycle, Sector
Food, Beverage & Tobacco 4 21 22 27 30
Cash Conversion Cycle, Industry
Consumer Staples 1 4 5 6 10

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 57 + 30141 = -54

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Mondelēz International Inc. cash conversion cycle improved from 2019 to 2020 and from 2020 to 2021.