Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Mondelēz International Inc., EBITDA calculation
US$ in millions
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).
- Net Earnings Attributable to Mondelēz International
- Net earnings increased from 3,555 million US dollars in 2020 to 4,300 million in 2021, representing a strong growth. However, a significant decline occurred in 2022, with net earnings dropping to 2,717 million. This was followed by a notable recovery in 2023, reaching 4,959 million, before slightly decreasing to 4,611 million in 2024.
- Earnings Before Tax (EBT)
- EBT showed an upward trend from 4,793 million in 2020 to 5,504 million in 2021. Thereafter, it experienced a substantial decline in 2022 to 3,591 million. The metric then rebounded sharply to 6,505 million in 2023, before slightly decreasing to 6,092 million in 2024. Overall, EBT demonstrates volatility but with a positive recovery in the later years.
- Earnings Before Interest and Tax (EBIT)
- EBIT followed a similar pattern, increasing from 5,216 million in 2020 to 5,869 million in 2021. In 2022, EBIT dropped significantly to 4,019 million, but recovered substantially to 7,055 million in 2023. It then declined modestly to 6,600 million in 2024. The trend indicates strong operational earnings growth in the mid-to-late period, despite the dip in 2022.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA increased steadily from 6,332 million in 2020 to 6,982 million in 2021, followed by a notable decrease to 5,126 million in 2022. A robust recovery occurred in 2023 with EBITDA reaching 8,270 million, the highest in the observed period, before a slight decrease to 7,902 million in 2024. This suggests strong cash flow generation capacity post-2022 downturn.
Enterprise Value to EBITDA Ratio, Current
Mondelēz International Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 105,533) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 7,902) |
| Valuation Ratio | |
| EV/EBITDA | 13.36 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Coca-Cola Co. | 21.31 |
| PepsiCo Inc. | 13.13 |
| Philip Morris International Inc. | 23.13 |
| EV/EBITDA, Sector | |
| Food, Beverage & Tobacco | 18.12 |
| EV/EBITDA, Industry | |
| Consumer Staples | 20.26 |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Mondelēz International Inc., historical EV/EBITDA 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) | ||||||
| Enterprise value (EV)1 | 90,711) | 121,136) | 110,903) | 109,066) | 95,878) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 7,902) | 8,270) | 5,126) | 6,982) | 6,332) | |
| Valuation Ratio | ||||||
| EV/EBITDA3 | 11.48 | 14.65 | 21.64 | 15.62 | 15.14 | |
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Coca-Cola Co. | 21.03 | 18.69 | 20.83 | 19.52 | 19.66 | |
| PepsiCo Inc. | 13.88 | 16.75 | 18.63 | 18.42 | 17.17 | |
| Philip Morris International Inc. | 19.14 | 13.66 | 14.78 | 13.64 | 12.59 | |
| EV/EBITDA, Sector | ||||||
| Food, Beverage & Tobacco | 16.97 | 16.21 | 18.49 | 17.05 | 16.29 | |
| EV/EBITDA, Industry | ||||||
| Consumer Staples | 17.62 | 16.39 | 16.42 | 15.65 | 14.89 | |
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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 90,711 ÷ 7,902 = 11.48
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value demonstrated a generally upward trend from 2020 to 2023, increasing from approximately 95.9 billion US dollars in 2020 to around 121.1 billion US dollars in 2023. However, in 2024, there was a notable decline to approximately 90.7 billion US dollars, representing a significant reduction compared to the previous year.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA exhibited fluctuations over the analyzed period. Starting at about 6.3 billion US dollars in 2020, it increased moderately to nearly 7.0 billion US dollars in 2021, followed by a pronounced drop to approximately 5.1 billion US dollars in 2022. The value then sharply rebounded to about 8.3 billion US dollars in 2023, before decreasing slightly to 7.9 billion US dollars in 2024.
- EV/EBITDA Ratio
- The EV/EBITDA ratio, which provides an indication of valuation relative to operating earnings, showed substantial variability. This ratio increased from 15.14 in 2020 to 15.62 in 2021 and surged to a peak of 21.64 in 2022, coinciding with the EBITDA decline that year. Subsequently, it decreased significantly to 14.65 in 2023 and further declined to 11.48 in 2024, reflecting a valuation that has become more favorable relative to EBITDA over the last two years.