Price to FCFE (P/FCFE)
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Mondelēz International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Free Cash Flow to Equity (FCFE)
Mondelēz International Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
Net cash provided by operating activities demonstrated a fluctuating pattern over the five-year period. Initial values decreased from 4,141 US$ millions in 2021 to 3,908 US$ millions in 2022, before increasing to 4,714 US$ millions in 2023 and peaking at 4,910 US$ millions in 2024. A subsequent decrease to 4,514 US$ millions was observed in 2025.
- Free Cash Flow to Equity (FCFE)
- The Free Cash Flow to Equity exhibited significant volatility. A substantial increase occurred between 2021 and 2022, rising from 3,044 US$ millions to 6,374 US$ millions. This was followed by a considerable decline in 2023, resulting in a negative value of -422 US$ millions. A recovery was then noted in 2024, with FCFE reaching 2,297 US$ millions, and further improvement in 2025, reaching 5,361 US$ millions.
- The negative FCFE in 2023 suggests the company utilized more cash than it generated from operations to satisfy equity holders, potentially due to increased debt repayment, dividend payouts, or share repurchases exceeding operational cash inflows. The subsequent positive values in 2024 and 2025 indicate a return to generating cash available for distribution to equity investors.
- The divergence between operating cash flow and FCFE highlights the impact of financing activities on cash available to equity holders. While operating cash flow generally trended upwards, FCFE experienced more pronounced fluctuations, indicating a dynamic capital allocation strategy.
Overall, the period was characterized by inconsistent FCFE performance despite relatively stable operating cash flow generation. The substantial swings in FCFE warrant further investigation into the underlying drivers of these changes, particularly the factors contributing to the negative value in 2023 and the subsequent recovery.
Price to FCFE Ratio, Current
Mondelēz International Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Coca-Cola Co. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
| P/FCFE, Sector | |
| Food, Beverage & Tobacco | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Mondelēz International Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/FCFE, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Mondelēz International Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited considerable fluctuation over the observed period. The share price demonstrated an initial decline from 2021 to 2022, followed by a substantial increase in 2023, and subsequent declines in 2024 and 2025. Free Cash Flow to Equity per share showed a significant increase from 2021 to 2022, a negative value in 2023, and then positive values in 2024 and 2025, though not reaching the 2022 level.
- P/FCFE Ratio Trend
- In 2021, the P/FCFE ratio stood at 30.57. It decreased substantially to 14.10 in 2022. The ratio was not calculated for 2023 due to the negative FCFE per share. It then rose to 32.34 in 2024 before decreasing again to 14.20 in 2025. This volatility suggests a dynamic relationship between market valuation and the cash flow available to equity holders.
- Share Price and FCFE per Share Relationship
- The increase in share price in 2023 did not correspond with an increase in FCFE per share, which was negative during that year. The share price decline in 2024 coincided with a positive, but relatively low, FCFE per share. The 2025 share price remained relatively stable while FCFE per share increased significantly, suggesting factors beyond FCFE influenced valuation.
The negative FCFE per share in 2023 is a notable observation, potentially indicating significant uses of cash that exceeded cash generated from operations during that period. The P/FCFE ratio’s sensitivity to changes in FCFE per share is evident, particularly in 2023 where the ratio could not be calculated. The return to positive FCFE per share in 2024 and 2025, coupled with the fluctuating P/FCFE ratio, indicates that investor perception of future cash flows is a key driver of valuation.