Mondelēz International Inc. (NASDAQ:MDLZ)

The valuation ratios exhibit varied trends over the observed period, spanning from March 31, 2022, to December 31, 2025. Generally, the ratios demonstrate fluctuations, with some indicators suggesting increasing valuation followed by periods of contraction. A notable shift towards lower multiples is observed in late 2023 and early 2024, before a partial recovery in some cases.

Price to Earnings (P/E)

The Price to Earnings ratio increased from 21.13 in March 2022 to a peak of 33.07 in December 2022. Subsequently, the ratio decreased to 16.11 by December 2024, representing a significant contraction in valuation relative to earnings. A rebound is then evident, rising to 31.07 by December 2025. This suggests periods of both investor optimism and increased caution regarding earnings potential.

Price to Operating Profit (P/OP)

Similar to the P/E ratio, Price to Operating Profit also peaked in December 2022 at 25.43, following an upward trend from 19.85 in March 2022. A consistent decline followed, reaching a low of 11.71 in December 2024. The ratio then increased to 21.46 by December 2025, though it did not fully recover to prior highs. This pattern mirrors the P/E ratio, indicating a connection between market valuation and operating profitability.

Price to Sales (P/S)

The Price to Sales ratio remained relatively stable between March 2022 (3.03) and December 2022 (2.85), with minor fluctuations. A downward trend became more pronounced in 2023 and 2024, reaching a low of 2.04 in December 2024. A slight increase to 1.98 is observed in December 2025, but the ratio remains considerably lower than its initial values. This suggests a decreasing willingness to pay for each dollar of revenue generated.

Price to Book Value (P/BV)

The Price to Book Value ratio exhibited a gradual increase from 3.15 in March 2022 to 3.65 in December 2022. It then experienced a decline, reaching 2.76 in December 2024. A modest recovery to 2.95 is seen by December 2025. The fluctuations suggest changing perceptions of the company’s asset value relative to its market price.

Overall, the period under review demonstrates a shift in market sentiment, with valuation multiples generally decreasing from late 2022 through early 2024, followed by a partial recovery in some ratios towards the end of 2025. The consistency of these trends across multiple valuation metrics suggests a broader reassessment of the company’s value proposition.

The price-to-earnings (P/E) ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a generally increasing trend through the end of 2022, followed by a period of volatility and a subsequent decline, before increasing again towards the end of the observation window.

Initial Trend (Mar 31, 2022 – Dec 31, 2022)

The P/E ratio began at 21.13 and generally increased, reaching a peak of 33.07 by December 31, 2022. This increase suggests that investor expectations regarding future earnings growth, or a willingness to pay a higher premium for each dollar of earnings, were rising during this period. The increase coincided with a decrease in earnings per share (EPS) during the same timeframe.

Volatility and Decline (Mar 31, 2023 – Sep 30, 2023)

From March 31, 2023, through September 30, 2023, the P/E ratio demonstrated considerable volatility, decreasing from 25.50 to 19.80. This period saw increases in EPS, which contributed to the declining ratio. The ratio then recovered slightly to 20.87 by December 31, 2023.

Subsequent Fluctuations (Mar 31, 2024 – Dec 31, 2025)

The P/E ratio continued to fluctuate. It decreased significantly to 16.11 by December 31, 2024, representing the lowest value in the observed period. This coincided with a substantial increase in EPS. However, the ratio then increased to 31.07 by December 31, 2025, despite a decrease in EPS, indicating a shift in investor sentiment or market conditions. The ratio experienced a decline from 22.49 in March 2024 to 16.11 in December 2024, then a significant increase to 31.07 in December 2025.

Overall, the P/E ratio’s movement does not appear to be consistently correlated with changes in EPS. Periods of increasing EPS were sometimes accompanied by decreasing P/E ratios, and vice versa. This suggests that factors beyond earnings, such as broader market sentiment, industry trends, or company-specific news, likely influenced investor valuations during the analyzed timeframe.

The Price to Operating Profit (P/OP) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited a generally decreasing trend from March 31, 2022, to September 30, 2023, before experiencing renewed volatility. A subsequent increase was observed through December 31, 2023, followed by a significant decline and a period of stabilization, then a final increase by the end of the observed period.

Initial Trend (Mar 31, 2022 – Sep 30, 2023)

From March 31, 2022 (19.85) to September 30, 2023 (17.68), the P/OP ratio generally decreased, although not monotonically. There were increases between March and June 2022, and between December 2022 and March 2023. However, the overall direction was downward, suggesting a potential relative decrease in valuation compared to operating profitability during this timeframe.

Volatility and Subsequent Decline (Dec 31, 2023 – Dec 31, 2024)

The ratio increased to 18.81 by December 31, 2023, before experiencing a substantial decrease to 11.71 by December 31, 2024. This represents the lowest point in the observed period and indicates a significant shift in investor valuation relative to operating profits. The decline suggests a potential reassessment of the company’s prospects or a broader market correction impacting the stock price more than operating profits.

Recent Fluctuations (Mar 31, 2025 – Dec 31, 2025)

Following the low in December 2024, the P/OP ratio showed some recovery, increasing to 19.78 by March 31, 2025, then stabilizing around 19.54 in June 2025. However, it decreased again to 18.47 in September 2025, and finally increased to 21.46 by December 31, 2025. This recent volatility suggests ongoing uncertainty or sensitivity to short-term market conditions.

The operating profit per share generally increased over the period, with some quarterly fluctuations. This upward trend in operating profitability does not fully explain the P/OP ratio’s volatility, indicating that investor sentiment and external factors likely played a significant role in valuation changes.

Ratio Range

Throughout the analyzed period, the P/OP ratio ranged from a low of 11.71 to a high of 25.48, demonstrating a considerable band of valuation. This wide range suggests that the company’s valuation is subject to significant market perception and is not consistently anchored to its operating performance.

In conclusion, the P/OP ratio exhibited a complex pattern of fluctuations, with an initial downward trend, a substantial decline in late 2024, and subsequent volatility. These movements suggest that the company’s valuation is sensitive to both its operating performance and broader market dynamics.

The price-to-sales ratio exhibited fluctuations over the observed period, beginning in March 2022 and extending through December 2025. An initial declining trend was followed by periods of relative stability and subsequent decreases.

Initial Trend (Mar 31, 2022 – Sep 30, 2022)

The price-to-sales ratio decreased from 3.03 in March 2022 to 2.77 by September 2022. This indicates a diminishing valuation relative to sales during this timeframe. The decline, while present, was gradual.

Fluctuation and Increase (Sep 30, 2022 – Dec 31, 2022)

Following the September 2022 low, the ratio experienced a slight increase, reaching 2.87 by December 2022. This suggests a partial recovery in valuation relative to sales, though it did not surpass the initial March 2022 level.

Subsequent Decline (Dec 31, 2022 – Sep 30, 2023)

A more pronounced downward trend emerged from December 2022 through September 2023, with the ratio falling from 2.87 to 2.57. This period demonstrates a clear decrease in the market’s valuation of the company’s sales.

Continued Decrease and Lowest Point (Sep 30, 2023 – Dec 31, 2024)

The ratio continued its decline, reaching a low of 2.04 in December 2024. This represents the lowest point in the observed period and signifies a substantial decrease in valuation relative to sales compared to the beginning of the period. The decline from 2.87 in December 2022 to 2.04 in December 2024 is particularly noteworthy.

Recent Period (Mar 31, 2025 – Dec 31, 2025)

The ratio experienced a slight increase from 2.06 in September 2025 to 1.98 in December 2025, but remained near the lowest levels observed throughout the period. This suggests limited recovery in valuation relative to sales in the most recent quarters.

Sales per Share Trend

Concurrently, sales per share consistently increased throughout the period, rising from 21.13 in March 2022 to 30.06 in December 2025. This upward trend in sales per share contrasts with the generally declining price-to-sales ratio, indicating that the decrease in the ratio is primarily driven by share price fluctuations rather than changes in sales performance.

In summary, the price-to-sales ratio demonstrated an overall declining trend, punctuated by short-lived periods of stability or slight increases. The ratio reached its lowest point in December 2024, despite consistent growth in sales per share, suggesting a weakening market valuation relative to the company’s sales performance.

The price-to-book value (P/BV) ratio for the analyzed period demonstrates fluctuations, generally remaining within a range of 2.76 to 3.65. An initial period of relative stability is followed by a period of increased volatility and then a return to a lower range.

Initial Period (Mar 31, 2022 – Dec 31, 2022)

The P/BV ratio exhibited a relatively narrow range, fluctuating between 3.14 and 3.34. This suggests a consistent valuation relative to book value during this timeframe. A slight upward trend is observable from March 31, 2022, to December 31, 2022.

Increase and Peak (Mar 31, 2023 – Dec 31, 2023)

The P/BV ratio increased significantly, peaking at 3.65 in December 2023. This indicates that the market valuation of the company’s equity increased relative to its book value. The ratio moved from 3.56 in March 2023 to the aforementioned peak, representing a period of heightened investor optimism or changing market conditions.

Decline and Stabilization (Mar 31, 2024 – Dec 31, 2025)

Following the peak, the P/BV ratio experienced a notable decline, reaching a low of 2.76 in December 2024. This suggests a decrease in investor confidence or a reassessment of the company’s intrinsic value. The ratio then stabilized, fluctuating between 2.95 and 3.44 over the final quarters of the analyzed period. The most recent values indicate a return to a level closer to the initial range observed in 2022.

Book Value per Share (BVPS) Trend

Book value per share generally remained stable, fluctuating between 19.51 and 21.23. A slight upward trend is visible from March 2022 to September 2023, followed by a modest decline towards the end of the period. The relative stability of BVPS suggests that changes in the P/BV ratio are primarily driven by fluctuations in the share price.

Share Price Trend

The share price demonstrated more volatility than BVPS. It peaked at 76.87 in December 2023, coinciding with the peak in the P/BV ratio, and subsequently declined to 59.40 by December 2025. This movement in share price appears to be the primary driver of the observed changes in the P/BV ratio.

In summary, the P/BV ratio experienced a period of stability, followed by an increase and subsequent decline, ultimately returning to a level comparable to the beginning of the analyzed period. These fluctuations appear to be closely correlated with changes in the share price, while book value per share remained relatively consistent.