Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Mondelēz International Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation multiples for the period from March 2022 through March 2026 exhibit a pattern of significant volatility, characterized by a sharp contraction in valuations during the latter half of 2024 and a subsequent recovery throughout 2025. While profit-based multiples show cyclical swings, the revenue-based multiple demonstrates a consistent long-term decline.
- Price to Earnings (P/E) Ratio
- The P/E ratio displays substantial fluctuations, reaching an early peak of 33.07 in December 2022 before trending downward. A significant valuation trough occurred in December 2024, where the ratio fell to 16.11. Following this low, a strong recovery trend emerged, culminating in a peak of 31.07 in December 2025 and ending the period at 28.80 in March 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely mirrors the trajectory of the P/E ratio, indicating that market valuation remained tightly coupled with operating performance. The ratio peaked at 25.48 in March 2023 and experienced a severe contraction to 11.71 by December 2024. A steady rebound followed, with the ratio returning to 20.44 by March 2026.
- Price to Sales (P/S) Ratio
- Unlike the profit-based ratios, the P/S ratio exhibits a secular downward trend over the observed timeframe. Starting at 3.03 in March 2022, the ratio gradually declined, breaking below the 2.00 threshold in late 2024 and ending at 1.91 in March 2026. This suggests a long-term compression in the premium the market is willing to pay per unit of revenue.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio remained relatively more stable than the other metrics, though it followed a general arc of expansion and contraction. The ratio reached its maximum of 3.65 in December 2023 before declining to a low of 2.76 in December 2024. It recovered moderately to finish the period at 2.92 in March 2026.
Overall, the data indicates a period of valuation instability centered around December 2024, where all four ratios reached or approached multi-year lows. The subsequent rise in P/E and P/OP ratios through 2025, contrasted with the continuing decline in the P/S ratio, suggests that the market's recent valuation recovery is driven more by earnings efficiency or profit margins than by revenue growth expectations.
Price to Earnings (P/E)
Mondelēz International Inc., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net earnings attributable to Mondelēz International (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net earnings attributable to Mondelēz InternationalQ1 2026
+ Net earnings attributable to Mondelēz InternationalQ4 2025
+ Net earnings attributable to Mondelēz InternationalQ3 2025
+ Net earnings attributable to Mondelēz InternationalQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mondelēz International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through March 2026 reveals a period of significant volatility in both earnings performance and market valuation. The relationship between share price and earnings per share has resulted in fluctuating price-to-earnings (P/E) ratios, characterized by distinct cycles of valuation expansion and contraction.
- Share Price Trends
- The share price exhibited a general range between 61.87 and 76.87 from 2022 through 2024, reaching a peak of 76.87 in December 2023. Following this peak, a downward trajectory emerged, with the price dropping to a low of 57.43 in December 2024 before stabilizing in the 58.00 to 69.00 range through early 2026.
- Earnings Per Share (EPS) Performance
- Earnings remained relatively resilient for the majority of the observed period, typically oscillating between 2.70 and 3.60. A peak in profitability occurred in December 2023 with an EPS of 3.68. However, a notable contraction in earnings is observed in late 2025, where EPS fell to a period low of 1.91 in December 2025, before a slight recovery to 2.03 in March 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio demonstrated substantial variability, indicating shifts in investor sentiment and earnings quality. Two primary valuation peaks are evident: the first in December 2022 at 33.07, and the second in December 2025 at 31.07. The latter spike was driven primarily by the sharp decline in EPS rather than a surge in share price, suggesting a temporary misalignment between market price and fundamental earnings power.
- Valuation Correlation
- A period of valuation compression is observed throughout 2023 and 2024, with the P/E ratio reaching its lowest point of 16.11 in December 2024. This occurred as EPS reached a high of 3.56 while the share price hit a cyclical low of 57.43. The transition into 2025 and 2026 marks a shift toward higher valuation multiples, ending the period with a P/E of 28.80 in March 2026, reflecting a higher price paid per unit of earnings compared to the 2024 baseline.
Price to Operating Profit (P/OP)
Mondelēz International Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mondelēz International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through March 2026 reveals a period of significant volatility in both share price and operating performance, leading to fluctuating valuation multiples.
- Share Price Trends
- The share price experienced an upward trajectory through late 2023, reaching a peak of 76.87 US$ in December 2023. This was followed by a notable decline throughout 2024, hitting a low of 57.43 US$ by December 2024. A partial recovery occurred in the first half of 2025, peaking at 69.71 US$ in June 2025, before trending downward again toward 58.54 US$ by March 2026.
- Operating Profit per Share Performance
- Operating profit per share demonstrated growth and subsequent contraction. After starting at 3.23 US$ in March 2022, it peaked at 5.01 US$ in March 2024. However, a downward trend followed, with profits declining to 2.77 US$ by December 2025, before a marginal increase to 2.86 US$ in the final quarter of the analyzed period.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio exhibited significant cyclicality. Initial values fluctuated between 19.09 and 25.48 through early 2023. A sharp compression of the multiple occurred during 2024, reaching a period low of 11.71 in December 2024. This compression is particularly noteworthy as it coincided with the period of highest operating profit per share, suggesting a divergence where market valuation did not track operational gains. Following this trough, the ratio rebounded and stabilized between 18.47 and 21.46 throughout 2025 and early 2026, returning to valuation levels consistent with those observed in early 2022.
Overall, the data indicates a period of valuation misalignment in 2024, where peak operational efficiency was met with the lowest valuation multiples. The subsequent recovery of the P/OP ratio in 2025 and 2026, despite lower operating profits, suggests a normalization of market sentiment or a shift in how the market priced the underlying operational earnings.
Price to Sales (P/S)
Mondelēz International Inc., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Mondelēz International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 31, 2022, to March 31, 2026, reveals a significant divergence between operational revenue growth and market valuation. While sales per share demonstrated consistent growth throughout the entire period, the Price to Sales (P/S) ratio underwent a sustained compression.
- Sales per Share Trend
- A steady and monotonic increase in sales per share is observed, rising from 21.13 US$ in March 2022 to 30.62 US$ by March 2026. This growth trajectory remained uninterrupted across all quarters, indicating a consistent expansion in the company's ability to generate revenue on a per-share basis.
- Share Price Volatility
- The share price exhibited considerable volatility, characterized by an upward trend peaking at 76.87 US$ on December 31, 2023. Following this peak, a downward correction occurred, with the price reaching a low of 57.43 US$ by December 31, 2024, before stabilizing in the 58.00 to 69.00 US$ range through early 2026.
- Price to Sales (P/S) Ratio Compression
- The P/S ratio declined from 3.03 in March 2022 to 1.91 in March 2026. The ratio reached its maximum of 3.06 in March 2023, coinciding with a period of rising share prices. However, the subsequent decline in share price, coupled with the continued rise in sales per share, accelerated the contraction of the multiple. This trend suggests a valuation decompression where the market assigned a lower multiple to each dollar of revenue over time.
The intersection of these trends indicates that the reduction in the P/S ratio was not driven by deteriorating sales performance, but rather by a decline in the market's valuation of the share price relative to the underlying revenue growth. By the end of the period, the company achieved its highest sales per share (30.62 US$) while trading at its lowest P/S multiple (1.91), suggesting a significant shift in valuation dynamics.
Price to Book Value (P/BV)
Mondelēz International Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Mondelēz International shareholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Total Mondelēz International shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Mondelēz International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits moderate volatility between March 2022 and March 2026, fluctuating primarily between 2.76 and 3.65. The valuation trend is heavily influenced by movements in the share price, as the book value per share remains relatively stable throughout the period.
- Share Price Performance
- The share price experienced a general upward trajectory from March 2022 (64.04 US$) to a peak of 76.87 US$ in December 2023. Following this peak, a period of volatility and decline ensued, characterized by a sharp drop to 57.43 US$ in December 2024. While a partial recovery occurred in early 2025, the price trended downward again, ending at 58.54 US$ in March 2026.
- Book Value per Share (BVPS) Stability
- The BVPS demonstrates high consistency, maintaining a tight range between 19.51 US$ and 21.23 US$. A gradual increase was observed from September 2022 through March 2024, peaking at 21.23 US$. Subsequently, a slight contraction occurred, with the value stabilizing around 20.06 US$ by the end of the observed period.
- P/BV Ratio Analysis
- The P/BV ratio mirrors the share price movements due to the stability of the book value. The ratio reached its maximum of 3.65 in December 2023, indicating a period of peak market valuation relative to the company's net assets. A significant valuation compression is evident in December 2024, where the ratio fell to its lowest point of 2.76. The final sequence of the data shows a stabilizing trend below the 3.0 threshold, concluding at 2.92 in March 2026.
Overall, the analysis indicates a shift from a higher valuation regime (3.15 to 3.65) in the first half of the period to a more compressed valuation regime (2.76 to 2.97) in the latter half. This suggests a reduction in the market premium assigned to the company's book value over time.