Mondelez International, Inc. (MDLZ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+63.3%

$107.81

vs $66.03 price

Levered DCF

$78.62

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.51

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.48×	17.36×	19.9×	33.83×	21.67×	23.58×	20.55×	17.4×
P/B	2.7×	2.97×	3.48×	3.42×	3.29×	3.03×	2.92×	2.3×
P/S	1.81×	2.2×	2.74×	2.92×	3.24×	3.15×	3.08×	2.27×
EV / EBITDA	18.09×	12.03×	15.29×	23.82×	18.72×	20.43×	19.51×	18.52×
Gross margin	28.4%	39.1%	38.2%	35.9%	39.2%	39.3%	40.0%	39.9%
Operating margin	9.2%	17.4%	15.3%	11.2%	16.2%	14.5%	14.9%	12.8%
Net margin	6.4%	12.7%	13.8%	8.6%	15.0%	13.4%	15.2%	13.0%
Current ratio	0.59×	0.68×	0.62×	0.6×	0.74×	0.66×	0.5×	0.45×
Debt / equity	0.87×	0.68×	0.7×	0.88×	0.71×	0.74×	0.69×	0.72×
Interest coverage	5.92×	12.49×	10×	8.26×	12.75×	9.11×	7.94×	7.17×
Dividend yield	3.6%	2.9%	2.2%	2.2%	2.0%	2.0%	1.9%	2.3%
Payout ratio	101.5%	50.9%	43.6%	73.1%	42.5%	47.2%	39.2%	40.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	17.1%	17.5%	10.1%	15.2%	12.9%	14.4%	13.2%
Return on invested capital	4.9%	9.5%	7.4%	4.5%	6.2%	4.4%	7.2%	4.7%
Return on assets	3.4%	6.7%	6.9%	3.8%	6.4%	5.2%	6.1%	5.4%
Free cash flow yield	4.6%	4.4%	3.6%	3.3%	3.4%	3.7%	3.8%	4.8%
Earnings yield	3.5%	5.8%	5.0%	3.0%	4.6%	4.2%	4.9%	5.7%
Enterprise value	$89.9B	$97.1B	$116.9B	$113.5B	$109.5B	$100.6B	$97.1B	$76.2B
Net debt / EBITDA	4.08×	2.11×	2.37×	4.54×	2.81×	3.43×	3.52×	4.2×
Cash conversion cycle (days)	-30	-44	-31	-30	-44	-40	-36	-33