Stock Analysis on Net
Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Mondelēz International Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Goodwill 23,017 23,896 23,450 21,978 21,895
Definite-life intangible assets, gross carrying amount 3,306 3,322 3,354 2,991 2,907
Accumulated amortization (2,228) (2,155) (2,057) (1,999) (1,917)
Definite-life intangible assets, net carrying amount 1,078 1,167 1,297 992 990
Indefinite-life intangible assets 17,770 18,669 18,413 17,299 17,492
Intangible assets, net 18,848 19,836 19,710 18,291 18,482
Goodwill and intangible assets 41,865 43,732 43,160 40,269 40,377

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).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Mondelēz International Inc. goodwill increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Mondelēz International Inc. intangible assets, net increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Mondelēz International Inc. goodwill and intangible assets increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Adjustments to Financial Statements: Removal of Goodwill

Mondelēz International Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported) 68,497 71,391 71,161 67,092 67,810
Less: Goodwill 23,017 23,896 23,450 21,978 21,895
Total assets (adjusted) 45,480 47,495 47,711 45,114 45,915
Adjustment to Total Mondelēz International Shareholders’ Equity
Total Mondelēz International shareholders’ equity (as reported) 26,932 28,332 26,883 28,269 27,578
Less: Goodwill 23,017 23,896 23,450 21,978 21,895
Total Mondelēz International shareholders’ equity (adjusted) 3,915 4,436 3,433 6,291 5,683

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).

Mondelēz International Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Mondelēz International Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Total Asset Turnover
Reported total asset turnover 0.53 0.50 0.44 0.43 0.39
Adjusted total asset turnover 0.80 0.76 0.66 0.64 0.58
Financial Leverage
Reported financial leverage 2.54 2.52 2.65 2.37 2.46
Adjusted financial leverage 11.62 10.71 13.90 7.17 8.08
Return on Equity (ROE)
Reported ROE 17.12% 17.50% 10.11% 15.21% 12.89%
Adjusted ROE 117.78% 111.79% 79.14% 68.35% 62.55%
Return on Assets (ROA)
Reported ROA 6.73% 6.95% 3.82% 6.41% 5.24%
Adjusted ROA 10.14% 10.44% 5.69% 9.53% 7.74%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mondelēz International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mondelēz International Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Mondelēz International Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Mondelēz International Inc. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Mondelēz International Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net revenues 36,441 36,016 31,496 28,720 26,581
Total assets 68,497 71,391 71,161 67,092 67,810
Activity Ratio
Total asset turnover1 0.53 0.50 0.44 0.43 0.39
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenues 36,441 36,016 31,496 28,720 26,581
Adjusted total assets 45,480 47,495 47,711 45,114 45,915
Activity Ratio
Adjusted total asset turnover2 0.80 0.76 0.66 0.64 0.58

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).

2024 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= 36,441 ÷ 68,497 = 0.53

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 36,441 ÷ 45,480 = 0.80

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mondelēz International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets 68,497 71,391 71,161 67,092 67,810
Total Mondelēz International shareholders’ equity 26,932 28,332 26,883 28,269 27,578
Solvency Ratio
Financial leverage1 2.54 2.52 2.65 2.37 2.46
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 45,480 47,495 47,711 45,114 45,915
Adjusted total Mondelēz International shareholders’ equity 3,915 4,436 3,433 6,291 5,683
Solvency Ratio
Adjusted financial leverage2 11.62 10.71 13.90 7.17 8.08

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).

2024 Calculations

1 Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 68,497 ÷ 26,932 = 2.54

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Mondelēz International shareholders’ equity
= 45,480 ÷ 3,915 = 11.62

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mondelēz International Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,611 4,959 2,717 4,300 3,555
Total Mondelēz International shareholders’ equity 26,932 28,332 26,883 28,269 27,578
Profitability Ratio
ROE1 17.12% 17.50% 10.11% 15.21% 12.89%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,611 4,959 2,717 4,300 3,555
Adjusted total Mondelēz International shareholders’ equity 3,915 4,436 3,433 6,291 5,683
Profitability Ratio
Adjusted ROE2 117.78% 111.79% 79.14% 68.35% 62.55%

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).

2024 Calculations

1 ROE = 100 × Net earnings attributable to Mondelēz International ÷ Total Mondelēz International shareholders’ equity
= 100 × 4,611 ÷ 26,932 = 17.12%

2 Adjusted ROE = 100 × Net earnings attributable to Mondelēz International ÷ Adjusted total Mondelēz International shareholders’ equity
= 100 × 4,611 ÷ 3,915 = 117.78%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Mondelēz International Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,611 4,959 2,717 4,300 3,555
Total assets 68,497 71,391 71,161 67,092 67,810
Profitability Ratio
ROA1 6.73% 6.95% 3.82% 6.41% 5.24%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to Mondelēz International 4,611 4,959 2,717 4,300 3,555
Adjusted total assets 45,480 47,495 47,711 45,114 45,915
Profitability Ratio
Adjusted ROA2 10.14% 10.44% 5.69% 9.53% 7.74%

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).

2024 Calculations

1 ROA = 100 × Net earnings attributable to Mondelēz International ÷ Total assets
= 100 × 4,611 ÷ 68,497 = 6.73%

2 Adjusted ROA = 100 × Net earnings attributable to Mondelēz International ÷ Adjusted total assets
= 100 × 4,611 ÷ 45,480 = 10.14%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Mondelēz International Inc. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.