Enterprise Value to EBITDA (EV/EBITDA)
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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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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Mondelēz International Inc., EBITDA 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).
The financial performance indicators demonstrate fluctuating profitability over the five-year period. Earnings before interest, tax, depreciation and amortization (EBITDA) exhibited an initial decline followed by substantial growth, and then a subsequent decrease. A similar pattern is observed across other profitability metrics.
- EBITDA Trend
- EBITDA decreased from US$6,982 million in 2021 to US$5,126 million in 2022, representing a decline of approximately 26.5%. A significant recovery occurred in 2023, with EBITDA increasing to US$8,270 million, a growth of over 61.5% from the prior year. This upward trend continued modestly into 2024, reaching US$7,902 million. However, 2025 saw a considerable decrease in EBITDA to US$5,205 million, a reduction of approximately 34.2% from 2024.
- Relationship between Profitability Metrics
- EBITDA consistently exceeded Earnings Before Interest and Tax (EBIT) by a notable margin each year, as expected, due to the inclusion of depreciation and amortization expenses in the calculation of EBIT. The difference between EBITDA and EBIT remained relatively stable in terms of absolute value across the period. A similar relationship exists between EBIT and Earnings Before Tax (EBT), with EBT being lower than EBIT due to interest expense.
- Net Earnings Volatility
- Net earnings attributable to the company mirrored the overall profitability trend, experiencing a decline from US$4,300 million in 2021 to US$2,717 million in 2022, a substantial increase to US$4,959 million in 2023, a slight decrease to US$4,611 million in 2024, and a significant drop to US$2,451 million in 2025. This volatility suggests sensitivity to underlying economic factors or company-specific operational changes.
The period under review demonstrates a cyclical pattern in financial performance. The substantial increase in profitability metrics in 2023 was not sustained, as evidenced by the decline in 2025. Further investigation would be required to determine the drivers behind these fluctuations and assess the long-term sustainability of profitability.
Enterprise Value to EBITDA Ratio, Current
Mondelēz International Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Coca-Cola Co. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
| EV/EBITDA, Sector | |
| Food, Beverage & Tobacco | |
| EV/EBITDA, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Mondelēz International Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Coca-Cola Co. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| EV/EBITDA, 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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The Enterprise Value to EBITDA ratio exhibited fluctuations over the five-year period. Initial values indicated a relatively high valuation, followed by a period of decline and subsequent increase. A detailed examination of the trend reveals key observations regarding the company’s valuation relative to its operational profitability.
- Enterprise Value (EV)
- Enterprise Value initially increased from US$109,066 million in 2021 to US$110,903 million in 2022, representing a modest rise. This was followed by a more substantial increase to US$121,136 million in 2023. However, a significant decrease was observed in 2024, with EV falling to US$90,711 million. A partial recovery occurred in 2025, with EV reaching US$95,275 million. This pattern suggests potential shifts in market perception of the company’s overall value, possibly influenced by factors such as debt levels, cash positions, and equity valuation.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA decreased considerably from US$6,982 million in 2021 to US$5,126 million in 2022. A strong recovery was then noted in 2023, with EBITDA rising to US$8,270 million. While remaining relatively stable in 2024 at US$7,902 million, EBITDA experienced a decline in 2025, falling to US$5,205 million. These fluctuations in EBITDA likely reflect changes in the company’s underlying operational performance and profitability.
- EV/EBITDA Ratio
- The EV/EBITDA ratio began at 15.62 in 2021, increasing to 21.64 in 2022, indicating a higher valuation relative to earnings. The ratio then decreased to 14.65 in 2023, suggesting a more reasonable valuation. A further decline to 11.48 was observed in 2024, potentially signaling undervaluation or improved earnings power. Finally, the ratio increased to 18.30 in 2025. The overall trend demonstrates a cyclical pattern, with periods of higher and lower valuation multiples. The increase in 2025, coupled with the decrease in EBITDA, suggests that the market may have anticipated future growth or changes in the company’s risk profile.
In summary, the EV/EBITDA ratio demonstrates a dynamic relationship between enterprise value and operational earnings. The observed fluctuations warrant further investigation into the underlying drivers of both EV and EBITDA to fully understand the company’s valuation trends.