Mondelēz International Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings attributable to Mondelēz International	4,611)	4,959)	2,717)	4,300)	3,555)
Noncontrolling interest earnings	12)	9)	9)	14)	14)
Net noncash charges	1,105)	69)	1,469)	163)	339)
Change in assets and liabilities, net of acquisitions and divestitures	(818)	(323)	(287)	(336)	56)
Net cash provided by operating activities	4,910)	4,714)	3,908)	4,141)	3,964)
Capital expenditures	(1,387)	(1,112)	(906)	(965)	(863)
Issuances of commercial paper, maturities greater than 90 days	—)	67)	—)	—)	677)
Repayments of commercial paper, maturities greater than 90 days	—)	(67)	—)	—)	(1,174)
Net issuances (repayments) of short-term borrowings	(343)	(1,869)	1,914)	194)	(2,116)
Long-term debt proceeds	1,671)	277)	4,490)	5,921)	7,213)
Long-term debt repayments	(2,554)	(2,432)	(3,032)	(6,247)	(3,878)
Free cash flow to equity (FCFE)	2,297)	(422)	6,374)	3,044)	3,823)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Mondelēz International Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Mondelēz International Inc. FCFE decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Mondelēz International Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,293,525,167
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	2,297)
FCFE per share	1.78
Current share price (P)	62.17
Valuation Ratio
P/FCFE	35.01
Benchmarks
P/FCFE, Competitors¹
Coca-Cola Co.	25.84
PepsiCo Inc.	24.86
Philip Morris International Inc.	25.76
P/FCFE, Sector
Food, Beverage & Tobacco	23.01
P/FCFE, Industry
Consumer Staples	33.85

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Mondelēz International Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	1,293,525,167	1,346,477,411	1,363,306,849	1,388,328,044	1,412,114,559
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	2,297)	(422)	6,374)	3,044)	3,823)
FCFE per share³	1.78	-0.31	4.68	2.19	2.71
Share price^1, 4	57.43	76.87	65.91	67.02	56.21
Valuation Ratio
P/FCFE⁵	32.34	—	14.10	30.57	20.76
Benchmarks
P/FCFE, Competitors⁶
Coca-Cola Co.	—	22.42	29.91	23.29	30.91
PepsiCo Inc.	23.92	17.88	47.17	77.00	10.51
Philip Morris International Inc.	24.69	11.93	6.64	20.46	15.06
P/FCFE, Sector
Food, Beverage & Tobacco	—	20.54	16.95	29.54	16.45
P/FCFE, Industry
Consumer Staples	—	24.26	25.33	24.84	18.28

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,297,000,000 ÷ 1,293,525,167 = 1.78

⁴ Closing price as at the filing date of Mondelēz International Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 57.43 ÷ 1.78 = 32.34

⁶ Click competitor name to see calculations.

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Mondelēz International Inc. (NASDAQ:MDLZ)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical