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Mondelez International, Inc. (MDLZ)

NEUTRAL
Consumer DefensiveConfectionersUnited States

Fundamental

57

Preço

$63.22

Capitalização de Mercado

$82.58B

Parte 1 · Quanto vale a empresa

Visão Geral

Mondelez makes and sells packaged snacks worldwide — biscuits and cookies (Oreo, Ritz, belVita), chocolate (Cadbury, Milka, Toblerone) and gum and candy (Trident, Halls) — through grocery stores, convenience stores and other retail channels in nearly every country. Rather than organizing around these product lines, the company reports its results by geography, reflecting how differently it has to go to market, price its products and source ingredients in each region of the world.

Como gera receita

Revenue comes from selling finished snacks to retailers, who resell to consumers; Mondelez earns a margin on each unit shipped rather than any recurring or subscription fee. Its main cost is the raw ingredients that go into the products, above all cocoa, whose price swings can move profitability faster than the company can pass costs through to shelf prices. Retail customer consolidation adds further pressure on the pricing side.

Receita por segmento

Europe39%

Mondelez's single largest region, spanning chocolate-heavy markets where brands like Cadbury and Milka are category leaders.

North America27.7%

The most mature market, centred on biscuits like Oreo and Ritz, with the slowest growth of the four regions in 2025.

Asia, Middle East and Africa20.6%

A broad emerging-markets region where population growth and rising incomes support faster volume growth than in developed markets.

Latin America12.7%

The smallest region, exposed to currency volatility and inflation that can distort reported growth from one year to the next.

Vantagem competitiva

Marca · Estreita

Oreo, Cadbury and Milka are genuinely global, century-old brands with real shelf presence and consumer loyalty that a new entrant could not buy quickly. But brand strength has not been enough to protect margins from raw-material inflation: operating income fell 44% in 2025 as cocoa costs rose faster than the company could raise prices, and large retailers keep gaining leverage to push back on those price increases.

O que impulsiona a procura

Defensivo

Snacking and chocolate are low-ticket, habitual purchases that consumers tend to keep buying even when budgets tighten, which makes volumes relatively stable across the economic cycle. What moves results instead is commodity cost inflation, particularly cocoa, and currency swings in the many emerging markets where Mondelez operates — neither of which is tied to the business cycle in a predictable way.

Principais riscos

  • Volatile commodity costs — Cocoa and other raw material costs rose sharply enough in 2025 to cut operating income by 44%, and the company cannot always pass these increases through to retail prices fast enough to protect margins.
  • Consolidation of retail customers — As grocery and discount retailers merge and form buying alliances, they gain the leverage to demand lower prices, delist products, or develop their own competing private-label brands.
  • Emerging-market and geopolitical exposure — A large share of revenue comes from emerging markets exposed to currency depreciation, inflation, and disruptions such as the war in Ukraine, all of which can distort reported results independent of underlying demand.
  • Regulation of food and packaging — Health-focused regulation, nutrition labelling rules and packaging restrictions vary by country and can force reformulation or repackaging costs across a very large product portfolio.

Concentração de clientes

The company states that no single customer accounted for more than 10% of net revenues in 2025. The real risk is structural: large retail customers are consolidating and gaining scale to negotiate lower prices and longer payment terms.

Os argumentos a favor

Buyers point to Oreo, Cadbury and Milka as genuinely global, century-old brands with real shelf power, to Europe and emerging markets still offering volume growth that a maturing North America does not, and to the expectation that today's elevated cocoa costs will eventually normalize.

Os argumentos contra

Sellers note that operating income already fell sharply in 2025 as cocoa costs outran pricing, that large retailers keep consolidating and pushing back on price increases, and that unfavourable volume and mix shows consumers trading down when prices rise too far.

Dados por segmento do exercício fiscal 2025Fontes: Mondelez International, Inc. — Form 10-K, esercizio 2025

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Balanço & Liquidez

Receita

$39.30B

Últimos 12 meses (até 31/03/2026)

Resultado Líquido

$2.61B

Últimos 12 meses (até 31/03/2026)

Fluxo de Caixa Livre

$3.23B

Capital Próprio Total

$25.84B

Passivo Total

$45.60B

Rácio de Liquidez

0.54

Cobertura de Juros

6.03

Dívida/EBITDA

4.41

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Justamente Valorizada

Valor Justo

$57.83

Preço Atual

$63.22

Margem de Segurança

-9.3%

Intervalo de Valor Justo

$42.53 - $73.13

Métodos de Estimativa

Analyst Target:$69.13
DCF:$67.51
PE-based:$53.44
Graham Growth:$20.42
EPV:$34.16
Consenso dos Analistas:Comprar (21B / 12H / 0S)
Última Surpresa de Resultados:+5.22%

Métricas de Avaliação

Rácio P/E

32.03

ROE

9.5%

Rácio P/B

3.23

P/FCF

32.25

Margem Bruta

28.8%

ROIC

6.1%

Radar de Rentabilidade

Value Creation (Economic Moat)

ROIC

6.1%

WACC

6.8%

ROIC − WACC

-0.7 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Critérios de Análise Fundamental

Aprovado (15)

  • EPS shows upward trend
  • ROIC 6.1%
  • Debt/Equity ratio
  • Operating Margin 9.4%
  • Positive Free Cash Flow
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 13.5%
  • Revenue Growth 5Y 7.7%
  • Analyst Consensus 64% Buy
  • Earnings Surprise avg 3.7%
  • Earnings Quality (OCF/NI) 1.49
  • Share Dilution -3.8%
  • Piotroski F-Score 5/9

Reprovado (11)

  • EPS CAGR 0.59%
  • Price CAGR 3.81%
  • Gross Margin 28.8%
  • P/FCF 32.25
  • P/B Ratio 3.23
  • CapEx intensity
  • Current Ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Net Margin Trend 6.6% vs 9.9%

Indisponível (2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

5/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

1.49

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-3.8%

A recomprar ações. Favorável ao acionista

Governação

Equipa Executiva

NomeCargoIdade
Mr. Dirk Van de PutChairman & CEO65
Mr. Luca ZaramellaExecutive VP & COO56
Mr. Martin RenaudExecutive VP and Chief Marketing & Sales Officer57
Mr. Gustavo Carlos ValleExecutive VP & President of North America61
Mr. Volker KuhnExecutive VP & President of Europe57
Mr. Amit BanatiExecutive VP & CFO56
Mr. Brian C. StevensSenior VP, Corporate Controller & Chief Accounting Officer50
Mr. Filippo CatalanoChief Information & Digital Officer52
Mr. Shep DunlapVice President of Investor Relations-
Ms. Laura Stein J.D.Executive VP of Corporate & Legal Affairs, General Counsel & Company Secretary64

Risco de Auditoria

3

Risco do Conselho

7

Risco de Remuneração

4

Risco dos Direitos dos Acionistas

4

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Latest News

Recent headlines for MDLZ, sourced from Markets Gazette.

  • 3/25/2026NEGATIVE
    This Mondelez Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Wednesday

    Mondelez International (MDLZ) has seen its analyst outlook shift to bearish, marking a significant downgrade for the consumer staples giant. While the article does not specify the reasons for the downgrade, such a move typically indicates concerns about future earnings, market share, or competitive pressures. Investors should note that this change in sentiment from Wall Street analysts could precede a period of underperformance for the stock, potentially impacting its valuation and investor confidence.

  • 3/25/2026NEUTRAL
    Oreo-Maker Mondelez Joins Rush to Tap Swiss Franc Bond Market

    Mondelez International, Inc. is entering the Swiss franc bond market for the first time. This move aligns with a broader trend of international companies seeking debt financing in Swiss francs, attracted by the currency's stability and potentially favorable borrowing costs. While the issuance itself is a financing activity, it doesn't inherently signal a change in the company's operational performance or future prospects. Investors will monitor the terms of the bond and how this diversifies Mondelez's funding sources.

  • 3/7/2026POSITIVE
    1 Magnificent S&P 500 Dividend Stock Down 10% to Buy and Hold Forever

    Mondelez International, Inc. is presented as a potentially attractive investment for income and value investors, especially as other prominent consumer staples stocks appear overvalued. The company's stock has experienced a 10% decline, presenting a potential buying opportunity for those seeking long-term holdings. This dip, coupled with its position in the consumer staples sector, suggests resilience and potential for steady returns, making it a candidate for a buy-and-hold strategy.

via Markets Gazette