Mondelez International
MDLZ on Nasdaq. Mondelēz sells chocolate, biscuits and baked snacks to people in over 150 countries. Market value $74.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.05 of spare cash in the past 12 months. A savings account pays about $4.
You pay 21.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 91 of 100. Price score: 63 of 100. Our list needs 70 on quality and 60 on price.
$59.62 a share, 16% above its 1-year low
Over the past year the price has ranged from $51.20 to $66.65.
Dividend: 3.3% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $28.7bn | $31.5bn | $36.0bn | $36.4bn | $38.5bn |
| Operating margin | |||||
| Operating margin | 16.2% | 11.2% | 15.3% | 17.4% | 9.2% |
| Debt to equity | |||||
| Debt to equity | 0.69 | 0.85 | 0.69 | 0.66 | 0.82 |
| Shares outstanding | |||||
| Shares outstanding | 1.36bn | 1.35bn | 1.34bn | 1.28bn | 1.28bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.82× equity
- Revenue growth, five yearsSlow, 7.7% a year
- Buying back its own sharesYes, 6% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $9.4 billion last quarter, up 4% on a year ago.
- Profit: $1.5 billion, up 142% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, down from 12 cents a year earlier.
- Spare cash over the past 12 months: $3.1 billion, up from $2.9 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $19.7 billion more than cash, up from $19.3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $9.2bn |
| December 2024 | $9.6bn |
| March 2025 | $9.3bn |
| June 2025 | $9.0bn |
| September 2025 | $9.7bn |
| December 2025 | $10.5bn |
| March 2026 | $10.1bn |
| June 2026 | $9.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $853m |
| December 2024 | $1.7bn |
| March 2025 | $402m |
| June 2025 | $641m |
| September 2025 | $743m |
| December 2025 | $665m |
| March 2026 | $560m |
| June 2026 | $1.5bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 October 2026
- Last annual report (10-K)
- 4 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
13 long-term investors we follow own it, unchanged from 13 last quarter. 1,896 funds in all.
- Harris Associates (Oakmark)Bill Nygren
- Value
- $319m
- Share of fund
- 0.4%
- GAMCO InvestorsMario Gabelli
- Value
- $26m
- Share of fund
- 0.2%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $20m
- Share of fund
- <0.1%
- Auxier Asset ManagementJeff Auxier
- Value
- $2m
- Share of fund
- 0.2%
- Dodge & CoxDodge & Cox investment committee
- Value
- $684,826
- Share of fund
- <0.1%
- Horizon KineticsMurray Stahl
- Value
- $471,512
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $333m | 1.0% | Added |
| Harris Associates (Oakmark)Bill Nygren | $319m | 0.4% | |
| Lindsell TrainNick Train | $148m | 5.6% | Cut |
| First Manhattan Co.First Manhattan partners | $43m | 0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $26m | 0.2% | |
| Gotham Asset ManagementJoel Greenblatt | $20m | <0.1% | |
| GMOJeremy Grantham | $8m | <0.1% | Cut |
| Cullen Capital ManagementJames Cullen | $3m | <0.1% | Added |
| Boyar Asset ManagementMark Boyar | $3m | 1.5% | Added |
| Auxier Asset ManagementJeff Auxier | $2m | 0.2% | |
| Beutel GoodmanBeutel Goodman team | $1m | <0.1% | Cut |
| Dodge & CoxDodge & Cox investment committee | $684,826 | <0.1% | |
| Horizon KineticsMurray Stahl | $471,512 | <0.1% |
Largest holders overall
- BlackRock$6.1bn
- Vanguard Capital Management$4.9bn
- Capital Research Global Investors$4.0bn
- JPMorgan Chase$3.7bnCut
- State Street$3.5bnCut
- Capital International Investors$2.9bn
- Invesco$2.6bn
- Vanguard Portfolio Management$2.0bn
- Price T Rowe Associates$1.9bnCut
- Geode Capital Management$1.7bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Capital Research Global InvestorsPassive investor5.3%Since 31 March 2026
- Capital International InvestorsPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Capital Research Global Investors Passive investor | 5.3% | 31 March 2026 | |
Capital International Investors Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $9m, $9m of it under preset trading plans.
- Van de Put DirkChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 133,580
- Price
- $64.08
- Value
- $9m
- Stevens BrianSVP, CTR & Chief Accoun OffSold
- Date
- 1 May 2026
- Shares
- 1
- Price
- $61.55
- Value
- $62
- Stevens BrianSVP, CTR & Chief Accoun OffSold
- Date
- 30 April 2026
- Shares
- 63
- Price
- $61.46
- Value
- $3,872
- Valle Gustavo CarlosEVP and President, NASoldunder a preset trading plan
- Date
- 13 February 2026
- Shares
- 3,000
- Price
- $62.00
- Value
- $186,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 August 2026 | Van de Put Dirk Chief Executive Officer, Director | Sold under a preset trading plan | 133,580 | $64.08 | $9m |
| 1 May 2026 | Stevens Brian SVP, CTR & Chief Accoun Off | Sold | 1 | $61.55 | $62 |
| 30 April 2026 | Stevens Brian SVP, CTR & Chief Accoun Off | Sold | 63 | $61.46 | $3,872 |
| 13 February 2026 | Valle Gustavo Carlos EVP and President, NA | Sold under a preset trading plan | 3,000 | $62.00 | $186,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
We face risks related to tax matters, including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes.
Could happenChanges in tax laws in the U.S. or in other countries where we have significant operations, including rate changes or corporate tax provisions that could disallow or tax perceived base erosion or profit shifting payments or subject us to new types of tax, could materially affect our effective tax rate and our deferred tax assets and liabilities. On July 4th, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”). The legislation implemented many new U.S. domestic and international tax provisions. Although the U.S. Treasury provided some clarifying guidance during 2025, it is expected they will continue to issue additional guidance in 2026. In addition, many U.S. states have not yet updated their laws to take into account the new federal legislation. It is possible that OBBBA, or interpretations under it, could change and could have an adverse effect on us, and such effect could be material.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.