MDLZ
Mondelez International
Dividend / Cash flow
★ Quality 19/100Price today
$61.28
This company value is already calculated
We know what it is worth from its audited numbers, and whether it trades above or below that today. Create your free account to see it.
See what it is worthcharlieapp.co
What this business is made of
The business
Oreo is a century of habit sold at 70 cents a pack.
Mondelez sells snacks in 150 countries: Oreo and belVita cookies, Cadbury, Milka and Toblerone chocolates. It booked $38.5B in 2025 selling impulse products at 70 cents a pack, billions of times over. The 28% gross margin comes from volume, not premium pricing.
The brands have a century of habit behind them — people ask for Oreo, not 'a chocolate cookie.' That buys shelf space a new competitor can't get. But it's not a deep moat: private labels gain ground when wallets tighten, and cocoa doesn't do loyalty.
Revenue history
From $28.7B to $38.5B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $38.5B · FY2025
Of every $100 in sales, $94 goes to costs and operations; $6 is left as net profit (6% margin).
Catalysts and risks
Pricing power in emerging markets: India and Brazil are growing double digits and now make up ~40% of sales.
Growing dividend backed by $3.2B of FCF (free cash flow); a sustainable yield with a comfortable payout.
Normalization of cocoa costs after the 2024-2025 peaks would expand the gross margin from 28%.
Debt of $17.2B against cash of $0.0B — no cushion, everything rides on operating cash flow.
Cocoa and sugar squeeze margins; the 28% gross is thin for a consumer brand.
GLP-1 and the anti-sugar trend threaten indulgent snack volume over the long term.
Charlie's note
“Paying 8.26x for century-old brands that sell themselves on the shelf is a sensible price for a volume business growing at 8% — the moat isn't deep, but at this multiple you aren't asked to count on it. Patience costs little here.”
Analysis · June 2026
Want to follow Mondelez International?
We do not calculate a value here: Mondelez International does not generate cash flows you can project, and putting a number on it would be making it up. What you can do is follow it and tell us the price you care about — we will email you when it gets there.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.