Mondelez International, Inc. (MDLZ) intrinsic value & 10-year financials
Mondelez International, Inc. (MDLZ) has a Graham intrinsic value of $35.87 per share. At $63.91 on Oct 17, 2026, the stock trades 78% above that value. Over the last 10 fiscal years revenue grew 4.5% a year to $38.5B, with an average return on invested capital of 7.7%.
- Graham intrinsic value
- $35.87
- Share price (Oct 17, 2026)
- $63.91
- Price vs Graham value
- 78% above
- Market cap
- $83.0B
- Revenue (FY2025)
- $38.5B
- Revenue growth (10-yr CAGR)
- 4.5%
- ROIC (10-yr avg)
- 7.7%
- Free cash flow (FY2025)
- $3.2B
MDLZ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $38.5B | $2.5B | $1.89 | $3.2B | 9.2% | 6.3% |
| FY2024 | $36.4B | $4.6B | $3.42 | $3.5B | 17.4% | 10.9% |
| FY2023 | $36.0B | $5.0B | $3.62 | $3.6B | 15.3% | 9.2% |
| FY2022 | $31.5B | $2.7B | $1.96 | $3.0B | 11.2% | 6.0% |
| FY2021 | $28.7B | $4.3B | $3.04 | $3.2B | 16.2% | 8.3% |
| FY2020 | $26.6B | $3.6B | $2.47 | $3.1B | 14.5% | 6.7% |
| FY2019 | $25.9B | $3.9B | $2.65 | $3.0B | 14.9% | 9.4% |
| FY2018 | $25.9B | $3.4B | $2.28 | $2.9B | 12.8% | 6.8% |
| FY2017 | $25.9B | $2.9B | $1.91 | $1.6B | 13.5% | 7.3% |
| FY2016 | $25.9B | $1.7B | $1.05 | $1.6B | 9.9% | 6.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Mondelez International has demonstrated mature, steady growth, with revenue compounding at 4.5% annually over the past decade.
Mondelez International has historically struggled to out-earn its cost of capital, averaging just 7.7% ROIC.
Over the decade, Mondelez International shows that management has aggressively returned capital to shareholders by retiring 17.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Mondelez International is modeled at 6.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $35.87 per share.