Kraft Heinz vs Mondelez International
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The short version
- Mondelez International is the larger business, with $38.5B of revenue in fiscal 2025 against $24.9B for Kraft Heinz, about 1.5 times as much.
- Mondelez International grew revenue faster (5.8%, against −3.5%).
- Mondelez International kept more of each dollar of sales as operating profit (9.2% operating margin, against −18.7%).
- Kraft Heinz turned more of its sales into free cash flow (14.7% FCF margin, against 8.4%).
- Mondelez International earned a higher return on the capital invested in it (6.0%, against −5.8%).
| Latest fiscal year | KHC · FY25 | MDLZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.4B | $82.0B |
| Revenue | $24.9B | $38.5B |
| Free cash flow | $3.7B | $3.2B |
| Net income | −$5.8B | $2.5B |
| Growth | ||
| Revenue growth | −3.5% | 5.8% |
| 5-year growth | −1.0% | 7.7% |
| Share count change | −2.3% | −3.6% |
| Profitability | ||
| Gross margin | 33.3% | 28.4% |
| Operating margin | −18.7% | 9.2% |
| Net margin | −23.4% | 6.4% |
| FCF margin | 14.7% | 8.4% |
| Return on capital | −5.8% | 6.0% |
| Return on equity | −12.9% | 9.3% |
| Balance sheet | ||
| Net debt | $18.6B | $19.0B |
| Net debt / EBITDA | — | 3.9x |
| Dividends and buybacks | $2.3B | $4.9B |
| Valuation & quality | ||
| P/E | — | 31.6x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
KHC $26.3B
MDLZ $25.9B
FY17
KHC $26.1B
MDLZ $25.9B
FY18
KHC $26.3B
MDLZ $25.9B
FY19
KHC $25.0B
MDLZ $25.9B
FY20
KHC $26.2B
MDLZ $26.6B
FY21
KHC $26.0B
MDLZ $28.7B
FY22
KHC $26.5B
MDLZ $31.5B
FY23
KHC $26.6B
MDLZ $36.0B
FY24
KHC $25.8B
MDLZ $36.4B
FY25
KHC $24.9B
MDLZ $38.5B
KHC
MDLZ
Operating margin
FY16
KHC 21.3%
MDLZ 9.9%
FY17
KHC 23.2%
MDLZ 13.4%
FY18
KHC −38.9%
MDLZ 12.8%
FY19
KHC 12.3%
MDLZ 14.9%
FY20
KHC 8.1%
MDLZ 14.5%
FY21
KHC 13.3%
MDLZ 16.2%
FY22
KHC 13.7%
MDLZ 11.2%
FY23
KHC 17.2%
MDLZ 15.3%
FY24
KHC 6.5%
MDLZ 17.4%
FY25
KHC −18.7%
MDLZ 9.2%
KHC
MDLZ
Free cash flow
FY16
KHC $1.4B
MDLZ $1.6B
FY17
KHC −$693M
MDLZ $1.6B
FY18
KHC $1.7B
MDLZ $2.9B
FY19
KHC $2.8B
MDLZ $3.0B
FY20
KHC $4.3B
MDLZ $3.1B
FY21
KHC $4.5B
MDLZ $3.2B
FY22
KHC $1.6B
MDLZ $3.0B
FY23
KHC $3.0B
MDLZ $3.6B
FY24
KHC $3.2B
MDLZ $3.5B
FY25
KHC $3.7B
MDLZ $3.2B
KHC
MDLZ
Return on capital
FY16
KHC 5.0%
MDLZ —
FY17
KHC 6.7%
MDLZ 6.5%
FY18
KHC −9.1%
MDLZ 5.6%
FY19
KHC 2.8%
MDLZ 8.8%
FY20
KHC 1.4%
MDLZ 5.6%
FY21
KHC 2.9%
MDLZ 7.7%
FY22
KHC 4.3%
MDLZ 5.6%
FY23
KHC 5.3%
MDLZ 8.7%
FY24
KHC 2.5%
MDLZ 10.9%
FY25
KHC −5.8%
MDLZ 6.0%
KHC
MDLZ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.