Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

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Common-Size Balance Sheet: Assets
Quarterly Data

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Philip Morris International Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents
Trade receivables, less allowances
Other receivables, less allowances
Leaf tobacco
Other raw materials
Finished product
Inventories
Other current assets
Current assets
Property, plant and equipment, at cost
Accumulated depreciation
Property, plant and equipment, less accumulated depreciation
Goodwill
Other intangible assets, net
Equity investments
Deferred income taxes
Other assets, less allowances
Noncurrent assets
Total assets

Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The composition of assets for the assessed entity exhibits several notable shifts over the analyzed period, spanning from March 31, 2021, to December 31, 2025. Current assets generally represent a substantial portion of the total asset base, fluctuating between approximately 30% and 47% throughout the timeframe. Noncurrent assets consistently comprise the remaining portion, demonstrating a complementary inverse relationship with current asset percentages.

Cash and Cash Equivalents
Cash and cash equivalents demonstrated an initial increase from 9.80% to a peak of 13.18% of total assets between March 2021 and September 2022. A significant decline followed, reaching a low of 5.20% by December 2022, before recovering to around 7.04% by the end of 2025. This suggests periods of increased liquidity followed by strategic deployment of cash resources.
Trade and Other Receivables
Trade receivables, along with other receivables, collectively represent a significant portion of current assets, ranging from approximately 16% to 20% of total assets. Both experienced increases through mid-2022, followed by declines, particularly noticeable in trade receivables after December 2022. This could indicate changes in credit policies or collection efficiency. Other receivables show a more gradual increase towards the end of the period.
Inventory
Inventory consistently represents the largest component of current assets, typically between 18% and 23% of the total. A general downward trend is observed in inventory levels from 2021 to 2024, with a slight increase towards the end of 2025. This may reflect improved inventory management practices or shifts in production and sales strategies.
Property, Plant, and Equipment
The proportion of property, plant, and equipment, net of accumulated depreciation, decreased from approximately 15% in early 2021 to around 10.88% by December 2022. It then showed a modest recovery, stabilizing around 12% by the end of 2025. The accumulated depreciation consistently offsets a substantial portion of the initial cost, remaining relatively stable as a percentage of total assets.
Goodwill and Intangible Assets
Goodwill and other intangible assets together constitute a considerable portion of noncurrent assets. Goodwill experienced a notable increase to 31.87% by December 2022, before declining to approximately 25% by the end of 2025. Other intangible assets also showed a similar pattern, increasing significantly through 2022 and then decreasing. These fluctuations may be linked to acquisitions, impairments, or amortization.
Equity Investments
Equity investments represent a consistent, though decreasing, portion of total assets, declining from around 11.65% in March 2021 to approximately 4.18% by December 2025. This suggests a strategic shift away from equity holdings.
Other Assets and Deferred Taxes
Other assets and deferred income taxes exhibit relatively stable percentages of total assets, with some fluctuations. Deferred income taxes show a general decline over the period, while other assets show an increase towards the end of the analyzed timeframe.

Overall, the asset composition demonstrates a dynamic shift, with a notable increase in the relative importance of goodwill and intangible assets through 2022, followed by a subsequent reduction. The entity appears to have strategically managed its cash position and inventory levels, while also adjusting its equity investments. The changes observed suggest active portfolio management and potential responses to evolving market conditions.