Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Philip Morris International Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.54 0.51 0.76 0.64 0.70
Adjusted 0.54 0.52 0.78 0.66 0.71
Liquidity Ratio
Current Ratio
Reported 0.75 0.72 0.92 1.10 1.09
Adjusted 0.75 0.72 0.93 1.10 1.10
Solvency Ratios
Debt to Equity
Reported — — — — —
Adjusted — — — — —
Debt to Capital
Reported 1.31 1.26 1.57 1.66 1.59
Adjusted 1.19 1.12 1.40 1.52 1.43
Financial Leverage
Reported — — — — —
Adjusted — — — — —
Profitability Ratios
Net Profit Margin
Reported 22.21% 28.49% 29.00% 28.08% 24.11%
Adjusted 15.17% 29.10% 35.42% 23.34% 29.12%
Return on Equity (ROE)
Reported — — — — —
Adjusted — — — — —
Return on Assets (ROA)
Reported 11.96% 14.67% 22.06% 17.98% 16.76%
Adjusted 8.26% 15.12% 27.49% 15.42% 20.79%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Philip Morris International Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Philip Morris International Inc. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Philip Morris International Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Philip Morris International Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Philip Morris International Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Philip Morris International Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net revenues 35,174 31,762 31,405 28,694 29,805
Total assets 65,304 61,681 41,290 44,815 42,875
Activity Ratio
Total asset turnover1 0.54 0.51 0.76 0.64 0.70
Adjusted
Selected Financial Data (US$ in millions)
Net revenues 35,174 31,762 31,405 28,694 29,805
Adjusted total assets2 64,569 61,120 40,465 43,428 41,742
Activity Ratio
Adjusted total asset turnover3 0.54 0.52 0.78 0.66 0.71

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 35,174 ÷ 65,304 = 0.54

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 35,174 ÷ 64,569 = 0.54

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Philip Morris International Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 19,755 19,619 17,717 21,492 20,514
Current liabilities 26,383 27,336 19,255 19,615 18,833
Liquidity Ratio
Current ratio1 0.75 0.72 0.92 1.10 1.09
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 19,834 19,661 17,787 21,515 20,534
Adjusted current liabilities3 26,303 27,232 19,142 19,478 18,693
Liquidity Ratio
Adjusted current ratio4 0.75 0.72 0.93 1.10 1.10

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,755 ÷ 26,383 = 0.75

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 19,834 ÷ 26,303 = 0.75

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Philip Morris International Inc. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 47,909 43,123 27,806 31,536 31,045
Total PMI stockholders’ deficit (11,225) (8,957) (10,106) (12,567) (11,577)
Solvency Ratio
Debt to equity1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 48,562 43,737 28,342 32,243 31,808
Adjusted total stockholders’ deficit3 (7,737) (4,772) (8,052) (11,017) (9,493)
Solvency Ratio
Adjusted debt to equity4 — — — — —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total PMI stockholders’ deficit
= 47,909 ÷ -11,225 = —

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ deficit
= 48,562 ÷ -7,737 = —

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 47,909 43,123 27,806 31,536 31,045
Total capital 36,684 34,166 17,700 18,969 19,468
Solvency Ratio
Debt to capital1 1.31 1.26 1.57 1.66 1.59
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 48,562 43,737 28,342 32,243 31,808
Adjusted total capital3 40,825 38,965 20,290 21,226 22,315
Solvency Ratio
Adjusted debt to capital4 1.19 1.12 1.40 1.52 1.43

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 47,909 ÷ 36,684 = 1.31

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 48,562 ÷ 40,825 = 1.19

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Philip Morris International Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 65,304 61,681 41,290 44,815 42,875
Total PMI stockholders’ deficit (11,225) (8,957) (10,106) (12,567) (11,577)
Solvency Ratio
Financial leverage1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 64,569 61,120 40,465 43,428 41,742
Adjusted total stockholders’ deficit3 (7,737) (4,772) (8,052) (11,017) (9,493)
Solvency Ratio
Adjusted financial leverage4 — — — — —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total PMI stockholders’ deficit
= 65,304 ÷ -11,225 = —

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ deficit
= 64,569 ÷ -7,737 = —

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 7,813 9,048 9,109 8,056 7,185
Net revenues 35,174 31,762 31,405 28,694 29,805
Profitability Ratio
Net profit margin1 22.21% 28.49% 29.00% 28.08% 24.11%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 5,336 9,244 11,123 6,696 8,680
Net revenues 35,174 31,762 31,405 28,694 29,805
Profitability Ratio
Adjusted net profit margin3 15.17% 29.10% 35.42% 23.34% 29.12%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net earnings attributable to PMI ÷ Net revenues
= 100 × 7,813 ÷ 35,174 = 22.21%

2 Adjusted net earnings. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net revenues
= 100 × 5,336 ÷ 35,174 = 15.17%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Philip Morris International Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 7,813 9,048 9,109 8,056 7,185
Total PMI stockholders’ deficit (11,225) (8,957) (10,106) (12,567) (11,577)
Profitability Ratio
ROE1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 5,336 9,244 11,123 6,696 8,680
Adjusted total stockholders’ deficit3 (7,737) (4,772) (8,052) (11,017) (9,493)
Profitability Ratio
Adjusted ROE4 — — — — —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net earnings attributable to PMI ÷ Total PMI stockholders’ deficit
= 100 × 7,813 ÷ -11,225 = —

2 Adjusted net earnings. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total stockholders’ deficit
= 100 × 5,336 ÷ -7,737 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 7,813 9,048 9,109 8,056 7,185
Total assets 65,304 61,681 41,290 44,815 42,875
Profitability Ratio
ROA1 11.96% 14.67% 22.06% 17.98% 16.76%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 5,336 9,244 11,123 6,696 8,680
Adjusted total assets3 64,569 61,120 40,465 43,428 41,742
Profitability Ratio
Adjusted ROA4 8.26% 15.12% 27.49% 15.42% 20.79%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net earnings attributable to PMI ÷ Total assets
= 100 × 7,813 ÷ 65,304 = 11.96%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 5,336 ÷ 64,569 = 8.26%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Philip Morris International Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.