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, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.61 0.54 0.51 0.76 0.64
Adjusted 0.62 0.54 0.52 0.78 0.66
Liquidity Ratio
Current Ratio
Reported 0.88 0.75 0.72 0.92 1.10
Adjusted 0.89 0.75 0.72 0.93 1.10
Solvency Ratios
Debt to Equity
Reported — — — — —
Adjusted — — — — —
Debt to Capital
Reported 1.35 1.31 1.26 1.57 1.66
Adjusted 1.21 1.19 1.12 1.40 1.52
Financial Leverage
Reported — — — — —
Adjusted — — — — —
Profitability Ratios
Net Profit Margin
Reported 18.63% 22.21% 28.49% 29.00% 28.08%
Adjusted 20.19% 15.17% 29.10% 35.42% 23.34%
Return on Equity (ROE)
Reported — — — — —
Adjusted — — — — —
Return on Assets (ROA)
Reported 11.42% 11.96% 14.67% 22.06% 17.98%
Adjusted 12.56% 8.26% 15.12% 27.49% 15.42%

Based on: 10-K (reporting date: 2024-12-31), 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).

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 improved from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Philip Morris International Inc. adjusted current ratio improved from 2022 to 2023 and from 2023 to 2024.
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 deteriorated from 2022 to 2023 and from 2023 to 2024.
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 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Philip Morris International Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net revenues 37,878 35,174 31,762 31,405 28,694
Total assets 61,784 65,304 61,681 41,290 44,815
Activity Ratio
Total asset turnover1 0.61 0.54 0.51 0.76 0.64
Adjusted
Selected Financial Data (US$ in millions)
Net revenues 37,878 35,174 31,762 31,405 28,694
Adjusted total assets2 60,891 64,569 61,120 40,465 43,428
Activity Ratio
Adjusted total asset turnover3 0.62 0.54 0.52 0.78 0.66

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 37,878 ÷ 61,784 = 0.61

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 37,878 ÷ 60,891 = 0.62

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 20,170 19,755 19,619 17,717 21,492
Current liabilities 22,915 26,383 27,336 19,255 19,615
Liquidity Ratio
Current ratio1 0.88 0.75 0.72 0.92 1.10
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 20,217 19,834 19,661 17,787 21,515
Adjusted current liabilities3 22,839 26,303 27,232 19,142 19,478
Liquidity Ratio
Adjusted current ratio4 0.89 0.75 0.72 0.93 1.10

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 20,170 ÷ 22,915 = 0.88

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 20,217 ÷ 22,839 = 0.89

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 45,695 47,909 43,123 27,806 31,536
Total PMI stockholders’ deficit (11,750) (11,225) (8,957) (10,106) (12,567)
Solvency Ratio
Debt to equity1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 46,299 48,562 43,737 28,342 32,243
Adjusted total stockholders’ deficit3 (8,142) (7,737) (4,772) (8,052) (11,017)
Solvency Ratio
Adjusted debt to equity4 — — — — —

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Total PMI stockholders’ deficit
= 45,695 ÷ -11,750 = —

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ deficit
= 46,299 ÷ -8,142 = —

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 45,695 47,909 43,123 27,806 31,536
Total capital 33,945 36,684 34,166 17,700 18,969
Solvency Ratio
Debt to capital1 1.35 1.31 1.26 1.57 1.66
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 46,299 48,562 43,737 28,342 32,243
Adjusted total capital3 38,157 40,825 38,965 20,290 21,226
Solvency Ratio
Adjusted debt to capital4 1.21 1.19 1.12 1.40 1.52

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 45,695 ÷ 33,945 = 1.35

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 46,299 ÷ 38,157 = 1.21

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 deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 61,784 65,304 61,681 41,290 44,815
Total PMI stockholders’ deficit (11,750) (11,225) (8,957) (10,106) (12,567)
Solvency Ratio
Financial leverage1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 60,891 64,569 61,120 40,465 43,428
Adjusted total stockholders’ deficit3 (8,142) (7,737) (4,772) (8,052) (11,017)
Solvency Ratio
Adjusted financial leverage4 — — — — —

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Total PMI stockholders’ deficit
= 61,784 ÷ -11,750 = —

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ deficit
= 60,891 ÷ -8,142 = —

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 7,057 7,813 9,048 9,109 8,056
Net revenues 37,878 35,174 31,762 31,405 28,694
Profitability Ratio
Net profit margin1 18.63% 22.21% 28.49% 29.00% 28.08%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 7,649 5,336 9,244 11,123 6,696
Net revenues 37,878 35,174 31,762 31,405 28,694
Profitability Ratio
Adjusted net profit margin3 20.19% 15.17% 29.10% 35.42% 23.34%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net profit margin = 100 × Net earnings attributable to PMI ÷ Net revenues
= 100 × 7,057 ÷ 37,878 = 18.63%

2 Adjusted net earnings. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net revenues
= 100 × 7,649 ÷ 37,878 = 20.19%

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 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 7,057 7,813 9,048 9,109 8,056
Total PMI stockholders’ deficit (11,750) (11,225) (8,957) (10,106) (12,567)
Profitability Ratio
ROE1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 7,649 5,336 9,244 11,123 6,696
Adjusted total stockholders’ deficit3 (8,142) (7,737) (4,772) (8,052) (11,017)
Profitability Ratio
Adjusted ROE4 — — — — —

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROE = 100 × Net earnings attributable to PMI ÷ Total PMI stockholders’ deficit
= 100 × 7,057 ÷ -11,750 = —

2 Adjusted net earnings. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total stockholders’ deficit
= 100 × 7,649 ÷ -8,142 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 7,057 7,813 9,048 9,109 8,056
Total assets 61,784 65,304 61,681 41,290 44,815
Profitability Ratio
ROA1 11.42% 11.96% 14.67% 22.06% 17.98%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 7,649 5,336 9,244 11,123 6,696
Adjusted total assets3 60,891 64,569 61,120 40,465 43,428
Profitability Ratio
Adjusted ROA4 12.56% 8.26% 15.12% 27.49% 15.42%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROA = 100 × Net earnings attributable to PMI ÷ Total assets
= 100 × 7,057 ÷ 61,784 = 11.42%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 7,649 ÷ 60,891 = 12.56%

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 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.