Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
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).
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Philip Morris International Inc. debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Philip Morris International Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Philip Morris International Inc. debt to assets ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Philip Morris International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Philip Morris International Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Philip Morris International Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Short-term borrowings | 1,968) | 5,637) | 225) | 244) | 338) | |
Current portion of long-term debt | 4,698) | 2,611) | 2,798) | 3,124) | 4,051) | |
Long-term debt, excluding current portion | 41,243) | 34,875) | 24,783) | 28,168) | 26,656) | |
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 | — | — | — | — | — | |
Benchmarks | ||||||
Debt to Equity, Competitors2 | ||||||
Altria Group Inc. | — | — | — | 10.38 | 4.51 | |
Coca-Cola Co. | 1.62 | 1.62 | 1.86 | 2.22 | 2.25 | |
PepsiCo Inc. | 2.38 | 2.28 | 2.51 | 3.28 | 2.17 | |
Debt to Equity, Sector | ||||||
Food, Beverage & Tobacco | 5.40 | 5.23 | 5.08 | 6.43 | 4.71 | |
Debt to Equity, Industry | ||||||
Consumer Staples | 1.39 | 1.26 | 1.27 | 1.44 | 1.34 |
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 Click competitor name to see calculations.
Debt to Equity (including Operating Lease Liability)
Philip Morris International Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Short-term borrowings | 1,968) | 5,637) | 225) | 244) | 338) | |
Current portion of long-term debt | 4,698) | 2,611) | 2,798) | 3,124) | 4,051) | |
Long-term debt, excluding current portion | 41,243) | 34,875) | 24,783) | 28,168) | 26,656) | |
Total debt | 47,909) | 43,123) | 27,806) | 31,536) | 31,045) | |
Current operating lease liabilities (included in Accrued liabilities, Other) | 197) | 178) | 192) | 190) | 194) | |
Noncurrent operating lease liabilities (included in Income taxes and other liabilities) | 456) | 436) | 344) | 517) | 569) | |
Total debt (including operating lease liability) | 48,562) | 43,737) | 28,342) | 32,243) | 31,808) | |
Total PMI stockholders’ deficit | (11,225) | (8,957) | (10,106) | (12,567) | (11,577) | |
Solvency Ratio | ||||||
Debt to equity (including operating lease liability)1 | — | — | — | — | — | |
Benchmarks | ||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
Coca-Cola Co. | 1.67 | 1.68 | 1.92 | 2.30 | 2.33 | |
PepsiCo Inc. | 2.54 | 2.42 | 2.64 | 3.41 | 2.27 | |
Debt to Equity (including Operating Lease Liability), Sector | ||||||
Food, Beverage & Tobacco | 5.57 | 5.38 | 5.23 | 6.60 | 4.84 | |
Debt to Equity (including Operating Lease Liability), Industry | ||||||
Consumer Staples | 1.57 | 1.43 | 1.44 | 1.64 | 1.38 |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total PMI stockholders’ deficit
= 48,562 ÷ -11,225 = —
2 Click competitor name to see calculations.
Debt to Capital
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Short-term borrowings | 1,968) | 5,637) | 225) | 244) | 338) | |
Current portion of long-term debt | 4,698) | 2,611) | 2,798) | 3,124) | 4,051) | |
Long-term debt, excluding current portion | 41,243) | 34,875) | 24,783) | 28,168) | 26,656) | |
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) | |
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 | |
Benchmarks | ||||||
Debt to Capital, Competitors2 | ||||||
Altria Group Inc. | 1.16 | 1.17 | 1.06 | 0.91 | 0.82 | |
Coca-Cola Co. | 0.62 | 0.62 | 0.65 | 0.69 | 0.69 | |
PepsiCo Inc. | 0.70 | 0.69 | 0.72 | 0.77 | 0.68 | |
Debt to Capital, Sector | ||||||
Food, Beverage & Tobacco | 0.84 | 0.84 | 0.84 | 0.87 | 0.82 | |
Debt to Capital, Industry | ||||||
Consumer Staples | 0.58 | 0.56 | 0.56 | 0.59 | 0.57 |
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 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Philip Morris International Inc. debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Philip Morris International Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Short-term borrowings | 1,968) | 5,637) | 225) | 244) | 338) | |
Current portion of long-term debt | 4,698) | 2,611) | 2,798) | 3,124) | 4,051) | |
Long-term debt, excluding current portion | 41,243) | 34,875) | 24,783) | 28,168) | 26,656) | |
Total debt | 47,909) | 43,123) | 27,806) | 31,536) | 31,045) | |
Current operating lease liabilities (included in Accrued liabilities, Other) | 197) | 178) | 192) | 190) | 194) | |
Noncurrent operating lease liabilities (included in Income taxes and other liabilities) | 456) | 436) | 344) | 517) | 569) | |
Total debt (including operating lease liability) | 48,562) | 43,737) | 28,342) | 32,243) | 31,808) | |
Total PMI stockholders’ deficit | (11,225) | (8,957) | (10,106) | (12,567) | (11,577) | |
Total capital (including operating lease liability) | 37,337) | 34,780) | 18,236) | 19,676) | 20,231) | |
Solvency Ratio | ||||||
Debt to capital (including operating lease liability)1 | 1.30 | 1.26 | 1.55 | 1.64 | 1.57 | |
Benchmarks | ||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
Coca-Cola Co. | 0.63 | 0.63 | 0.66 | 0.70 | 0.70 | |
PepsiCo Inc. | 0.72 | 0.71 | 0.73 | 0.77 | 0.69 | |
Debt to Capital (including Operating Lease Liability), Sector | ||||||
Food, Beverage & Tobacco | 0.85 | 0.84 | 0.84 | 0.87 | 0.83 | |
Debt to Capital (including Operating Lease Liability), Industry | ||||||
Consumer Staples | 0.61 | 0.59 | 0.59 | 0.62 | 0.58 |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 48,562 ÷ 37,337 = 1.30
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Philip Morris International Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Assets
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Short-term borrowings | 1,968) | 5,637) | 225) | 244) | 338) | |
Current portion of long-term debt | 4,698) | 2,611) | 2,798) | 3,124) | 4,051) | |
Long-term debt, excluding current portion | 41,243) | 34,875) | 24,783) | 28,168) | 26,656) | |
Total debt | 47,909) | 43,123) | 27,806) | 31,536) | 31,045) | |
Total assets | 65,304) | 61,681) | 41,290) | 44,815) | 42,875) | |
Solvency Ratio | ||||||
Debt to assets1 | 0.73 | 0.70 | 0.67 | 0.70 | 0.72 | |
Benchmarks | ||||||
Debt to Assets, Competitors2 | ||||||
Altria Group Inc. | 0.68 | 0.72 | 0.71 | 0.62 | 0.57 | |
Coca-Cola Co. | 0.43 | 0.42 | 0.45 | 0.49 | 0.50 | |
PepsiCo Inc. | 0.44 | 0.42 | 0.44 | 0.48 | 0.41 | |
Debt to Assets, Sector | ||||||
Food, Beverage & Tobacco | 0.53 | 0.52 | 0.52 | 0.54 | 0.52 | |
Debt to Assets, Industry | ||||||
Consumer Staples | 0.33 | 0.31 | 0.32 | 0.35 | 0.35 |
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 assets = Total debt ÷ Total assets
= 47,909 ÷ 65,304 = 0.73
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Philip Morris International Inc. debt to assets ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Philip Morris International Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Short-term borrowings | 1,968) | 5,637) | 225) | 244) | 338) | |
Current portion of long-term debt | 4,698) | 2,611) | 2,798) | 3,124) | 4,051) | |
Long-term debt, excluding current portion | 41,243) | 34,875) | 24,783) | 28,168) | 26,656) | |
Total debt | 47,909) | 43,123) | 27,806) | 31,536) | 31,045) | |
Current operating lease liabilities (included in Accrued liabilities, Other) | 197) | 178) | 192) | 190) | 194) | |
Noncurrent operating lease liabilities (included in Income taxes and other liabilities) | 456) | 436) | 344) | 517) | 569) | |
Total debt (including operating lease liability) | 48,562) | 43,737) | 28,342) | 32,243) | 31,808) | |
Total assets | 65,304) | 61,681) | 41,290) | 44,815) | 42,875) | |
Solvency Ratio | ||||||
Debt to assets (including operating lease liability)1 | 0.74 | 0.71 | 0.69 | 0.72 | 0.74 | |
Benchmarks | ||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
Coca-Cola Co. | 0.44 | 0.44 | 0.47 | 0.51 | 0.51 | |
PepsiCo Inc. | 0.47 | 0.45 | 0.46 | 0.49 | 0.43 | |
Debt to Assets (including Operating Lease Liability), Sector | ||||||
Food, Beverage & Tobacco | 0.55 | 0.54 | 0.53 | 0.56 | 0.54 | |
Debt to Assets (including Operating Lease Liability), Industry | ||||||
Consumer Staples | 0.38 | 0.36 | 0.36 | 0.40 | 0.36 |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 48,562 ÷ 65,304 = 0.74
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Philip Morris International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Financial Leverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
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 | — | — | — | — | — | |
Benchmarks | ||||||
Financial Leverage, Competitors2 | ||||||
Altria Group Inc. | — | — | — | 16.70 | 7.92 | |
Coca-Cola Co. | 3.77 | 3.85 | 4.10 | 4.52 | 4.55 | |
PepsiCo Inc. | 5.43 | 5.38 | 5.76 | 6.91 | 5.31 | |
Financial Leverage, Sector | ||||||
Food, Beverage & Tobacco | 10.18 | 10.01 | 9.79 | 11.83 | 9.05 | |
Financial Leverage, Industry | ||||||
Consumer Staples | 4.19 | 3.99 | 4.01 | 4.15 | 3.82 |
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 Click competitor name to see calculations.
Interest Coverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net earnings attributable to PMI | 7,813) | 9,048) | 9,109) | 8,056) | 7,185) | |
Add: Net income attributable to noncontrolling interest | 455) | 479) | 601) | 536) | 543) | |
Add: Income tax expense | 2,339) | 2,244) | 2,671) | 2,377) | 2,293) | |
Add: Interest expense | 1,526) | 768) | 737) | 728) | 796) | |
Earnings before interest and tax (EBIT) | 12,133) | 12,539) | 13,118) | 11,697) | 10,817) | |
Solvency Ratio | ||||||
Interest coverage1 | 7.95 | 16.33 | 17.80 | 16.07 | 13.59 | |
Benchmarks | ||||||
Interest Coverage, Competitors2 | ||||||
Altria Group Inc. | 10.51 | 7.55 | 4.22 | 6.63 | 1.58 | |
Coca-Cola Co. | 9.48 | 14.25 | 8.78 | 7.78 | 12.40 | |
PepsiCo Inc. | 8.95 | 10.57 | 5.94 | 8.24 | 9.20 | |
Interest Coverage, Sector | ||||||
Food, Beverage & Tobacco | 9.14 | 11.66 | 7.98 | 8.90 | 8.36 | |
Interest Coverage, Industry | ||||||
Consumer Staples | 11.27 | 14.88 | 10.59 | 11.00 | 8.58 |
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
Interest coverage = EBIT ÷ Interest expense
= 12,133 ÷ 1,526 = 7.95
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Philip Morris International Inc. interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net earnings attributable to PMI | 7,813) | 9,048) | 9,109) | 8,056) | 7,185) | |
Add: Net income attributable to noncontrolling interest | 455) | 479) | 601) | 536) | 543) | |
Add: Income tax expense | 2,339) | 2,244) | 2,671) | 2,377) | 2,293) | |
Add: Interest expense | 1,526) | 768) | 737) | 728) | 796) | |
Earnings before interest and tax (EBIT) | 12,133) | 12,539) | 13,118) | 11,697) | 10,817) | |
Add: Operating lease cost | 266) | 248) | 259) | 317) | 332) | |
Earnings before fixed charges and tax | 12,399) | 12,787) | 13,377) | 12,014) | 11,149) | |
Interest expense | 1,526) | 768) | 737) | 728) | 796) | |
Operating lease cost | 266) | 248) | 259) | 317) | 332) | |
Fixed charges | 1,792) | 1,016) | 996) | 1,045) | 1,128) | |
Solvency Ratio | ||||||
Fixed charge coverage1 | 6.92 | 12.59 | 13.43 | 11.50 | 9.88 | |
Benchmarks | ||||||
Fixed Charge Coverage, Competitors2 | ||||||
Coca-Cola Co. | 7.73 | 10.14 | 7.41 | 6.45 | 9.47 | |
PepsiCo Inc. | 6.43 | 7.28 | 4.85 | 6.06 | 6.79 | |
Fixed Charge Coverage, Sector | ||||||
Food, Beverage & Tobacco | 7.59 | 9.10 | 6.76 | 7.27 | 6.79 | |
Fixed Charge Coverage, Industry | ||||||
Consumer Staples | 6.97 | 8.29 | 6.71 | 6.68 | 5.11 |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 12,399 ÷ 1,792 = 6.92
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Philip Morris International Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |