Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Philip Morris International Inc., solvency ratios
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).
| 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 deteriorated from 2022 to 2023 and from 2023 to 2024. |
| 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) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| 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 2022 to 2023 and from 2023 to 2024. |
| 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 2022 to 2023 and from 2023 to 2024. |
| 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 2022 to 2023 and from 2023 to 2024. |
| 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 2022 to 2023 and from 2023 to 2024. |
Debt to Equity
Philip Morris International Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 137) | 1,968) | 5,637) | 225) | 244) | |
| Current portion of long-term debt | 3,392) | 4,698) | 2,611) | 2,798) | 3,124) | |
| Long-term debt, excluding current portion | 42,166) | 41,243) | 34,875) | 24,783) | 28,168) | |
| 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 | — | — | — | — | — | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Coca-Cola Co. | — | 1.62 | 1.62 | 1.86 | 2.22 | |
| Mondelēz International Inc. | 0.66 | 0.69 | 0.85 | 0.69 | 0.73 | |
| PepsiCo Inc. | 2.46 | 2.38 | 2.28 | 2.51 | 3.28 | |
| Debt to Equity, Sector | ||||||
| Food, Beverage & Tobacco | — | 2.49 | 2.44 | 2.28 | 2.90 | |
| Debt to Equity, Industry | ||||||
| Consumer Staples | — | 1.16 | 1.08 | 1.07 | 1.24 | |
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 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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 137) | 1,968) | 5,637) | 225) | 244) | |
| Current portion of long-term debt | 3,392) | 4,698) | 2,611) | 2,798) | 3,124) | |
| Long-term debt, excluding current portion | 42,166) | 41,243) | 34,875) | 24,783) | 28,168) | |
| Total debt | 45,695) | 47,909) | 43,123) | 27,806) | 31,536) | |
| Current operating lease liabilities (included in Accrued liabilities, Other) | 177) | 197) | 178) | 192) | 190) | |
| Noncurrent operating lease liabilities (included in Income taxes and other liabilities) | 427) | 456) | 436) | 344) | 517) | |
| Total debt (including operating lease liability) | 46,299) | 48,562) | 43,737) | 28,342) | 32,243) | |
| Total PMI stockholders’ deficit | (11,750) | (11,225) | (8,957) | (10,106) | (12,567) | |
| 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 | |
| Mondelēz International Inc. | 0.69 | 0.71 | 0.88 | 0.71 | 0.75 | |
| PepsiCo Inc. | 2.65 | 2.54 | 2.42 | 2.64 | 3.41 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | — | 2.59 | 2.53 | 2.36 | 3.00 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | — | 1.28 | 1.20 | 1.19 | 1.39 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total PMI stockholders’ deficit
= 46,299 ÷ -11,750 = —
2 Click competitor name to see calculations.
Debt to Capital
Philip Morris International Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 137) | 1,968) | 5,637) | 225) | 244) | |
| Current portion of long-term debt | 3,392) | 4,698) | 2,611) | 2,798) | 3,124) | |
| Long-term debt, excluding current portion | 42,166) | 41,243) | 34,875) | 24,783) | 28,168) | |
| 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) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Coca-Cola Co. | — | 0.62 | 0.62 | 0.65 | 0.69 | |
| Mondelēz International Inc. | 0.40 | 0.41 | 0.46 | 0.41 | 0.42 | |
| PepsiCo Inc. | 0.71 | 0.70 | 0.69 | 0.72 | 0.77 | |
| Debt to Capital, Sector | ||||||
| Food, Beverage & Tobacco | — | 0.71 | 0.71 | 0.70 | 0.74 | |
| Debt to Capital, Industry | ||||||
| Consumer Staples | — | 0.54 | 0.52 | 0.52 | 0.55 | |
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 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 deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Capital (including Operating Lease Liability)
Philip Morris International Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 137) | 1,968) | 5,637) | 225) | 244) | |
| Current portion of long-term debt | 3,392) | 4,698) | 2,611) | 2,798) | 3,124) | |
| Long-term debt, excluding current portion | 42,166) | 41,243) | 34,875) | 24,783) | 28,168) | |
| Total debt | 45,695) | 47,909) | 43,123) | 27,806) | 31,536) | |
| Current operating lease liabilities (included in Accrued liabilities, Other) | 177) | 197) | 178) | 192) | 190) | |
| Noncurrent operating lease liabilities (included in Income taxes and other liabilities) | 427) | 456) | 436) | 344) | 517) | |
| Total debt (including operating lease liability) | 46,299) | 48,562) | 43,737) | 28,342) | 32,243) | |
| Total PMI stockholders’ deficit | (11,750) | (11,225) | (8,957) | (10,106) | (12,567) | |
| Total capital (including operating lease liability) | 34,549) | 37,337) | 34,780) | 18,236) | 19,676) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 1.34 | 1.30 | 1.26 | 1.55 | 1.64 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | — | 0.63 | 0.63 | 0.66 | 0.70 | |
| Mondelēz International Inc. | 0.41 | 0.42 | 0.47 | 0.42 | 0.43 | |
| PepsiCo Inc. | 0.73 | 0.72 | 0.71 | 0.73 | 0.77 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | — | 0.72 | 0.72 | 0.70 | 0.75 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | — | 0.56 | 0.54 | 0.54 | 0.58 | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 46,299 ÷ 34,549 = 1.34
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) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Debt to Assets
Philip Morris International Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 137) | 1,968) | 5,637) | 225) | 244) | |
| Current portion of long-term debt | 3,392) | 4,698) | 2,611) | 2,798) | 3,124) | |
| Long-term debt, excluding current portion | 42,166) | 41,243) | 34,875) | 24,783) | 28,168) | |
| Total debt | 45,695) | 47,909) | 43,123) | 27,806) | 31,536) | |
| Total assets | 61,784) | 65,304) | 61,681) | 41,290) | 44,815) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.74 | 0.73 | 0.70 | 0.67 | 0.70 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Coca-Cola Co. | — | 0.43 | 0.42 | 0.45 | 0.49 | |
| Mondelēz International Inc. | 0.26 | 0.27 | 0.32 | 0.29 | 0.30 | |
| PepsiCo Inc. | 0.45 | 0.44 | 0.42 | 0.44 | 0.48 | |
| Debt to Assets, Sector | ||||||
| Food, Beverage & Tobacco | — | 0.46 | 0.45 | 0.44 | 0.47 | |
| Debt to Assets, Industry | ||||||
| Consumer Staples | — | 0.31 | 0.30 | 0.30 | 0.33 | |
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 assets = Total debt ÷ Total assets
= 45,695 ÷ 61,784 = 0.74
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 2022 to 2023 and from 2023 to 2024. |
Debt to Assets (including Operating Lease Liability)
Philip Morris International Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 137) | 1,968) | 5,637) | 225) | 244) | |
| Current portion of long-term debt | 3,392) | 4,698) | 2,611) | 2,798) | 3,124) | |
| Long-term debt, excluding current portion | 42,166) | 41,243) | 34,875) | 24,783) | 28,168) | |
| Total debt | 45,695) | 47,909) | 43,123) | 27,806) | 31,536) | |
| Current operating lease liabilities (included in Accrued liabilities, Other) | 177) | 197) | 178) | 192) | 190) | |
| Noncurrent operating lease liabilities (included in Income taxes and other liabilities) | 427) | 456) | 436) | 344) | 517) | |
| Total debt (including operating lease liability) | 46,299) | 48,562) | 43,737) | 28,342) | 32,243) | |
| Total assets | 61,784) | 65,304) | 61,681) | 41,290) | 44,815) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.75 | 0.74 | 0.71 | 0.69 | 0.72 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | — | 0.44 | 0.44 | 0.47 | 0.51 | |
| Mondelēz International Inc. | 0.27 | 0.28 | 0.33 | 0.30 | 0.31 | |
| PepsiCo Inc. | 0.48 | 0.47 | 0.45 | 0.46 | 0.49 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | — | 0.48 | 0.47 | 0.46 | 0.49 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | — | 0.34 | 0.33 | 0.33 | 0.37 | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 46,299 ÷ 61,784 = 0.75
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 2022 to 2023 and from 2023 to 2024. |
Financial Leverage
Philip Morris International Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | — | — | — | — | — | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Coca-Cola Co. | — | 3.77 | 3.85 | 4.10 | 4.52 | |
| Mondelēz International Inc. | 2.54 | 2.52 | 2.65 | 2.37 | 2.46 | |
| PepsiCo Inc. | 5.51 | 5.43 | 5.38 | 5.76 | 6.91 | |
| Financial Leverage, Sector | ||||||
| Food, Beverage & Tobacco | — | 5.44 | 5.37 | 5.16 | 6.13 | |
| Financial Leverage, Industry | ||||||
| Consumer Staples | — | 3.71 | 3.59 | 3.59 | 3.76 | |
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 Click competitor name to see calculations.
Interest Coverage
Philip Morris International Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings attributable to PMI | 7,057) | 7,813) | 9,048) | 9,109) | 8,056) | |
| Add: Net income attributable to noncontrolling interest | 446) | 455) | 479) | 601) | 536) | |
| Add: Income tax expense | 3,017) | 2,339) | 2,244) | 2,671) | 2,377) | |
| Add: Interest expense | 1,763) | 1,526) | 768) | 737) | 728) | |
| Earnings before interest and tax (EBIT) | 12,283) | 12,133) | 12,539) | 13,118) | 11,697) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 6.97 | 7.95 | 16.33 | 17.80 | 16.07 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Coca-Cola Co. | — | 9.48 | 14.25 | 8.78 | 7.78 | |
| Mondelēz International Inc. | 12.99 | 12.83 | 9.39 | 16.08 | 12.33 | |
| PepsiCo Inc. | 8.44 | 8.95 | 10.57 | 5.94 | 8.24 | |
| Interest Coverage, Sector | ||||||
| Food, Beverage & Tobacco | — | 9.23 | 12.81 | 9.56 | 10.01 | |
| Interest Coverage, Industry | ||||||
| Consumer Staples | — | 11.37 | 15.69 | 11.46 | 11.62 | |
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
Interest coverage = EBIT ÷ Interest expense
= 12,283 ÷ 1,763 = 6.97
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 2022 to 2023 and from 2023 to 2024. |
Fixed Charge Coverage
Philip Morris International Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings attributable to PMI | 7,057) | 7,813) | 9,048) | 9,109) | 8,056) | |
| Add: Net income attributable to noncontrolling interest | 446) | 455) | 479) | 601) | 536) | |
| Add: Income tax expense | 3,017) | 2,339) | 2,244) | 2,671) | 2,377) | |
| Add: Interest expense | 1,763) | 1,526) | 768) | 737) | 728) | |
| Earnings before interest and tax (EBIT) | 12,283) | 12,133) | 12,539) | 13,118) | 11,697) | |
| Add: Operating lease cost | 283) | 266) | 248) | 259) | 317) | |
| Earnings before fixed charges and tax | 12,566) | 12,399) | 12,787) | 13,377) | 12,014) | |
| Interest expense | 1,763) | 1,526) | 768) | 737) | 728) | |
| Operating lease cost | 283) | 266) | 248) | 259) | 317) | |
| Fixed charges | 2,046) | 1,792) | 1,016) | 996) | 1,045) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 6.14 | 6.92 | 12.59 | 13.43 | 11.50 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Coca-Cola Co. | — | 7.73 | 10.14 | 7.41 | 6.45 | |
| Mondelēz International Inc. | 9.21 | 9.42 | 6.60 | 10.28 | 8.27 | |
| PepsiCo Inc. | 5.99 | 6.43 | 7.28 | 4.85 | 6.06 | |
| Fixed Charge Coverage, Sector | ||||||
| Food, Beverage & Tobacco | — | 7.29 | 9.14 | 7.60 | 7.54 | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Staples | — | 7.38 | 9.06 | 7.46 | 7.19 | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 12,566 ÷ 2,046 = 6.14
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 2022 to 2023 and from 2023 to 2024. |