Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Philip Morris International Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
Philip Morris International Inc., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a general upward trend over the five-year period, starting at 4.51 in 2020 and increasing to 5.18 by 2024. The ratio experienced a peak of 5.09 in 2021, followed by a slight decline in 2022 and 2023, before rising again in 2024. This pattern suggests an overall improvement in the efficiency with which the company utilizes its net fixed assets to generate sales.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- This ratio follows a similar trajectory to the net fixed asset turnover but on a slightly lower scale, beginning at 4.06 in 2020 and increasing to 4.8 in 2024. There is a noticeable rise in 2021 at 4.69, followed by decreases in 2022 and 2023, and subsequently a recovery in 2024. This indicates that when considering operating leases and right-of-use assets, the company's asset efficiency shows consistent trends with a mild dip during the middle years.
- Total Asset Turnover
- The total asset turnover ratio presents more volatility compared to the net fixed asset turnover ratios. It increased significantly from 0.64 in 2020 to 0.76 in 2021, indicating improved overall asset utilization in the earlier period. However, this was followed by a sharp decline to 0.51 in 2022, with modest recoveries in 2023 and 2024 to 0.54 and 0.61, respectively. Despite these fluctuations, the 2024 value remains below the peak observed in 2021, pointing to challenges in sustaining asset efficiency on a broader scale.
- Equity Turnover
- No data is available for equity turnover across the periods, preventing any analysis or trend identification for this metric.
Net Fixed Asset Turnover
Philip Morris International Inc., net fixed asset turnover 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 revenues | ||||||
| Property, plant and equipment, less accumulated depreciation | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
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 fixed asset turnover = Net revenues ÷ Property, plant and equipment, less accumulated depreciation
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues show a consistent upward trend over the five-year period, increasing from US$28,694 million in 2020 to US$37,878 million in 2024. The growth is steady each year, with a notable acceleration between 2022 and 2023.
- Property, Plant, and Equipment (Net)
- The net value of property, plant, and equipment, after accumulated depreciation, fluctuates over the period. It decreased slightly from US$6,365 million in 2020 to US$6,168 million in 2021, then increased to US$6,710 million in 2022 and peaked at US$7,516 million in 2023 before declining to US$7,310 million in 2024. This suggests periods of capital investment followed by some asset disposals or higher depreciation charges in the final year.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio reflects the company's efficiency in using fixed assets to generate sales. The ratio improved from 4.51 in 2020 to a high of 5.09 in 2021, indicating increased efficiency. It then declined to 4.73 in 2022 and further to 4.68 in 2023 before rising again to 5.18 in 2024. The fluctuations correlate with changes in net fixed assets and revenues, suggesting varying levels of asset utilization efficiency across the years.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Philip Morris International Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | ||||||
| Property, plant and equipment, less accumulated depreciation | ||||||
| Operating lease right-of-use asset (included in Other assets) | ||||||
| Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | ||||||
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 fixed asset turnover (including operating lease, right-of-use asset) = Net revenues ÷ Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends and patterns over the five-year period ending December 31, 2024.
- Net Revenues
- Net revenues exhibited a consistent upward trajectory, increasing steadily each year from US$28,694 million in 2020 to US$37,878 million in 2024. This represents an overall growth of approximately 32% over the period. The most significant annual increase occurred between 2022 and 2023, where revenues jumped by US$3,412 million, suggesting strengthened sales performance or market expansion during that interval.
- Property, Plant and Equipment (less accumulated depreciation, including operating lease, right-of-use asset)
- The net value of property, plant, and equipment showed some fluctuations throughout the period. Starting at US$7,062 million in 2020, the value dipped to US$6,694 million in 2021, potentially indicating asset disposals or accelerated depreciation. It then rebounded to US$7,304 million in 2022 and saw a more substantial increase to US$8,147 million in 2023, before declining slightly to US$7,895 million in 2024. This pattern suggests active management of fixed assets with potential reinvestments and disposals in alternating years.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio displayed variability but maintained a generally high level. Increasing from 4.06 in 2020 to 4.69 in 2021, it subsequently decreased to 4.35 in 2022 and remained relatively stable at 4.32 in 2023 before rising again to 4.8 in 2024. This ratio indicates efficiency in using fixed assets to generate revenues, and the fluctuations suggest periods of varying usage intensity or asset base optimization. The peak in 2024 reflects the highest efficiency level over the period.
Overall, the data indicates robust revenue growth accompanied by strategic asset management, reflected in fluctuating but generally improving fixed asset turnover efficiency.
Total Asset Turnover
Philip Morris International Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | ||||||
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
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues exhibited a consistent upward trend over the five-year period. Beginning at 28,694 million US dollars in 2020, revenues increased steadily each year, reaching 31,405 million in 2021 and 31,762 million in 2022. The growth accelerated in 2023, with revenues rising to 35,174 million, and further to 37,878 million in 2024. This indicates strong top-line growth and suggests effective sales performance or market expansion during this time.
- Total Assets
- Total assets showed more volatility compared to net revenues. The asset base declined from 44,815 million in 2020 to 41,290 million in 2021, indicating a contraction in asset holdings or possible asset disposals. However, assets surged significantly in 2022 to 61,681 million and continued growing to 65,304 million in 2023. In 2024, assets decreased slightly to 61,784 million, yet remained substantially higher than in 2020-2021. This pattern suggests large asset acquisitions or investments occurred in 2022 and 2023, with a slight reduction in 2024.
- Total Asset Turnover
- The total asset turnover ratio, which measures how efficiently assets generate revenues, fluctuated during the period. It increased from 0.64 in 2020 to 0.76 in 2021, reflecting improved asset utilization. However, the ratio dropped sharply to 0.51 in 2022, coinciding with the large increase in assets but relatively modest revenue growth. The ratio slightly improved to 0.54 in 2023 and further to 0.61 in 2024, indicating a gradual recovery in asset efficiency but still below the peak of 2021. Overall, this suggests that while the asset base expanded considerably, the company’s ability to generate revenue per unit of asset was temporarily less efficient after 2021.
Equity Turnover
Philip Morris International Inc., equity turnover 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 revenues | ||||||
| Total PMI stockholders’ deficit | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Staples | ||||||
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
Equity turnover = Net revenues ÷ Total PMI stockholders’ deficit
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibited a positive growth trajectory over the five-year period. Starting at US$28,694 million in 2020, revenues increased annually, reaching US$31,405 million in 2021 and US$31,762 million in 2022. This upward trend accelerated in 2023 with net revenues climbing to US$35,174 million, and further to US$37,878 million by the end of 2024. The consistent increase suggests strengthened market performance and potentially successful operational or strategic initiatives that enhanced sales or pricing power.
- Total PMI Stockholders’ Deficit
- The total stockholders’ deficit showed a fluctuating but overall worsening pattern over the same period. Beginning with a deficit of US$12,567 million in 2020, the deficit narrowed to US$10,106 million in 2021 and continued to decrease to US$8,957 million in 2022, indicating some improvement or partial reduction in negative equity. However, this trend reversed in 2023, with the deficit expanding again to US$11,225 million, and further enlarging to US$11,750 million in 2024. This reversal may be attributable to factors such as accumulated losses, dividend payments exceeding net income, share repurchases, or other equity-reducing activities, indicating ongoing capital structure challenges despite rising revenues.
- Equity Turnover
- No data was available for the equity turnover ratio throughout the observed years, precluding analysis of asset efficiency relative to equity or the firm's ability to generate sales from equity investment.