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.
Long-term Activity Ratios (Summary)
Philip Morris International Inc., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Philip Morris International Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Philip Morris International Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Philip Morris International Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Net Fixed Asset Turnover
Philip Morris International Inc., net fixed asset turnover 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) | ||||||
| Net revenues | 35,174) | 31,762) | 31,405) | 28,694) | 29,805) | |
| Property, plant and equipment, less accumulated depreciation | 7,516) | 6,710) | 6,168) | 6,365) | 6,631) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 4.68 | 4.73 | 5.09 | 4.51 | 4.49 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 14.82 | 15.61 | 16.75 | 13.00 | 12.56 | |
| Coca-Cola Co. | 4.95 | 4.37 | 3.90 | 3.06 | 3.44 | |
| PepsiCo Inc. | 3.38 | 3.56 | 3.55 | 3.29 | 3.48 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 4.33 | 4.39 | 4.38 | 3.90 | 4.11 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | 5.33 | 5.40 | 5.28 | 4.57 | 4.46 | |
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 fixed asset turnover = Net revenues ÷ Property, plant and equipment, less accumulated depreciation
= 35,174 ÷ 7,516 = 4.68
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Philip Morris International Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
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, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | 35,174) | 31,762) | 31,405) | 28,694) | 29,805) | |
| Property, plant and equipment, less accumulated depreciation | 7,516) | 6,710) | 6,168) | 6,365) | 6,631) | |
| Operating lease right-of-use asset (included in Other assets) | 631) | 594) | 526) | 697) | 766) | |
| Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset) | 8,147) | 7,304) | 6,694) | 7,062) | 7,397) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.32 | 4.35 | 4.69 | 4.06 | 4.03 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Coca-Cola Co. | 4.33 | 3.82 | 3.41 | 2.68 | 3.05 | |
| PepsiCo Inc. | 3.05 | 3.24 | 3.25 | 3.05 | 3.22 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Food, Beverage & Tobacco | 3.91 | 3.98 | 3.99 | 3.56 | 3.75 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | 4.64 | 4.68 | 4.57 | 3.93 | 4.35 | |
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
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)
= 35,174 ÷ 8,147 = 4.32
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Philip Morris International Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023. |
Total Asset Turnover
Philip Morris International Inc., total asset turnover 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) | ||||||
| Net revenues | 35,174) | 31,762) | 31,405) | 28,694) | 29,805) | |
| Total assets | 65,304) | 61,681) | 41,290) | 44,815) | 42,875) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.54 | 0.51 | 0.76 | 0.64 | 0.70 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 0.63 | 0.68 | 0.66 | 0.55 | 0.51 | |
| Coca-Cola Co. | 0.47 | 0.46 | 0.41 | 0.38 | 0.43 | |
| PepsiCo Inc. | 0.91 | 0.94 | 0.86 | 0.76 | 0.86 | |
| Total Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 0.65 | 0.66 | 0.66 | 0.58 | 0.62 | |
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | 1.55 | 1.51 | 1.45 | 1.35 | 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
Total asset turnover = Net revenues ÷ Total assets
= 35,174 ÷ 65,304 = 0.54
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Philip Morris International Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Equity Turnover
Philip Morris International Inc., equity turnover 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) | ||||||
| Net revenues | 35,174) | 31,762) | 31,405) | 28,694) | 29,805) | |
| Total PMI stockholders’ deficit | (11,225) | (8,957) | (10,106) | (12,567) | (11,577) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | — | — | — | — | — | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Altria Group Inc. | — | — | — | 9.21 | 4.04 | |
| Coca-Cola Co. | 1.76 | 1.78 | 1.68 | 1.71 | 1.96 | |
| PepsiCo Inc. | 4.94 | 5.04 | 4.95 | 5.23 | 4.54 | |
| Equity Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 6.63 | 6.58 | 6.42 | 6.87 | 5.61 | |
| Equity Turnover, Industry | ||||||
| Consumer Staples | 6.50 | 6.04 | 5.82 | 5.62 | 5.45 | |
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
Equity turnover = Net revenues ÷ Total PMI stockholders’ deficit
= 35,174 ÷ -11,225 = —
2 Click competitor name to see calculations.