Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Analysis of Profitability Ratios 
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

Philip Morris International Inc., profitability ratios (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Return on Sales
Gross profit margin 64.08% 63.88% 63.70% 63.35% 63.12% 62.58% 63.07% 64.10% 65.32% 66.49% 67.17% 68.06% 68.14% 68.02% 67.59% 66.65% 66.25% 65.83% 65.41% 64.73%
Operating profit margin 35.01% 34.97% 33.02% 32.85% 33.81% 33.73% 36.46% 38.56% 38.69% 40.11% 40.64% 41.32% 42.07% 42.31% 42.31% 40.66% 38.91% 37.09% 37.31% 35.33%
Net profit margin 26.42% 24.15% 22.16% 22.21% 23.38% 24.26% 27.20% 28.49% 27.57% 28.56% 28.58% 29.00% 29.25% 29.51% 29.69% 28.08% 26.57% 24.98% 25.35% 24.11%
Return on Investment
Return on equity (ROE)
Return on assets (ROA) 14.70% 13.38% 12.20% 11.96% 12.74% 13.01% 14.04% 14.67% 21.48% 22.18% 21.62% 22.06% 21.62% 21.81% 21.73% 17.98% 19.67% 18.60% 20.42% 16.76%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Philip Morris International Inc. gross profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Philip Morris International Inc. operating profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Philip Morris International Inc. net profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Philip Morris International Inc. ROA improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Gross Profit Margin

Philip Morris International Inc., gross profit margin calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Gross profit 6,545 6,123 5,598 5,585 5,976 5,739 4,981 4,941 5,097 5,184 5,138 5,297 5,526 5,241 5,311 4,872 5,030 4,472 4,751 4,935 5,037 5,034 4,286
Net revenues 9,911 9,468 8,793 9,047 9,141 8,967 8,019 8,152 8,032 7,832 7,746 8,104 8,122 7,594 7,585 7,444 7,446 6,651 7,153 7,713 7,642 7,699 6,751
Profitability Ratio
Gross profit margin1 64.08% 63.88% 63.70% 63.35% 63.12% 62.58% 63.07% 64.10% 65.32% 66.49% 67.17% 68.06% 68.14% 68.02% 67.59% 66.65% 66.25% 65.83% 65.41% 64.73%
Benchmarks
Gross Profit Margin, Competitors2
Altria Group Inc. 59.38% 58.87% 58.48% 58.34% 58.06% 57.43% 56.98% 56.77% 55.67% 55.06% 54.48% 53.79% 53.04% 52.53% 51.96% 49.80% 50.13% 49.79% 49.43% 50.62%
Coca-Cola Co. 60.43% 60.53% 59.98% 59.52% 59.14% 58.52% 58.09% 58.14% 58.49% 58.89% 60.27% 60.27% 60.72% 60.61% 59.42% 59.31% 59.90% 60.04% 60.66% 60.77%
PepsiCo Inc. 54.68% 54.44% 54.13% 54.21% 53.93% 53.58% 53.28% 53.03% 53.03% 53.13% 53.20% 53.35% 53.87% 54.23% 54.65% 54.82% 55.19% 55.28% 55.15% 55.13%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Gross profit margin = 100 × (Gross profitQ3 2024 + Gross profitQ2 2024 + Gross profitQ1 2024 + Gross profitQ4 2023) ÷ (Net revenuesQ3 2024 + Net revenuesQ2 2024 + Net revenuesQ1 2024 + Net revenuesQ4 2023)
= 100 × (6,545 + 6,123 + 5,598 + 5,585) ÷ (9,911 + 9,468 + 8,793 + 9,047) = 64.08%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Philip Morris International Inc. gross profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Operating Profit Margin

Philip Morris International Inc., operating profit margin calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Operating income 3,654 3,444 3,045 2,889 3,370 2,566 2,731 2,924 2,968 3,056 3,298 2,947 3,455 3,129 3,444 2,905 3,243 2,731 2,789 2,506 2,788 3,187 2,050
Net revenues 9,911 9,468 8,793 9,047 9,141 8,967 8,019 8,152 8,032 7,832 7,746 8,104 8,122 7,594 7,585 7,444 7,446 6,651 7,153 7,713 7,642 7,699 6,751
Profitability Ratio
Operating profit margin1 35.01% 34.97% 33.02% 32.85% 33.81% 33.73% 36.46% 38.56% 38.69% 40.11% 40.64% 41.32% 42.07% 42.31% 42.31% 40.66% 38.91% 37.09% 37.31% 35.33%
Benchmarks
Operating Profit Margin, Competitors2
Altria Group Inc. 46.44% 46.14% 47.10% 47.16% 46.99% 46.58% 47.31% 47.49% 46.89% 45.82% 45.44% 44.44% 43.77% 44.01% 43.46% 41.57% 41.46% 41.04% 40.34% 41.12%
Coca-Cola Co. 20.61% 22.20% 21.89% 24.72% 24.68% 24.76% 24.99% 25.37% 24.81% 24.96% 27.39% 26.67% 29.03% 28.49% 27.93% 27.25% 26.36% 26.29% 26.98% 27.06%
PepsiCo Inc. 13.40% 13.54% 13.14% 13.10% 12.14% 11.60% 10.08% 13.33% 15.85% 15.96% 17.46% 14.04% 14.90% 15.12% 14.68% 14.32% 14.52% 14.48% 14.98% 15.32%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Operating profit margin = 100 × (Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024 + Operating incomeQ4 2023) ÷ (Net revenuesQ3 2024 + Net revenuesQ2 2024 + Net revenuesQ1 2024 + Net revenuesQ4 2023)
= 100 × (3,654 + 3,444 + 3,045 + 2,889) ÷ (9,911 + 9,468 + 8,793 + 9,047) = 35.01%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Philip Morris International Inc. operating profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Net Profit Margin

Philip Morris International Inc., net profit margin calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 3,082 2,406 2,148 2,196 2,054 1,568 1,995 2,397 2,087 2,233 2,331 2,093 2,426 2,172 2,418 1,976 2,307 1,947 1,826 1,616 1,896 2,319 1,354
Net revenues 9,911 9,468 8,793 9,047 9,141 8,967 8,019 8,152 8,032 7,832 7,746 8,104 8,122 7,594 7,585 7,444 7,446 6,651 7,153 7,713 7,642 7,699 6,751
Profitability Ratio
Net profit margin1 26.42% 24.15% 22.16% 22.21% 23.38% 24.26% 27.20% 28.49% 27.57% 28.56% 28.58% 29.00% 29.25% 29.51% 29.69% 28.08% 26.57% 24.98% 25.35% 24.11%
Benchmarks
Net Profit Margin, Competitors2
Altria Group Inc. 42.82% 42.25% 34.81% 33.21% 35.58% 27.39% 22.44% 22.97% 18.61% 6.88% 11.64% 9.51% 10.65% 17.22% 16.80% 17.08% 2.84% -3.57% -3.33% -5.15%
Coca-Cola Co. 22.45% 22.92% 23.41% 23.42% 23.92% 23.81% 22.69% 22.19% 23.44% 23.16% 25.69% 25.28% 23.31% 22.19% 21.59% 23.47% 24.90% 26.77% 26.95% 23.94%
PepsiCo Inc. 10.18% 10.34% 10.00% 9.92% 9.05% 8.76% 7.48% 10.31% 11.61% 11.28% 12.57% 9.59% 10.62% 11.01% 10.51% 10.12% 10.27% 10.13% 10.62% 10.89%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Net profit margin = 100 × (Net earnings attributable to PMIQ3 2024 + Net earnings attributable to PMIQ2 2024 + Net earnings attributable to PMIQ1 2024 + Net earnings attributable to PMIQ4 2023) ÷ (Net revenuesQ3 2024 + Net revenuesQ2 2024 + Net revenuesQ1 2024 + Net revenuesQ4 2023)
= 100 × (3,082 + 2,406 + 2,148 + 2,196) ÷ (9,911 + 9,468 + 8,793 + 9,047) = 26.42%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Philip Morris International Inc. net profit margin ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Return on Equity (ROE)

Philip Morris International Inc., ROE calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 3,082 2,406 2,148 2,196 2,054 1,568 1,995 2,397 2,087 2,233 2,331 2,093 2,426 2,172 2,418 1,976 2,307 1,947 1,826 1,616 1,896 2,319 1,354
Total PMI stockholders’ deficit (9,694) (9,744) (10,309) (11,225) (9,433) (9,703) (8,924) (8,957) (9,137) (9,044) (10,098) (10,106) (10,551) (11,113) (11,548) (12,567) (12,092) (11,997) (12,944) (11,577) (11,010) (11,199) (11,968)
Profitability Ratio
ROE1
Benchmarks
ROE, Competitors2
Altria Group Inc. 139.55% 148.95% 157.34% 23.38% -16.07% -13.16% -20.78%
Coca-Cola Co. 39.25% 41.19% 40.80% 41.30% 40.92% 40.40% 39.13% 39.59% 43.52% 41.60% 41.49% 42.48% 39.74% 36.31% 35.46% 40.14% 44.78% 52.56% 55.17% 46.99%
PepsiCo Inc. 48.10% 48.95% 48.22% 49.04% 44.08% 44.67% 38.62% 51.96% 51.19% 49.78% 55.85% 47.48% 51.29% 53.65% 53.75% 52.92% 52.22% 54.84% 53.76% 49.47%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
ROE = 100 × (Net earnings attributable to PMIQ3 2024 + Net earnings attributable to PMIQ2 2024 + Net earnings attributable to PMIQ1 2024 + Net earnings attributable to PMIQ4 2023) ÷ Total PMI stockholders’ deficit
= 100 × (3,082 + 2,406 + 2,148 + 2,196) ÷ -9,694 =

2 Click competitor name to see calculations.


Return on Assets (ROA)

Philip Morris International Inc., ROA calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 3,082 2,406 2,148 2,196 2,054 1,568 1,995 2,397 2,087 2,233 2,331 2,093 2,426 2,172 2,418 1,976 2,307 1,947 1,826 1,616 1,896 2,319 1,354
Total assets 66,892 65,782 65,315 65,304 62,927 61,868 62,060 61,681 40,717 40,960 41,733 41,290 41,589 40,686 39,804 44,815 39,129 39,162 37,494 42,875 41,420 39,923 38,042
Profitability Ratio
ROA1 14.70% 13.38% 12.20% 11.96% 12.74% 13.01% 14.04% 14.67% 21.48% 22.18% 21.62% 22.06% 21.62% 21.81% 21.73% 17.98% 19.67% 18.60% 20.42% 16.76%
Benchmarks
ROA, Competitors2
Altria Group Inc. 30.10% 29.54% 23.23% 21.08% 24.02% 18.35% 15.18% 15.60% 13.84% 4.77% 7.48% 6.26% 7.01% 10.24% 8.90% 9.42% 1.57% -1.82% -1.64% -2.62%
Coca-Cola Co. 9.80% 10.52% 10.85% 10.97% 11.04% 10.67% 10.13% 10.29% 10.73% 10.27% 10.96% 10.36% 9.73% 8.96% 8.02% 8.87% 8.57% 9.70% 10.65% 10.33%
PepsiCo Inc. 9.31% 9.56% 9.18% 9.03% 8.29% 8.24% 7.07% 9.67% 10.28% 9.92% 10.93% 8.25% 8.73% 8.88% 8.22% 7.66% 7.65% 7.65% 8.51% 9.31%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
ROA = 100 × (Net earnings attributable to PMIQ3 2024 + Net earnings attributable to PMIQ2 2024 + Net earnings attributable to PMIQ1 2024 + Net earnings attributable to PMIQ4 2023) ÷ Total assets
= 100 × (3,082 + 2,406 + 2,148 + 2,196) ÷ 66,892 = 14.70%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Philip Morris International Inc. ROA improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.