Philip Morris International Inc. (PM)

Ratios (Summary)

Philip Morris International Inc., liquidity ratios

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Current ratio	0.97	1.00	1.07	1.31	1.47
Quick ratio	0.39	0.39	0.37	0.41	0.43
Cash ratio	0.18	0.17	0.13	0.14	0.15

Source: Based on data from Philip Morris International Inc. Annual Reports

Ratio	Description	The company
Current ratio	A liquidity ratio calculated as current assets divided by current liabilities.	Philip Morris International Inc.'s current ratio deteriorated from 2010 to 2011 and from 2011 to 2012.
Quick ratio	A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities.	Philip Morris International Inc.'s quick ratio improved from 2010 to 2011 but then slightly deteriorated from 2011 to 2012.
Cash ratio	A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities.	Philip Morris International Inc.'s cash ratio improved from 2010 to 2011 and from 2011 to 2012.

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data (USD $ in millions)
Current assets	16,590	14,859	13,756	14,682	14,939
Current liabilities	17,016	14,794	12,804	11,178	10,144
Current Ratio, Comparison to Industry
Philip Morris International Inc.¹	0.97	1.00	1.07	1.31	1.47
Industry, Consumer Goods	1.10	1.10	1.20	1.10	1.07

Source: Based on data from Philip Morris International Inc. Annual Reports

2012 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= 16,590 ÷ 17,016 = 0.97

Ratio	Description	The company
Current ratio	A liquidity ratio calculated as current assets divided by current liabilities.	Philip Morris International Inc.'s current ratio deteriorated from 2010 to 2011 and from 2011 to 2012.

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data (USD $ in millions)
Cash and cash equivalents	2,983	2,550	1,703	1,540	1,531
Receivables, less allowances	3,589	3,201	3,009	3,098	2,848
Total quick assets	6,572	5,751	4,712	4,638	4,379
Current liabilities	17,016	14,794	12,804	11,178	10,144
Quick Ratio, Comparison to Industry
Philip Morris International Inc.¹	0.39	0.39	0.37	0.41	0.43
Industry, Consumer Goods	0.74	0.75	0.82	0.70	0.69

Source: Based on data from Philip Morris International Inc. Annual Reports

2012 Calculations

¹ Quick ratio = Total quick assets ÷ Current liabilities
= 6,572 ÷ 17,016 = 0.39

Ratio	Description	The company
Quick ratio	A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities.	Philip Morris International Inc.'s quick ratio improved from 2010 to 2011 but then slightly deteriorated from 2011 to 2012.

	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Selected Financial Data (USD $ in millions)
Cash and cash equivalents	2,983	2,550	1,703	1,540	1,531
Total cash assets	2,983	2,550	1,703	1,540	1,531
Current liabilities	17,016	14,794	12,804	11,178	10,144
Cash Ratio, Comparison to Industry
Philip Morris International Inc.¹	0.18	0.17	0.13	0.14	0.15
Industry, Consumer Goods	0.30	0.33	0.35	0.28	0.23

Source: Based on data from Philip Morris International Inc. Annual Reports

2012 Calculations

¹ Cash ratio = Total cash assets ÷ Current liabilities
= 2,983 ÷ 17,016 = 0.18

Ratio	Description	The company
Cash ratio	A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities.	Philip Morris International Inc.'s cash ratio improved from 2010 to 2011 and from 2011 to 2012.