Analysis of Inventory
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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
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Inventory Disclosure
Philip Morris International Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Leaf tobacco | |||||||||||
| Other raw materials | |||||||||||
| Finished product | |||||||||||
| Inventories |
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).
The annual financial data reveals notable fluctuations in inventory components over the observed five-year period. Specifically, the leaf tobacco inventory exhibits a downward trend from 2020 through 2021, decreasing from 2,063 million US dollars to 1,642 million US dollars. This is followed by a gradual recovery in subsequent years, reaching 2,080 million US dollars by 2024, which surpasses the initial 2020 level.
Other raw materials show a different pattern, with a relatively stable amount between 2020 and 2021 at approximately 1,700 million US dollars. Thereafter, a marked increase is observed, peaking at 2,293 million US dollars in 2023 before experiencing a slight decline to 2,261 million US dollars in 2024. This indicates a strategic increase in raw material stock, potentially in anticipation of production demands.
The finished product inventories display considerable volatility. There is a decline from 5,816 million US dollars in 2020 to 5,426 million US dollars in 2021, followed by an increase peaking at 6,539 million US dollars in 2023. However, a sharp decrease to 5,112 million US dollars occurs in 2024, representing a substantial reduction from the prior year and the lowest level in the recorded period. This suggests possible changes in production output or sales dynamics affecting finished goods stock levels.
Total inventories, aggregating the inventory categories, follow a similar pattern marked by initial decline from 9,591 million US dollars in 2020 to 8,720 million US dollars in 2021. Then, a steady increase is noted through 2023, reaching a peak at 10,774 million US dollars before decreasing to 9,453 million US dollars in 2024. This overall trend aligns closely with movements in the finished product and other raw materials categories and may reflect broader inventory management and operational adjustments over the timeframe.