Analysis of Inventory
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Total Asset Turnover since 2008
- Price to Operating Profit (P/OP) since 2008
- Analysis of Revenues
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Inventory Disclosure
Philip Morris International Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Leaf tobacco | |||||||||||
| Other raw materials | |||||||||||
| Finished product | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 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).
Overall inventory levels exhibited a general increasing trend from 2021 to 2025, though with some fluctuation. A closer examination of the components reveals differing patterns within each inventory category.
- Leaf Tobacco
- The value of leaf tobacco consistently increased throughout the period, rising from US$1,642 million in 2021 to US$2,425 million in 2025. This represents a substantial increase of approximately 47.7% over the five-year period, indicating a potential build-up in raw material reserves or increased costs of leaf tobacco.
- Other Raw Materials
- Other raw materials experienced an initial increase from US$1,652 million in 2021 to US$2,028 million in 2022, followed by a more moderate increase to US$2,293 million in 2023. Values then decreased slightly to US$2,261 million in 2024 before declining further to US$2,223 million in 2025. While still higher than the 2021 level, the growth in this category appears to have plateaued and even reversed in the latter years.
- Finished Product
- Finished product inventory demonstrated a significant increase from US$5,426 million in 2021 to US$6,184 million in 2022 and further to US$6,539 million in 2023. However, a notable decrease occurred in 2024, with the value falling to US$5,112 million. The value then rebounded strongly in 2025, reaching US$6,830 million, exceeding all prior levels. This suggests potential fluctuations in production levels or demand, or changes in distribution strategies.
- Total Inventories
- Total inventories increased from US$8,720 million in 2021 to US$9,886 million in 2022 and peaked at US$10,774 million in 2023. A decrease was observed in 2024, with total inventories falling to US$9,453 million. The final year, 2025, saw a substantial increase, reaching US$11,478 million, representing an overall increase of approximately 31.6% from 2021 to 2025. The increase in total inventories is largely driven by the trends in leaf tobacco and finished product.
The fluctuations in finished product inventory, coupled with the consistent rise in leaf tobacco, warrant further investigation to understand the underlying operational and market factors influencing these trends.