Common-Size Balance Sheet: Assets
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Philip Morris International Inc. pages available for free this week:
- 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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Philip Morris International Inc., common-size consolidated balance sheet: assets
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).
The composition of assets exhibited notable shifts between 2021 and 2025. A significant restructuring occurred within both current and noncurrent asset categories, with changes in the relative proportions of individual components. Overall, the balance shifted from a higher proportion of current assets in 2021 to a greater emphasis on noncurrent assets initially, then a slight return towards current assets by 2025.
- Liquidity and Current Assets
- Current assets as a percentage of total assets decreased substantially from 42.91% in 2021 to 31.81% in 2022, before stabilizing and increasing to 35.21% in 2025. This initial decline was driven by reductions in several current asset components. Cash and cash equivalents experienced a marked decrease from 10.89% to 5.20% between 2021 and 2022, with a modest recovery to 7.04% by 2025. Inventories, representing a substantial portion of current assets, decreased from 21.12% in 2021 to 16.03% in 2022, and fluctuated around 16-17% through 2025. Trade receivables also showed a declining trend, decreasing from 7.56% to 6.61% over the period. Other current assets increased significantly in 2022, then stabilized and continued to increase slightly.
- Long-Term Investments and Intangibles
- Noncurrent assets increased as a percentage of total assets from 57.09% in 2021 to a peak of 69.75% in 2023, before decreasing to 64.79% in 2025. Goodwill experienced a substantial increase from 16.18% in 2021 to 31.87% in 2022, followed by a decline to 24.95% in 2025. Other intangible assets demonstrated a consistent upward trend from 6.82% in 2021 to 18.33% in 2024, before decreasing to 15.73% in 2025. Equity investments decreased significantly from 10.81% in 2021 to 4.18% in 2025. Property, plant, and equipment remained relatively stable, fluctuating between 10.88% and 12.14% of total assets.
- Other Asset Movements
- Other receivables remained relatively stable, with a slight increase from 1.98% to 1.79% over the period. Deferred income taxes decreased from 2.17% in 2021 to 0.98% in 2022, then showed a modest recovery to 1.80% in 2025. Other assets experienced volatility, increasing from 6.17% in 2021 to 8.65% in 2023, then decreasing to 5.98% in 2025.
The observed shifts suggest a strategic reallocation of assets, with a notable initial increase in intangible assets and goodwill, followed by a reduction in equity investments and a stabilization of property, plant, and equipment. The fluctuations in current assets indicate potential changes in working capital management or operational cycles.