Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

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Common-Size Balance Sheet: Assets

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Philip Morris International Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Cash and cash equivalents
Trade receivables, less allowances
Other receivables, less allowances
Inventories
Other current assets
Current assets
Property, plant and equipment, less accumulated depreciation
Goodwill
Other intangible assets, net
Equity investments
Deferred income taxes
Other assets, less allowances
Noncurrent assets
Total assets

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).

Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets shows a clear declining trend from 16.24% in 2020 to a low of 4.69% in 2023, followed by a slight recovery to 6.82% in 2024. This pattern suggests a decrease in liquid assets over the observed period, with some replenishment toward the end.
Trade Receivables, Less Allowances
This category exhibits moderate fluctuations, increasing from 6.48% in 2020 to 7.56% in 2021, then steadily declining to 5.3% in 2023, before rising again to 6.13% in 2024. The variability implies some changes in credit policies or sales terms impacting receivables management.
Other Receivables, Less Allowances
The share of other receivables remains relatively stable, hovering around 1.9% to 1.4% of total assets, with a slight downward trend over the years. This consistency indicates limited variation in this category's contribution to asset composition.
Inventories
Inventory levels as a percentage of total assets experience a noticeable decrease from 21.4% in 2020 to 15.3% in 2024, with a minor increase between 2022 and 2023. This decline may reflect improved inventory turnover or changes in operational strategy.
Other Current Assets
The proportion of other current assets fluctuates, initially decreasing to 1.36% in 2021, then increasing to 2.96% by 2024. This can indicate shifts in short-term asset composition or recognition of additional asset categories.
Current Assets
Current assets consistently decline as a percentage of total assets from 47.96% in 2020 to a low of 30.25% in 2023, with a slight rebound to 32.65% in 2024. This trend aligns with reductions in cash, inventories, and trade receivables, suggesting a strategic shift toward less liquidity or more long-term asset focus.
Property, Plant, and Equipment (Net)
This asset class decreases from 14.2% in 2020 to 10.88% in 2022, followed by a mild increase to 11.83% in 2024. The initial decline and subsequent recovery may reflect asset disposals or capital expenditure cycles.
Goodwill
Goodwill shows a marked increase from 13.31% in 2020 to a peak of 31.87% in 2022, then decreases to 26.87% in 2024. The significant rise indicates acquisitions or revaluations, while the subsequent decline may represent asset write-downs or amortization effects.
Other Intangible Assets, Net
There is a clear upward trend in other intangible assets, rising steadily from 4.51% in 2020 to 18.33% in 2024. This growth suggests increased capitalization of intangible assets, possibly linked to brand value, patents, or technology.
Equity Investments
Equity investments as a percentage of total assets diminish notably over the years, from 10.71% in 2020 to 4.3% in 2024. This decline could suggest divestments or decreased emphasis on equity holdings.
Deferred Income Taxes
Deferred income taxes decrease from 3.15% in 2020 to 0.98% in 2022, then rise slightly to 1.52% in 2024. The fluctuation reflects changes in timing differences between accounting and tax treatments.
Other Assets, Less Allowances
Other assets maintain a consistent proportion around 6.17% initially, rise to 8.65% in 2023, followed by a sharp decline to 4.5% in 2024. This variability indicates adjustments in miscellaneous asset balances or reclassification.
Noncurrent Assets
Noncurrent assets steadily increase from 52.04% in 2020 to a peak of 69.75% in 2023, then slightly decrease to 67.35% in 2024. This shift highlights an increasing investment focus on long-term assets over the analyzed period, complementing the decline in current assets.
Total Assets
Total assets are used as the base reference and consistently represent 100% throughout all periods.