Common-Size Balance Sheet: Assets
Quarterly Data
Philip Morris International Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
A significant structural shift in asset composition is evident between September 30, 2022, and December 31, 2022. The asset profile transitioned from a balanced distribution between current and noncurrent assets to one heavily weighted toward noncurrent assets, specifically intangible assets and goodwill. This transition indicates a substantial expansion of the balance sheet, likely driven by a major acquisition or strategic investment during the fourth quarter of 2022.
- Liquidity and Current Asset Trends
- Current assets as a percentage of total assets experienced a sharp decline from a peak of 46.75% in September 2022 to 31.81% by December 2022. While there is a slight recovery toward 38.09% by June 2026, the overall liquidity profile remains lower than the 2021-2022 period. Cash and cash equivalents followed a similar trajectory, falling from a range of 9.80% to 13.18% in the early period to a stabilized range between 4% and 8% from 2023 onward.
- Inventory and Working Capital Management
- Inventories have seen a consistent downward trend in their proportion of total assets, decreasing from 22.66% in March 2021 to approximately 16.75% by June 2026. This reduction is primarily driven by a decrease in finished products, which dropped from 13.35% to roughly 9%. Leaf tobacco and other raw materials have remained relatively stable, fluctuating within small margins, suggesting a more lean approach to inventory management relative to the growing total asset base.
- Intangible Assets and Goodwill Expansion
- The most pronounced change occurs in the noncurrent asset category. Goodwill surged from 15.05% in September 2022 to 31.87% in December 2022, maintaining a level around 24-25% through 2026. Simultaneously, other intangible assets increased from approximately 5-6% in 2021 to a peak of 18.50% in June 2024. This shift reflects a fundamental change in the company's asset base, moving away from tangible operational assets toward capitalized intellectual property and acquisition-related premiums.
- Fixed Assets and Long-term Investments
- Net property, plant, and equipment (PP&E) decreased as a percentage of total assets from approximately 14-15% in 2021 to a range of 11-12% post-2022. This decline is not necessarily indicative of divestment but rather the dilution of tangible assets relative to the increase in intangible assets. Equity investments show a steady and persistent decline, falling from 11.65% in March 2021 to 3.12% by June 2026, suggesting a strategic reallocation of capital away from external equity holdings.
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