Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

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Common-Size Balance Sheet: Assets
Quarterly Data

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Philip Morris International Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents
Trade receivables, less allowances
Other receivables, less allowances
Leaf tobacco
Other raw materials
Finished product
Inventories
Other current assets
Current assets
Property, plant and equipment, at cost
Accumulated depreciation
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-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 the asset composition occurred between September 30, 2022, and December 31, 2022, marking a transition from a relatively balanced asset mix to one heavily weighted toward noncurrent assets. Prior to this period, current assets represented approximately 43% to 47% of total assets; however, following the shift, this proportion decreased and stabilized between 30% and 37% through March 31, 2026.

Noncurrent Asset Expansion
Noncurrent assets increased from an average of approximately 55% in 2021 to a range of 63% to 69% starting in late 2022. This expansion was primarily driven by a sharp increase in goodwill, which jumped from 15.05% in September 2022 to 31.87% in December 2022. While goodwill later moderated to approximately 24.77% by March 2026, other intangible assets showed a sustained upward trajectory, rising from roughly 5% in 2021 to peak at 18.50% in June 2024, indicating a strategic shift toward the acquisition or development of intangible value.
Liquidity and Cash Position
Cash and cash equivalents exhibited a notable decline in their relative weight within the balance sheet. From a peak of 13.18% in September 2022, the proportion dropped sharply to 5.20% by December 2022 and generally fluctuated between 4% and 8% in subsequent quarters. A similar trend is observed in trade receivables, which decreased from a high of 9.48% in September 2022 to a lower range of 6% to 7% in the later periods.
Inventory Trends
A consistent long-term reduction in the proportion of assets held as inventories is evident. Total inventories declined from 22.66% in March 2021 to approximately 16.53% by March 2026. This contraction is most pronounced in finished products, which fell from 13.35% to approximately 9.22%, suggesting improvements in inventory turnover or a lean manufacturing adjustment over the observed period.
Fixed Assets and Investments
Net property, plant, and equipment decreased from roughly 15% of total assets in 2021 to a stabilized range of 11% to 12% after December 2022. Simultaneously, equity investments showed a steady decline, falling from 11.65% in March 2021 to 3.60% by March 2026, indicating a divestment from equity holdings in favor of other asset classes or operational acquisitions.

The overall trend indicates a strategic reallocation of capital, moving away from liquid current assets and equity investments toward long-term intangible assets and goodwill. The balance sheet evolved from a model with higher working capital requirements to one characterized by a dominant noncurrent asset base.