Common-Size Balance Sheet: Assets
Quarterly Data
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Philip Morris International Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2008
- Current Ratio since 2008
- Debt to Equity since 2008
- Price to Operating Profit (P/OP) since 2008
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Philip Morris International Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cash and cash equivalents
- Cash and cash equivalents as a percentage of total assets initially rose from 9.99% in March 2020 to a peak of 16.24% in December 2020. Subsequently, there was a decline with fluctuations, reaching a low of 3.91% in June 2023 before stabilizing around 6% by mid-2025.
- Trade receivables, less allowances
- This item showed moderate variation over the period, fluctuating mostly between about 5.3% and 9.5%. It peaked around 9.48% in September 2022 before declining and then slightly increasing again in later quarters.
- Other receivables, less allowances
- Other receivables remained relatively stable, ranging between approximately 1.3% and 2.2%, without significant trend changes throughout the observed periods.
- Leaf tobacco
- The proportion of leaf tobacco to total assets declined steadily from a high of over 5.3% in early 2020 to roughly around 3.2% by the end of the observed periods, indicating a consistent reduction in this inventory component.
- Other raw materials
- Other raw materials exhibited a downward trend from about 5.75% at the start to near 3.3%-4.1% in the later years, with some volatility but a general declining trajectory overall.
- Finished product
- The share of finished products within total assets decreased from around 13% initially to roughly 8%-10% toward the latest quarters, reflecting a reduction in finished goods inventory relative to total assets.
- Inventories
- Total inventories showed a gradual declining trend from approximately 24.1% in early 2020 down to around 15%-16% in the most recent periods, indicating a reduction in overall inventory levels relative to total assets.
- Other current assets
- This category remained largely stable with minor fluctuations, generally between about 1.3% and 4.7%, with a few peaks and troughs that did not suggest sustained directional change.
- Current assets
- Current assets as a percentage of total assets showed a mild decline, starting at about 45% in 2020 and decreasing to approximately 31%-34% in more recent periods, signaling a shift toward a reduced share of current assets.
- Property, plant and equipment, at cost
- The gross value of property, plant, and equipment fluctuated slightly but generally declined from around 36.5% in early 2020 to about 25%-27% in later periods, indicating some asset base shrinkage or reclassification.
- Accumulated depreciation
- Accumulated depreciation, shown as a negative percentage, decreased in absolute terms from about -20.25% to approximately -14% in 2022, then hovered around -14% to -16% in subsequent years, signaling reduced accumulated depreciation relative to total assets.
- Property, plant and equipment, net of accumulated depreciation
- Net property, plant and equipment decreased from around 16.3% in early 2020 to close to 11%-12% in later quarters, consistent with the patterns seen in gross assets and depreciation, illustrating a declining net PPE base.
- Goodwill
- Goodwill as a percentage of total assets was relatively stable around 14%-16% early on, then nearly doubled in late 2022 reaching about 32%, followed by a decline to the mid-20% range. This suggests a significant acquisition or revaluation event followed by later adjustments.
- Other intangible assets, net
- Other intangible assets increased notably in late 2022 onward from roughly 5% to as much as about 18%, indicating growing intangible asset recognition, possibly due to acquisitions or internally developed assets.
- Equity investments
- Equity investments declined from around 11.7% in 2020 to approximately 4%-7% in the most recent periods, showing a downward trend that could reflect divestments or valuation changes.
- Deferred income taxes
- This item gradually decreased from close to 3% in early 2020 to around 1% by late 2022, then stabilized between 1% and 2%, indicating changes in the tax asset/liability balances relative to total assets.
- Other assets, less allowances
- Other assets showed relatively minor fluctuations, maintaining a range mostly between 4% and 8%, with no strong directional trend over time.
- Noncurrent assets
- Noncurrent assets comprised around 55%-57% of total assets for most of the initial periods, spiking significantly to near 69% in late 2022 and remaining elevated near this level thereafter, reflecting a structural shift toward greater noncurrent asset weight within the balance sheet.
- Total assets
- Total assets were consistently normalized to 100%, serving as the basis for all ratio calculations.