Common-Size Income Statement
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Philip Morris International Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2008
- Net Profit Margin 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 income statement
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).
- Gross profit and cost of sales trends
- Gross profit as a percentage of net revenues initially increased from 66.65% in 2020 to 68.06% in 2021, followed by a decline to 63.35% in 2023, with a slight recovery to 64.81% in 2024. This variation is mirrored by fluctuations in the cost of sales, which decreased from -33.35% to -31.94% in 2021, then rose sharply to -36.65% in 2023, before a modest improvement to -35.19% in 2024. The data suggests increasing pressure on cost of sales post-2021, adversely affecting gross profit margins.
- Operating expenses and impairment impacts
- Marketing, administration, and research costs as a proportion of net revenues showed an upward trend, rising from -25.99% in 2020 to -29.43% in 2024. An impairment of goodwill only appears in 2023 at -1.89%, implying a one-off non-cash charge that contributed to operating expense growth during that period. Operating income correspondingly declined from 40.66% in 2020 to a low of 32.85% in 2023, before recovering slightly to 35.38% in 2024, indicating reduced operating efficiency and increased expense burden over time.
- Interest income and expense
- Interest expense as a percentage of net revenues increased notably between 2020 and 2024, from -2.54% to -4.65%, while interest income rose from 0.38% to 1.64% over the same period. Net interest expense decreased slightly from -2.15% in 2020 to -1.85% in 2022 but increased substantially again to -3.02% in both 2023 and 2024. This dynamic reflects higher financing costs prevailing in recent years, partially offset by increased interest income.
- Pension and other employee benefit costs
- These costs remained relatively low and stable, fluctuating narrowly between -0.08% and -0.37% of net revenues across the specified years, signaling minimal impact on overall profitability from this category.
- Earnings before income taxes and provision for income taxes
- Earnings before income taxes declined from 38.17% in 2020 to 29.71% in 2023, followed by slight recovery to 32.21% in 2024. Income tax provision as a percentage of net revenues exhibited a downward trend from -8.28% in 2020 to -6.65% in 2023, before increasing to -7.97% in 2024. The reduction in the tax burden through 2023 partially mitigated the decline in pre-tax earnings, but the increase in 2024 contributed to further pressure on net profitability.
- Equity investments and impairments
- Equity investments and securities income steadily increased from 0.06% to 1.68% of net revenues over the five-year span, highlighting growing income from these sources. However, there was a significant impairment related to the RBH equity investment recorded in 2024 at -6.11%, which negatively impacted overall earnings that year.
- Net earnings and attributable earnings trends
- Net earnings as a percentage of net revenues decreased from 29.94% in 2020 to 19.81% in 2024. Correspondingly, net earnings attributable to the company declined from 28.08% to 18.63%. Notably, the decline in profitability accelerated from 2022 onwards, coinciding with increases in costs, impairments, and interest expenses. Earnings attributable to noncontrolling interests showed a gradual reduction from -1.87% to -1.18%, suggesting greater retention of earnings within the company.