Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Philip Morris International Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2008
- Return on Assets (ROA) since 2008
- Price to Earnings (P/E) since 2008
- Price to Book Value (P/BV) since 2008
- Aggregate Accruals
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Philip Morris International Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
The capital structure is characterized by a persistent stockholders' deficit and a high reliance on liabilities to fund assets. Total liabilities consistently exceed 100% of the total liabilities and stockholders' deficit, indicating that the company operates with negative equity throughout the analyzed period.
- Current Liabilities Trends
- Current liabilities exhibited significant volatility, peaking at 51.02% in September 2022 before trending downward to a range between 33.94% and 43.16% in subsequent years. Accrued liabilities represent a substantial portion of this category, although their weight decreased from a high of 28.76% in December 2021 to approximately 18.96% by March 2026. Short-term borrowings show extreme fluctuations, frequently dropping to near-zero levels before spiking, as seen in the 8.26% peak in March 2026.
- Noncurrent Liabilities and Long-Term Debt
- Noncurrent liabilities constitute the majority of the funding structure, generally fluctuating between 65.91% and 85.83%. Long-term debt, excluding the current portion, is the primary driver of this segment. After a period of decline from 68.53% in March 2021 to a low of 53.45% in September 2022, long-term debt rebounded and stabilized between 63.57% and 68.41% from 2023 through early 2026. This suggests a strategic shift toward long-term debt obligations to maintain the capital base.
- Stockholders' Deficit Analysis
- The total stockholders' deficit has remained negative across all quarters, though it showed signs of narrowing from a peak deficit of -29.01% in March 2021 to -10.59% by March 2026. This deficit is primarily driven by the cost of repurchased stock, which represents a massive negative offset. A notable shift occurred in December 2022, where the weight of earnings reinvested in the business dropped from approximately 80% to 55%, while the cost of repurchased stock similarly shifted from roughly -86% to -58%. Accumulated other comprehensive losses also contribute consistently to the deficit, averaging between -14% and -27%.
- Liquidity and Obligation Patterns
- The current portion of long-term debt demonstrates a cyclical pattern, with periodic increases that suggest staggered debt maturity schedules. These peaks, reaching as high as 10.13% in June 2022 and 9.77% in March 2024, indicate concentrated periods of refinancing or repayment requirements. Meanwhile, dividends payable have remained relatively stable, hovering between 3.10% and 4.89% of the total structure, suggesting a consistent approach to shareholder distributions despite the negative equity position.
Overall, the financial profile reveals a company that utilizes aggressive share buybacks and high leverage. The transition observed in late 2022 suggests a rebalancing of the equity components, while the long-term debt levels remain the dominant source of financing for the organization.