Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2008
- Operating Profit Margin since 2008
- Price to Earnings (P/E) since 2008
- Price to Sales (P/S) since 2008
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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: 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), 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).
- Short-term borrowings
- Short-term borrowings as a percentage of total liabilities and stockholders' deficit fluctuated over the periods. An initial decrease was observed from early 2020 to mid-2020, followed by a marked increase peaking near the end of 2022. Subsequently, a notable decline occurred in 2023 and early 2024, with minor rises toward late 2024 and mid-2025.
- Current portion of long-term debt
- This category showed variability, with percentages oscillating between 3.06% and 10.13%. Periods of increase were interspersed with declines, with a pronounced peak in mid-2022 and again near mid-2025, indicating refinancing or repayment timing differences.
- Accounts payable
- Accounts payable maintained a relatively stable proportion, generally fluctuating between 5% and 8%. An upward trend was noted from early 2020 through 2021, followed by a downward adjustment in the last quarters of 2022 and early 2023, then stabilization near historical averages.
- Marketing and selling
- The ratio for marketing and selling expenses displayed slight seasonal variations, mostly ranging between approximately 1% and 2%. There was a decreasing trend around late 2022 and early 2023, with a gradual recovery towards late 2025, indicating shifts in marketing investment levels.
- Taxes, except income taxes
- These taxes showed some volatility, ranging from about 7.9% up to 15.3%. A peak was observed in late 2020 and early 2021, followed by a downward adjustment and further fluctuations, suggesting varying tax obligations or classification changes across periods.
- Employment costs
- Employment costs as a percentage demonstrated moderate variability. The shorter-term measure fluctuated roughly between 1.3% and 2.8%, while a broader employment cost category ranged from approximately 3.0% to 10.5%, with a general declining trend after 2021 but some upticks in 2024 and 2025.
- Dividends payable
- This item remained relatively consistent, hovering close to 3% to 5% of total liabilities and stockholders’ deficit, with a slight downward trajectory beginning in 2021 and relatively stable levels thereafter.
- Accrued liabilities
- Accrued liabilities composed a significant portion of total liabilities, generally ranging from approximately 18% to 28%. A declining trend was present from early 2020 through most of 2022, followed by some recovery and moderate fluctuations through 2025.
- Income taxes
- Income taxes as a percentage were relatively low, mostly between 1.1% and 2.5%. Fluctuations displayed no clear trend but showed modest declines into early 2023 and slight increases afterward.
- Current liabilities
- Current liabilities showed notable oscillations, generally between 34% and 50%. A peak occurred around mid-2022, followed by a decline in early 2023, and moderate recovery in subsequent periods, reflecting changes in working capital or short-term obligations.
- Long-term debt, excluding current portion
- Long-term debt consistently represented a large proportion of total liabilities, ranging from about 53% to nearly 69%. A downward trend began in 2020 reaching the lowest levels in 2022, followed by some increases and minor declines, indicating debt structure adjustments over time.
- Deferred income taxes
- Deferred income taxes percentages varied between approximately 1.2% and 4.6%, with a general increase from 2020 through 2023, peaking in late 2023 before moderate declines, which may imply changes in tax timing or deferred tax assets/liabilities.
- Other liabilities
- Other liabilities remained low relative to total liabilities, fluctuating broadly between 1.8% and 6.9%, with a downward trend in 2022 and early 2023 and slight recovery afterward, reflecting variability in miscellaneous obligations.
- Noncurrent liabilities
- Noncurrent liabilities made up a significant majority of the liabilities base, usually between 65% and 86%. A peak was observed early in the timeline, followed by a decline through 2022, and a recovery to higher levels in later periods, consistent with shifts in debt maturity profiles.
- Total liabilities
- Total liabilities as a proportion of total liabilities and stockholders' deficit were generally between 110% and 130%, indicating a persistent stockholders’ deficit, with a slow declining trend from 2020 through early 2023 and some stabilization thereafter.
- Additional paid-in capital
- Additional paid-in capital was relatively stable, ranging from 3.3% to 5.4%, with a slight downward tendency post-2021, signifying limited changes in capital contributions or equity issuances over the period.
- Earnings reinvested in the business
- This component consistently comprised the largest portion of equity-related items, roughly between 50% and 83%. A notable decline occurred in late 2022, which partially stabilized at lower levels compared to earlier periods. This reflects retained earnings trends affected by net income fluctuations and distributions.
- Accumulated other comprehensive losses
- Accumulated other comprehensive losses remained negative throughout, generally between -15% and -29%, with a gradual reduction in magnitude observed after 2021, signaling improvements in comprehensive income components or changes in foreign currency impacts.
- Cost of repurchased stock
- The cost of repurchased stock consistently showed large negative values, indicating significant treasury stock or buyback activities. The magnitude decreased notably post-2021, implying a reduction in share repurchases or related accounting changes.
- Total PMI stockholders’ deficit
- Stockholders' deficit was a persistent feature, ranging between roughly -14% and -34%. While the deficit decreased somewhat toward 2023, some volatility remained with periods of worsening and recovery, reflecting net equity position challenges.
- Noncontrolling interests
- Noncontrolling interests maintained a small but stable presence, generally close to 3%-5%, with a slight decreasing trend observed through most of the periods, suggesting minor changes in interests attributable to other shareholders.
- Total stockholders’ deficit
- Total stockholders’ deficit ranged from about -10% to -29%, generally following similar patterns to the PMI stockholders’ deficit with a trend toward less negative values after 2021 but with fluctuations suggesting ongoing equity pressures.
- Total liabilities and stockholders’ deficit
- This total was normalized as 100% for all periods, serving as the basis for ratio calculations without variation.