Current Ratio
since 2008
Calculation
Philip Morris International Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 0.88 | = | 20,170) | ÷ | 22,915) |
| Dec 31, 2023 | 0.75 | = | 19,755) | ÷ | 26,383) |
| Dec 31, 2022 | 0.72 | = | 19,619) | ÷ | 27,336) |
| Dec 31, 2021 | 0.92 | = | 17,717) | ÷ | 19,255) |
| Dec 31, 2020 | 1.10 | = | 21,492) | ÷ | 19,615) |
| Dec 31, 2019 | 1.09 | = | 20,514) | ÷ | 18,833) |
| Dec 31, 2018 | 1.13 | = | 19,442) | ÷ | 17,191) |
| Dec 31, 2017 | 1.35 | = | 21,594) | ÷ | 15,962) |
| Dec 31, 2016 | 1.07 | = | 17,608) | ÷ | 16,467) |
| Dec 31, 2015 | 1.03 | = | 15,804) | ÷ | 15,386) |
| Dec 31, 2014 | 1.02 | = | 15,484) | ÷ | 15,112) |
| Dec 31, 2013 | 0.99 | = | 16,852) | ÷ | 17,066) |
| Dec 31, 2012 | 0.97 | = | 16,590) | ÷ | 17,016) |
| Dec 31, 2011 | 1.00 | = | 14,859) | ÷ | 14,794) |
| Dec 31, 2010 | 1.07 | = | 13,756) | ÷ | 12,804) |
| Dec 31, 2009 | 1.31 | = | 14,682) | ÷ | 11,178) |
| Dec 31, 2008 | 1.47 | = | 14,939) | ÷ | 10,144) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$ in millions
The analysis of the provided financial data reveals significant trends and shifts in liquidity and short-term financial stability over the period in question.
- Current Assets
- Current assets showed a generally increasing trend from 2008 to 2024, rising from approximately $14.9 billion to about $20.2 billion. There were fluctuations during this period, including a peak in 2017 at nearly $21.6 billion, followed by some declines and subsequent recoveries, indicating variability in the company's liquid resources available to meet short-term obligations.
- Current Liabilities
- Current liabilities increased notably over the years, nearly doubling from around $10.1 billion in 2008 to a peak near $27.3 billion in 2022 before dropping to approximately $22.9 billion in 2024. The sharp rise in liabilities especially after 2018 suggests increased short-term obligations, which may reflect changes in the company’s operational or financing activities.
- Current Ratio
- The current ratio, a key liquidity metric, exhibited a downward trend across the timeframe. Starting at a healthy ratio of 1.47 in 2008, it declined steadily to below 1, reaching a low of 0.72 in 2022. This trend implies that the company’s current liabilities began to surpass its current assets, potentially signaling decreased liquidity and greater short-term financial risk. A slight recovery is observed towards the end of the period, with the ratio climbing to 0.88 in 2024, but it remained below the generally accepted threshold of 1.
Overall, while the company managed to increase its current assets over the years, the more pronounced growth in current liabilities led to a reduction in the current ratio, suggesting tightening liquidity conditions. This may indicate a need for enhanced working capital management or restructuring of short-term obligations to ensure continued financial stability.
Comparison to Competitors
Philip Morris International Inc., current ratio, long-term trends, comparison to competitors
| Philip Morris International Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | |
|---|---|---|---|---|
| Dec 31, 2024 | 0.88 | 1.03 | 0.68 | 0.82 |
| Dec 31, 2023 | 0.75 | 1.13 | 0.62 | 0.85 |
| Dec 31, 2022 | 0.72 | 1.15 | 0.60 | 0.80 |
| Dec 31, 2021 | 0.92 | 1.13 | 0.74 | 0.83 |
| Dec 31, 2020 | 1.10 | 1.32 | 0.66 | 0.98 |
| Dec 31, 2019 | 1.09 | 0.76 | 0.50 | 0.86 |
| Dec 31, 2018 | 1.13 | 1.05 | 0.45 | 0.99 |
| Dec 31, 2017 | 1.35 | 1.34 | 0.48 | 1.51 |
| Dec 31, 2016 | 1.07 | 1.28 | 0.59 | 1.28 |
| Dec 31, 2015 | 1.03 | 1.24 | 0.82 | 1.31 |
| Dec 31, 2014 | 1.02 | 1.02 | 0.84 | 1.14 |
| Dec 31, 2013 | 0.99 | 1.13 | 0.92 | 1.24 |
| Dec 31, 2012 | 0.97 | 1.09 | 1.05 | 1.10 |
| Dec 31, 2011 | 1.00 | 1.05 | 0.88 | 0.96 |
| Dec 31, 2010 | 1.07 | 1.17 | 1.04 | 1.11 |
| Dec 31, 2009 | 1.31 | 1.28 | 1.08 | 1.44 |
| Dec 31, 2008 | 1.47 | 0.94 | 1.03 | 1.23 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Philip Morris International Inc., current ratio, long-term trends, comparison to sector (food, beverage & tobacco)
| Philip Morris International Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2024 | 0.88 | 0.86 |
| Dec 31, 2023 | 0.75 | 0.85 |
| Dec 31, 2022 | 0.72 | 0.82 |
| Dec 31, 2021 | 0.92 | 0.91 |
| Dec 31, 2020 | 1.10 | 1.01 |
| Dec 31, 2019 | 1.09 | 0.81 |
| Dec 31, 2018 | 1.13 | 0.93 |
| Dec 31, 2017 | 1.35 | 1.22 |
| Dec 31, 2016 | 1.07 | 1.11 |
| Dec 31, 2015 | 1.03 | 1.15 |
| Dec 31, 2014 | 1.02 | 1.02 |
| Dec 31, 2013 | 0.99 | 1.08 |
| Dec 31, 2012 | 0.97 | 1.06 |
| Dec 31, 2011 | 1.00 | 0.98 |
| Dec 31, 2010 | 1.07 | 1.10 |
| Dec 31, 2009 | 1.31 | 1.27 |
| Dec 31, 2008 | 1.47 | 1.15 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Consumer Staples)
Philip Morris International Inc., current ratio, long-term trends, comparison to industry (consumer staples)
| Philip Morris International Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2024 | 0.88 | 0.85 |
| Dec 31, 2023 | 0.75 | 0.84 |
| Dec 31, 2022 | 0.72 | 0.87 |
| Dec 31, 2021 | 0.92 | 0.93 |
| Dec 31, 2020 | 1.10 | 0.92 |
| Dec 31, 2019 | 1.09 | 0.82 |
| Dec 31, 2018 | 1.13 | 0.87 |
| Dec 31, 2017 | 1.35 | 1.02 |
| Dec 31, 2016 | 1.07 | 1.04 |
| Dec 31, 2015 | 1.03 | 1.06 |
| Dec 31, 2014 | 1.02 | 0.97 |
| Dec 31, 2013 | 0.99 | 0.97 |
| Dec 31, 2012 | 0.97 | 0.99 |
| Dec 31, 2011 | 1.00 | 0.97 |
| Dec 31, 2010 | 1.07 | 1.01 |
| Dec 31, 2009 | 1.31 | 1.03 |
| Dec 31, 2008 | 1.47 | 0.98 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).