Return on Assets (ROA)
since 2008
Calculation
Philip Morris International Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net earnings attributable to PMI1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 16.40% | = | 100 | × | 11,348) | ÷ | 69,185) |
| Dec 31, 2024 | 11.42% | = | 100 | × | 7,057) | ÷ | 61,784) |
| Dec 31, 2023 | 11.96% | = | 100 | × | 7,813) | ÷ | 65,304) |
| Dec 31, 2022 | 14.67% | = | 100 | × | 9,048) | ÷ | 61,681) |
| Dec 31, 2021 | 22.06% | = | 100 | × | 9,109) | ÷ | 41,290) |
| Dec 31, 2020 | 17.98% | = | 100 | × | 8,056) | ÷ | 44,815) |
| Dec 31, 2019 | 16.76% | = | 100 | × | 7,185) | ÷ | 42,875) |
| Dec 31, 2018 | 19.88% | = | 100 | × | 7,911) | ÷ | 39,801) |
| Dec 31, 2017 | 14.05% | = | 100 | × | 6,035) | ÷ | 42,968) |
| Dec 31, 2016 | 18.91% | = | 100 | × | 6,967) | ÷ | 36,851) |
| Dec 31, 2015 | 20.24% | = | 100 | × | 6,873) | ÷ | 33,956) |
| Dec 31, 2014 | 21.29% | = | 100 | × | 7,493) | ÷ | 35,187) |
| Dec 31, 2013 | 22.47% | = | 100 | × | 8,576) | ÷ | 38,168) |
| Dec 31, 2012 | 23.36% | = | 100 | × | 8,800) | ÷ | 37,670) |
| Dec 31, 2011 | 24.21% | = | 100 | × | 8,591) | ÷ | 35,488) |
| Dec 31, 2010 | 20.71% | = | 100 | × | 7,259) | ÷ | 35,050) |
| Dec 31, 2009 | 18.35% | = | 100 | × | 6,342) | ÷ | 34,552) |
| Dec 31, 2008 | 20.90% | = | 100 | × | 6,890) | ÷ | 32,972) |
Based on: 10-K (reporting date: 2025-12-31), 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 return on assets (ROA) exhibited considerable fluctuation over the observed period, spanning from 2008 to 2025. Initially, the ROA demonstrated a decline from 2008 to 2009, followed by a period of relative stability and then an increase through 2011. Subsequent years showed a more volatile pattern, with both increases and decreases in ROA.
- Initial Period (2008-2011)
- The ROA began at 20.90% in 2008, decreasing to 18.35% in 2009. A recovery was then observed, with the ROA rising to 20.71% in 2010 and peaking at 24.21% in 2011. This initial period suggests a resilience in profitability relative to asset base, despite the initial downturn.
- Mid-Period Volatility (2012-2017)
- From 2012 through 2017, the ROA experienced more pronounced variability. It remained above 22% for 2012, 2013 and 2014, before declining to 20.24% in 2015. A significant drop was then recorded in 2017, with the ROA falling to 14.05%, representing the lowest point in the observed timeframe. This period coincided with a substantial increase in total assets.
- Recent Trends (2018-2025)
- The ROA showed a partial recovery in 2018, reaching 19.88%, but then decreased again in 2019 to 16.76%. A slight increase was seen in 2020 and a more substantial rise in 2021, reaching 22.06%. However, 2022 and 2023 saw significant declines to 14.67% and 11.96% respectively. The ROA experienced a modest recovery in 2024 and a more pronounced increase in 2025, reaching 16.40%. This suggests a recent trend towards improved profitability relative to assets, although it remains below the levels observed in the earlier part of the period.
Overall, the ROA demonstrates a cyclical pattern, influenced by fluctuations in net earnings and, notably, significant changes in the total asset base. The period from 2022 to 2025 indicates a potential stabilization or improvement in asset utilization, but further monitoring is warranted to confirm this trend.
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Comparison to Competitors
Philip Morris International Inc., ROA, long-term trends, comparison to competitors
| Philip Morris International Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | |
|---|---|---|---|---|
| Dec 31, 2025 | 16.40% | 12.50% | 3.43% | 7.67% |
| Dec 31, 2024 | 11.42% | 10.57% | 6.73% | 9.63% |
| Dec 31, 2023 | 11.96% | 10.97% | 6.95% | 9.03% |
| Dec 31, 2022 | 14.67% | 10.29% | 3.82% | 9.67% |
| Dec 31, 2021 | 22.06% | 10.36% | 6.41% | 8.25% |
| Dec 31, 2020 | 17.98% | 8.87% | 5.24% | 7.66% |
| Dec 31, 2019 | 16.76% | 10.33% | 6.00% | 9.31% |
| Dec 31, 2018 | 19.88% | 7.73% | 5.39% | 16.12% |
| Dec 31, 2017 | 14.05% | 1.42% | 4.63% | 6.09% |
| Dec 31, 2016 | 18.91% | 7.48% | 2.70% | 8.54% |
| Dec 31, 2015 | 20.24% | 8.16% | 11.56% | 7.83% |
| Dec 31, 2014 | 21.29% | 7.71% | 3.27% | 9.24% |
| Dec 31, 2013 | 22.47% | 9.53% | 5.40% | 8.70% |
| Dec 31, 2012 | 23.36% | 10.47% | 4.01% | 8.28% |
| Dec 31, 2011 | 24.21% | 10.72% | 3.76% | 8.84% |
| Dec 31, 2010 | 20.71% | 16.19% | 4.32% | 9.27% |
| Dec 31, 2009 | 18.35% | 14.02% | 4.53% | 14.92% |
| Dec 31, 2008 | 20.90% | 14.33% | 4.60% | 14.29% |
Based on: 10-K (reporting date: 2025-12-31), 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., ROA, long-term trends, comparison to sector (food, beverage & tobacco)
| Philip Morris International Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2025 | 16.40% | 9.96% |
| Dec 31, 2024 | 11.42% | 9.65% |
| Dec 31, 2023 | 11.96% | 9.72% |
| Dec 31, 2022 | 14.67% | 9.51% |
| Dec 31, 2021 | 22.06% | 10.44% |
| Dec 31, 2020 | 17.98% | 9.04% |
| Dec 31, 2019 | 16.76% | 10.02% |
| Dec 31, 2018 | 19.88% | 11.48% |
| Dec 31, 2017 | 14.05% | 5.50% |
| Dec 31, 2016 | 18.91% | 8.27% |
| Dec 31, 2015 | 20.24% | 10.50% |
| Dec 31, 2014 | 21.29% | 8.80% |
| Dec 31, 2013 | 22.47% | 10.00% |
| Dec 31, 2012 | 23.36% | 9.86% |
| Dec 31, 2011 | 24.21% | 9.62% |
| Dec 31, 2010 | 20.71% | 10.87% |
| Dec 31, 2009 | 18.35% | 11.66% |
| Dec 31, 2008 | 20.90% | 12.02% |
Based on: 10-K (reporting date: 2025-12-31), 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., ROA, long-term trends, comparison to industry (consumer staples)
| Philip Morris International Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2025 | 16.40% | 9.47% |
| Dec 31, 2024 | 11.42% | 8.89% |
| Dec 31, 2023 | 11.96% | 8.28% |
| Dec 31, 2022 | 14.67% | 8.95% |
| Dec 31, 2021 | 22.06% | 8.75% |
| Dec 31, 2020 | 17.98% | 8.24% |
| Dec 31, 2019 | 16.76% | 6.41% |
| Dec 31, 2018 | 19.88% | 8.40% |
| Dec 31, 2017 | 14.05% | 7.42% |
| Dec 31, 2016 | 18.91% | 7.94% |
| Dec 31, 2015 | 20.24% | 7.69% |
| Dec 31, 2014 | 21.29% | 7.96% |
| Dec 31, 2013 | 22.47% | 8.75% |
| Dec 31, 2012 | 23.36% | 8.63% |
| Dec 31, 2011 | 24.21% | 8.89% |
| Dec 31, 2010 | 20.71% | 9.45% |
| Dec 31, 2009 | 18.35% | 9.43% |
| Dec 31, 2008 | 20.90% | 9.11% |
Based on: 10-K (reporting date: 2025-12-31), 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).