Return on Equity (ROE)
since 2008
Calculation
Philip Morris International Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net earnings attributable to PMI1 | ÷ | Total PMI stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | — | = | 100 | × | 11,348) | ÷ | (9,994) |
| Dec 31, 2024 | — | = | 100 | × | 7,057) | ÷ | (11,750) |
| Dec 31, 2023 | — | = | 100 | × | 7,813) | ÷ | (11,225) |
| Dec 31, 2022 | — | = | 100 | × | 9,048) | ÷ | (8,957) |
| Dec 31, 2021 | — | = | 100 | × | 9,109) | ÷ | (10,106) |
| Dec 31, 2020 | — | = | 100 | × | 8,056) | ÷ | (12,567) |
| Dec 31, 2019 | — | = | 100 | × | 7,185) | ÷ | (11,577) |
| Dec 31, 2018 | — | = | 100 | × | 7,911) | ÷ | (12,459) |
| Dec 31, 2017 | — | = | 100 | × | 6,035) | ÷ | (12,086) |
| Dec 31, 2016 | — | = | 100 | × | 6,967) | ÷ | (12,688) |
| Dec 31, 2015 | — | = | 100 | × | 6,873) | ÷ | (13,244) |
| Dec 31, 2014 | — | = | 100 | × | 7,493) | ÷ | (12,629) |
| Dec 31, 2013 | — | = | 100 | × | 8,576) | ÷ | (7,766) |
| Dec 31, 2012 | — | = | 100 | × | 8,800) | ÷ | (3,476) |
| Dec 31, 2011 | 3,751.53% | = | 100 | × | 8,591) | ÷ | 229) |
| Dec 31, 2010 | 207.05% | = | 100 | × | 7,259) | ÷ | 3,506) |
| Dec 31, 2009 | 110.95% | = | 100 | × | 6,342) | ÷ | 5,716) |
| Dec 31, 2008 | 91.87% | = | 100 | × | 6,890) | ÷ | 7,500) |
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 equity (ROE) exhibits substantial volatility over the observed period. Initial values are exceptionally high, followed by periods where ROE is not calculable due to a negative stockholders’ equity balance.
- Initial High ROE (2008-2010)
- From 2008 to 2010, ROE increased significantly, moving from 91.87% in 2008 to an exceptionally high 207.05% in 2010. This suggests a period of strong profitability relative to stockholders’ equity. Net earnings remained relatively stable during this period, while stockholders’ equity decreased, contributing to the increasing ROE.
- Extreme ROE and Negative Equity (2011-2015)
- In 2011, ROE reached an extremely high value of 3,751.53%. This was accompanied by a dramatic decrease in stockholders’ equity, culminating in a negative equity position of US$-3,476 million in 2012. The negative equity continued to worsen through 2015, reaching US$-13,244 million. Consequently, ROE is not meaningfully calculable for these years due to the denominator being negative.
- Continued Negative Equity (2016-2019)
- Stockholders’ equity remained negative from 2016 through 2019, fluctuating between US$-12,086 million and US$-12,688 million. As a result, ROE remains undefined during this period. Net earnings experienced a slight decline during this timeframe.
- Partial Equity Recovery and ROE (2020-2025)
- From 2020 onwards, stockholders’ equity began a slow recovery, moving from US$-12,567 million to US$-9,994 million by 2025. Despite this recovery, equity remained negative throughout the period. Net earnings increased significantly in 2020 and 2021, then decreased in 2022 and 2023 before a substantial increase in 2025. However, ROE values are not reported for these years, indicating a continued inability to calculate a meaningful ROE due to the negative equity position.
The prolonged period of negative stockholders’ equity is a significant concern and warrants further investigation. The initial high ROE values, while positive, should be examined in the context of the subsequent decline in equity. The lack of ROE calculation for a substantial portion of the period limits the ability to assess the company’s profitability relative to equity over the long term.
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Comparison to Competitors
Philip Morris International Inc., ROE, long-term trends, comparison to competitors
| Philip Morris International Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | |
|---|---|---|---|---|
| Dec 31, 2025 | — | 40.74% | 9.49% | 40.38% |
| Dec 31, 2024 | — | 42.77% | 17.12% | 53.09% |
| Dec 31, 2023 | — | 41.30% | 17.50% | 49.04% |
| Dec 31, 2022 | — | 39.59% | 10.11% | 51.96% |
| Dec 31, 2021 | — | 42.48% | 15.21% | 47.48% |
| Dec 31, 2020 | — | 40.14% | 12.89% | 52.92% |
| Dec 31, 2019 | — | 46.99% | 14.19% | 49.47% |
| Dec 31, 2018 | — | 37.89% | 13.19% | 86.20% |
| Dec 31, 2017 | — | 7.31% | 11.19% | 44.60% |
| Dec 31, 2016 | — | 28.30% | 6.59% | 57.04% |
| Dec 31, 2015 | — | 28.77% | 25.94% | 45.73% |
| Dec 31, 2014 | — | 23.41% | 7.87% | 37.35% |
| Dec 31, 2013 | — | 25.88% | 12.09% | 27.76% |
| Dec 31, 2012 | — | 27.51% | 9.40% | 27.71% |
| Dec 31, 2011 | 3,751.53% | 27.10% | 10.02% | 31.29% |
| Dec 31, 2010 | 207.05% | 38.09% | 11.48% | 29.86% |
| Dec 31, 2009 | 110.95% | 27.52% | 11.67% | 35.38% |
| Dec 31, 2008 | 91.87% | 28.37% | 13.07% | 42.47% |
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., ROE, long-term trends, comparison to sector (food, beverage & tobacco)
| Philip Morris International Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2025 | — | 51.37% |
| Dec 31, 2024 | — | 54.89% |
| Dec 31, 2023 | — | 52.90% |
| Dec 31, 2022 | — | 51.06% |
| Dec 31, 2021 | — | 53.84% |
| Dec 31, 2020 | — | 55.44% |
| Dec 31, 2019 | — | 55.17% |
| Dec 31, 2018 | — | 67.69% |
| Dec 31, 2017 | — | 35.87% |
| Dec 31, 2016 | — | 46.07% |
| Dec 31, 2015 | — | 51.57% |
| Dec 31, 2014 | — | 37.04% |
| Dec 31, 2013 | — | 33.90% |
| Dec 31, 2012 | — | 32.24% |
| Dec 31, 2011 | 3,751.53% | 30.95% |
| Dec 31, 2010 | 207.05% | 32.24% |
| Dec 31, 2009 | 110.95% | 30.24% |
| Dec 31, 2008 | 91.87% | 33.30% |
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., ROE, long-term trends, comparison to industry (consumer staples)
| Philip Morris International Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2025 | — | 32.41% |
| Dec 31, 2024 | — | 32.18% |
| Dec 31, 2023 | — | 30.71% |
| Dec 31, 2022 | — | 32.10% |
| Dec 31, 2021 | — | 31.40% |
| Dec 31, 2020 | — | 30.98% |
| Dec 31, 2019 | — | 22.71% |
| Dec 31, 2018 | — | 28.05% |
| Dec 31, 2017 | — | 25.14% |
| Dec 31, 2016 | — | 25.00% |
| Dec 31, 2015 | — | 23.15% |
| Dec 31, 2014 | — | 23.21% |
| Dec 31, 2013 | — | 24.09% |
| Dec 31, 2012 | — | 23.55% |
| Dec 31, 2011 | 3,751.53% | 23.75% |
| Dec 31, 2010 | 207.05% | 24.19% |
| Dec 31, 2009 | 110.95% | 23.20% |
| Dec 31, 2008 | 91.87% | 22.49% |
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).