Philip Morris International Inc., ROE, long-term trends, calculation

	ROE	=	100	×	Net earnings attributable to PMI¹	÷	Total PMI stockholders’ equity (deficit)¹
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

¹ US$ in millions

Philip Morris International Inc., ROE, long-term trends, comparison to competitors

	Philip Morris International Inc.	Altria Group Inc.
Dec 31, 2019	—	-20.78%
Dec 31, 2018	—	47.09%
Dec 31, 2017	—	66.48%
Dec 31, 2016	—	111.50%
Dec 31, 2015	—	181.98%
Dec 31, 2014	—	168.21%
Dec 31, 2013	—	110.10%
Dec 31, 2012	—	131.94%
Dec 31, 2011	3,751.53%	92.12%
Dec 31, 2010	207.05%	75.21%
Dec 31, 2009	110.95%	78.79%
Dec 31, 2008	91.87%	174.33%

Philip Morris International Inc., ROE, long-term trends, comparison to sector (tobacco)

	Philip Morris International Inc.	Tobacco
Dec 31, 2019	—	—
Dec 31, 2018	—	638.92%
Dec 31, 2017	—	493.98%
Dec 31, 2016	—	25,860.98%
Dec 31, 2015	—	—
Dec 31, 2014	—	—
Dec 31, 2013	—	—
Dec 31, 2012	—	—
Dec 31, 2011	3,751.53%	306.50%
Dec 31, 2010	207.05%	128.35%
Dec 31, 2009	110.95%	97.58%
Dec 31, 2008	91.87%	114.45%

Philip Morris International Inc., ROE, long-term trends, comparison to industry (consumer goods)

	Philip Morris International Inc.	Consumer Goods
Dec 31, 2019	—	20.14%
Dec 31, 2018	—	21.92%
Dec 31, 2017	—	24.50%
Dec 31, 2016	—	27.94%
Dec 31, 2015	—	24.53%
Dec 31, 2014	—	25.83%
Dec 31, 2013	—	26.16%
Dec 31, 2012	—	27.42%
Dec 31, 2011	3,751.53%	33.84%
Dec 31, 2010	207.05%	30.57%
Dec 31, 2009	110.95%	31.29%
Dec 31, 2008	91.87%	21.93%

Philip Morris International Inc. (NYSE:PM)

Return on Equity (ROE)
since 2008