Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

This company has been moved to the archive! The financial data has not been updated since July 27, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Philip Morris International Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported 1.31 1.99 1.70 1.82 2.01
Adjusted 1.32 2.03 1.75 1.87 2.02
Liquidity Ratio
Current Ratio
Reported 0.72 0.92 1.10 1.09 1.13
Adjusted 0.72 0.93 1.10 1.10 1.14
Solvency Ratios
Debt to Equity
Reported — — — — —
Adjusted — — — — —
Debt to Capital
Reported 1.26 1.57 1.66 1.59 1.65
Adjusted 1.12 1.40 1.52 1.43 1.49
Financial Leverage
Reported — — — — —
Adjusted — — — — —
Profitability Ratios
Net Profit Margin
Reported 11.22% 11.08% 10.59% 9.22% 9.91%
Adjusted 11.46% 13.53% 8.81% 11.14% 8.10%
Return on Equity (ROE)
Reported — — — — —
Adjusted — — — — —
Return on Assets (ROA)
Reported 14.67% 22.06% 17.98% 16.76% 19.88%
Adjusted 15.12% 27.49% 15.42% 20.79% 16.36%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Philip Morris International Inc. adjusted total asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Philip Morris International Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Philip Morris International Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Philip Morris International Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Philip Morris International Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Philip Morris International Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Revenues including excise taxes 80,669 82,223 76,047 77,921 79,823
Total assets 61,681 41,290 44,815 42,875 39,801
Activity Ratio
Total asset turnover1 1.31 1.99 1.70 1.82 2.01
Adjusted
Selected Financial Data (US$ in millions)
Revenues including excise taxes 80,669 82,223 76,047 77,921 79,823
Adjusted total assets2 61,120 40,465 43,428 41,742 39,506
Activity Ratio
Adjusted total asset turnover3 1.32 2.03 1.75 1.87 2.02

Based on: 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).

1 2022 Calculation
Total asset turnover = Revenues including excise taxes ÷ Total assets
= 80,669 ÷ 61,681 = 1.31

2 Adjusted total assets. See details »

3 2022 Calculation
Adjusted total asset turnover = Revenues including excise taxes ÷ Adjusted total assets
= 80,669 ÷ 61,120 = 1.32

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Philip Morris International Inc. adjusted total asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 19,619 17,717 21,492 20,514 19,442
Current liabilities 27,336 19,255 19,615 18,833 17,191
Liquidity Ratio
Current ratio1 0.72 0.92 1.10 1.09 1.13
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 19,661 17,787 21,515 20,534 19,467
Adjusted current liabilities3 27,232 19,142 19,478 18,693 17,124
Liquidity Ratio
Adjusted current ratio4 0.72 0.93 1.10 1.10 1.14

Based on: 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).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,619 ÷ 27,336 = 0.72

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 19,661 ÷ 27,232 = 0.72

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Philip Morris International Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 43,123 27,806 31,536 31,045 31,759
Total PMI stockholders’ deficit (8,957) (10,106) (12,567) (11,577) (12,459)
Solvency Ratio
Debt to equity1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 43,737 28,342 32,243 31,808 32,416
Adjusted total stockholders’ deficit3 (4,772) (8,052) (11,017) (9,493) (10,726)
Solvency Ratio
Adjusted debt to equity4 — — — — —

Based on: 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).

1 2022 Calculation
Debt to equity = Total debt ÷ Total PMI stockholders’ deficit
= 43,123 ÷ -8,957 = —

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ deficit
= 43,737 ÷ -4,772 = —

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 43,123 27,806 31,536 31,045 31,759
Total capital 34,166 17,700 18,969 19,468 19,300
Solvency Ratio
Debt to capital1 1.26 1.57 1.66 1.59 1.65
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 43,737 28,342 32,243 31,808 32,416
Adjusted total capital3 38,965 20,290 21,226 22,315 21,690
Solvency Ratio
Adjusted debt to capital4 1.12 1.40 1.52 1.43 1.49

Based on: 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).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 43,123 ÷ 34,166 = 1.26

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 43,737 ÷ 38,965 = 1.12

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Philip Morris International Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 61,681 41,290 44,815 42,875 39,801
Total PMI stockholders’ deficit (8,957) (10,106) (12,567) (11,577) (12,459)
Solvency Ratio
Financial leverage1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 61,120 40,465 43,428 41,742 39,506
Adjusted total stockholders’ deficit3 (4,772) (8,052) (11,017) (9,493) (10,726)
Solvency Ratio
Adjusted financial leverage4 — — — — —

Based on: 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).

1 2022 Calculation
Financial leverage = Total assets ÷ Total PMI stockholders’ deficit
= 61,681 ÷ -8,957 = —

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ deficit
= 61,120 ÷ -4,772 = —

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 9,048 9,109 8,056 7,185 7,911
Revenues including excise taxes 80,669 82,223 76,047 77,921 79,823
Profitability Ratio
Net profit margin1 11.22% 11.08% 10.59% 9.22% 9.91%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 9,244 11,123 6,696 8,680 6,464
Revenues including excise taxes 80,669 82,223 76,047 77,921 79,823
Profitability Ratio
Adjusted net profit margin3 11.46% 13.53% 8.81% 11.14% 8.10%

Based on: 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).

1 2022 Calculation
Net profit margin = 100 × Net earnings attributable to PMI ÷ Revenues including excise taxes
= 100 × 9,048 ÷ 80,669 = 11.22%

2 Adjusted net earnings. See details »

3 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Revenues including excise taxes
= 100 × 9,244 ÷ 80,669 = 11.46%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Philip Morris International Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 9,048 9,109 8,056 7,185 7,911
Total PMI stockholders’ deficit (8,957) (10,106) (12,567) (11,577) (12,459)
Profitability Ratio
ROE1 — — — — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 9,244 11,123 6,696 8,680 6,464
Adjusted total stockholders’ deficit3 (4,772) (8,052) (11,017) (9,493) (10,726)
Profitability Ratio
Adjusted ROE4 — — — — —

Based on: 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).

1 2022 Calculation
ROE = 100 × Net earnings attributable to PMI ÷ Total PMI stockholders’ deficit
= 100 × 9,048 ÷ -8,957 = —

2 Adjusted net earnings. See details »

3 Adjusted total stockholders’ deficit. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total stockholders’ deficit
= 100 × 9,244 ÷ -4,772 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to PMI 9,048 9,109 8,056 7,185 7,911
Total assets 61,681 41,290 44,815 42,875 39,801
Profitability Ratio
ROA1 14.67% 22.06% 17.98% 16.76% 19.88%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 9,244 11,123 6,696 8,680 6,464
Adjusted total assets3 61,120 40,465 43,428 41,742 39,506
Profitability Ratio
Adjusted ROA4 15.12% 27.49% 15.42% 20.79% 16.36%

Based on: 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).

1 2022 Calculation
ROA = 100 × Net earnings attributable to PMI ÷ Total assets
= 100 × 9,048 ÷ 61,681 = 14.67%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 9,244 ÷ 61,120 = 15.12%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Philip Morris International Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.