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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Philip Morris International Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2023 — = 13.01% × —
Mar 31, 2023 — = 14.04% × —
Dec 31, 2022 — = 14.67% × —
Sep 30, 2022 — = 21.48% × —
Jun 30, 2022 — = 22.18% × —
Mar 31, 2022 — = 21.62% × —
Dec 31, 2021 — = 22.06% × —
Sep 30, 2021 — = 21.62% × —
Jun 30, 2021 — = 21.81% × —
Mar 31, 2021 — = 21.73% × —
Dec 31, 2020 — = 17.98% × —
Sep 30, 2020 — = 19.67% × —
Jun 30, 2020 — = 18.60% × —
Mar 31, 2020 — = 20.42% × —
Dec 31, 2019 — = 16.76% × —
Sep 30, 2019 — = 18.06% × —
Jun 30, 2019 — = 19.61% × —
Mar 31, 2019 — = 20.26% × —
Dec 31, 2018 — = 19.88% × —
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Three-Component Disaggregation of ROE

Philip Morris International Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 — = 9.82% × 1.32 × —
Mar 31, 2023 — = 10.80% × 1.30 × —
Dec 31, 2022 — = 11.22% × 1.31 × —
Sep 30, 2022 — = 10.73% × 2.00 × —
Jun 30, 2022 — = 11.05% × 2.01 × —
Mar 31, 2022 — = 10.97% × 1.97 × —
Dec 31, 2021 — = 11.08% × 1.99 × —
Sep 30, 2021 — = 11.11% × 1.95 × —
Jun 30, 2021 — = 11.13% × 1.96 × —
Mar 31, 2021 — = 11.21% × 1.94 × —
Dec 31, 2020 — = 10.59% × 1.70 × —
Sep 30, 2020 — = 10.08% × 1.95 × —
Jun 30, 2020 — = 9.55% × 1.95 × —
Mar 31, 2020 — = 9.76% × 2.09 × —
Dec 31, 2019 — = 9.22% × 1.82 × —
Sep 30, 2019 — = 9.60% × 1.88 × —
Jun 30, 2019 — = 10.04% × 1.95 × —
Mar 31, 2019 — = 9.75% × 2.08 × —
Dec 31, 2018 — = 9.91% × 2.01 × —
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Two-Component Disaggregation of ROA

Philip Morris International Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2023 13.01% = 9.82% × 1.32
Mar 31, 2023 14.04% = 10.80% × 1.30
Dec 31, 2022 14.67% = 11.22% × 1.31
Sep 30, 2022 21.48% = 10.73% × 2.00
Jun 30, 2022 22.18% = 11.05% × 2.01
Mar 31, 2022 21.62% = 10.97% × 1.97
Dec 31, 2021 22.06% = 11.08% × 1.99
Sep 30, 2021 21.62% = 11.11% × 1.95
Jun 30, 2021 21.81% = 11.13% × 1.96
Mar 31, 2021 21.73% = 11.21% × 1.94
Dec 31, 2020 17.98% = 10.59% × 1.70
Sep 30, 2020 19.67% = 10.08% × 1.95
Jun 30, 2020 18.60% = 9.55% × 1.95
Mar 31, 2020 20.42% = 9.76% × 2.09
Dec 31, 2019 16.76% = 9.22% × 1.82
Sep 30, 2019 18.06% = 9.60% × 1.88
Jun 30, 2019 19.61% = 10.04% × 1.95
Mar 31, 2019 20.26% = 9.75% × 2.08
Dec 31, 2018 19.88% = 9.91% × 2.01
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2023 is the decrease in profitability measured by net profit margin ratio.