Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

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

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

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2025 — = 16.40% × —
Dec 31, 2024 — = 11.42% × —
Dec 31, 2023 — = 11.96% × —
Dec 31, 2022 — = 14.67% × —
Dec 31, 2021 — = 22.06% × —

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).

Three-Component Disaggregation of ROE

Philip Morris International Inc., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2025 — = 27.92% × 0.59 × —
Dec 31, 2024 — = 18.63% × 0.61 × —
Dec 31, 2023 — = 22.21% × 0.54 × —
Dec 31, 2022 — = 28.49% × 0.51 × —
Dec 31, 2021 — = 29.00% × 0.76 × —

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).

Five-Component Disaggregation of ROE

Philip Morris International Inc., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2025 — = 0.81 × 0.90 × 38.56% × 0.59 × —
Dec 31, 2024 — = 0.70 × 0.85 × 31.25% × 0.61 × —
Dec 31, 2023 — = 0.77 × 0.87 × 33.20% × 0.54 × —
Dec 31, 2022 — = 0.80 × 0.94 × 37.97% × 0.51 × —
Dec 31, 2021 — = 0.77 × 0.94 × 39.86% × 0.76 × —

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).

Two-Component Disaggregation of ROA

Philip Morris International Inc., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2025 16.40% = 27.92% × 0.59
Dec 31, 2024 11.42% = 18.63% × 0.61
Dec 31, 2023 11.96% = 22.21% × 0.54
Dec 31, 2022 14.67% = 28.49% × 0.51
Dec 31, 2021 22.06% = 29.00% × 0.76

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).

Four-Component Disaggregation of ROA

Philip Morris International Inc., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2025 16.40% = 0.81 × 0.90 × 38.56% × 0.59
Dec 31, 2024 11.42% = 0.70 × 0.85 × 31.25% × 0.61
Dec 31, 2023 11.96% = 0.77 × 0.87 × 33.20% × 0.54
Dec 31, 2022 14.67% = 0.80 × 0.94 × 37.97% × 0.51
Dec 31, 2021 22.06% = 0.77 × 0.94 × 39.86% × 0.76

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).

Disaggregation of Net Profit Margin

Philip Morris International Inc., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2025 27.92% = 0.81 × 0.90 × 38.56%
Dec 31, 2024 18.63% = 0.70 × 0.85 × 31.25%
Dec 31, 2023 22.21% = 0.77 × 0.87 × 33.20%
Dec 31, 2022 28.49% = 0.80 × 0.94 × 37.97%
Dec 31, 2021 29.00% = 0.77 × 0.94 × 39.86%

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).