Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Paying user area
Try for free
Philip Morris International Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Current Ratio since 2008
- Price to Sales (P/S) since 2008
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Philip Morris International Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Liquidity Ratios (Summary)
Philip Morris International Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
- Current Ratio
- The current ratio exhibited moderate fluctuations over the observed periods. Initially, the ratio increased from 1.02 in March 2020, reaching a peak around 1.18 in mid-2021. However, from that point, the ratio demonstrated a downward trend, falling below 1.0 in late 2021 and remaining mostly below this threshold thereafter. Notably, a low of 0.72 was recorded at the end of 2022, indicating a decline in short-term liquidity. Slight recoveries occurred subsequently, but the ratio stayed under 1.0 through early 2025, indicating potential challenges in covering current liabilities with current assets.
- Quick Ratio
- The quick ratio followed a pattern somewhat aligned with the current ratio but displayed generally lower values throughout the period. It increased steadily from 0.43 in early 2020 to a peak of 0.59 in mid-2021. Post this, it fell noticeably, reaching a low point of 0.29 at the end of 2022. While there were minor improvements after this low, the quick ratio remained below 0.5 for most of the subsequent quarters, ending at 0.36 in early 2025. This trend suggests a decreasing ability to quickly cover short-term obligations without relying on inventory, reflecting a tightening liquidity position.
- Cash Ratio
- The cash ratio, being the most conservative liquidity measure, remained comparatively low and showed a declining trend over the observed timeline. It rose initially from 0.23 in early 2020 to a peak of 0.37 by the end of that year, indicating an improvement in immediate cash availability. However, this was followed by a consistent decline, with significant drops occurring throughout 2022 and 2023, reaching a minimum of 0.11 by mid-2023. Modest increases were observed afterward but values stayed relatively low, ending near 0.16 in early 2025. This indicates limited cash reserves relative to current liabilities, posing potential concerns regarding the company’s capability to settle short-term commitments with available cash alone.
- Overall Trends and Insights
- Across all three liquidity ratios, the data reveals an initial recovery and strengthening of liquidity metrics in 2020 through mid-2021, followed by a noticeable deterioration from late 2021 onwards. The decline in the current and quick ratios suggests the company may have experienced increasing short-term financial pressures or changing asset structures. The persistent low cash ratio highlights a reduced cash buffer which, combined with decreasing current and quick ratios, could signal a tightening liquidity position. While there are minor recoveries in some quarters, the overall direction points toward caution in short-term financial flexibility over the analyzed period.
Current Ratio
Philip Morris International Inc., current ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- The current assets demonstrated moderate fluctuations over the observed periods. Starting at $16,861 million in March 2020, the value increased to a peak of approximately $21,619 million by March 2025. The trajectory, however, was not strictly upward; periods such as mid to late 2020 saw some declines and stabilization around $17,000 to $18,700 million. After December 2022, the assets showed a more consistent upward trend, culminating near $22,196 million in early 2025, indicating a strengthening liquidity position.
- Current Liabilities
- Current liabilities also exhibited notable variability. Beginning at about $16,584 million in March 2020, they initially decreased to around $15,215 million by March 2021. Subsequently, liabilities increased sharply, reaching a high of $27,336 million in December 2022. Despite some reductions afterward, liabilities remained elevated and fluctuated between $22,000 million and $28,000 million through early 2025. The rising trend in liabilities suggests increased short-term obligations over the period, especially in late 2021 through 2022.
- Current Ratio
- The current ratio, reflecting short-term liquidity, started close to parity at 1.02 in March 2020 and improved to a high of 1.18 in the first half of 2021. This improvement corresponded with a period of stable to increasing current assets coupled with relatively lower liabilities. However, from late 2021 onwards, the ratio declined consistently, reaching lows as low as 0.72 in December 2022. This indicates that liabilities outpaced assets during that period, suggesting tighter liquidity conditions. Though there was a slight recovery in the ratio post-2022, it remained below 1.0 for most of the remaining timeline, ending at 0.79 in March 2025, which implies that current liabilities consistently exceeded current assets in the later stages.
- Overall Insights
- The data reveals a pattern where current liabilities grew more rapidly than current assets, especially from late 2021 through 2022, negatively impacting the current ratio and short-term liquidity. While current assets generally increased with some volatility, the sharper rise in liabilities resulted in a weakening liquidity position as measured by the current ratio. The current ratio mostly stayed below the generally preferred threshold of 1.0 in the years following 2021, highlighting potential pressure on the company's ability to cover short-term obligations with short-term assets during this period. The partial recovery in current assets toward 2025 did not fully offset the liability increases, resulting in a sustained liquidity strain as of the latest data point.
Quick Ratio
Philip Morris International Inc., quick ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||
| Trade receivables, less allowances | ||||||||||||||||||||||||||||
| Other receivables, less allowances | ||||||||||||||||||||||||||||
| Total quick assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Quick Assets Trend
- Total quick assets fluctuated significantly over the observed periods. Starting at 7,080 million US dollars in March 2020, they rose steadily to peak at 11,041 million by December 2020. Afterward, the values showed some volatility, descending to a low of 6,963 million in December 2022, followed by partial recovery around mid-2024, where they approached 9,924 million and then slightly declined towards the end of the data series.
- Current Liabilities Trend
- Current liabilities displayed a generally upward trajectory throughout the periods. Beginning at 16,584 million US dollars in March 2020, liabilities experienced moderate fluctuations before rising sharply in late 2022 to values exceeding 27,000 million. Subsequent quarters showed sustained high levels with minor variations but generally maintained the increased liability magnitude within the 22,000 to 28,000 million range up to March 2025.
- Quick Ratio Analysis
- The quick ratio, a liquidity indicator, trended downward overall. Initially, it was at 0.43 in March 2020 and improved to a local high of 0.59 by June 2021, reflecting stronger liquidity during that period. However, after mid-2021, the ratio consistently decreased, reaching a low point of 0.28 in December 2023. There was a moderate recovery to around 0.44 by June 2024, but the ratio again declined slightly towards March 2025, ending near 0.36. This pattern suggests challenges in maintaining liquid asset levels relative to current liabilities in the latest periods.
- Overall Insights
- The company's liquid assets and current liabilities both experienced considerable variability, with current liabilities rising more persistently than quick assets. Consequently, the quick ratio's decline indicates weakening short-term liquidity, implying increased pressure on the company’s capacity to cover its immediate obligations without relying on inventory sales. This situation warrants attention to manage liquidity risks effectively moving forward.
Cash Ratio
Philip Morris International Inc., cash ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||
| Total cash assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
-
Total cash assets exhibited fluctuations over the observed periods. Initially, there was a steady increase from 3,746 million USD at the end of Q1 2020 to a peak of 7,280 million USD by Q4 2020. Following this peak, a decline ensued, with values falling to 3,207 million USD by Q4 2022. A modest recovery occurred from Q1 2023 through Q2 2024, with cash assets rising to 4,807 million USD. However, in the last four quarters, total cash assets showed some volatility, ending at 4,443 million USD by Q1 2025. Overall, the pattern reflects significant early growth, mid-term contraction, and a partial rebound towards the latter periods.
- Current Liabilities
-
Current liabilities demonstrated an upward trajectory throughout the timeline. Starting at 16,584 million USD in Q1 2020, the liabilities generally increased, with periodic fluctuations, reaching 27,336 million USD at Q4 2022. Post this peak, liabilities decreased slightly but remained elevated, oscillating around the 22,000 to 28,000 million USD range through to Q1 2025, where they ended at 28,087 million USD. The data suggests rising short-term obligations, with a notable surge particularly at the end of 2022.
- Cash Ratio
-
The cash ratio exhibited correlated movements with total cash assets and current liabilities. Beginning at 0.23 in Q1 2020, there was a gradual increase reaching 0.37 by Q4 2020, reflecting improved liquidity. Subsequently, the ratio declined significantly, hitting a low of 0.11 in Q2 2023. Following this trough, some recovery occurred with values improving to 0.21 by Q2 2024. However, the latter quarters saw renewed weakness with the ratio falling to 0.16 by Q1 2025. This indicates that the company’s ability to cover current liabilities with cash assets weakened considerably after 2020, though partial liquidity improvements were seen in mid-periods before diminishing again.