Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Philip Morris International Inc., solvency 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).
- Debt to Capital
- The Debt to Capital ratio demonstrates a gradual declining trend from March 31, 2020, through December 31, 2022, decreasing from 1.84 to 1.26, indicating a reduction in debt relative to total capital over this time. From March 31, 2023, through March 31, 2025, the ratio stabilizes somewhat, fluctuating modestly between 1.23 and 1.35, suggesting a largely consistent capital structure with minor variations. Overall, the company appears to have managed to reduce its reliance on debt financing over the initial years and then maintained a relatively stable debt level in later periods.
- Debt to Assets
- The Debt to Assets ratio exhibits some volatility throughout the periods. Starting at 0.76 in March 2020, it fluctuates moderately, reaching a low of 0.67 in September 2021 and December 2021, before increasing again to 0.76 as of March 2023. Following this, the ratio hovers around the mid-0.70s, with minor ups and downs, maintaining 0.74 to 0.77 towards the end of the series (March 2024 to March 2025). This pattern indicates that debt remains a significant component of the company's asset base, with occasional adjustments but no strong trend toward either increasing or decreasing leverage in terms of assets.
- Financial Leverage and Debt to Equity
- Values for Financial Leverage and Debt to Equity are missing throughout all periods, preventing direct assessment of these leverage measures. Consequently, analysis is limited to the available data.
Debt Ratios
Debt to Equity
Philip Morris International Inc., debt to equity 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) | ||||||||||||||||||||||||||||
| Short-term borrowings | 4,438) | 137) | 152) | 139) | 279) | 1,968) | 2,149) | 4,121) | 4,803) | 5,637) | 2,818) | 1,558) | 2,441) | 225) | 223) | 136) | 192) | 244) | 152) | 281) | 1,438) | |||||||
| Current portion of long-term debt | 6,360) | 3,392) | 4,833) | 4,353) | 5,425) | 4,698) | 2,652) | 2,372) | 1,902) | 2,611) | 2,641) | 4,149) | 2,897) | 2,798) | 3,114) | 1,608) | 1,930) | 3,124) | 1,992) | 2,304) | 1,933) | |||||||
| Long-term debt, excluding current portion | 38,781) | 42,166) | 44,237) | 44,647) | 44,683) | 41,243) | 42,914) | 41,400) | 40,416) | 34,875) | 21,762) | 22,345) | 24,019) | 24,783) | 25,768) | 27,414) | 27,276) | 28,168) | 27,346) | 27,043) | 24,999) | |||||||
| Total debt | 49,579) | 45,695) | 49,222) | 49,139) | 50,387) | 47,909) | 47,715) | 47,893) | 47,121) | 43,123) | 27,221) | 28,052) | 29,357) | 27,806) | 29,105) | 29,158) | 29,398) | 31,536) | 29,490) | 29,628) | 28,370) | |||||||
| Total PMI stockholders’ deficit | (10,901) | (11,750) | (9,694) | (9,744) | (10,309) | (11,225) | (9,433) | (9,703) | (8,924) | (8,957) | (9,137) | (9,044) | (10,098) | (10,106) | (10,551) | (11,113) | (11,548) | (12,567) | (12,092) | (11,997) | (12,944) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | 1.87 | 1.79 | 1.74 | 1.69 | 1.61 | 1.62 | 1.53 | 1.60 | 1.68 | 1.62 | 1.74 | 1.82 | 1.68 | 1.86 | 1.88 | 1.89 | 2.21 | 2.22 | 2.84 | 2.99 | 2.78 | |||||||
| Mondelēz International Inc. | 0.76 | 0.66 | 0.71 | 0.71 | 0.67 | 0.69 | 0.70 | 0.74 | 0.79 | 0.85 | 0.81 | 0.70 | 0.70 | 0.69 | 0.72 | 0.69 | 0.72 | 0.73 | 0.75 | 0.76 | 0.77 | |||||||
| PepsiCo Inc. | 2.64 | 2.46 | 2.31 | 2.31 | 2.41 | 2.38 | 2.38 | 2.47 | 2.45 | 2.28 | 2.07 | 2.12 | 2.20 | 2.51 | 2.60 | 2.76 | 3.13 | 3.28 | 3.31 | 3.60 | 3.06 | |||||||
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
Debt to equity = Total debt ÷ Total PMI stockholders’ deficit
= 49,579 ÷ -10,901 = —
2 Click competitor name to see calculations.
The financial data reveals several notable trends concerning the company's debt and equity position over the specified periods.
- Total Debt
- The total debt exhibits fluctuations over the periods, starting at $28,370 million as of March 31, 2020, and peaking significantly at $47,121 million by June 30, 2023. A marked increase in debt is particularly noticeable in the fourth quarter of 2022, rising sharply from $27,221 million in September 2022 to $43,123 million in December 2022. Following this surge, total debt remains elevated, fluctuating around $47,000 million through 2023 and into early 2025, with a slight decline to $45,695 million by December 31, 2024, and then increasing again to $49,579 million by March 31, 2025.
- Total PMI Stockholders’ Deficit
- The stockholders’ deficit consistently remains negative, indicating a deficit position throughout the entire period. Initially, the deficit is at -$12,944 million in March 2020 and exhibits gradual improvement until December 2021 when it narrows to -$10,106 million. Thereafter, the deficit fluctuates with moderate changes, reaching its least negative point of -$8,957 million in December 2022. However, from this point, the deficit widens again, notably deteriorating to -$11,225 million by December 2023. Subsequent quarters show some recovery and variation, ending at -$10,901 million as of March 31, 2025.
- Debt to Equity
- The data does not provide numerical values for the debt to equity ratio. Nevertheless, given the observed trends of increasing total debt and fluctuating but persistently negative equity (stockholders' deficit), one can infer that the debt to equity ratio would be increasing or demonstrating instability, reflecting a potentially higher leverage risk over time.
Overall, the company's financial position suggests an increased reliance on debt financing, especially evident from late 2022 to mid-2023. The persistent negative stockholders’ equity and significant changes in debt levels highlight potential concerns about financial leverage and capital structure stability. Continuous monitoring and management of debt obligations and equity positions would be advisable considering these trends.
Debt to Capital
Philip Morris International Inc., debt to capital calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term borrowings | 4,438) | 137) | 152) | 139) | 279) | 1,968) | 2,149) | 4,121) | 4,803) | 5,637) | 2,818) | 1,558) | 2,441) | 225) | 223) | 136) | 192) | 244) | 152) | 281) | 1,438) | |||||||
| Current portion of long-term debt | 6,360) | 3,392) | 4,833) | 4,353) | 5,425) | 4,698) | 2,652) | 2,372) | 1,902) | 2,611) | 2,641) | 4,149) | 2,897) | 2,798) | 3,114) | 1,608) | 1,930) | 3,124) | 1,992) | 2,304) | 1,933) | |||||||
| Long-term debt, excluding current portion | 38,781) | 42,166) | 44,237) | 44,647) | 44,683) | 41,243) | 42,914) | 41,400) | 40,416) | 34,875) | 21,762) | 22,345) | 24,019) | 24,783) | 25,768) | 27,414) | 27,276) | 28,168) | 27,346) | 27,043) | 24,999) | |||||||
| Total debt | 49,579) | 45,695) | 49,222) | 49,139) | 50,387) | 47,909) | 47,715) | 47,893) | 47,121) | 43,123) | 27,221) | 28,052) | 29,357) | 27,806) | 29,105) | 29,158) | 29,398) | 31,536) | 29,490) | 29,628) | 28,370) | |||||||
| Total PMI stockholders’ deficit | (10,901) | (11,750) | (9,694) | (9,744) | (10,309) | (11,225) | (9,433) | (9,703) | (8,924) | (8,957) | (9,137) | (9,044) | (10,098) | (10,106) | (10,551) | (11,113) | (11,548) | (12,567) | (12,092) | (11,997) | (12,944) | |||||||
| Total capital | 38,678) | 33,945) | 39,528) | 39,395) | 40,078) | 36,684) | 38,282) | 38,190) | 38,197) | 34,166) | 18,084) | 19,008) | 19,259) | 17,700) | 18,554) | 18,045) | 17,850) | 18,969) | 17,398) | 17,631) | 15,426) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital1 | 1.28 | 1.35 | 1.25 | 1.25 | 1.26 | 1.31 | 1.25 | 1.25 | 1.23 | 1.26 | 1.51 | 1.48 | 1.52 | 1.57 | 1.57 | 1.62 | 1.65 | 1.66 | 1.70 | 1.68 | 1.84 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | 0.65 | 0.64 | 0.64 | 0.63 | 0.62 | 0.62 | 0.60 | 0.62 | 0.63 | 0.62 | 0.63 | 0.65 | 0.63 | 0.65 | 0.65 | 0.65 | 0.69 | 0.69 | 0.74 | 0.75 | 0.74 | |||||||
| Mondelēz International Inc. | 0.43 | 0.40 | 0.42 | 0.42 | 0.40 | 0.41 | 0.41 | 0.43 | 0.44 | 0.46 | 0.45 | 0.41 | 0.41 | 0.41 | 0.42 | 0.41 | 0.42 | 0.42 | 0.43 | 0.43 | 0.44 | |||||||
| PepsiCo Inc. | 0.73 | 0.71 | 0.70 | 0.70 | 0.71 | 0.70 | 0.70 | 0.71 | 0.71 | 0.69 | 0.67 | 0.68 | 0.69 | 0.72 | 0.72 | 0.73 | 0.76 | 0.77 | 0.77 | 0.78 | 0.75 | |||||||
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
Debt to capital = Total debt ÷ Total capital
= 49,579 ÷ 38,678 = 1.28
2 Click competitor name to see calculations.
Over the periods analyzed, total debt exhibits a fluctuating pattern with some notable increases and decreases. Initially, total debt rose slightly from 28,370 million USD in March 2020 to a peak of 31,536 million USD by December 2020. Following this, it generally declined, reaching a trough of 27,221 million USD in September 2022. However, a sharp rise is observed in December 2022, where total debt surged to 43,123 million USD, followed by further increases peaking at 47,909 million USD in December 2023. Subsequently, it shows some volatility but remains elevated, with values fluctuating around the 45,000 to 50,000 million USD range toward March 2025.
Total capital also demonstrates an overall increasing trend but with pronounced volatility, especially in the later periods. The initial values from March 2020 to December 2021 show moderate growth from approximately 15,426 million USD to 19,700 million USD. Beginning in December 2022, there is a marked increase in total capital, jumping to 34,166 million USD, continuing upward to nearly 38,282 million USD by December 2023. Following this, total capital experiences some fluctuations with a lower point near 33,945 million USD at March 2025, generally maintaining a level above 34,000 million USD in the latest periods.
Regarding the debt to capital ratio, the data reveals a general downward trend from March 2020 through the end of 2022, decreasing from 1.84 to approximately 1.26. This decline indicates that total capital growth outpaced total debt, improving the company’s leverage position during that timeframe. Starting from December 2022, the ratio stabilizes around 1.23 to 1.35, suggesting a consistent leverage ratio despite the larger absolute values of debt and capital. Minor fluctuations after the initial decrease imply that the increase in debt was largely accompanied by proportional increases in total capital in the observed periods.
In summary, the data reflects a period of initial debt increase followed by reduction, then a significant jump in leverage-related figures toward late 2022. The subsequent stability in debt to capital ratio indicates balanced management of capital structure despite elevated absolute debt levels. The interplay between total debt and total capital suggests that capital resources were increased to accommodate the rise in debt, maintaining a relatively stable leverage ratio in recent quarters.
- Total Debt
- Fluctuated with an initial increase, mid-period decline, then sharp rise from late 2022 onward.
- Total Capital
- Moderate growth early, followed by significant increases starting late 2022, with some volatility in recent quarters.
- Debt to Capital Ratio
- General decline through 2022 indicating improved leverage, then stable levels around 1.25 to 1.35 thereafter, reflecting proportional growth in debt and capital.
Debt to Assets
Philip Morris International Inc., debt to assets 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) | ||||||||||||||||||||||||||||
| Short-term borrowings | 4,438) | 137) | 152) | 139) | 279) | 1,968) | 2,149) | 4,121) | 4,803) | 5,637) | 2,818) | 1,558) | 2,441) | 225) | 223) | 136) | 192) | 244) | 152) | 281) | 1,438) | |||||||
| Current portion of long-term debt | 6,360) | 3,392) | 4,833) | 4,353) | 5,425) | 4,698) | 2,652) | 2,372) | 1,902) | 2,611) | 2,641) | 4,149) | 2,897) | 2,798) | 3,114) | 1,608) | 1,930) | 3,124) | 1,992) | 2,304) | 1,933) | |||||||
| Long-term debt, excluding current portion | 38,781) | 42,166) | 44,237) | 44,647) | 44,683) | 41,243) | 42,914) | 41,400) | 40,416) | 34,875) | 21,762) | 22,345) | 24,019) | 24,783) | 25,768) | 27,414) | 27,276) | 28,168) | 27,346) | 27,043) | 24,999) | |||||||
| Total debt | 49,579) | 45,695) | 49,222) | 49,139) | 50,387) | 47,909) | 47,715) | 47,893) | 47,121) | 43,123) | 27,221) | 28,052) | 29,357) | 27,806) | 29,105) | 29,158) | 29,398) | 31,536) | 29,490) | 29,628) | 28,370) | |||||||
| Total assets | 65,079) | 61,784) | 66,892) | 65,782) | 65,315) | 65,304) | 62,927) | 61,868) | 62,060) | 61,681) | 40,717) | 40,960) | 41,733) | 41,290) | 41,589) | 40,686) | 39,804) | 44,815) | 39,129) | 39,162) | 37,494) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets1 | 0.76 | 0.74 | 0.74 | 0.75 | 0.77 | 0.73 | 0.76 | 0.77 | 0.76 | 0.70 | 0.67 | 0.68 | 0.70 | 0.67 | 0.70 | 0.72 | 0.74 | 0.70 | 0.75 | 0.76 | 0.76 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | 0.48 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.41 | 0.42 | 0.44 | 0.42 | 0.43 | 0.45 | 0.44 | 0.45 | 0.46 | 0.47 | 0.50 | 0.49 | 0.54 | 0.55 | 0.54 | |||||||
| Mondelēz International Inc. | 0.28 | 0.26 | 0.27 | 0.27 | 0.25 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.32 | 0.29 | 0.29 | 0.29 | 0.30 | 0.29 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | |||||||
| PepsiCo Inc. | 0.48 | 0.45 | 0.45 | 0.45 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.42 | 0.42 | 0.42 | 0.43 | 0.44 | 0.44 | 0.46 | 0.48 | 0.48 | 0.48 | 0.50 | 0.48 | |||||||
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
Debt to assets = Total debt ÷ Total assets
= 49,579 ÷ 65,079 = 0.76
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited moderate fluctuations over the examined periods. Initially, there was a slight increase from approximately 28,370 million USD at the end of Q1 2020 to a peak of 31,536 million USD by Q4 2020. Subsequently, total debt declined gradually through 2021, reaching a low near 27,221 million USD in Q3 2022. From late 2022, a noticeable surge occurred, escalating sharply to 47,909 million USD by Q4 2023. Although some volatility followed, debt remained elevated, averaging above 48,000 million USD toward the end of 2024. This pattern indicates an increasing leverage stance, especially from late 2022 onwards.
- Total Assets
- Total assets rose steadily from approximately 37,494 million USD in Q1 2020 to about 44,815 million USD at the end of 2020, reflecting asset growth during that year. The upward trend slowed in 2021, with assets stabilizing near 41,000 million USD. However, a substantial jump occurred in Q4 2022, with assets reaching over 61,000 million USD, maintaining that elevated level through 2023 and early 2024. The data indicate a strategic accumulation or revaluation of assets starting in late 2022, suggesting possible acquisitions or capital investments during this time frame.
- Debt to Assets Ratio
- The ratio of total debt to total assets showed a general decline from 0.76 at Q1 2020 to a low of approximately 0.67 by Q3 2022, implying an improvement in the relative debt burden during this phase. Starting Q4 2022, coinciding with the sharp rise in total debt and assets, the ratio increased again, fluctuating between 0.73 and 0.77 through 2024. This suggests that although assets increased significantly, debt growth was proportionally faster, leading to a higher leverage ratio. The ratio plateaued near mid to high 0.7 range, reflecting sustained elevated leverage.
- Summary of Trends
- Overall, the data reveal three distinct phases: an initial period of moderate debt and asset growth and improving leverage up to mid-2022; a marked expansion in both debt and assets starting Q4 2022; and stabilization of higher leverage ratios through 2024. The sharp increase in total debt accompanied by a proportional asset rise during the latter period indicates considerable capital inflow or financial restructuring. The sustained debt to assets ratio near 0.75 points to a strategy involving higher leverage, which should be monitored for potential impact on financial risk and cost of capital.
Financial Leverage
Philip Morris International Inc., financial leverage 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) | ||||||||||||||||||||||||||||
| Total assets | 65,079) | 61,784) | 66,892) | 65,782) | 65,315) | 65,304) | 62,927) | 61,868) | 62,060) | 61,681) | 40,717) | 40,960) | 41,733) | 41,290) | 41,589) | 40,686) | 39,804) | 44,815) | 39,129) | 39,162) | 37,494) | |||||||
| Total PMI stockholders’ deficit | (10,901) | (11,750) | (9,694) | (9,744) | (10,309) | (11,225) | (9,433) | (9,703) | (8,924) | (8,957) | (9,137) | (9,044) | (10,098) | (10,106) | (10,551) | (11,113) | (11,548) | (12,567) | (12,092) | (11,997) | (12,944) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
| Coca-Cola Co. | 3.88 | 4.05 | 4.01 | 3.91 | 3.76 | 3.77 | 3.71 | 3.78 | 3.86 | 3.85 | 4.05 | 4.05 | 3.79 | 4.10 | 4.09 | 4.05 | 4.42 | 4.52 | 5.22 | 5.42 | 5.18 | |||||||
| Mondelēz International Inc. | 2.67 | 2.54 | 2.59 | 2.64 | 2.73 | 2.52 | 2.48 | 2.51 | 2.58 | 2.65 | 2.55 | 2.40 | 2.41 | 2.37 | 2.43 | 2.41 | 2.45 | 2.46 | 2.46 | 2.47 | 2.48 | |||||||
| PepsiCo Inc. | 5.53 | 5.51 | 5.17 | 5.12 | 5.25 | 5.43 | 5.31 | 5.42 | 5.46 | 5.38 | 4.98 | 5.02 | 5.11 | 5.76 | 5.88 | 6.04 | 6.54 | 6.91 | 6.83 | 7.17 | 6.32 | |||||||
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
Financial leverage = Total assets ÷ Total PMI stockholders’ deficit
= 65,079 ÷ -10,901 = —
2 Click competitor name to see calculations.
The financial data reveals several key trends over the periods presented. Total assets demonstrate a general upward trajectory with some fluctuations. From March 31, 2020, to March 31, 2025, total assets increased from approximately $37.5 billion to around $65.1 billion, indicating growth in asset base. However, notable volatility is observed with a significant jump at December 31, 2022, reaching approximately $61.7 billion from about $40.7 billion in the prior quarter, followed by stability around the $62 billion to $67 billion range until a slight dip to $61.8 billion by March 31, 2025.
In contrast, the total PMI stockholders’ deficit figures are negative throughout the timeline, reflecting a consistent stockholders' deficit position. The deficit decreased in magnitude from about -$12.9 billion at the beginning (March 31, 2020) to a lower negative value near -$8.9 billion by December 31, 2022, indicating some reduction in the deficit. Post this period, the deficit increases again, with the value swinging between approximately -$8.9 billion and -$11.2 billion, reaching close to -$10.9 billion by the last date (March 31, 2025). This pattern shows a fluctuation with a tendency towards increasing deficit in the later periods, notably worsening at December 31 in multiple years.
There is a notable discontinuity or missing data in the "Financial leverage" ratio, preventing direct analysis in this area. However, given the behavior of total assets and stockholders’ deficit, it can be inferred that leverage dynamics might have been affected by asset growth and changes in equity positions.
- Total Assets
- Overall growth from $37.5 billion to $65.1 billion over five years.
- Significant asset base increase observed in late 2022.
- Minor volatility with a stable range after the sharp increase post-2022.
- Total PMI Stockholders’ Deficit
- Persistently negative, indicating a stockholders’ deficit throughout the period.
- Deficit size decreased until late 2022, indicating improvement in equity position.
- Subsequent increase in deficit magnitude occurred after 2022, signaling growing negative equity.
- Financial Leverage
- No data provided, precluding analysis of leverage ratios.
The data suggest a company with expanding asset holdings, especially significant growth in late 2022, but with ongoing issues related to stockholders’ deficit that temporarily improved but later worsened. The absence of leverage figures limits a full assessment of financial structure stability and risk.