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: 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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Philip Morris International Inc. debt to capital ratio improved from Q4 2022 to Q1 2023 but then slightly deteriorated from Q1 2023 to Q2 2023 not reaching Q4 2022 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Philip Morris International Inc. debt to assets ratio deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023. |
Debt to Equity
Philip Morris International Inc., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | 4,121) | 4,803) | 5,637) | 2,818) | 1,558) | 2,441) | 225) | 223) | 136) | 192) | 244) | 152) | 281) | 1,438) | 338) | 355) | 269) | 1,551) | 730) | 545) | 592) | 608) | |||||||
| Current portion of long-term debt | 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) | 4,051) | 5,035) | 4,762) | 5,582) | 4,054) | 3,042) | 3,025) | 4,662) | |||||||
| Long-term debt, excluding current portion | 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) | 26,656) | 26,426) | 24,858) | 23,131) | 26,975) | 28,179) | 28,048) | 29,578) | |||||||
| Total debt | 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) | 31,045) | 31,816) | 29,889) | 30,264) | 31,759) | 31,766) | 31,665) | 34,848) | |||||||
| Total PMI stockholders’ deficit | (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) | (11,577) | (11,010) | (11,199) | (11,968) | (12,459) | (11,720) | (11,915) | (12,350) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Altria Group Inc. | — | — | — | — | — | — | — | — | 8.67 | 10.19 | 10.38 | 9.32 | 5.11 | 4.58 | 4.51 | 2.65 | 2.02 | 2.07 | — | — | — | — | |||||||
| Coca-Cola Co. | 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 | 2.25 | 2.27 | 2.48 | 2.50 | — | — | — | — | |||||||
| Mondelēz International Inc. | 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 | 0.68 | 0.73 | 0.74 | 0.75 | — | — | — | — | |||||||
| PepsiCo Inc. | 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 | 2.17 | 2.30 | 2.24 | 2.24 | — | — | — | — | |||||||
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).
1 Q2 2023 Calculation
Debt to equity = Total debt ÷ Total PMI stockholders’ deficit
= 47,893 ÷ -9,703 = —
2 Click competitor name to see calculations.
Debt to Capital
Philip Morris International Inc., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | 4,121) | 4,803) | 5,637) | 2,818) | 1,558) | 2,441) | 225) | 223) | 136) | 192) | 244) | 152) | 281) | 1,438) | 338) | 355) | 269) | 1,551) | 730) | 545) | 592) | 608) | |||||||
| Current portion of long-term debt | 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) | 4,051) | 5,035) | 4,762) | 5,582) | 4,054) | 3,042) | 3,025) | 4,662) | |||||||
| Long-term debt, excluding current portion | 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) | 26,656) | 26,426) | 24,858) | 23,131) | 26,975) | 28,179) | 28,048) | 29,578) | |||||||
| Total debt | 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) | 31,045) | 31,816) | 29,889) | 30,264) | 31,759) | 31,766) | 31,665) | 34,848) | |||||||
| Total PMI stockholders’ deficit | (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) | (11,577) | (11,010) | (11,199) | (11,968) | (12,459) | (11,720) | (11,915) | (12,350) | |||||||
| Total capital | 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) | 19,468) | 20,806) | 18,690) | 18,296) | 19,300) | 20,046) | 19,750) | 22,498) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 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 | 1.59 | 1.53 | 1.60 | 1.65 | 1.65 | 1.58 | 1.60 | 1.55 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Altria Group Inc. | 1.16 | 1.18 | 1.17 | 1.19 | 1.10 | 1.07 | 1.06 | 1.05 | 0.90 | 0.91 | 0.91 | 0.90 | 0.84 | 0.82 | 0.82 | 0.73 | 0.67 | 0.67 | — | — | — | — | |||||||
| Coca-Cola Co. | 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 | 0.69 | 0.69 | 0.71 | 0.71 | — | — | — | — | |||||||
| Mondelēz International Inc. | 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 | 0.40 | 0.42 | 0.42 | 0.43 | — | — | — | — | |||||||
| PepsiCo Inc. | 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 | 0.68 | 0.70 | 0.69 | 0.69 | — | — | — | — | |||||||
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).
1 Q2 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 47,893 ÷ 38,190 = 1.25
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Philip Morris International Inc. debt to capital ratio improved from Q4 2022 to Q1 2023 but then slightly deteriorated from Q1 2023 to Q2 2023 not reaching Q4 2022 level. |
Debt to Assets
Philip Morris International Inc., debt to assets calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term borrowings | 4,121) | 4,803) | 5,637) | 2,818) | 1,558) | 2,441) | 225) | 223) | 136) | 192) | 244) | 152) | 281) | 1,438) | 338) | 355) | 269) | 1,551) | 730) | 545) | 592) | 608) | |||||||
| Current portion of long-term debt | 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) | 4,051) | 5,035) | 4,762) | 5,582) | 4,054) | 3,042) | 3,025) | 4,662) | |||||||
| Long-term debt, excluding current portion | 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) | 26,656) | 26,426) | 24,858) | 23,131) | 26,975) | 28,179) | 28,048) | 29,578) | |||||||
| Total debt | 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) | 31,045) | 31,816) | 29,889) | 30,264) | 31,759) | 31,766) | 31,665) | 34,848) | |||||||
| Total assets | 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) | 42,875) | 41,420) | 39,923) | 38,042) | 39,801) | 39,380) | 40,721) | 43,070) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 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 | 0.72 | 0.77 | 0.75 | 0.80 | 0.80 | 0.81 | 0.78 | 0.81 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Altria Group Inc. | 0.73 | 0.69 | 0.72 | 0.77 | 0.75 | 0.69 | 0.71 | 0.71 | 0.64 | 0.61 | 0.62 | 0.63 | 0.58 | 0.57 | 0.57 | 0.53 | 0.51 | 0.49 | — | — | — | — | |||||||
| Coca-Cola Co. | 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 | 0.50 | 0.49 | 0.50 | 0.50 | — | — | — | — | |||||||
| Mondelēz International Inc. | 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 | 0.29 | 0.31 | 0.30 | 0.30 | — | — | — | — | |||||||
| PepsiCo Inc. | 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 | 0.41 | 0.42 | 0.42 | 0.42 | — | — | — | — | |||||||
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).
1 Q2 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 47,893 ÷ 61,868 = 0.77
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Philip Morris International Inc. debt to assets ratio deteriorated from Q4 2022 to Q1 2023 and from Q1 2023 to Q2 2023. |
Financial Leverage
Philip Morris International Inc., financial leverage calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 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) | 42,875) | 41,420) | 39,923) | 38,042) | 39,801) | 39,380) | 40,721) | 43,070) | |||||||
| Total PMI stockholders’ deficit | (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) | (11,577) | (11,010) | (11,199) | (11,968) | (12,459) | (11,720) | (11,915) | (12,350) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Altria Group Inc. | — | — | — | — | — | — | — | — | 13.63 | 16.74 | 16.70 | 14.86 | 8.83 | 8.04 | 7.92 | 5.02 | 3.98 | 4.21 | — | — | — | — | |||||||
| Coca-Cola Co. | 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 | 4.55 | 4.67 | 4.95 | 4.98 | — | — | — | — | |||||||
| Mondelēz International Inc. | 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 | 2.37 | 2.38 | 2.44 | 2.48 | — | — | — | — | |||||||
| PepsiCo Inc. | 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 | 5.31 | 5.48 | 5.38 | 5.31 | — | — | — | — | |||||||
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).
1 Q2 2023 Calculation
Financial leverage = Total assets ÷ Total PMI stockholders’ deficit
= 61,868 ÷ -9,703 = —
2 Click competitor name to see calculations.