Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Analysis of Long-term (Investment) Activity Ratios 

Microsoft Excel

Long-term Activity Ratios (Summary)

Philip Morris International Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 4.68 4.73 5.09 4.51 4.49
Net fixed asset turnover (including operating lease, right-of-use asset) 4.32 4.35 4.69 4.06 4.03
Total asset turnover 0.54 0.51 0.76 0.64 0.70
Equity turnover

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Philip Morris International Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Philip Morris International Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Philip Morris International Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Net Fixed Asset Turnover

Philip Morris International Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net revenues 35,174 31,762 31,405 28,694 29,805
Property, plant and equipment, less accumulated depreciation 7,516 6,710 6,168 6,365 6,631
Long-term Activity Ratio
Net fixed asset turnover1 4.68 4.73 5.09 4.51 4.49
Benchmarks
Net Fixed Asset Turnover, Competitors2
Altria Group Inc. 14.82 15.61 16.75 13.00 12.56
Coca-Cola Co. 4.95 4.37 3.90 3.06 3.44
PepsiCo Inc. 3.38 3.56 3.55 3.29 3.48
Net Fixed Asset Turnover, Sector
Food, Beverage & Tobacco 4.33 4.39 4.38 3.90 4.11
Net Fixed Asset Turnover, Industry
Consumer Staples 5.54 5.60 5.41 4.71 4.64

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover = Net revenues ÷ Property, plant and equipment, less accumulated depreciation
= 35,174 ÷ 7,516 = 4.68

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Philip Morris International Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Philip Morris International Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net revenues 35,174 31,762 31,405 28,694 29,805
 
Property, plant and equipment, less accumulated depreciation 7,516 6,710 6,168 6,365 6,631
Operating lease right-of-use asset (included in Other assets) 631 594 526 697 766
Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset) 8,147 7,304 6,694 7,062 7,397
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 4.32 4.35 4.69 4.06 4.03
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Coca-Cola Co. 4.33 3.82 3.41 2.68 3.05
PepsiCo Inc. 3.05 3.24 3.25 3.05 3.22
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Food, Beverage & Tobacco 3.91 3.98 3.99 3.56 3.75
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Consumer Staples 4.82 4.85 4.68 4.06 4.53

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenues ÷ Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset)
= 35,174 ÷ 8,147 = 4.32

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Philip Morris International Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.

Total Asset Turnover

Philip Morris International Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net revenues 35,174 31,762 31,405 28,694 29,805
Total assets 65,304 61,681 41,290 44,815 42,875
Long-term Activity Ratio
Total asset turnover1 0.54 0.51 0.76 0.64 0.70
Benchmarks
Total Asset Turnover, Competitors2
Altria Group Inc. 0.63 0.68 0.66 0.55 0.51
Coca-Cola Co. 0.47 0.46 0.41 0.38 0.43
PepsiCo Inc. 0.91 0.94 0.86 0.76 0.86
Total Asset Turnover, Sector
Food, Beverage & Tobacco 0.65 0.66 0.66 0.58 0.62
Total Asset Turnover, Industry
Consumer Staples 1.60 1.56 1.48 1.38 1.48

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 35,174 ÷ 65,304 = 0.54

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Philip Morris International Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Equity Turnover

Philip Morris International Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net revenues 35,174 31,762 31,405 28,694 29,805
Total PMI stockholders’ deficit (11,225) (8,957) (10,106) (12,567) (11,577)
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
Altria Group Inc. 9.21 4.04
Coca-Cola Co. 1.76 1.78 1.68 1.71 1.96
PepsiCo Inc. 4.94 5.04 4.95 5.23 4.54
Equity Turnover, Sector
Food, Beverage & Tobacco 6.63 6.58 6.42 6.87 5.61
Equity Turnover, Industry
Consumer Staples 6.82 6.34 6.04 5.87 5.70

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Equity turnover = Net revenues ÷ Total PMI stockholders’ deficit
= 35,174 ÷ -11,225 =

2 Click competitor name to see calculations.