Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Philip Morris International Inc., long-term (investment) activity ratios
Based on: 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), 10-K (reporting date: 2018-12-31).
| 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 improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| 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) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Philip Morris International Inc. total asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Net Fixed Asset Turnover
Philip Morris International Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues including excise taxes | 80,669) | 82,223) | 76,047) | 77,921) | 79,823) | |
| Property, plant and equipment, less accumulated depreciation | 6,710) | 6,168) | 6,365) | 6,631) | 7,201) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 12.02 | 13.33 | 11.95 | 11.75 | 11.08 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 15.61 | 16.75 | 13.00 | 12.56 | — | |
| Coca-Cola Co. | 4.37 | 3.90 | 3.06 | 3.44 | — | |
| Mondelēz International Inc. | 3.49 | 3.32 | 2.94 | 2.96 | — | |
| PepsiCo Inc. | 3.56 | 3.55 | 3.29 | 3.48 | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 4.16 | 4.06 | 3.62 | 3.80 | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Staples | 5.30 | 5.14 | 4.44 | 4.34 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Net fixed asset turnover = Revenues including excise taxes ÷ Property, plant and equipment, less accumulated depreciation
= 80,669 ÷ 6,710 = 12.02
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 improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
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
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues including excise taxes | 80,669) | 82,223) | 76,047) | 77,921) | 79,823) | |
| Property, plant and equipment, less accumulated depreciation | 6,710) | 6,168) | 6,365) | 6,631) | 7,201) | |
| Operating lease right-of-use asset (included in Other assets) | 594) | 526) | 697) | 766) | —) | |
| Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset) | 7,304) | 6,694) | 7,062) | 7,397) | 7,201) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 11.04 | 12.28 | 10.77 | 10.53 | 11.08 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Coca-Cola Co. | 3.82 | 3.41 | 2.68 | 3.05 | — | |
| Mondelēz International Inc. | 3.25 | 3.10 | 2.75 | 2.78 | — | |
| PepsiCo Inc. | 3.24 | 3.25 | 3.05 | 3.22 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Food, Beverage & Tobacco | 3.78 | 3.71 | 3.32 | 3.50 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Staples | 4.77 | 4.62 | 3.96 | 4.24 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues including excise taxes ÷ Property, plant and equipment, less accumulated depreciation (including operating lease, right-of-use asset)
= 80,669 ÷ 7,304 = 11.04
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) improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Total Asset Turnover
Philip Morris International Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues including excise taxes | 80,669) | 82,223) | 76,047) | 77,921) | 79,823) | |
| Total assets | 61,681) | 41,290) | 44,815) | 42,875) | 39,801) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 1.31 | 1.99 | 1.70 | 1.82 | 2.01 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Altria Group Inc. | 0.68 | 0.66 | 0.55 | 0.51 | — | |
| Coca-Cola Co. | 0.46 | 0.41 | 0.38 | 0.43 | — | |
| Mondelēz International Inc. | 0.44 | 0.43 | 0.39 | 0.40 | — | |
| PepsiCo Inc. | 0.94 | 0.86 | 0.76 | 0.86 | — | |
| Total Asset Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 0.63 | 0.59 | 0.53 | 0.56 | — | |
| Total Asset Turnover, Industry | ||||||
| Consumer Staples | 1.50 | 1.40 | 1.31 | 1.37 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Total asset turnover = Revenues including excise taxes ÷ Total assets
= 80,669 ÷ 61,681 = 1.31
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 improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Equity Turnover
Philip Morris International Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues including excise taxes | 80,669) | 82,223) | 76,047) | 77,921) | 79,823) | |
| Total PMI stockholders’ deficit | (8,957) | (10,106) | (12,567) | (11,577) | (12,459) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | — | — | — | — | — | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Altria Group Inc. | — | — | 9.21 | 4.04 | — | |
| Coca-Cola Co. | 1.78 | 1.68 | 1.71 | 1.96 | — | |
| Mondelēz International Inc. | 1.17 | 1.02 | 0.96 | 0.95 | — | |
| PepsiCo Inc. | 5.04 | 4.95 | 5.23 | 4.54 | — | |
| Equity Turnover, Sector | ||||||
| Food, Beverage & Tobacco | 2.90 | 2.63 | 2.47 | 2.31 | — | |
| Equity Turnover, Industry | ||||||
| Consumer Staples | 5.11 | 4.84 | 4.60 | 4.48 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Equity turnover = Revenues including excise taxes ÷ Total PMI stockholders’ deficit
= 80,669 ÷ -8,957 = —
2 Click competitor name to see calculations.