Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
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:
Long-term Activity Ratios (Summary)
Philip Morris International Inc., long-term (investment) activity 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).
The analysis of key turnover ratios over the periods from March 2020 to March 2025 reveals distinct trends in asset utilization efficiency.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio data commences from December 2020, showing an initial value of 4.51. From this point, the ratio generally exhibits a positive trend, increasing gradually to reach a peak of 5.65 by December 2022. Following this peak, there is a slight decline and some fluctuation, with the ratio oscillating between approximately 4.68 and 5.18 through to March 2025. Despite these oscillations, the ratio remains at a higher level compared to the earliest recorded values, indicating improved efficiency in generating revenue from fixed assets over the medium term. Overall, this suggests effective utilization and management of fixed assets with periodic variations potentially due to changes in asset base or sales levels.
- Total Asset Turnover
- The total asset turnover ratio data is available from December 2020 as well, starting at 0.64. This ratio rises steadily until December 2021, reaching 0.78, indicating enhanced efficiency in the usage of total assets to generate sales. However, a marked decrease is observed in the following year, with the ratio dropping to approximately 0.51 by December 2022. After this significant dip, the ratio slowly recovers, showing a gradual upward movement to 0.61 by March 2025. The initial rise followed by a sharp decline and subsequent recovery may reflect operational or market challenges affecting asset productivity temporarily, with signs of stabilization and improvement in later periods.
- Equity Turnover
- No data is provided for the equity turnover ratio across all periods, precluding any analysis or trend observation for this metric.
In summary, the net fixed asset turnover ratio demonstrates overall growth and sustained improvements with some variability, suggesting effective fixed asset management. Meanwhile, the total asset turnover exhibits a strong initial improvement, a notable decline, and a gradual recovery, indicating fluctuations in overall asset efficiency during the review period. The absence of equity turnover data limits a full assessment of shareholder equity utilization.
Net Fixed Asset Turnover
Philip Morris International Inc., net fixed asset turnover 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) | ||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||
| Property, plant and equipment, less accumulated depreciation | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, 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
Net fixed asset turnover
= (Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024
+ Net revenuesQ2 2024)
÷ Property, plant and equipment, less accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a generally increasing trend over the observed period, with fluctuations typical of quarterly data. Starting at 7,153 million US dollars in the first quarter of 2020, revenues experienced a dip in the second quarter of 2020 down to 6,651 million, likely reflecting external challenges during that period. Subsequently, revenues steadily recovered and grew, reaching a peak of 9,911 million in the third quarter of 2024. Notably, the revenues showed consistent growth from early 2023 into 2024, though the last quarter recorded a slight decline from 9,706 million to 9,301 million. This upward movement indicates overall positive sales performance and recovery momentum.
- Property, Plant and Equipment, Less Accumulated Depreciation
- The net value of property, plant, and equipment less accumulated depreciation displays moderate volatility but with an overall upward inclination in the later periods. Beginning near 6,107 million at the start of 2020, the figure fluctuated somewhat, dipping to near 5,610 million in the third quarter of 2022, perhaps indicating asset disposals or increased depreciation charges at that time. Afterward, a stronger growth trajectory emerges, with values attaining approximately 7,532 million by the beginning of 2025, suggesting capital expenditures or revaluations contributed to asset base expansion during recent quarters.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from the third quarter of 2020 onwards, fluctuates within a relatively narrow band. Initially around 4.51, it rises steadily, peaking at 5.65 in the last quarter of 2022. Following this peak, the ratio experiences a modest decline and slight fluctuations, generally staying between 4.68 and 5.18 through to early 2025. This pattern reflects operational efficiency in using fixed assets to generate revenues, with improvements evident through 2022 and stabilization thereafter. The ratio's maintenance above 4.5 over the period signals effective asset utilization.
Total Asset Turnover
Philip Morris International Inc., total asset turnover 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) | ||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, 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
Total asset turnover
= (Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024
+ Net revenuesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends and patterns over the observed periods.
- Net Revenues
- Net revenues demonstrated an overall upward trajectory from March 2020 through March 2025, starting at 7,153 million USD and rising to 9,301 million USD in the final quarter. Despite some fluctuations, the general movement is positive. Notable increases are observed particularly from June 2022 onwards, with revenues steadily climbing and peaking around September 2024 at 9,911 million USD, followed by a modest decline in the latest quarter.
- Total Assets
- Total assets experienced some volatility across the timeframe. Initially, the value hovered around 37,494 to 44,815 million USD until the end of 2020. From early 2021 to late 2022, assets remained relatively stable in the 39,800 to 41,700 million USD range. A significant jump occurs at the end of 2022, with assets increasing sharply to over 61,000 million USD and maintaining elevated levels through 2023 and early 2024. However, a decline appears in late 2024, bringing total assets down to approximately 61,784 million USD before a slight recovery.
- Total Asset Turnover Ratio
- The total asset turnover ratio shows a pattern of initial improvement from 0.64 to 0.78 between late 2020 and late 2021, indicating increasing efficiency in asset utilization. However, a sharp decrease is evident from the start of 2022, with the ratio dropping into the 0.51 to 0.54 range and remaining at this lower level through most of 2023 and early 2024. Slight improvement takes place in late 2024, reaching 0.61 before a minor decrease in the final quarter. The decline corresponds with the increase in total assets, suggesting that asset growth outpaced revenue generation during that period.
In summary, the entity exhibits a steady growth in net revenues over the five-year period, alongside a significant increase in total assets starting at the end of 2022. The sharp rise in assets appears to have initially reduced asset turnover efficiency, although a partial recovery in the ratio by late 2024 indicates some improvement in how assets are being utilized to generate sales. The trends suggest strategic expansion or asset acquisition efforts that may have impacted operational efficiency temporarily but did not prevent overall revenue growth.
Equity Turnover
Philip Morris International Inc., equity turnover 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) | ||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||
| Total PMI stockholders’ deficit | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, 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
Equity turnover
= (Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024
+ Net revenuesQ2 2024)
÷ Total PMI stockholders’ deficit
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
-
Net revenues exhibit a fluctuating yet generally upward trajectory from March 31, 2020, through March 31, 2025. Starting at $7,153 million in the first quarter of 2020, revenues dipped to $6,651 million in the subsequent quarter but recovered and rose to $7,444 million by the last quarter of 2020. Throughout 2021, the revenues continued an overall growth trend, reaching $8,104 million in the fourth quarter. In 2022, revenue figures showed relative stability with a slight upward bias, moving from $7,746 million at the start of the year to $8,152 million by year-end.
The trend intensifies in 2023, where revenues climbed significantly to $9,141 million by the third quarter, before a slight contraction to $9,047 million in the fourth quarter. In 2024, periodic data indicate further revenue increases, peaking at $9,911 million in the third quarter before a moderate decline to $9,301 million by the first quarter of 2025. This pattern suggests periods of strong revenue growth interrupted by modest quarter-on-quarter contractions, which could be seasonal or market-related.
- Total PMI Stockholders’ Deficit
-
The stockholders’ deficit shows an improving trend from March 2020 to December 2022, with the deficit shrinking from -$12,944 million to -$8,957 million. This reduction reflects a strengthened equity position during this interval. The deficit showed a temporary increase in the period from March 2023 to December 2023, reaching -$11,225 million in the final quarter of that year, indicating a deterioration in equity possibly due to negative retained earnings, dividend payments, or other equity reductions.
In 2024, the deficit again shows some mitigation, recovering to -$9,694 million by the third quarter before rising sharply to -$11,750 million in the fourth quarter, and then improving slightly to -$10,901 million in the first quarter 2025. This volatility suggests fluctuating equity conditions, potentially influenced by financial activities, market conditions, or changes in comprehensive income.
- Equity Turnover
-
Data regarding equity turnover ratio is not available for analysis, limiting the ability to assess asset utilization and sales efficiency relative to shareholders' equity.