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.
Long-term Activity Ratios (Summary)
Philip Morris International Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The analysis of long-term activity ratios indicates a period of volatility followed by a gradual recovery in asset utilization efficiency. While fixed asset productivity remained relatively stable over the long term, total asset efficiency experienced a significant contraction in late 2022 before initiating a steady upward trajectory through 2026.
- Net Fixed Asset Turnover
- This ratio exhibited moderate fluctuations throughout the observed period. An initial peak of 5.65 was reached in September 2022, followed by a decline to a trough of 4.68 by December 2023. From 2024 onward, a stabilization pattern emerged, with the ratio consistently operating within a range of 4.84 to 5.18. The period concludes with a slight upward trend, reaching 5.15 by September 2026, suggesting a return to productivity levels similar to those seen at the start of the analysis period.
- Total Asset Turnover
- A pronounced shift in total asset efficiency occurred between September 2022 (0.78) and December 2022 (0.51), marking a sharp decline in the ability to generate revenue from the total asset base. Following this contraction, a consistent and incremental recovery is observed. The ratio climbed steadily from 0.52 in March 2023 to 0.65 by September 2026. This long-term upward trend indicates a progressive improvement in overall operational efficiency and a more effective deployment of total resources to drive top-line growth.
The divergence between the relative stability of the net fixed asset turnover and the significant dip and subsequent recovery of the total asset turnover suggests that the primary drivers of efficiency volatility were likely related to non-fixed assets or significant changes in the total asset base during late 2022. The overall trend reflects a successful stabilization and gradual optimization of the company's investment activity over the multi-year horizon.
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Net Fixed Asset Turnover
Philip Morris International Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | 11,438) | 11,192) | 10,146) | 10,362) | 10,845) | 10,140) | 9,301) | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | ||||||
| Property, plant and equipment, less accumulated depreciation | 8,369) | 8,313) | 8,259) | 8,397) | 8,115) | 8,043) | 7,532) | 7,310) | 7,548) | 7,264) | 7,201) | 7,516) | 6,883) | 6,991) | 6,788) | 6,710) | 5,610) | 5,965) | 6,004) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 5.15 | 5.12 | 5.02 | 4.84 | 4.93 | 4.86 | 5.10 | 5.18 | 4.93 | 5.02 | 4.99 | 4.68 | 4.98 | 4.74 | 4.72 | 4.73 | 5.65 | 5.33 | 5.26 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 5.38 | 5.20 | 5.18 | 4.99 | 4.37 | 4.36 | 4.50 | 4.57 | 4.70 | 4.89 | 4.95 | 4.95 | 5.08 | 4.55 | 4.42 | 4.37 | 4.58 | 4.37 | 4.10 | ||||||
| Mondelēz International Inc. | 3.76 | 3.73 | 3.72 | 3.61 | 3.64 | 3.60 | 3.73 | 3.84 | 3.73 | 3.79 | 3.77 | 3.72 | 3.87 | 3.67 | 3.60 | 3.49 | 3.53 | 3.41 | 3.24 | ||||||
| PepsiCo Inc. | 3.30 | 3.25 | 3.20 | 3.14 | 3.18 | 3.19 | 3.24 | 3.28 | 3.38 | 3.40 | 3.43 | 3.38 | 3.69 | 3.68 | 3.63 | 3.56 | 3.67 | 3.61 | 3.67 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
÷ Property, plant and equipment, less accumulated depreciation
= (11,438 + 11,192 + 10,146 + 10,362)
÷ 8,369 = 5.15
2 Click competitor name to see calculations.
The financial trajectory from March 2022 to September 2026 is characterized by a consistent expansion in net revenues and a corresponding increase in the investment in fixed assets. The overall relationship between asset growth and revenue generation indicates a stable operational efficiency throughout the period.
- Revenue and Asset Growth Trends
- Net revenues exhibited a sustained upward trend, increasing from 7,746 million USD in March 2022 to 11,438 million USD by September 2026. During the same period, net property, plant, and equipment grew from 6,004 million USD to 8,369 million USD. A notable increase in fixed assets occurred between September 2022 and December 2022, where valuations rose from 5,610 million USD to 6,710 million USD, suggesting a significant capital expenditure phase.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio remained relatively stable, primarily fluctuating between 4.68 and 5.65. The highest efficiency peak of 5.65 was observed in September 2022, coinciding with the period's lowest net fixed asset base. Subsequent capital investments led to a temporary decline in the ratio, which normalized to approximately 4.73 by December 2022.
- Long-term Efficiency Correlation
- Between 2023 and 2026, the ratio demonstrated a pattern of stabilization, generally maintaining a range between 4.8 and 5.2. The gradual increase in the ratio toward the end of the period, reaching 5.15 in September 2026, indicates that the growth in net revenues has effectively kept pace with the expansion of the fixed asset base. This suggests a disciplined approach to capital allocation, ensuring that new investments in productive assets continue to drive proportional top-line growth.
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Total Asset Turnover
Philip Morris International Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | 11,438) | 11,192) | 10,146) | 10,362) | 10,845) | 10,140) | 9,301) | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | ||||||
| Total assets | 66,730) | 68,271) | 68,913) | 69,185) | 67,061) | 68,506) | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.65 | 0.62 | 0.60 | 0.59 | 0.60 | 0.57 | 0.59 | 0.61 | 0.56 | 0.55 | 0.55 | 0.54 | 0.54 | 0.54 | 0.52 | 0.51 | 0.78 | 0.78 | 0.76 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 0.47 | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.47 | 0.44 | 0.46 | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.46 | 0.44 | 0.43 | ||||||
| Mondelēz International Inc. | 0.56 | 0.56 | 0.55 | 0.54 | 0.53 | 0.52 | 0.53 | 0.53 | 0.50 | 0.49 | 0.47 | 0.50 | 0.50 | 0.47 | 0.45 | 0.44 | 0.45 | 0.45 | 0.43 | ||||||
| PepsiCo Inc. | 0.88 | 0.86 | 0.86 | 0.87 | 0.87 | 0.87 | 0.90 | 0.92 | 0.91 | 0.92 | 0.92 | 0.91 | 0.92 | 0.94 | 0.95 | 0.94 | 0.89 | 0.88 | 0.87 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Total asset turnover
= (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
÷ Total assets
= (11,438 + 11,192 + 10,146 + 10,362)
÷ 66,730 = 0.65
2 Click competitor name to see calculations.
The analysis of total asset turnover from March 2022 through September 2026 reveals a significant structural shift in the asset base, followed by a period of gradual operational recovery and efficiency gains.
- Revenue Growth Trends
- Net revenues demonstrated a consistent long-term upward trajectory, rising from 7,746 million USD in March 2022 to 11,438 million USD by September 2026. This growth reflects a steady expansion in top-line performance, despite minor quarterly fluctuations.
- Asset Base Expansion
- A substantial increase in total assets was observed between September 30, 2022, and December 31, 2022, with the value jumping from 40,717 million USD to 61,681 million USD. Following this spike, the asset base remained relatively stable, fluctuating within the range of 61,784 million USD to 69,185 million USD for the remainder of the period.
- Total Asset Turnover Volatility and Recovery
- The total asset turnover ratio experienced a sharp decline in late 2022, falling from a peak of 0.78 in September to 0.51 in December. This contraction was the direct result of the rapid asset expansion outpacing revenue growth. Subsequent to this decline, the ratio entered a recovery phase, climbing steadily from 0.52 in March 2023 to 0.65 by September 2026.
- Operational Efficiency Insights
- The gradual increase in the turnover ratio from 2023 onward indicates an improving capacity to generate revenue from the expanded asset base. The progression from 0.51 back toward 0.65 suggests that the investments made in late 2022 have become increasingly productive, reflecting enhanced asset utilization and operational optimization over time.
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Equity Turnover
Philip Morris International Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | 11,438) | 11,192) | 10,146) | 10,362) | 10,845) | 10,140) | 9,301) | 9,706) | 9,911) | 9,468) | 8,793) | 9,047) | 9,141) | 8,967) | 8,019) | 8,152) | 8,032) | 7,832) | 7,746) | ||||||
| Total PMI stockholders’ deficit | (7,937) | (8,583) | (9,279) | (9,994) | (10,914) | (11,966) | (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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 1.37 | 1.39 | 1.47 | 1.49 | 1.53 | 1.65 | 1.79 | 1.89 | 1.75 | 1.80 | 1.74 | 1.76 | 1.71 | 1.70 | 1.72 | 1.78 | 1.86 | 1.80 | 1.62 | ||||||
| Mondelēz International Inc. | 1.50 | 1.49 | 1.53 | 1.49 | 1.44 | 1.42 | 1.41 | 1.35 | 1.30 | 1.30 | 1.27 | 1.27 | 1.24 | 1.19 | 1.17 | 1.17 | 1.14 | 1.09 | 1.04 | ||||||
| PepsiCo Inc. | 4.41 | 4.39 | 4.46 | 4.60 | 4.76 | 4.98 | 4.98 | 5.09 | 4.73 | 4.73 | 4.82 | 4.94 | 4.87 | 5.10 | 5.17 | 5.04 | 4.41 | 4.41 | 4.44 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Equity turnover
= (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
÷ Total PMI stockholders’ deficit
= (11,438 + 11,192 + 10,146 + 10,362)
÷ -7,937 = —
2 Click competitor name to see calculations.
The financial trajectory between March 2022 and September 2026 is characterized by a consistent expansion in top-line revenue coupled with a persistent, though fluctuating, stockholders' deficit. The interaction between these two variables fundamentally alters the interpretation of equity turnover, as the company operates with negative net worth throughout the analyzed period.
- Revenue Growth Trends
- Net revenues exhibit a sustained upward trend, growing from 7,746 million USD in March 2022 to 11,438 million USD by September 2026. While quarterly fluctuations are present, a significant acceleration in growth is observable from 2024 onward, with revenues consistently exceeding the 9,000 million USD threshold starting in mid-2023.
- Stockholders' Deficit Dynamics
- The stockholders' deficit remains negative across all quarters, indicating that liabilities exceed total assets. The deficit reached its maximum magnitude of -11,750 million USD in December 2024. Following this peak, a steady recovery is observed, with the deficit narrowing to -7,937 million USD by September 2026, suggesting a gradual improvement in the equity position.
- Equity Turnover Interpretation
- The presence of a stockholders' deficit results in a negative equity turnover ratio. In a traditional context, equity turnover measures asset efficiency relative to shareholder investment; however, with negative equity, the ratio reflects a leveraged capital structure. The simultaneous increase in net revenues and the reduction of the deficit magnitude toward the end of the period indicate a trend toward a more stabilized financial position, although the equity base remains negative.
Overall, the data reveals a company successfully scaling its revenue operations while managing a negative equity balance. The narrowing of the stockholders' deficit in the final six quarters of the sequence, combined with peak revenue performance, suggests an improving trajectory in the relationship between operational output and the company's capital structure.
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