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.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2008
- Current Ratio since 2008
- Debt to Equity since 2008
- Price to Operating Profit (P/OP) since 2008
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Long-term Activity Ratios (Summary)
Philip Morris International Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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 the quarterly financial ratios over the observed periods reveals several notable trends in asset utilization and turnover efficiency.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a generally stable pattern with moderate fluctuations. Starting around 4.51 in December 2020, the ratio generally increased to a peak of 5.65 in December 2022, indicating improved efficiency in generating sales from fixed assets during this period. However, after the peak, there is a dip in early 2023 to 4.73, followed by a recovery and slight variability in the subsequent quarters. Periods from mid-2023 to the end of 2024 show values mostly maintained between approximately 4.68 and 5.18, suggesting a consistent but somewhat fluctuating utilization efficiency of fixed assets.
- Total Asset Turnover
- The total asset turnover ratio demonstrates an upward trend from early 2021 to late 2022. Beginning at 0.64 in March 2021, it climbed steadily to around 0.78 by December 2021 and maintained this improving level into early 2022. However, a sharp decline is observed by March 2023, with the ratio dropping to approximately 0.51-0.54 range, representing decreased overall asset utilization efficiency. From mid-2023 onwards, slight improvements are noted with incremental increases reaching roughly 0.61 by March 2025, although the ratio remains below its previous peak, indicating a gradual recuperation in total asset productivity.
- Equity Turnover
- No data was provided for equity turnover across the periods in question, thus it is not possible to assess trends or performance in this financial metric based on the available information.
In summary, the company displayed a relatively robust fixed asset turnover efficiency with moderate fluctuations, peaking at the end of 2022 before experiencing variability. The total asset turnover followed a positive trend into 2022, then experienced a marked decrease, only slowly recovering towards the end of the period. These patterns may reflect changes in operational efficiency, asset management, or external market factors influencing asset productivity over time.
Net Fixed Asset Turnover
Philip Morris International Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
Net fixed asset turnover
= (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
÷ Property, plant and equipment, less accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analyzed financial data reveals several key trends in revenue, asset base, and asset turnover over the noted periods.
- Net Revenues
- Net revenues exhibit a generally increasing trend over the observed quarters. Starting from approximately 7,153 million USD in March 2020, revenues fluctuate modestly but show growth with some intermittent declines. By the end of the latest period in June 2025, net revenues reach approximately 10,140 million USD, indicating overall positive momentum. Notable spurts occur around mid-2023 and mid-2024, suggesting periods of accelerated growth. The quarter-to-quarter variation is moderate, but the longer-term direction is upward.
- Property, Plant, and Equipment (net of accumulated depreciation)
- The net value of property, plant, and equipment demonstrates some volatility but maintains a fairly stable range. Beginning near 6,107 million USD in March 2020, the value oscillates within the 5,600 to 7,500 million USD range over the timeline. There is a visible peak around December 2023 to June 2024, with values increasing to over 7,500 million USD. Following this peak, values remain relatively high with some fluctuations but no significant declines. This suggests ongoing investment or asset retention supporting operational capacity.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio reflects how efficiently the company is utilizing its fixed assets to generate revenue. Early data for this metric is absent, but from December 2020 onward, the ratio stays generally between approximately 4.5 and 5.7. The ratio peaks around September 2022, reaching near 5.65, indicating heightened efficiency in asset utilization at that time. Afterward, it slightly declines and fluctuates within the 4.7 to 5.2 range. The ratio remains relatively stable over time, signaling consistent operational efficiency despite changes in revenues and asset values.
In summary, the company demonstrates steady revenue growth alongside a relatively stable asset base and consistent asset utilization efficiency. The upward trajectory in revenues, coupled with controlled asset investment and maintained turnover ratios, suggests effective management of resources contributing to improved financial performance over the analyzed periods.
Total Asset Turnover
Philip Morris International Inc., total asset turnover calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
Total asset turnover
= (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues exhibited a fluctuating trend throughout the periods analyzed. Starting at 7,153 million US dollars in March 2020, revenues dropped to 6,651 million by June 2020 but recovered strongly to 8,104 million by December 2021. Following this increase, revenues fluctuated with some upward momentum, peaking at 10,140 million in June 2025 before a slight decline to 9,301 million by March 2025. Overall, the data reflects a general growth trajectory over the five-year period, with notable variability quarter to quarter.
- Total Assets
- Total assets showed an overall increasing trend from March 2020 to June 2025 with some irregularities. The value rose from 37,494 million US dollars in March 2020 to reach a peak of 68,506 million by June 2025. There was a significant jump noted between December 2022 (61,681 million) and December 2021 (41,290 million). While some quarters experienced minor decreases, the long-term asset base expanded substantially, indicating growth in the company's asset holdings.
- Total Asset Turnover Ratio
- Data on total asset turnover begins from September 2020, showing stability around 0.64 to 0.78 during 2020 and 2021, indicating efficiency in asset utilization to generate revenues. Thereafter, a noticeable decline occurred in 2022 with turnover ratios dropping to the range of 0.51 to 0.54. Subsequently, the ratio gradually improved from 0.54 in late 2022 to 0.61 by March 2025, before declining slightly afterwards. This pattern suggests a temporary decrease in asset efficiency followed by a recovery phase.
- Summary of Trends and Insights
- The company demonstrated growth in both net revenues and total assets across the analyzed quarters, with net revenues roughly increasing by over 40% from March 2020 to June 2025 and total assets nearly doubling in size. However, the total asset turnover ratio indicates fluctuations in operational efficiency, declining notably around 2022 but showing a gradual recovery toward 2025. The fluctuations in revenues and turnover ratio could imply adjustments to business strategies, market conditions, or asset utilization that impacted the efficiency with which assets generated revenues. The expanding asset base alongside rising revenues generally suggests positive company growth, albeit with periods of efficiency challenges.
Equity Turnover
Philip Morris International Inc., equity turnover calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
Equity turnover
= (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
÷ Total PMI stockholders’ deficit
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues showed fluctuations but an overall increasing trend over the observed periods. Starting from $7,153 million in March 2020, revenues declined to $6,651 million in June 2020, likely reflecting temporary disruptions. There was a recovery and growth through 2021, with revenues reaching $8,104 million by December 2021. In 2022, net revenues remained relatively stable with minor fluctuations around the $8,000 million mark, peaking at $8,152 million in December 2022. Starting 2023, a clear upward trajectory was evident with revenues increasing significantly to $9,047 million by the end of 2023, then continuing to climb and reaching the highest values observed later in the dataset, peaking at $10,140 million in June 2025 before a slight dip to $9,301 million in March 2025.
- Total PMI Stockholders’ Deficit
- The stockholders' deficit, consistently negative, showed signs of improvement initially but deteriorated later. From a deficit of $-12,944 million in March 2020, the figure improved to $-10,106 million by December 2021, reflecting a reduction in overall deficit, which may indicate either a decrease in liabilities or an improvement in equity components. However, from 2022 onwards, the stockholders’ deficit fluctuated without a clear improving pattern and worsened significantly by the end of 2023, reaching $-11,225 million in December 2023. The deficit oscillated through 2024 and 2025 without sustained improvement, ending at $-11,966 million in June 2025. This suggests ongoing challenges in strengthening the company’s equity position despite revenue growth.
- Equity Turnover
- No data was provided for equity turnover throughout the periods, indicating that either the data was unavailable or not reported, limiting the ability to analyze operational efficiency in relation to equity over time.