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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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2008
- Return on Assets (ROA) 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: 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 investment activity ratios reveals a distinct structural shift occurring in the fourth quarter of 2022, followed by a period of gradual efficiency recovery. Both the net fixed asset turnover and total asset turnover experienced synchronized declines during this period, suggesting a significant increase in the asset base relative to revenue generation.
- Net Fixed Asset Turnover
- This ratio exhibited a peak of 5.65 in September 2022 before falling sharply to 4.73 by December 2022. Following this decline, the ratio remained relatively volatile, fluctuating between a low of 4.68 in December 2023 and a high of 5.18 in December 2023. A steady upward trend is observed from March 2025 through June 2026, where the ratio climbed from 4.86 to 5.12, indicating an improved capacity to utilize fixed assets for revenue production.
- Total Asset Turnover
- A significant contraction is evident in the total asset turnover, which dropped from 0.78 in September 2022 to 0.51 in December 2022. Unlike the net fixed asset turnover, this metric demonstrates a more consistent and linear recovery. From the December 2022 trough, the ratio steadily increased over the subsequent period, reaching 0.62 by June 2026. This progression suggests a systematic improvement in overall asset productivity and a gradual optimization of the company's total resource base.
- Equity Turnover
- No values were available for equity turnover during the analyzed period, precluding an assessment of revenue generation relative to shareholders' equity.
The correlation between the two available ratios indicates that the decline in overall asset efficiency was heavily influenced by changes in fixed assets. The subsequent recovery in both metrics suggests that the company has successfully integrated new investments or optimized existing operations to enhance revenue yields per unit of asset.
Net Fixed Asset Turnover
Philip Morris International Inc., net fixed asset turnover calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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: 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 Q2 2026 Calculation
Net fixed asset turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Property, plant and equipment, less accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a period of initial volatility followed by a phase of stabilization, reflecting the evolving relationship between revenue generation and capital investment in property, plant, and equipment.
- Revenue and Asset Growth Patterns
- Net revenues exhibited a consistent upward trajectory, increasing from 7,746 million USD in March 2022 to 11,192 million USD by June 2026. Concurrently, net property, plant, and equipment grew from 6,004 million USD to 8,313 million USD over the same period. While both metrics increased, the pace of expansion varied, which directly influenced the asset turnover efficiency.
- Analysis of Turnover Volatility
- The net fixed asset turnover ratio reached a peak of 5.65 in September 2022 before experiencing a notable decline to 4.73 by December 2022. This contraction coincides with a significant increase in net fixed assets during the fourth quarter of 2022, suggesting a period of capital expenditure that outpaced immediate revenue growth, thereby temporarily reducing the efficiency of asset utilization.
- Stabilization and Recovery Trends
- From March 2024 through June 2026, the ratio stabilized, fluctuating within a narrow range between 4.84 and 5.18. This period indicates a more consistent alignment between the company's investment in fixed assets and its revenue-generating capacity. The final recorded ratio of 5.12 in June 2026 demonstrates a return toward higher efficiency levels, supported by the continued growth of quarterly revenues exceeding 11 billion USD.
Total Asset Turnover
Philip Morris International Inc., total asset turnover calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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: 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 Q2 2026 Calculation
Total asset turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial trajectory between March 2022 and June 2026 is characterized by significant expansion in the asset base and a corresponding shift in asset utilization efficiency. While net revenues exhibit a consistent upward trend, the total asset turnover ratio experienced a sharp contraction followed by a period of gradual recovery.
- Net Revenue Trends
- Net revenues demonstrated steady growth over the analyzed period, increasing from 7,746 million USD in March 2022 to 11,192 million USD by June 2026. This represents a sustained upward trajectory, with a notable acceleration in revenue generation starting in mid-2023 and continuing through the final quarters of the period.
- Asset Base Expansion
- A substantial structural change in the balance sheet occurred in December 2022, where total assets increased abruptly from 40,717 million USD in September 2022 to 61,681 million USD. Following this surge, the asset base remained relatively stable, fluctuating between 61 billion and 69 billion USD, indicating a significant increase in the company's investment or capital scale.
- Total Asset Turnover Analysis
- The total asset turnover ratio reflects the impact of the asset expansion. From March 2022 to September 2022, the ratio remained high, peaking at 0.78. However, the rapid increase in total assets in December 2022 caused the ratio to drop sharply to 0.51, as the revenue growth did not immediately scale in proportion to the new asset levels.
- Recovery and Efficiency Patterns
- Following the December 2022 decline, a gradual recovery in asset efficiency is observed. The turnover ratio climbed steadily from 0.52 in March 2023 to 0.62 by June 2026. This trend indicates that the company successfully increased its revenue output to better utilize the expanded asset base, although the efficiency levels have not yet returned to the pre-December 2022 peaks.
Equity Turnover
Philip Morris International Inc., equity turnover calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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: 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 Q2 2026 Calculation
Equity turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Total PMI stockholders’ deficit
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by a consistent expansion in net revenues contrasted with a persistent stockholders' deficit. Net revenues grew from 7,746 million USD in March 2022 to 11,192 million USD by June 2026, demonstrating a sustained upward trajectory in top-line growth.
- Revenue Growth Patterns
- A steady increase in net revenues is observed throughout the period. The growth is marked by incremental quarterly gains, with a significant acceleration appearing between March 2024 and June 2026, where revenues surpassed the 11,000 million USD threshold.
- Equity Position and Stockholders' Deficit
- The company maintained a negative equity position across all reporting dates. The stockholders' deficit fluctuated, reaching its most pronounced level of -11,750 million USD in September 2024 before trending toward a lower deficit of -8,583 million USD by June 2026. This indicates a capital structure where total liabilities consistently exceeded total assets.
- Equity Turnover Implications
- Because the equity base remains negative, the traditional calculation of the equity turnover ratio yields a negative value, rendering standard efficiency interpretations inapplicable. The data reveals a decoupling of revenue generation from equity investment; the company is successfully scaling its operations and increasing sales volume despite the absence of positive shareholders' equity. This suggests that growth is being financed through debt or operational cash flows rather than equity infusions.