Philip Morris International
Philip Morris International returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 34.73% | 39.13% | — | — | 15.9% | 27 pp |
| FY 2026 Q1 | Mar 31, 2026 | 32.61% | 38.25% | 55.66% | — | 16.56% | 24.9 pp |
| FY 2025 Q4 | Dec 31, 2025 | 35.4% | 36.05% | 43.18% | — | 17.33% | 27.7 pp |
| FY 2025 Q3 | Sep 30, 2025 | 31.22% | 35.24% | — | — | 12.88% | 23.5 pp |
| FY 2025 Q2 | Jun 30, 2025 | 29.87% | 33.85% | 142.14% | — | 12.26% | 22.2 pp |
| FY 2025 Q1 | Mar 31, 2025 | 28.71% | 34.69% | — | — | 11.66% | 21 pp |
| FY 2024 Q4 | Dec 31, 2024 | 30.11% | 34.46% | — | — | 11.11% | 22.4 pp |
| FY 2024 Q3 | Sep 30, 2024 | 27.83% | 30.7% | 539.29% | — | 15.15% | 20.1 pp |
| FY 2024 Q2 | Jun 30, 2024 | 26.63% | 31.1% | — | — | 13.79% | 18.9 pp |
| FY 2024 Q1 | Mar 31, 2024 | 23.84% | 28.87% | -228.36% | — | 12.51% | 16.1 pp |
| FY 2023 Q4 | Dec 31, 2023 | 26% | 31.55% | -50.86% | — | 12.31% | 18.3 pp |
| FY 2023 Q3 | Sep 30, 2023 | 34.73% | 37.8% | -3.46% | — | 15.46% | 27 pp |
| FY 2023 Q2 | Jun 30, 2023 | 34.48% | 37.91% | -5.22% | — | 15.65% | 26.8 pp |
| FY 2023 Q1 | Mar 31, 2023 | 35.05% | 38.68% | -2.8% | — | 16.79% | 27.4 pp |
| FY 2022 Q4 | Dec 31, 2022 | 40.59% | 43.44% | -1.39% | — | 17.57% | 32.9 pp |
| FY 2022 Q3 | Sep 30, 2022 | 63.84% | 56.21% | — | — | 21.25% | 56.1 pp |
| FY 2022 Q2 | Jun 30, 2022 | 65.45% | 56.42% | 16.72% | — | 22.25% | 57.7 pp |
| FY 2022 Q1 | Mar 31, 2022 | 62.15% | 55.89% | 65.97% | — | 22.13% | 54.4 pp |
| FY 2021 Q4 | Dec 31, 2021 | 70.61% | 54.94% | 68.11% | — | 21.16% | 62.9 pp |
| FY 2021 Q3 | Sep 30, 2021 | 66.27% | 54.67% | 86.48% | — | 22.28% | 58.6 pp |
| FY 2021 Q2 | Jun 30, 2021 | 65.63% | 52.81% | — | — | 22.22% | 57.9 pp |
| FY 2021 Q1 | Mar 31, 2021 | 65.68% | 54.17% | 43.44% | — | 22.38% | 58 pp |
| FY 2020 Q4 | Dec 31, 2020 | 64.77% | 47.39% | — | — | 18.37% | 57.1 pp |
| FY 2020 Q3 | Sep 30, 2020 | 57.08% | 47.97% | — | — | 19.11% | 49.4 pp |
| FY 2020 Q2 | Jun 30, 2020 | 52.1% | 47.8% | — | — | 18.42% | 44.4 pp |
| FY 2020 Q1 | Mar 31, 2020 | 56.66% | 55.7% | — | — | 20.27% | 49 pp |
| FY 2019 Q4 | Dec 31, 2019 | 55.74% | 45.15% | -433.74% | — | 17.38% | 48 pp |
| FY 2019 Q3 | Sep 30, 2019 | 52.12% | 45.5% | 397.64% | — | 18.51% | 44.4 pp |
| FY 2019 Q2 | Jun 30, 2019 | 55.31% | 49.14% | 89.54% | — | 19.42% | 47.6 pp |
| FY 2019 Q1 | Mar 31, 2019 | 50.03% | 48.96% | — | — | 19.01% | 42.3 pp |
| FY 2018 Q4 | Dec 31, 2018 | 58.3% | 45.86% | — | — | 19.12% | 50.6 pp |
| FY 2018 Q3 | Sep 30, 2018 | 46.17% | 50.8% | — | — | 16.46% | 38.5 pp |
| FY 2018 Q2 | Jun 30, 2018 | 48.24% | 53.27% | — | — | 16.17% | 40.5 pp |
| FY 2018 Q1 | Mar 31, 2018 | 41.54% | 47.41% | -68.5% | — | 15.06% | 33.8 pp |
| FY 2017 Q4 | Dec 31, 2017 | 46.13% | 48.55% | -56.18% | — | 15.12% | 38.4 pp |
| FY 2017 Q3 | Sep 30, 2017 | 49.84% | 48.25% | 29.86% | — | 18.19% | 42.1 pp |
| FY 2017 Q2 | Jun 30, 2017 | 51.09% | 49.17% | — | — | 19.11% | 43.4 pp |
| FY 2017 Q1 | Mar 31, 2017 | 49.42% | 49.03% | — | — | 19.73% | 41.7 pp |
| FY 2016 Q4 | Dec 31, 2016 | 56.69% | 55.53% | 42.6% | — | 19.68% | 49 pp |
| FY 2016 Q3 | Sep 30, 2016 | 50.25% | 51.51% | -116.63% | — | 19.25% | 42.6 pp |
| FY 2016 Q2 | Jun 30, 2016 | 47.35% | 51.12% | — | — | 19.28% | 39.7 pp |
| FY 2016 Q1 | Mar 31, 2016 | 45.31% | 52.7% | — | — | 19.47% | 37.6 pp |
| FY 2015 Q4 | Dec 31, 2015 | 50.76% | 54.98% | — | — | 19.88% | 43.1 pp |
| FY 2015 Q3 | Sep 30, 2015 | 49.54% | 58.93% | — | — | 21.47% | 41.8 pp |
| FY 2015 Q2 | Jun 30, 2015 | 46.13% | 58.1% | — | — | 21.58% | 38.4 pp |
| FY 2015 Q1 | Mar 31, 2015 | 43.74% | 57.48% | — | — | 21.37% | 36 pp |
| FY 2014 Q4 | Dec 31, 2014 | 46.34% | 56.84% | — | — | 20.43% | 38.6 pp |
| FY 2014 Q3 | Sep 30, 2014 | 50.81% | 60.27% | -50.4% | — | 21.8% | 43.1 pp |
| FY 2014 Q2 | Jun 30, 2014 | 48.65% | 55.87% | -18.13% | — | 21.92% | 40.9 pp |
| FY 2014 Q1 | Mar 31, 2014 | 48.48% | 58.03% | -15.59% | — | 22.64% | 40.8 pp |
| FY 2013 Q4 | Dec 31, 2013 | 53.18% | 64.73% | -7.82% | — | 22.62% | 45.5 pp |
| FY 2013 Q3 | Sep 30, 2013 | 59.25% | 63.87% | — | — | 23.13% | 51.5 pp |
| FY 2013 Q2 | Jun 30, 2013 | 58.88% | 65.49% | -4.14% | — | 23.5% | 51.2 pp |
| FY 2013 Q1 | Mar 31, 2013 | 55.46% | 62.83% | — | — | 23.75% | 47.8 pp |
| FY 2012 Q4 | Dec 31, 2012 | 58.71% | 66.97% | 201.07% | — | 24.06% | 51 pp |
| FY 2012 Q3 | Sep 30, 2012 | 57.01% | 64.98% | — | 2,647.46% | 23.05% | 49.3 pp |
| FY 2012 Q2 | Jun 30, 2012 | 55.62% | 66.44% | — | 759.1% | 24.08% | 47.9 pp |
| FY 2012 Q1 | Mar 31, 2012 | 51.7% | 64.87% | — | 430.46% | 24.55% | 44 pp |
| FY 2011 Q4 | Dec 31, 2011 | 53.55% | 62.1% | — | 460.03% | 24.36% | 45.9 pp |
| FY 2011 Q3 | Sep 30, 2011 | 52.32% | 60.64% | — | 253.89% | 23.14% | 44.6 pp |
| FY 2011 Q2 | Jun 30, 2011 | 47.8% | 54.22% | — | 204.14% | 22.54% | 40.1 pp |
| FY 2011 Q1 | Mar 31, 2011 | 41.6% | 50.18% | — | 168.2% | 21.44% | 33.9 pp |
| FY 2010 Q4 | Dec 31, 2010 | 41.98% | 49.1% | — | 157.43% | 20.86% | 34.3 pp |
| FY 2010 Q3 | Sep 30, 2010 | — | 46.34% | — | 128.99% | 19.92% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 46.64% | — | 134% | 21.08% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · PM, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.