Philip Morris International Inc.、合并资产负债表结构：负债和股东权益（季度数据）
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2025年6月30日 |
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2025年3月31日 |
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2024年12月31日 |
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2024年9月30日 |
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2024年6月30日 |
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2024年3月31日 |
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2023年12月31日 |
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2023年9月30日 |
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2023年6月30日 |
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2023年3月31日 |
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2022年12月31日 |
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2022年9月30日 |
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2022年6月30日 |
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2022年3月31日 |
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2021年12月31日 |
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2021年9月30日 |
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2021年6月30日 |
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2021年3月31日 |
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2020年12月31日 |
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2020年9月30日 |
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2020年6月30日 |
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2020年3月31日 |
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短期借款 |
3.71% | |
6.82% | |
0.22% | |
0.23% | |
0.21% | |
0.43% | |
3.01% | |
3.42% | |
6.66% | |
7.74% | |
9.14% | |
6.92% | |
3.80% | |
5.85% | |
0.54% | |
0.54% | |
0.33% | |
0.48% | |
0.54% | |
0.39% | |
0.72% | |
3.84% | |
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|
长期债务的流动部分 |
9.48% | |
9.77% | |
5.49% | |
7.23% | |
6.62% | |
8.31% | |
7.19% | |
4.21% | |
3.83% | |
3.06% | |
4.23% | |
6.49% | |
10.13% | |
6.94% | |
6.78% | |
7.49% | |
3.95% | |
4.85% | |
6.97% | |
5.09% | |
5.88% | |
5.16% | |
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应付帐款 |
5.65% | |
5.76% | |
6.40% | |
5.25% | |
5.46% | |
5.59% | |
6.34% | |
5.61% | |
6.12% | |
6.36% | |
6.61% | |
8.21% | |
8.01% | |
7.67% | |
8.07% | |
6.76% | |
6.46% | |
6.37% | |
6.20% | |
5.51% | |
5.08% | |
5.53% | |
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营销和销售 |
1.71% | |
1.46% | |
1.64% | |
1.56% | |
1.46% | |
1.26% | |
1.32% | |
1.36% | |
1.33% | |
1.07% | |
1.13% | |
1.72% | |
1.80% | |
1.62% | |
1.96% | |
1.93% | |
1.77% | |
1.59% | |
1.74% | |
1.92% | |
1.83% | |
1.72% | |
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税费，所得税除外 |
9.29% | |
8.67% | |
11.17% | |
9.86% | |
10.38% | |
8.88% | |
11.51% | |
9.30% | |
9.60% | |
8.27% | |
12.06% | |
12.28% | |
12.84% | |
13.46% | |
15.32% | |
12.17% | |
12.89% | |
10.68% | |
14.29% | |
12.45% | |
13.52% | |
13.49% | |
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雇佣成本 |
1.83% | |
1.56% | |
2.11% | |
1.85% | |
1.60% | |
1.42% | |
1.93% | |
1.80% | |
1.65% | |
1.51% | |
1.89% | |
2.38% | |
2.22% | |
2.07% | |
2.78% | |
2.54% | |
2.50% | |
2.36% | |
2.65% | |
2.51% | |
2.37% | |
2.09% | |
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应付股利 |
3.10% | |
3.26% | |
3.43% | |
3.17% | |
3.10% | |
3.12% | |
3.13% | |
3.24% | |
3.22% | |
3.21% | |
3.23% | |
4.89% | |
4.78% | |
4.69% | |
4.74% | |
4.73% | |
4.64% | |
4.74% | |
4.20% | |
4.80% | |
4.68% | |
4.89% | |
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其他 |
5.19% | |
3.83% | |
4.58% | |
4.22% | |
3.73% | |
3.69% | |
4.19% | |
3.58% | |
3.80% | |
4.31% | |
4.34% | |
5.57% | |
4.55% | |
4.44% | |
3.96% | |
4.55% | |
4.57% | |
4.59% | |
4.74% | |
4.85% | |
4.23% | |
5.36% | |
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应计负债 |
21.11% |
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18.77% |
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22.94% |
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20.65% |
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20.27% |
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18.36% |
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22.08% |
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19.28% |
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19.59% |
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18.37% |
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22.65% |
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26.84% |
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26.20% |
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26.29% |
|
28.76% |
|
25.93% |
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26.37% |
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23.96% |
|
27.62% |
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26.53% |
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26.63% |
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27.55% |
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所得税 |
1.15% | |
2.03% | |
2.04% | |
1.58% | |
1.52% | |
1.26% | |
1.77% | |
1.72% | |
1.36% | |
1.51% | |
1.69% | |
2.56% | |
2.03% | |
2.17% | |
2.48% | |
2.28% | |
1.92% | |
2.56% | |
2.43% | |
2.16% | |
2.01% | |
2.16% | |
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流动负债 |
41.09% |
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43.16% |
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37.09% |
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34.93% |
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34.08% |
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33.94% |
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40.40% |
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34.24% |
|
37.57% |
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37.04% |
|
44.32% |
|
51.02% |
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50.16% |
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48.92% |
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46.63% |
|
42.98% |
|
39.04% |
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38.22% |
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43.77% |
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39.68% |
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40.32% |
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44.23% |
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长期债务，不包括流动部分 |
61.94% | |
59.59% | |
68.25% | |
66.13% | |
67.87% | |
68.41% | |
63.16% | |
68.20% | |
66.92% | |
65.12% | |
56.54% | |
53.45% | |
54.55% | |
57.55% | |
60.02% | |
61.96% | |
67.38% | |
68.53% | |
62.85% | |
69.89% | |
69.05% | |
66.67% | |
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递延所得税 |
3.14% | |
4.33% | |
4.07% | |
3.81% | |
4.03% | |
4.08% | |
3.58% | |
4.61% | |
2.76% | |
2.94% | |
3.17% | |
2.27% | |
2.09% | |
1.80% | |
1.76% | |
1.73% | |
1.24% | |
1.28% | |
1.53% | |
1.69% | |
1.98% | |
2.24% | |
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雇佣成本 |
4.81% | |
4.60% | |
4.76% | |
4.42% | |
4.29% | |
4.32% | |
4.66% | |
3.04% | |
3.21% | |
3.19% | |
3.22% | |
6.38% | |
6.72% | |
6.90% | |
7.19% | |
9.59% | |
9.96% | |
10.46% | |
9.97% | |
9.17% | |
9.06% | |
9.49% | |
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其他责任 |
3.64% | |
2.04% | |
1.81% | |
2.24% | |
1.80% | |
2.36% | |
2.67% | |
2.15% | |
2.41% | |
3.08% | |
2.98% | |
5.07% | |
4.20% | |
4.48% | |
4.28% | |
4.49% | |
4.99% | |
5.56% | |
5.60% | |
5.76% | |
5.43% | |
6.87% | |
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非流动负债 |
73.53% |
|
70.56% |
|
78.89% |
|
76.60% |
|
78.00% |
|
79.17% |
|
74.06% |
|
78.00% |
|
75.29% |
|
74.33% |
|
65.91% |
|
67.17% |
|
67.56% |
|
70.73% |
|
73.25% |
|
77.77% |
|
83.57% |
|
85.83% |
|
79.95% |
|
86.51% |
|
85.52% |
|
85.27% |
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负债合计 |
114.61% |
|
113.72% |
|
115.98% |
|
111.53% |
|
112.07% |
|
113.11% |
|
114.46% |
|
112.25% |
|
112.87% |
|
111.36% |
|
110.23% |
|
118.18% |
|
117.72% |
|
119.66% |
|
119.88% |
|
120.76% |
|
122.61% |
|
124.05% |
|
123.72% |
|
126.18% |
|
125.84% |
|
129.51% |
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普通股，无面值 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
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额外实收资本 |
3.45% | |
3.57% | |
3.78% | |
3.41% | |
3.42% | |
3.38% | |
3.50% | |
3.58% | |
3.62% | |
3.53% | |
3.62% | |
5.41% | |
5.29% | |
5.08% | |
5.39% | |
5.24% | |
5.27% | |
5.23% | |
4.70% | |
5.29% | |
5.22% | |
5.31% | |
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收益再投资于业务 |
50.18% | |
51.39% | |
53.20% | |
53.15% | |
52.57% | |
52.37% | |
52.20% | |
53.90% | |
54.78% | |
55.27% | |
55.59% | |
83.17% | |
82.41% | |
80.20% | |
80.12% | |
79.19% | |
79.79% | |
80.84% | |
70.60% | |
80.60% | |
79.42% | |
82.64% | |
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累计其他综合损失 |
-19.20% | |
-17.08% | |
-18.31% | |
-17.78% | |
-16.62% | |
-16.94% | |
-18.09% | |
-15.60% | |
-16.24% | |
-15.49% | |
-15.50% | |
-22.81% | |
-22.08% | |
-23.39% | |
-23.19% | |
-25.30% | |
-26.21% | |
-27.00% | |
-24.95% | |
-27.01% | |
-25.56% | |
-28.74% | |
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回购股票的成本 |
-51.90% | |
-54.64% | |
-57.68% | |
-53.28% | |
-54.19% | |
-54.59% | |
-54.80% | |
-56.87% | |
-57.85% | |
-57.69% | |
-58.23% | |
-88.21% | |
-87.70% | |
-86.08% | |
-86.79% | |
-84.51% | |
-86.16% | |
-88.08% | |
-78.39% | |
-89.79% | |
-89.72% | |
-93.74% | |
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|
PMI股东赤字总额 |
-17.47% |
|
-16.75% |
|
-19.02% |
|
-14.49% |
|
-14.81% |
|
-15.78% |
|
-17.19% |
|
-14.99% |
|
-15.68% |
|
-14.38% |
|
-14.52% |
|
-22.44% |
|
-22.08% |
|
-24.20% |
|
-24.48% |
|
-25.37% |
|
-27.31% |
|
-29.01% |
|
-28.04% |
|
-30.90% |
|
-30.63% |
|
-34.52% |
|
|
|
非控制性权益 |
2.85% | |
3.03% | |
3.04% | |
2.96% | |
2.74% | |
2.67% | |
2.72% | |
2.74% | |
2.82% | |
3.01% | |
4.29% | |
4.26% | |
4.36% | |
4.54% | |
4.60% | |
4.61% | |
4.70% | |
4.96% | |
4.32% | |
4.72% | |
4.79% | |
5.02% | |
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|
股东赤字总额 |
-14.61% |
|
-13.72% |
|
-15.98% |
|
-11.53% |
|
-12.07% |
|
-13.11% |
|
-14.46% |
|
-12.25% |
|
-12.87% |
|
-11.36% |
|
-10.23% |
|
-18.18% |
|
-17.72% |
|
-19.66% |
|
-19.88% |
|
-20.76% |
|
-22.61% |
|
-24.05% |
|
-23.72% |
|
-26.18% |
|
-25.84% |
|
-29.51% |
|
|
|
负债总额和股东赤字 |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
根据报告：
10-Q (报告日期： 2025-06-30), 10-Q (报告日期： 2025-03-31), 10-K (报告日期： 2024-12-31), 10-Q (报告日期： 2024-09-30), 10-Q (报告日期： 2024-06-30), 10-Q (报告日期： 2024-03-31), 10-K (报告日期： 2023-12-31), 10-Q (报告日期： 2023-09-30), 10-Q (报告日期： 2023-06-30), 10-Q (报告日期： 2023-03-31), 10-K (报告日期： 2022-12-31), 10-Q (报告日期： 2022-09-30), 10-Q (报告日期： 2022-06-30), 10-Q (报告日期： 2022-03-31), 10-K (报告日期： 2021-12-31), 10-Q (报告日期： 2021-09-30), 10-Q (报告日期： 2021-06-30), 10-Q (报告日期： 2021-03-31), 10-K (报告日期： 2020-12-31), 10-Q (报告日期： 2020-09-30), 10-Q (报告日期： 2020-06-30), 10-Q (报告日期： 2020-03-31).
从最新季度的财务数据来看，公司负债结构整体呈现出一定的稳定性，但在若干指标上存在波动，值得关注。特别是短期借款占比在2024年第一季度达到6.92%，之后有所下降，显示公司短期流动性有所增强。长期债务的流动部分占比在2019年末高达69.89%，随后逐步回落至2024年末的53.45%，表明公司逐渐减少短期偿债压力，推动债务结构的改善。
在流动负债方面，比例在2020年四季度达到最高（46.63%），之后逐步下降，至2024年末降至34.93%，显示公司流动负债压力有所缓解。应付账款比例整体保持相对稳定，徘徊在5%至8%之间，表明应付账款对整体负债的贡献较为平衡；而应计负债比例在2020年末一度升至28.76%，随后回落，反映应计负债的变动对短期财务压力的影响有所减轻。
公司的税费负担（所得税除外）在2020年间略有波动，2020年第四季度达到最高（15.32%），此后逐步下降，到2024年基本维持在9%左右，显示税负压力减轻或调整。此外，雇佣成本占比在2020年底较高（2.78%），之后逐渐减少到2024年。应付股利比例长期保持在4%左右，反映公司股东回报的相对稳定性。
从资产负债结构来看，非流动负债比例在2020年底最高（86.51%），随后持续下降至2024年末的75.29%，显示公司在调整长期负债的结构。此外，递延所得税比例在2020年前后略有上升，但整体保持在1.28%至4.61%之间的波动范围，说明递延税项的影响有限。
在股东权益方面，收益再投资于业务的比例在2020年末曾达到80%以上，随后逐步下降至50%以上，反映公司逐渐减少收益再投资，可能考虑股东回报或其他资本管理策略。另外，股东赤字总额占比在2020年末最低（-10.23%），随后逐步升高，至2024年接近-15%，显示股东权益整体处于亏损状态，下降趋势需持续关注其潜在影响。
总的来说，财务结构趋于优化，流动性指标得到改善，长期债务占比逐步下降，短期偿债压力减轻。同时，公司资本结构调整明显，股东权益虽有减值，但整体保持相对稳定。未来需关注利润回报与资本 Structuring 的持续稳定，确保财务风险得到有效控制。
