A forensic read on Philip Morris International Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
7.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Philip Morris International Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
286d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 277 to 286 FY2024→FY2025 (against cost of goods sold; inventory +21% vs 0% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+13.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +13.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +21% against 0% in cost of sales and receivables up +21% against revenue +7%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 13.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
$706M
FY2023–FY2025
Goodwill impairments.Took $706M of goodwill writedowns across 2 years (FY2023 ($665M), FY2025 ($41M)) — about 3% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$40.65B
Revenue Growth YoY+7.3%
Revenue CAGR (2yr)+7.5%
Net Margin27.9%
Free Cash Flow$10.66B
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