• Philip Morris average return on tangible equity for 2023 was -27.4, a 44.72% decline from 2022.
• Philip Morris average return on tangible equity for 2022 was -49.57, a 1.08% decline from 2021.
• Philip Morris average return on tangible equity for 2021 was -50.11, a 16.35% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.