Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Philip Morris International Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings attributable to PMI	7,813)	9,048)	9,109)	8,056)	7,185)
Add: Net income attributable to noncontrolling interest	455)	479)	601)	536)	543)
Add: Income tax expense	2,339)	2,244)	2,671)	2,377)	2,293)
Earnings before tax (EBT)	10,607)	11,771)	12,381)	10,969)	10,021)
Add: Interest expense	1,526)	768)	737)	728)	796)
Earnings before interest and tax (EBIT)	12,133)	12,539)	13,118)	11,697)	10,817)
Add: Depreciation and amortization expense	1,398)	1,077)	998)	981)	964)
Earnings before interest, tax, depreciation and amortization (EBITDA)	13,531)	13,616)	14,116)	12,678)	11,781)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Philip Morris International Inc. EBITDA decreased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Philip Morris International Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	248,041)
Earnings before interest, tax, depreciation and amortization (EBITDA)	13,531)
Valuation Ratio
EV/EBITDA	18.33
Benchmarks
EV/EBITDA, Competitors¹
Altria Group Inc.	9.50
Coca-Cola Co.	19.19
PepsiCo Inc.	15.77
EV/EBITDA, Sector
Food, Beverage & Tobacco	15.96
EV/EBITDA, Industry
Consumer Staples	19.89

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Philip Morris International Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	184,812)	201,244)	192,527)	159,557)	162,226)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	13,531)	13,616)	14,116)	12,678)	11,781)
Valuation Ratio
EV/EBITDA³	13.66	14.78	13.64	12.59	13.77
Benchmarks
EV/EBITDA, Competitors⁴
Altria Group Inc.	7.67	12.10	22.27	12.62	45.37
Coca-Cola Co.	18.69	20.83	19.52	19.66	21.79
PepsiCo Inc.	16.75	18.63	18.42	17.17	17.85
EV/EBITDA, Sector
Food, Beverage & Tobacco	14.59	17.07	17.81	15.78	19.53
EV/EBITDA, Industry
Consumer Staples	15.56	15.87	15.79	14.68	18.29

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 184,812 ÷ 13,531 = 13.66

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Philip Morris International Inc. EV/EBITDA ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Philip Morris International Inc. (NYSE:PM)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical