Enterprise Value to EBITDA (EV/EBITDA)
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Philip Morris International Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Total Asset Turnover since 2008
- Price to Operating Profit (P/OP) since 2008
- Analysis of Revenues
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Philip Morris International Inc., EBITDA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The financial performance indicators demonstrate fluctuating profitability over the five-year period. While net earnings attributable to PMI experienced a decline from 2021 to 2023, a significant increase is observed in 2025. Similarly, earnings at each stage of the income statement – before tax, interest, and depreciation/amortization – exhibit varying trends.
- EBITDA Trend
- EBITDA remained relatively stable between 2021 and 2023, fluctuating around US$13.5 - 14.1 billion. A modest increase was noted in 2024, reaching US$14.07 billion, followed by a substantial rise to US$18.168 billion in 2025. This suggests improved operational profitability in the most recent year.
- Relationship between EBITDA and Other Earnings Measures
- EBITDA consistently exceeded earnings before interest and tax (EBIT) by approximately US$1 billion each year, reflecting the impact of depreciation and amortization expenses. The difference between EBIT and earnings before tax (EBT) was also consistent, averaging around US$737 million annually, representing the impact of interest expense. The gap between EBT and net earnings attributable to PMI varied considerably, influenced by tax provisions, decreasing from approximately US$3.272 billion in 2021 to US$2.794 billion in 2022, then increasing to US$3.794 billion in 2023, decreasing to US$3.473 billion in 2024, and finally decreasing to US$3.237 billion in 2025.
- Net Earnings Fluctuation
- Net earnings attributable to PMI decreased from US$9.109 billion in 2021 to US$7.813 billion in 2023, indicating a contraction in overall profitability during that period. However, a considerable recovery is evident in 2025, with net earnings reaching US$11.348 billion. This substantial increase suggests a positive shift in factors impacting the bottom line, potentially related to the improvements reflected in the EBITDA increase.
Overall, the period demonstrates a degree of volatility, with a clear upward trend in key earnings measures in the final year. The significant increase in EBITDA and net earnings in 2025 warrants further investigation to determine the underlying drivers of this improvement.
Enterprise Value to EBITDA Ratio, Current
Philip Morris International Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Coca-Cola Co. | |
| Mondelēz International Inc. | |
| PepsiCo Inc. | |
| EV/EBITDA, Sector | |
| Food, Beverage & Tobacco | |
| EV/EBITDA, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-12-31).
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, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| EV/EBITDA, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The Enterprise Value to EBITDA ratio exhibited fluctuating behavior over the five-year period. Initial values indicated a relatively stable ratio, followed by a period of increase and subsequent stabilization. A detailed examination of the trend reveals key observations regarding the company’s valuation relative to its operational earnings.
- Enterprise Value to EBITDA Trend
- In 2021, the EV/EBITDA ratio stood at 13.64. It increased to 14.78 in 2022, suggesting a relative increase in the company’s valuation compared to its EBITDA. A slight decrease was observed in 2023, with the ratio falling to 13.66, indicating a potential correction or stabilization. A significant increase occurred in 2024, reaching 19.14, which represents the highest value within the observed period. The ratio then moderated slightly in 2025, settling at 18.19.
- Enterprise Value
- Enterprise Value demonstrated an initial increase from US$192,527 million in 2021 to US$201,244 million in 2022. A decrease followed in 2023 to US$184,812 million. Subsequently, Enterprise Value increased substantially in 2024 to US$269,311 million and continued to rise in 2025, reaching US$330,506 million. This suggests growing overall company value, particularly in the later years of the period.
- EBITDA
- EBITDA experienced a slight decrease from US$14,116 million in 2021 to US$13,616 million in 2022. It remained relatively stable in 2023 at US$13,531 million before increasing to US$14,070 million in 2024. A more substantial increase was observed in 2025, with EBITDA reaching US$18,168 million. This indicates improving operational profitability towards the end of the analyzed period.
The observed increase in the EV/EBITDA ratio in 2024, despite a moderate increase in EBITDA, suggests that market expectations regarding the company’s future performance or a change in risk perception contributed to a higher valuation. The subsequent moderation in 2025, coupled with continued EBITDA growth, indicates a potential recalibration of the valuation relative to earnings.