Enterprise Value to EBITDA (EV/EBITDA)
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Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) 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: 2024-12-31), 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).
- Net Earnings Attributable to PMI
- The net earnings demonstrated an upward trend from 2020 to 2021, increasing from $8,056 million to $9,109 million. However, there was a slight decline in 2022 to $9,048 million, followed by a more pronounced decrease in the subsequent years, reaching $7,813 million in 2023 and further declining to $7,057 million in 2024. This indicates a reduction in profitability after a peak in 2021.
- Earnings Before Tax (EBT)
- EBT showed growth from $10,969 million in 2020 to $12,381 million in 2021. After this, the earnings before tax dropped to $11,771 million in 2022, then decreased further to $10,607 million in 2023 and slightly declined again to $10,520 million in 2024. The trend mirrors that of net earnings with a peak in 2021 and a gradual decline thereafter.
- Earnings Before Interest and Tax (EBIT)
- EBIT increased steadily from $11,697 million in 2020 to $13,118 million in 2021, then decreased to $12,539 million in 2022. A further decline occurred in 2023 to $12,133 million. Interestingly, EBIT saw a slight recovery in 2024, rising to $12,283 million. This suggests some operational efficiency or cost management improvements in the most recent year after a period of decline.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA ascended from $12,678 million in 2020 to $14,116 million in 2021, followed by a reduction to $13,616 million in 2022. It remained relatively stable in 2023 at $13,531 million, with a noticeable increase back to $14,070 million in 2024. This pattern suggests relative consistency in cash earnings capacity with some rebound in the latest year.
Enterprise Value to EBITDA Ratio, Current
Philip Morris International Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ 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: 2024-12-31).
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The financial data over the five-year period reveals several significant trends and changes in the valuation and operating performance metrics.
- Enterprise Value (EV)
- The enterprise value demonstrates a generally upward trajectory from 2020 through 2024, starting at $159.6 billion in 2020 and increasing to $269.3 billion by the end of 2024. Notably, there was consistent growth from 2020 to 2022, with EV rising to $201.2 billion in 2022. However, in 2023, EV decreased to $184.8 billion before sharply increasing to its highest point of the period at $269.3 billion in 2024. This significant jump in the final year suggests a substantial revaluation or changes in capital structure.
- Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
- EBITDA shows moderate fluctuations throughout the period. It started at approximately $12.7 billion in 2020 and increased to $14.1 billion in 2021. Following this, EBITDA slightly declined to $13.6 billion in 2022 and held near this figure with a marginal decrease to $13.5 billion in 2023. There was a modest recovery to $14.1 billion in 2024. Overall, EBITDA displayed relative stability with moderate volatility but did not exhibit a strong growth trend.
- EV/EBITDA Ratio
- The EV/EBITDA ratio displays a rising trend over the five-year span, indicating a growing valuation multiple relative to earnings. The ratio began at 12.59 in 2020 and gradually increased to 14.78 in 2022. A slight decline to 13.66 occurred in 2023, aligning with the dip in enterprise value, followed by a sharp increase to 19.14 in 2024. The marked increase in this ratio suggests that the market valuation of the company increased disproportionately compared to its EBITDA, implying higher expectations for future growth or changes in market sentiment during 2024.