Philip Morris International Inc., FCFF 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)
Net earnings attributable to noncontrolling interests	455)	479)	601)	536)	543)
Net noncash charges	2,236)	1,114)	890)	1,092)	1,607)
Cash effects of changes in operating capital, net of the effects from acquired companies	(1,300)	162)	1,367)	128)	755)
Net cash provided by operating activities	9,204)	10,803)	11,967)	9,812)	10,090)
Cash paid, interest, net of tax¹	1,041)	579)	560)	570)	614)
Capital expenditures	(1,321)	(1,077)	(748)	(602)	(852)
Free cash flow to the firm (FCFF)	8,924)	10,305)	11,779)	9,780)	9,852)

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
FCFF	Free cash flow to the firm is the cash flow available to the Philip Morris International Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Philip Morris International Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Philip Morris International Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	22.40%	19.30%	21.80%	21.70%	23.20%
Interest Paid, Net of Tax
Cash paid, interest, before tax	1,342)	717)	716)	728)	800)
Less: Cash paid, interest, tax²	301)	138)	156)	158)	186)
Cash paid, interest, net of tax	1,041)	579)	560)	570)	614)

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 2023 Calculation
Cash paid, interest, tax = Cash paid, interest × EITR
= 1,342 × 22.40% = 301

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	201,819)
Free cash flow to the firm (FCFF)	8,924)
Valuation Ratio
EV/FCFF	22.61
Benchmarks
EV/FCFF, Competitors¹
Altria Group Inc.	10.26
Coca-Cola Co.	27.43
Mondelēz International Inc.	29.33
PepsiCo Inc.	30.79
EV/FCFF, Sector
Food, Beverage & Tobacco	23.35
EV/FCFF, Industry
Consumer Staples	31.78

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

¹ Click competitor name to see calculations.

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

Philip Morris International Inc., historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	8,924)	10,305)	11,779)	9,780)	9,852)
Valuation Ratio
EV/FCFF³	20.71	19.53	16.35	16.31	16.47
Benchmarks
EV/FCFF, Competitors⁴
Altria Group Inc.	9.55	11.86	13.00	11.79	12.41
Coca-Cola Co.	26.54	27.95	25.28	26.04	28.08
Mondelēz International Inc.	31.39	34.05	31.98	30.11	30.51
PepsiCo Inc.	28.63	40.39	33.08	30.09	35.72
EV/FCFF, Sector
Food, Beverage & Tobacco	22.28	24.71	22.27	21.35	23.19
EV/FCFF, Industry
Consumer Staples	27.56	28.19	20.26	22.05	22.42

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/FCFF = EV ÷ FCFF
= 184,812 ÷ 8,924 = 20.71

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Philip Morris International Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Philip Morris International Inc. (NYSE:PM)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical