Philip Morris International Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings attributable to PMI	7,057)	7,813)	9,048)	9,109)	8,056)
Net earnings attributable to noncontrolling interests	446)	455)	479)	601)	536)
Net noncash charges	4,037)	2,236)	1,114)	890)	1,092)
Cash effects of changes in operating capital, net of the effects from acquired and divested companies	677)	(1,300)	162)	1,367)	128)
Net cash provided by operating activities	12,217)	9,204)	10,803)	11,967)	9,812)
Cash paid, interest, net of tax¹	1,174)	1,041)	579)	560)	570)
Capital expenditures	(1,444)	(1,321)	(1,077)	(748)	(602)
Free cash flow to the firm (FCFF)	11,947)	8,924)	10,305)	11,779)	9,780)

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).

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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 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

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

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	24.70%	22.40%	19.30%	21.80%	21.70%
Interest Paid, Net of Tax
Cash paid, interest, before tax	1,559)	1,342)	717)	716)	728)
Less: Cash paid, interest, tax²	385)	301)	138)	156)	158)
Cash paid, interest, net of tax	1,174)	1,041)	579)	560)	570)

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).

¹ See details »

² 2024 Calculation
Cash paid, interest, tax = Cash paid, interest × EITR
= 1,559 × 24.70% = 385

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	279,029)
Free cash flow to the firm (FCFF)	11,947)
Valuation Ratio
EV/FCFF	23.36
Benchmarks
EV/FCFF, Competitors¹
Coca-Cola Co.	30.18
Mondelēz International Inc.	25.33
PepsiCo Inc.	27.21
EV/FCFF, Sector
Food, Beverage & Tobacco	28.78
EV/FCFF, Industry
Consumer Staples	40.99

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	269,311)	184,812)	201,244)	192,527)	159,557)
Free cash flow to the firm (FCFF)²	11,947)	8,924)	10,305)	11,779)	9,780)
Valuation Ratio
EV/FCFF³	22.54	20.71	19.53	16.35	16.31
Benchmarks
EV/FCFF, Competitors⁴
Coca-Cola Co.	—	26.54	27.95	25.28	26.04
Mondelēz International Inc.	23.73	31.39	34.05	31.98	30.11
PepsiCo Inc.	26.33	28.63	40.39	33.08	30.09
EV/FCFF, Sector
Food, Beverage & Tobacco	—	26.10	28.47	24.71	24.26
EV/FCFF, Industry
Consumer Staples	—	30.26	30.41	20.99	23.37

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).

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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 269,311 ÷ 11,947 = 22.54

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 2022 to 2023 and from 2023 to 2024.

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