Philip Morris International Inc., current enterprise value calculation

Current share price (P)	$129.54
No. shares of common stock outstanding	1,554,833,410
US$ in millions
Common equity (market value)¹	201,413)
Add: Noncontrolling interests (per books)	1,779)
Total equity	203,192)
Add: Short-term borrowings (per books)	1,968)
Add: Current portion of long-term debt (per books)	4,698)
Add: Long-term debt, excluding current portion (per books)	41,243)
Total equity and debt	251,101)
Less: Cash and cash equivalents	3,060)
Enterprise value (EV)	248,041)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 129.54 × 1,554,833,410

Philip Morris International Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$89.01	$102.36	$107.96	$85.63	$87.45
No. shares of common stock outstanding¹	1,552,456,597	1,550,232,895	1,549,827,817	1,557,451,856	1,555,911,930
US$ in millions
Common equity (market value)³	138,184)	158,682)	167,319)	133,365)	136,064)
Add: Noncontrolling interests (book value)	1,779)	2,646)	1,898)	1,936)	1,978)
Total equity	139,963)	161,328)	169,217)	135,301)	138,042)
Add: Short-term borrowings (book value)	1,968)	5,637)	225)	244)	338)
Add: Current portion of long-term debt (book value)	4,698)	2,611)	2,798)	3,124)	4,051)
Add: Long-term debt, excluding current portion (book value)	41,243)	34,875)	24,783)	28,168)	26,656)
Total equity and debt	187,872)	204,451)	197,023)	166,837)	169,087)
Less: Cash and cash equivalents	3,060)	3,207)	4,496)	7,280)	6,861)
Enterprise value (EV)	184,812)	201,244)	192,527)	159,557)	162,226)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Philip Morris International Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.01 × 1,552,456,597

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Philip Morris International Inc. EV increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Philip Morris International Inc. (NYSE:PM)

Enterprise Value (EV)