Philip Morris International Inc., FCFE 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)
Capital expenditures	(1,321)	(1,077)	(748)	(602)	(852)
Short-term borrowing, net issuances (repayments), maturities of 90 days or less	530)	876)	—)	(70)	(364)
Short-term borrowing, issuances, maturities longer than 90 days	1,366)	934)	—)	45)	989)
Short-term borrowing, repayments, maturities longer than 90 days	(1,172)	(795)	—)	(45)	(989)
Borrowings under credit facilities related to Swedish Match AB acquisition	—)	13,920)	—)	—)	—)
Repayments under credit facilities related to Swedish Match AB acquisition	(4,430)	(4,000)	—)	—)	—)
Long-term debt proceeds	9,959)	5,965)	—)	3,713)	3,819)
Long-term debt repaid	(2,551)	(2,724)	(3,042)	(3,999)	(3,998)
Free cash flow to equity (FCFE)	11,585)	23,902)	8,177)	8,854)	8,695)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Philip Morris International Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Philip Morris International Inc. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Philip Morris International Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,554,556,966
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	11,585)
FCFE per share	7.45
Current share price (P)	99.83
Valuation Ratio
P/FCFE	13.40
Benchmarks
P/FCFE, Competitors¹
Altria Group Inc.	9.29
Coca-Cola Co.	23.25
Mondelēz International Inc.	—
PepsiCo Inc.	19.43
P/FCFE, Sector
Food, Beverage & Tobacco	19.25
P/FCFE, Industry
Consumer Staples	26.52

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

¹ Click competitor name to see calculations.

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

Philip Morris International Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	11,585)	23,902)	8,177)	8,854)	8,695)
FCFE per share³	7.46	15.42	5.28	5.68	5.59
Share price^1, 4	89.01	102.36	107.96	85.63	87.45
Valuation Ratio
P/FCFE⁵	11.93	6.64	20.46	15.06	15.65
Benchmarks
P/FCFE, Competitors⁶
Altria Group Inc.	8.46	11.96	13.06	8.86	7.97
Coca-Cola Co.	22.42	29.91	23.29	30.91	33.31
Mondelēz International Inc.	—	14.10	30.57	20.76	28.38
PepsiCo Inc.	17.88	47.17	77.00	10.51	38.90
P/FCFE, Sector
Food, Beverage & Tobacco	18.21	16.27	25.96	14.96	21.95
P/FCFE, Industry
Consumer Staples	22.63	24.14	23.76	17.32	18.34

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 11,585,000,000 ÷ 1,552,456,597 = 7.46

⁴ Closing price as at the filing date of Philip Morris International Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 89.01 ÷ 7.46 = 11.93

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Philip Morris International Inc. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Philip Morris International Inc. (NYSE:PM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical