Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Philip Morris International Inc., historical price multiples (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 18.54 17.69 17.38 19.02 17.50 17.54 15.87 16.58 17.60 18.37 16.43 17.54 17.03 16.55 14.43 16.76 15.71 18.94
Price to operating profit (P/OP) 12.44 11.96 12.02 13.68 13.05 12.96 11.31 11.81 12.37 12.90 11.42 12.23 11.95 11.43 9.86 11.29 10.67 12.92
Price to sales (P/S) 4.11 3.93 4.06 4.61 4.76 5.00 4.38 4.74 5.03 5.33 4.80 5.17 5.06 4.65 3.84 4.19 3.98 4.57
Price to book value (P/BV)

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Philip Morris International Inc. P/E ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Philip Morris International Inc. P/OP ratio decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Philip Morris International Inc. P/S ratio decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level.

Price to Earnings (P/E)

Philip Morris International Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,554,556,966 1,552,456,597 1,552,405,991 1,552,345,193 1,552,196,682 1,550,232,895 1,550,202,305 1,550,163,328 1,550,110,316 1,549,827,817 1,556,827,680 1,558,540,992 1,558,536,997 1,557,451,856 1,557,315,937 1,557,287,371 1,557,129,538 1,555,911,930 1,555,874,621 1,555,839,852 1,555,802,811
Selected Financial Data (US$)
Net earnings attributable to PMI (in millions) 2,148 2,196 2,054 1,568 1,995 2,397 2,087 2,233 2,331 2,093 2,426 2,172 2,418 1,976 2,307 1,947 1,826 1,616 1,896 2,319 1,354
Earnings per share (EPS)2 5.12 5.03 5.16 5.18 5.61 5.84 5.64 5.86 5.82 5.88 5.78 5.69 5.55 5.17 4.94 4.68 4.92 4.62 0.00 0.00 0.00
Share price1, 3 95.02 89.01 89.71 98.58 98.20 102.36 89.54 97.15 102.41 107.96 94.87 99.84 94.51 85.63 71.33 78.39 77.25 87.45 81.45 85.63 83.59
Valuation Ratio
P/E ratio4 18.54 17.69 17.38 19.02 17.50 17.54 15.87 16.58 17.60 18.37 16.43 17.54 17.03 16.55 14.43 16.76 15.71 18.94
Benchmarks
P/E Ratio, Competitors5
Altria Group Inc. 8.83 8.87 7.93 11.76 15.06 14.42 17.33 45.23 33.20 37.80 29.51 19.72 19.88 18.14 91.35
Coca-Cola Co. 24.76 24.43 22.33 25.69 27.85 27.12 25.88 28.47 27.84 27.63 27.47 30.49 32.01 27.91 26.14 22.66 19.48 28.21
Mondelēz International Inc. 22.49 20.87 19.80 23.78 25.50 33.07 26.93 22.33 21.13 21.64 19.22 21.14 22.62 22.33 24.91 23.66 19.74 21.72
PepsiCo Inc. 25.63 25.40 27.27 32.68 39.71 26.71 24.02 25.33 23.57 30.58 25.66 25.76 26.23 26.15 27.64 27.27 26.13 27.83

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
EPS = (Net earnings attributable to PMIQ1 2024 + Net earnings attributable to PMIQ4 2023 + Net earnings attributable to PMIQ3 2023 + Net earnings attributable to PMIQ2 2023) ÷ No. shares of common stock outstanding
= (2,148,000,000 + 2,196,000,000 + 2,054,000,000 + 1,568,000,000) ÷ 1,554,556,966 = 5.12

3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 95.02 ÷ 5.12 = 18.54

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Philip Morris International Inc. P/E ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Operating Profit (P/OP)

Philip Morris International Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,554,556,966 1,552,456,597 1,552,405,991 1,552,345,193 1,552,196,682 1,550,232,895 1,550,202,305 1,550,163,328 1,550,110,316 1,549,827,817 1,556,827,680 1,558,540,992 1,558,536,997 1,557,451,856 1,557,315,937 1,557,287,371 1,557,129,538 1,555,911,930 1,555,874,621 1,555,839,852 1,555,802,811
Selected Financial Data (US$)
Operating income (in millions) 3,045 2,889 3,370 2,566 2,731 2,924 2,968 3,056 3,298 2,947 3,455 3,129 3,444 2,905 3,243 2,731 2,789 2,506 2,788 3,187 2,050
Operating profit per share2 7.64 7.44 7.47 7.21 7.52 7.90 7.91 8.23 8.28 8.37 8.31 8.16 7.91 7.49 7.24 6.94 7.24 6.77 0.00 0.00 0.00
Share price1, 3 95.02 89.01 89.71 98.58 98.20 102.36 89.54 97.15 102.41 107.96 94.87 99.84 94.51 85.63 71.33 78.39 77.25 87.45 81.45 85.63 83.59
Valuation Ratio
P/OP ratio4 12.44 11.96 12.02 13.68 13.05 12.96 11.31 11.81 12.37 12.90 11.42 12.23 11.95 11.43 9.86 11.29 10.67 12.92
Benchmarks
P/OP Ratio, Competitors5
Altria Group Inc. 6.52 6.25 6.00 6.92 7.14 6.97 6.88 6.79 8.50 8.09 7.18 7.71 7.68 7.45 6.26 7.36 7.00 7.65
Coca-Cola Co. 26.48 23.14 21.65 24.70 25.28 23.72 24.45 26.41 26.11 26.19 22.06 23.74 24.74 24.03 24.68 23.08 19.45 24.95
Mondelēz International Inc. 14.35 18.81 17.68 22.16 25.48 25.43 21.64 19.09 19.85 20.00 18.62 20.54 19.98 20.60 21.56 24.21 19.89 21.87
PepsiCo Inc. 19.50 19.23 20.33 24.69 29.45 20.67 17.60 17.90 16.97 20.87 18.28 18.75 18.78 18.47 19.55 19.07 18.53 19.78

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Operating profit per share = (Operating incomeQ1 2024 + Operating incomeQ4 2023 + Operating incomeQ3 2023 + Operating incomeQ2 2023) ÷ No. shares of common stock outstanding
= (3,045,000,000 + 2,889,000,000 + 3,370,000,000 + 2,566,000,000) ÷ 1,554,556,966 = 7.64

3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 95.02 ÷ 7.64 = 12.44

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Philip Morris International Inc. P/OP ratio decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level.

Price to Sales (P/S)

Philip Morris International Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,554,556,966 1,552,456,597 1,552,405,991 1,552,345,193 1,552,196,682 1,550,232,895 1,550,202,305 1,550,163,328 1,550,110,316 1,549,827,817 1,556,827,680 1,558,540,992 1,558,536,997 1,557,451,856 1,557,315,937 1,557,287,371 1,557,129,538 1,555,911,930 1,555,874,621 1,555,839,852 1,555,802,811
Selected Financial Data (US$)
Net revenues (in millions) 8,793 9,047 9,141 8,967 8,019 8,152 8,032 7,832 7,746 8,104 8,122 7,594 7,585 7,444 7,446 6,651 7,153 7,713 7,642 7,699 6,751
Sales per share2 23.12 22.66 22.08 21.37 20.64 20.49 20.46 20.52 20.36 20.26 19.75 19.29 18.69 18.42 18.60 18.72 19.40 19.16 0.00 0.00 0.00
Share price1, 3 95.02 89.01 89.71 98.58 98.20 102.36 89.54 97.15 102.41 107.96 94.87 99.84 94.51 85.63 71.33 78.39 77.25 87.45 81.45 85.63 83.59
Valuation Ratio
P/S ratio4 4.11 3.93 4.06 4.61 4.76 5.00 4.38 4.74 5.03 5.33 4.80 5.17 5.06 4.65 3.84 4.19 3.98 4.57
Benchmarks
P/S Ratio, Competitors5
Altria Group Inc. 3.07 2.95 2.82 3.22 3.38 3.31 3.23 3.11 3.86 3.60 3.14 3.39 3.34 3.10 2.59 3.02 2.82 3.14
Coca-Cola Co. 5.80 5.72 5.34 6.12 6.32 6.02 6.07 6.59 7.15 6.99 6.40 6.76 6.91 6.55 6.51 6.07 5.25 6.75
Mondelēz International Inc. 2.67 2.87 2.57 2.88 3.06 2.85 2.77 2.89 3.03 3.24 3.02 3.27 3.15 2.99 2.97 3.13 2.80 3.25
PepsiCo Inc. 2.56 2.52 2.47 2.86 2.97 2.75 2.79 2.86 2.96 2.93 2.72 2.83 2.76 2.65 2.84 2.76 2.78 3.03

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Sales per share = (Net revenuesQ1 2024 + Net revenuesQ4 2023 + Net revenuesQ3 2023 + Net revenuesQ2 2023) ÷ No. shares of common stock outstanding
= (8,793,000,000 + 9,047,000,000 + 9,141,000,000 + 8,967,000,000) ÷ 1,554,556,966 = 23.12

3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 95.02 ÷ 23.12 = 4.11

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Philip Morris International Inc. P/S ratio decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level.

Price to Book Value (P/BV)

Philip Morris International Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,554,556,966 1,552,456,597 1,552,405,991 1,552,345,193 1,552,196,682 1,550,232,895 1,550,202,305 1,550,163,328 1,550,110,316 1,549,827,817 1,556,827,680 1,558,540,992 1,558,536,997 1,557,451,856 1,557,315,937 1,557,287,371 1,557,129,538 1,555,911,930 1,555,874,621 1,555,839,852 1,555,802,811
Selected Financial Data (US$)
Total PMI stockholders’ deficit (in millions) (10,309) (11,225) (9,433) (9,703) (8,924) (8,957) (9,137) (9,044) (10,098) (10,106) (10,551) (11,113) (11,548) (12,567) (12,092) (11,997) (12,944) (11,577) (11,010) (11,199) (11,968)
Book value per share (BVPS)2 -6.63 -7.23 -6.08 -6.25 -5.75 -5.78 -5.89 -5.83 -6.51 -6.52 -6.78 -7.13 -7.41 -8.07 -7.76 -7.70 -8.31 -7.44 -7.08 -7.20 -7.69
Share price1, 3 95.02 89.01 89.71 98.58 98.20 102.36 89.54 97.15 102.41 107.96 94.87 99.84 94.51 85.63 71.33 78.39 77.25 87.45 81.45 85.63 83.59
Valuation Ratio
P/BV ratio4
Benchmarks
P/BV Ratio, Competitors5
Altria Group Inc. 27.52 29.61 28.54 21.36 13.59 11.15 12.69 7.93 6.26 6.83
Coca-Cola Co. 10.10 10.09 9.14 10.38 10.90 10.73 11.26 11.85 11.55 11.74 10.91 11.07 11.35 11.20 11.70 11.91 10.75 13.26 12.50 12.48 11.51
Mondelēz International Inc. 3.39 3.65 3.19 3.44 3.56 3.34 3.17 3.14 3.15 3.29 3.09 3.31 3.16 2.88 2.89 3.12 2.84 3.08 2.79 2.96 2.88
PepsiCo Inc. 12.36 12.45 12.02 14.60 15.34 13.88 12.30 12.61 13.16 14.52 13.16 13.82 14.10 13.84 14.43 14.95 14.05 13.76 13.61 13.20 12.54

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
BVPS = Total PMI stockholders’ deficit ÷ No. shares of common stock outstanding
= -10,309,000,000 ÷ 1,554,556,966 = -6.63

3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 95.02 ÷ -6.63 =

5 Click competitor name to see calculations.