Price to Book Value (P/BV)
since 2008
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Philip Morris International Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2008
- Net Profit Margin since 2008
- Total Asset Turnover since 2008
- Price to Operating Profit (P/OP) since 2008
- Analysis of Revenues
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Calculation
Philip Morris International Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total PMI stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 6, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2009 | = | ÷ | = | ÷ |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Philip Morris International Inc. Annual Report.
The data reveals several notable trends regarding the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the given time frame.
- Share Price Trends
- The share price demonstrates an overall upward trajectory from 34.21 USD in February 2009 to 145.32 USD in February 2025. It experienced significant growth early in the period, climbing steadily from 34.21 USD in 2009 to a peak around 103.05 USD in 2018. Following this peak, the share price exhibited some volatility, decreasing to 76.73 USD in 2019 before recovering and reaching a new high in 2025. Notably, the price dipped between 2018 and 2019 but showed resilience with a strong rebound afterward.
- Book Value Per Share (BVPS) Trends
- The BVPS displays a declining trend throughout the period. Starting at 3.74 USD in 2009, it fell sharply to negative territory by 2013 (−2.11 USD) and remained negative thereafter, reaching −7.56 USD by 2025. This consistent negativity indicates that the company's liabilities or intangible adjustments have outweighed tangible equity on a per-share basis for over a decade.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio shows an extreme increase from 9.14 in 2009 to 624.24 in 2012. Data for subsequent years is missing, but the initial sharp rise corresponds with the drastic drop in BVPS, which approached zero and then turned negative. This suggests the ratio became unreliable or undefined due to the negative book values, which complicates meaningful interpretation post-2012.
Overall, the data suggests a disconnect between market valuation and the company’s accounting book value over the period analyzed. While the share price significantly increased, the book value per share continually declined into negative territory. The extreme P/BV ratio values reflect this anomaly and highlight the limitations of traditional valuation ratios when book value turns negative.
Comparison to Competitors
Philip Morris International Inc., P/BV, long-term trends, comparison to competitors
| Philip Morris International Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | |
|---|---|---|---|---|
| Feb 6, 2025 | ||||
| Feb 8, 2024 | ||||
| Feb 10, 2023 | ||||
| Feb 11, 2022 | ||||
| Feb 9, 2021 | ||||
| Feb 7, 2020 | ||||
| Feb 7, 2019 | ||||
| Feb 13, 2018 | ||||
| Feb 14, 2017 | ||||
| Feb 17, 2016 | ||||
| Feb 20, 2015 | ||||
| Feb 21, 2014 | ||||
| Feb 22, 2013 | ||||
| Feb 24, 2012 | ||||
| Feb 25, 2011 | ||||
| Feb 26, 2010 | ||||
| Feb 26, 2009 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Philip Morris International Inc., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Philip Morris International Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 6, 2025 | ||
| Feb 8, 2024 | ||
| Feb 10, 2023 | ||
| Feb 11, 2022 | ||
| Feb 9, 2021 | ||
| Feb 7, 2020 | ||
| Feb 7, 2019 | ||
| Feb 13, 2018 | ||
| Feb 14, 2017 | ||
| Feb 17, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 24, 2012 | ||
| Feb 25, 2011 | ||
| Feb 26, 2010 | ||
| Feb 26, 2009 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Consumer Staples)
Philip Morris International Inc., P/BV, long-term trends, comparison to industry (consumer staples)
| Philip Morris International Inc. | Consumer Staples | |
|---|---|---|
| Feb 6, 2025 | ||
| Feb 8, 2024 | ||
| Feb 10, 2023 | ||
| Feb 11, 2022 | ||
| Feb 9, 2021 | ||
| Feb 7, 2020 | ||
| Feb 7, 2019 | ||
| Feb 13, 2018 | ||
| Feb 14, 2017 | ||
| Feb 17, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 24, 2012 | ||
| Feb 25, 2011 | ||
| Feb 26, 2010 | ||
| Feb 26, 2009 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).