Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

This company has been moved to the archive! The financial data has not been updated since July 27, 2023.

Enterprise Value to EBITDA (EV/EBITDA) 

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Philip Morris International Inc., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net earnings attributable to PMI 9,048 9,109 8,056 7,185 7,911
Add: Net income attributable to noncontrolling interest 479 601 536 543 375
Add: Income tax expense 2,244 2,671 2,377 2,293 2,445
Earnings before tax (EBT) 11,771 12,381 10,969 10,021 10,731
Add: Interest expense 768 737 728 796 855
Earnings before interest and tax (EBIT) 12,539 13,118 11,697 10,817 11,586
Add: Depreciation, amortization and impairment of intangibles 1,189 998 981 964 989
Earnings before interest, tax, depreciation and amortization (EBITDA) 13,728 14,116 12,678 11,781 12,575

Based on: 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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Philip Morris International Inc. EBITDA increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Enterprise Value to EBITDA Ratio, Current

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

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 195,592
Earnings before interest, tax, depreciation and amortization (EBITDA) 13,728
Valuation Ratio
EV/EBITDA 14.25
Benchmarks
EV/EBITDA, Competitors1
Coca-Cola Co. 18.46
Mondelēz International Inc. 13.65
PepsiCo Inc. 16.49
EV/EBITDA, Sector
Food, Beverage & Tobacco 19.79
EV/EBITDA, Industry
Consumer Staples 18.49

Based on: 10-K (reporting date: 2022-12-31).

1 Click competitor name to see calculations.

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


Enterprise Value to EBITDA Ratio, Historical

Philip Morris International Inc., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 201,244 192,527 159,557 162,226 146,169
Earnings before interest, tax, depreciation and amortization (EBITDA)2 13,728 14,116 12,678 11,781 12,575
Valuation Ratio
EV/EBITDA3 14.66 13.64 12.59 13.77 11.62
Benchmarks
EV/EBITDA, Competitors4
Coca-Cola Co. 20.83 19.52 19.66 21.79
Mondelēz International Inc. 21.64 15.62 15.14 18.69
PepsiCo Inc. 18.63 18.42 17.17 17.85
EV/EBITDA, Sector
Food, Beverage & Tobacco 20.00 18.35 17.76 19.64
EV/EBITDA, Industry
Consumer Staples 16.63 15.91 15.18 18.37

Based on: 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).

1 See details »

2 See details »

3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 201,244 ÷ 13,728 = 14.66

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Philip Morris International Inc. EV/EBITDA ratio increased from 2020 to 2021 and from 2021 to 2022.