Philip Morris International Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net earnings attributable to PMI	11,348)	7,057)	7,813)	9,048)	9,109)
Net earnings attributable to noncontrolling interests	500)	446)	455)	479)	601)
Net noncash charges	2,193)	4,037)	2,236)	1,114)	890)
Cash effects of changes in operating capital, net of the effects from acquired and divested companies	(1,808)	677)	(1,300)	162)	1,367)
Net cash provided by operating activities	12,233)	12,217)	9,204)	10,803)	11,967)
Cash paid, interest, net of tax¹	1,355)	1,174)	1,041)	579)	560)
Capital expenditures	(1,569)	(1,444)	(1,321)	(1,077)	(748)
Free cash flow to the firm (FCFF)	12,019)	11,947)	8,924)	10,305)	11,779)

Based on: 10-K (reporting date: 2025-12-31), 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).

¹ See details »

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Philip Morris International Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Effective Income Tax Rate (EITR)
EITR¹	19.70%	24.70%	22.40%	19.30%	21.80%
Interest Paid, Net of Tax
Cash paid, interest, before tax	1,688)	1,559)	1,342)	717)	716)
Less: Cash paid, interest, tax²	333)	385)	301)	138)	156)
Cash paid, interest, net of tax	1,355)	1,174)	1,041)	579)	560)

Based on: 10-K (reporting date: 2025-12-31), 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).

¹ See details »

² 2025 Calculation
Cash paid, interest, tax = Cash paid, interest × EITR
= 1,688 × 19.70% = 333

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	330,506)
Free cash flow to the firm (FCFF)	12,019)
Valuation Ratio
EV/FCFF	27.50
Benchmarks
EV/FCFF, Competitors¹
Coca-Cola Co.	60.50
Mondelēz International Inc.	24.56
PepsiCo Inc.	28.37
EV/FCFF, Sector
Food, Beverage & Tobacco	34.62
EV/FCFF, Industry
Consumer Staples	40.08

Based on: 10-K (reporting date: 2025-12-31).

¹ Click competitor name to see calculations.

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

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

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	330,506)	269,311)	184,812)	201,244)	192,527)
Free cash flow to the firm (FCFF)²	12,019)	11,947)	8,924)	10,305)	11,779)
Valuation Ratio
EV/FCFF³	27.50	22.54	20.71	19.53	16.35
Benchmarks
EV/FCFF, Competitors⁴
Coca-Cola Co.	—	54.19	26.54	27.95	25.28
Mondelēz International Inc.	—	23.73	31.39	34.05	31.98
PepsiCo Inc.	27.28	26.33	28.63	40.39	33.08
EV/FCFF, Sector
Food, Beverage & Tobacco	—	30.16	26.10	28.47	24.71
EV/FCFF, Industry
Consumer Staples	—	31.09	30.21	30.04	20.90