Enterprise Value (EV)
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Philip Morris International Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Total Asset Turnover since 2008
- Price to Operating Profit (P/OP) since 2008
- Analysis of Revenues
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Current Enterprise Value (EV)
Philip Morris International Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term borrowings (per books) | |
| Add: Current portion of long-term debt (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Philip Morris International Inc., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Philip Morris International Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Overall, a general upward trend is observed in most metrics from 2021 to 2025, although with some fluctuations, particularly in the earlier years.
- Enterprise Value (EV) Trend
- Enterprise value demonstrates a fluctuating pattern initially, peaking at US$201.244 billion in 2022 before decreasing to US$184.812 billion in 2023. Subsequently, a significant upward trend is evident, with EV reaching US$269.311 billion in 2024 and further increasing to US$330.506 billion in 2025. This suggests a growing overall valuation of the company, particularly in the latter part of the period.
- Equity and Debt Relationship
- Total equity and debt generally increased over the period, moving from US$197.023 billion in 2021 to US$335.378 billion in 2025. The increase was not linear, with a decrease observed between 2022 and 2023. This indicates a reliance on both equity and debt financing, with the proportion potentially shifting over time.
- Common Equity vs. Total Equity
- Common equity (market value) and total equity exhibit similar trends, remaining relatively close in value throughout the period. Both experienced a decline from 2021 to 2023, followed by substantial growth in 2024 and 2025. The difference between the two values is consistently small, suggesting that other equity components are not significantly impacting the overall equity value.
- EV Compared to Total Equity and Debt
- Enterprise value consistently remains below the combined value of total equity and debt. This is expected, as EV represents the theoretical takeover price, which would include equity and net of cash and cash equivalents (not shown here). The gap between EV and total equity and debt widens in the later years, potentially indicating changes in the company’s cash position or market expectations.
The most notable development is the strong growth in enterprise value, total equity, and total equity and debt between 2023 and 2025. This suggests a positive shift in market perception and financial performance during that timeframe.