Philip Morris International Inc., current enterprise value calculation

Current share price (P)	$98.58
No. shares of common stock outstanding	1,552,345,193
US$ in millions
Common equity (market value)¹	153,030)
Add: Noncontrolling interests (per books)	2,646)
Total equity	155,676)
Add: Short-term borrowings (per books)	5,637)
Add: Current portion of long-term debt (per books)	2,611)
Add: Long-term debt, excluding current portion (per books)	34,875)
Total equity and debt	198,799)
Less: Cash and cash equivalents	3,207)
Enterprise value (EV)	195,592)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 98.58 × 1,552,345,193

Philip Morris International Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$102.36	$107.96	$85.63	$87.45	$76.73
No. shares of common stock outstanding¹	1,550,232,895	1,549,827,817	1,557,451,856	1,555,911,930	1,554,584,344
US$ in millions
Common equity (market value)³	158,682)	167,319)	133,365)	136,064)	119,283)
Add: Noncontrolling interests (book value)	2,646)	1,898)	1,936)	1,978)	1,720)
Total equity	161,328)	169,217)	135,301)	138,042)	121,003)
Add: Short-term borrowings (book value)	5,637)	225)	244)	338)	730)
Add: Current portion of long-term debt (book value)	2,611)	2,798)	3,124)	4,051)	4,054)
Add: Long-term debt, excluding current portion (book value)	34,875)	24,783)	28,168)	26,656)	26,975)
Total equity and debt	204,451)	197,023)	166,837)	169,087)	152,762)
Less: Cash and cash equivalents	3,207)	4,496)	7,280)	6,861)	6,593)
Enterprise value (EV)	201,244)	192,527)	159,557)	162,226)	146,169)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Philip Morris International Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 102.36 × 1,550,232,895

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Philip Morris International Inc. EV increased from 2020 to 2021 and from 2021 to 2022.

Philip Morris International Inc. (NYSE:PM)

Enterprise Value (EV)