Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Philip Morris International Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net earnings attributable to PMI 9,109  8,056  7,185  7,911  6,035 
Net earnings attributable to noncontrolling interests 601  536  543  375  306 
Net noncash charges 890  1,092  1,607  1,028  692 
Cash effects of changes in operating capital, net of the effects from acquired companies 1,367  128  755  164  1,879 
Net cash provided by operating activities 11,967  9,812  10,090  9,478  8,912 
Capital expenditures (748) (602) (852) (1,436) (1,548)
Short-term borrowing, net issuances (repayments), maturities of 90 days or less —  (70) (364) 255  (127)
Short-term borrowing, issuances, maturities longer than 90 days —  45  989  —  1,634 
Short-term borrowing, repayments, maturities longer than 90 days —  (45) (989) —  (1,634)
Long-term debt proceeds —  3,713  3,819  —  6,850 
Long-term debt repaid (3,042) (3,999) (3,998) (2,484) (2,551)
Free cash flow to equity (FCFE) 8,177  8,854  8,695  5,813  11,536 

Based on: 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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Philip Morris International Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Philip Morris International Inc. FCFE increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Price to FCFE Ratio, Current

Philip Morris International Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,550,110,316
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 8,177 
FCFE per share 5.28
Current share price (P) 101.15
Valuation Ratio
P/FCFE 19.17
Benchmarks
P/FCFE, Competitors1
Altria Group Inc. 12.91
Coca-Cola Co. 22.80
Mondelēz International Inc. 27.82
PepsiCo Inc. 74.14
P/FCFE, Sector
Food, Beverage & Tobacco 24.92
P/FCFE, Industry
Consumer Staples 24.20

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

Philip Morris International Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 1,549,827,817 1,557,451,856 1,555,911,930 1,554,584,344 1,553,229,898
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 8,177  8,854  8,695  5,813  11,536 
FCFE per share3 5.28 5.68 5.59 3.74 7.43
Share price1, 4 107.96 85.63 87.45 76.73 103.05
Valuation Ratio
P/FCFE5 20.46 15.06 15.65 20.52 13.87
Benchmarks
P/FCFE, Competitors6
Altria Group Inc. 13.06 8.86 7.97 4.86 25.75
Coca-Cola Co. 23.29 30.91 33.31 65.60 28.85
Mondelēz International Inc. 30.57 20.76 28.38 18.35 45.32
PepsiCo Inc. 77.00 10.51 38.90 17.20
P/FCFE, Sector
Food, Beverage & Tobacco 25.96 14.96 21.95 20.18 20.70
P/FCFE, Industry
Consumer Staples 26.01 17.72 18.62 20.76 17.88

Based on: 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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,177,000,000 ÷ 1,549,827,817 = 5.28

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

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 107.96 ÷ 5.28 = 20.46

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Philip Morris International Inc. P/FCFE ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.