Price to FCFE (P/FCFE)
Paying user area
Try for free
Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Philip Morris International Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to Equity (FCFE)
Philip Morris International Inc., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data over the five-year period exhibits several notable trends in cash flow metrics. Operating cash flow demonstrated variability, with an initial increase from 9,812 million USD in 2020 to 11,967 million USD in 2021, followed by a decline to 10,803 million USD in 2022 and a further reduction to 9,204 million USD in 2023. However, it recovered strongly in 2024 to reach 12,217 million USD, marking the highest point in the observed timeframe.
Free cash flow to equity (FCFE) displayed a markedly different pattern. It started at 8,854 million USD in 2020 and dipped to 8,177 million USD in 2021. In 2022, there was a significant spike to 23,902 million USD, nearly tripling from the previous year, which suggests extraordinary factors impacting free cash flow during that period. This surge was followed by a decrease to 11,585 million USD in 2023 and another drop to 9,150 million USD in 2024, though both years still maintained levels above those of 2020 and 2021 except for 2024, which was below 2020's level.
Overall, operating cash flow maintains a generally positive trend with fluctuations, ending higher in 2024 than in 2020. FCFE shows more pronounced volatility, especially with the sharp increase in 2022 that is not matched by operating cash flow, indicating potential influences such as changes in capital expenditures, debt, or working capital requirements during that year. The subsequent declines suggest a normalization after the significant 2022 peak, returning to levels more comparable with previous years.
Price to FCFE Ratio, Current
Philip Morris International Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Coca-Cola Co. | |
| Mondelēz International Inc. | |
| PepsiCo Inc. | |
| P/FCFE, Sector | |
| Food, Beverage & Tobacco | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Philip Morris International Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| P/FCFE, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Philip Morris International Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals several noteworthy trends and fluctuations in the share price, free cash flow to equity (FCFE) per share, and the price to FCFE ratio.
- Share Price
- The share price demonstrated an overall upward trajectory with some volatility. It increased from $85.63 at the end of 2020 to $107.96 in 2021, followed by a slight decrease to $102.36 in 2022. The price declined further to $89.01 in 2023 but rebounded significantly to reach $145.32 by the end of 2024. This pattern suggests volatility but a strong recovery and growth in the most recent year.
- FCFE per Share
- FCFE per share exhibited notable variability across the period. After a moderate decline from $5.68 in 2020 to $5.28 in 2021, there was a sharp increase to $15.42 in 2022, more than doubling previous values. However, this increase was not sustained, as FCFE per share dropped to $7.46 in 2023 and further decreased to $5.88 in 2024. This indicates an exceptional peak in 2022, followed by a return to levels closer to the earlier years, suggesting the event driving the high cash flow in 2022 was likely temporary or non-recurring.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio also fluctuated significantly. It was moderately high at 15.06 in 2020, rose to 20.46 in 2021, and then sharply declined to 6.64 in 2022, reflecting the large increase in FCFE per share at that time. The ratio climbed again to 11.93 in 2023 and surged to 24.69 in 2024. The elevated ratio in 2024, combined with the relatively modest FCFE per share, implies a higher valuation multiple was placed on the company's cash flows, possibly due to anticipated future growth or other market factors.
In summary, the five-year data reveal a dynamic financial performance characterized by a strong temporary increase in cash flows in 2022, followed by normalization. Meanwhile, the share price and valuation multiples show resilience and increasing investor confidence towards the end of the period, underscored by a significant price appreciation and higher valuation multiples in 2024.