Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2008
- Total Asset Turnover since 2008
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Current Valuation Ratios
Philip Morris International Inc., current price multiples
| Philip Morris International Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Food, Beverage & Tobacco | Consumer Staples | ||||
|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||
| Current share price (P) | |||||||||
| No. shares of common stock outstanding | |||||||||
| Earnings per share (EPS) | |||||||||
| Operating profit per share | |||||||||
| Sales per share | |||||||||
| Book value per share (BVPS) | |||||||||
| Valuation Ratios (Price Multiples) | |||||||||
| Price to earnings (P/E) | |||||||||
| Price to operating profit (P/OP) | |||||||||
| Price to sales (P/S) | |||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Philip Morris International Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios exhibit varied trends over the five-year period. Generally, ratios decreased through 2023 before increasing in the subsequent two years, suggesting a shift in market perception of the company’s value.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased from 18.37 in 2021 to 17.54 in 2022, and further to 17.69 in 2023. A substantial increase is then observed, rising to 32.02 in 2024, followed by a decrease to 25.08 in 2025. This pattern indicates fluctuating investor confidence in the company’s earnings potential, with a significant surge in 2024 followed by a partial correction.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio demonstrated relative stability between 2021 and 2023, fluctuating between 11.96 and 12.96. Similar to the P/E ratio, a notable increase occurred in 2024, reaching 16.86, and continued to rise to 19.11 in 2025. This suggests increasing investor willingness to pay for each dollar of operating profit generated by the company.
- Price to Sales (P/S)
- The Price to Sales ratio experienced a consistent decline from 5.33 in 2021 to 3.93 in 2023. However, the trend reversed in 2024 and 2025, with the ratio increasing to 5.97 and then 7.00 respectively. This indicates a growing premium placed on the company’s revenue generation, potentially reflecting expectations of future sales growth or a change in market conditions.
- Price to Book Value (P/BV)
- Information for the Price to Book Value ratio is not available for any of the years presented, precluding any analysis of this valuation metric.
Overall, the observed increases in price multiples during 2024 and 2025 suggest a positive shift in market sentiment. However, the volatility in the P/E ratio warrants further investigation to understand the underlying drivers of these fluctuations.
Price to Earnings (P/E)
Philip Morris International Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net earnings attributable to PMI (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/E Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2025 Calculation
EPS = Net earnings attributable to PMI ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuating behavior over the five-year period. Initial values demonstrated relative stability, followed by a significant increase and subsequent moderation.
- Share Price
- The share price decreased from $107.96 in 2021 to $102.36 in 2022, then experienced a more substantial decline to $89.01 in 2023. A considerable recovery occurred in 2024, with the price rising to $145.32, and continued upward momentum was observed in 2025, reaching $182.81.
- Earnings Per Share (EPS)
- Earnings per share remained relatively consistent between 2021 and 2022, at $5.88 and $5.84 respectively. A decline was noted in 2023, with EPS falling to $5.03. This downward trend continued into 2024, with EPS reaching $4.54, before a substantial increase to $7.29 in 2025.
- Price to Earnings (P/E) Ratio
- The P/E ratio began at 18.37 in 2021 and decreased slightly to 17.54 in 2022. It remained relatively stable in 2023 at 17.69. A marked increase was observed in 2024, with the P/E ratio rising to 32.02. The ratio then decreased in 2025 to 25.08, although it remained elevated compared to earlier years in the period. The increase in the P/E ratio in 2024 appears to be driven by a combination of increasing share price and decreasing EPS, while the 2025 value reflects both a continued increase in share price and a significant increase in EPS.
The interplay between share price and earnings per share significantly influenced the P/E ratio. The substantial increase in the P/E ratio in 2024 suggests that investors were willing to pay a higher premium for each dollar of earnings, potentially due to anticipated future growth or changing market sentiment. The subsequent moderation in 2025, while still at a higher level than previous years, indicates a recalibration of investor expectations alongside improved earnings.
Price to Operating Profit (P/OP)
Philip Morris International Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/OP Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited fluctuating behavior over the five-year period. Initially, the ratio demonstrated relative stability, followed by a notable increase in later years. This analysis details the observed trends and potential implications.
- Overall Trend
- The P/OP ratio generally increased from 2021 to 2025. While a slight increase was observed between 2021 and 2022, a decrease occurred in 2023. However, the ratio experienced significant growth in both 2024 and 2025.
- Initial Stability (2021-2023)
- From 2021 to 2023, the P/OP ratio remained relatively contained, fluctuating between 11.96 and 12.96. This suggests a period of consistent valuation relative to operating profitability. The minor variations within this timeframe may reflect broader market sentiment or company-specific news, but did not indicate a substantial shift in investor perception.
- Significant Increase (2024-2025)
- A marked increase in the P/OP ratio began in 2024, rising from 11.96 to 16.86, and continued into 2025, reaching 19.11. This substantial growth indicates that the market began to assign a considerably higher value to each dollar of operating profit generated by the company. This could be attributed to increased investor confidence, expectations of future growth, or a reassessment of the company’s risk profile.
- Relationship to Underlying Components
- The increase in the P/OP ratio was driven by a combination of share price appreciation and growth in operating profit per share. While operating profit per share increased steadily throughout the period, the share price experienced more volatility. The accelerated growth in the ratio in 2024 and 2025 was largely due to the significant increase in share price during those years, exceeding the growth rate of operating profit per share.
In conclusion, the P/OP ratio demonstrates a transition from a period of stability to one of increasing valuation. The recent surge suggests a positive shift in market perception, potentially driven by improved financial performance and/or heightened investor expectations.
Price to Sales (P/S)
Philip Morris International Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/S Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2025 Calculation
Sales per share = Net revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited fluctuating behavior over the five-year period. Initially, the ratio decreased before increasing substantially in later years. This movement correlates with changes in both share price and sales per share.
- Price-to-Sales Ratio (P/S)
- The P/S ratio began at 5.33 in 2021 and decreased to 5.00 in 2022, indicating a slight decline in the valuation relative to sales. A more pronounced decrease was observed in 2023, with the ratio falling to 3.93. This suggests a significant reduction in the price investors were willing to pay for each dollar of sales. However, the ratio experienced a substantial increase in 2024, reaching 5.97, followed by a further increase to 7.00 in 2025. This indicates a growing investor confidence and a higher valuation placed on the company’s sales.
- Share Price Trend
- The share price decreased from US$107.96 in 2021 to US$102.36 in 2022, mirroring the initial slight decline in the P/S ratio. A more substantial decrease occurred in 2023, with the share price falling to US$89.01. This decline likely contributed to the lower P/S ratio observed in that year. The share price then rebounded significantly, increasing to US$145.32 in 2024 and further to US$182.81 in 2025. This strong upward trend is a key driver of the increasing P/S ratio in the later periods.
- Sales per Share Trend
- Sales per share demonstrated a consistent upward trend throughout the period. From US$20.26 in 2021, it increased to US$20.49 in 2022, US$22.66 in 2023, US$24.36 in 2024, and finally to US$26.11 in 2025. This consistent growth in sales per share partially offset the share price decline in 2023, moderating the decrease in the P/S ratio. The continued growth in sales per share, combined with the rising share price in 2024 and 2025, contributed to the increasing P/S ratio during those years.
The interplay between share price and sales per share significantly influenced the P/S ratio. The initial decline in the ratio was driven by a combination of a slight share price decrease and stable sales. The subsequent increase was primarily fueled by the substantial share price recovery, coupled with continued growth in sales per share.
Price to Book Value (P/BV)
Philip Morris International Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total PMI stockholders’ deficit (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/BV Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2025 Calculation
BVPS = Total PMI stockholders’ deficit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value (P/BV) ratio exhibits significant fluctuations over the observed period. The share price demonstrates volatility, decreasing from $107.96 in 2021 to $89.01 in 2023 before increasing substantially to $145.32 in 2024 and further to $182.81 in 2025. Book value per share consistently remains negative throughout the period, ranging from -$7.56 to -$5.78. Consequently, the P/BV ratio is not meaningfully interpretable due to the negative book values.
- Share Price Trend
- The share price experienced a decline through 2022 and 2023, followed by a marked recovery and continued growth in 2024 and 2025. This suggests a potential shift in investor sentiment or underlying company performance during the latter part of the period.
- Book Value per Share Trend
- Book value per share remained negative across all reported years. The negative values indicate that the company’s liabilities exceed its assets, as reflected on the balance sheet. While the magnitude of the negative value fluctuates, the consistent negativity is a notable characteristic.
- P/BV Ratio Implications
- The P/BV ratio is calculated by dividing the share price by the book value per share. With consistently negative book values, the resulting P/BV ratio is not a reliable indicator of valuation. Traditional P/BV interpretation, which compares market capitalization to net asset value, is not applicable in this context. The ratio’s values are therefore omitted from the provided information.
The observed trends suggest that valuation based on book value is not a relevant metric for this company. Investors are likely focusing on other valuation metrics, such as earnings, cash flow, or growth prospects, given the consistently negative book values.