Explain this page
Arphra AIPlain-English read on Philip Morris International Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +68.06% | +64.10% | +63.35% | +64.81% | +67.12% | +64.51% | +64.55% | +64.84% | +65.11% |
| Operating margin | +41.31% | +38.56% | +32.85% | +35.38% | +36.74% | +34.38% | +35.98% | +35.89% | +34.23% |
| EBITDA margin | +44.47% | +42.44% | +38.02% | +41.58% | +42.96% | +40.58% | +41.25% | +41.25% | +41.38% |
| EBIT margin | +41.30% | +39.05% | +34.05% | +36.86% | +38.05% | +36.42% | +36.17% | +35.86% | +36.20% |
| Pre-tax margin | +39.42% | +37.06% | +30.16% | +32.21% | +35.88% | +31.77% | +31.80% | +32.49% | +32.22% |
| Net margin | +29.00% | +28.49% | +22.15% | +18.57% | +27.92% | +22.80% | +23.33% | +23.53% | +22.92% |
| Cost structure | |||||||||
| Cost of revenue / sales | +31.94% | +35.90% | +36.65% | +35.19% | +32.88% | +34.53% | +34.13% | +35.00% | +34.04% |
| R&D intensity | +1.96% | 0.00% | 0.00% | +2.00% | 0.00% | +0.66% | +0.66% | +0.67% | +0.65% |
| SG&A intensity | +26.75% | +25.55% | +28.60% | +29.43% | +30.38% | +28.88% | +30.32% | +28.77% | +28.87% |
| Effective tax rate | +21.57% | +19.06% | +22.05% | +19.51% | +18.77% | +21.34% | +20.92% | +20.00% | +20.28% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -110.98% | -143.37% | -82.48% | -71.27% | -141.36% | -95.82% | -93.59% | -96.10% | -96.22% |
| Return on assets (ROA) | +22.06% | +14.67% | +11.93% | +11.38% | +16.40% | +13.55% | +13.77% | +13.95% | +13.47% |
| Return on capital (ROC) | +66.19% | +33.27% | +30.04% | +37.41% | +36.59% | +33.74% | +36.21% | +36.61% | +33.26% |
| Return on invested capital (ROIC) | +46.48% | +24.58% | +20.26% | +19.63% | +27.81% | +22.37% | +23.48% | +24.00% | +22.27% |
| Asset turnover | +76.06% | +51.49% | +53.86% | +61.31% | +58.75% | +59.41% | +59.01% | +59.28% | +58.77% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +29.00% | +28.49% | +22.15% | +18.57% | +27.92% | +22.80% | +23.33% | +23.53% | +22.92% |
| Asset turnover (× revenue / assets) | +76.06% | +51.49% | +53.86% | +61.31% | +58.75% | +59.41% | +59.01% | +59.28% | +58.77% |
| Equity multiplier (× assets / equity) | -503.05% | -977.36% | -691.34% | -625.98% | -861.80% | -707.34% | -679.93% | -689.05% | -714.49% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.76 | 0.51 | 0.54 | 0.61 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
| Fixed-asset turnover | 5.09 | 4.73 | 4.68 | 5.18 | 4.84 | — | — | — | — |
| Inventory turnover | 1.15 | 1.15 | 1.20 | 1.41 | 1.16 | — | — | — | — |
| Receivables turnover | 7.97 | 6.68 | 8.01 | 8.10 | 7.00 | — | — | — | — |
| Payables turnover | 3.01 | 2.80 | 3.11 | 3.37 | 3.03 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 45.79 | 54.65 | 45.57 | 45.05 | 52.17 | — | — | — | — |
| Days inventory outstanding (DIO) | 317.33 | 316.47 | 305.01 | 258.86 | 313.44 | — | — | — | — |
| Days payables outstanding (DPO) | 121.22 | 130.48 | 117.29 | 108.22 | 120.35 | — | — | — | — |
| Cash conversion cycle | 241.90 | 240.64 | 233.29 | 195.69 | 245.27 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.31 | 1.19 | 1.18 | 1.74 | 1.08 | 1.29 | 1.25 | 1.25 | 1.29 |
| FCF / Net income | 1.23 | 1.07 | 1.01 | 1.53 | 0.94 | 1.11 | 1.10 | 1.07 | 1.13 |
| FCF margin | +35.72% | +30.62% | +22.41% | +28.44% | +26.23% | +25.25% | +25.65% | +25.19% | +25.84% |
| OCF margin | +38.11% | +34.01% | +26.17% | +32.25% | +30.09% | +29.46% | +29.22% | +29.36% | +29.64% |
| CapEx / Revenue | +2.38% | +3.39% | +3.76% | +3.81% | +3.86% | +3.86% | +3.78% | +3.73% | +3.90% |
| CapEx / D&A | 0.75 | 1.00 | 0.94 | 0.81 | 0.79 | — | — | — | — |
| Stock-based comp / Revenue | +0.67% | +0.58% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 5.83 | 5.81 | 5.02 | 4.52 | 7.26 | 8.40 | 9.17 | 10.00 | 11.03 |
| EPS · basic | 5.83 | 5.82 | 5.02 | 4.53 | 7.27 | 8.48 | 9.24 | 10.04 | 11.20 |
| Book value / share | -5.26 | -4.07 | -6.08 | -6.34 | -5.15 | -6.65 | -7.42 | -7.84 | -7.68 |
| Tangible BV / share | -11.36 | -21.07 | -23.24 | -24.29 | -23.22 | -6.65 | -7.42 | -7.84 | -7.68 |
| Sales / share | 20.14 | 20.47 | 22.65 | 24.34 | 26.09 | 27.92 | 29.77 | 32.02 | 32.26 |
| Operating CF / share | 7.68 | 6.96 | 5.93 | 7.85 | 7.85 | 8.23 | 8.70 | 9.40 | 9.56 |
| Free cash flow / share | 7.20 | 6.27 | 5.08 | 6.92 | 6.84 | 7.05 | 7.64 | 8.06 | 8.34 |
| Dividends / share | 4.86 | 5.03 | 5.13 | 5.27 | 5.54 | 6.14 | 6.43 | 6.85 | 7.06 |
| Payout ratio | +83.21% | +86.34% | +102.22% | +116.53% | +76.00% | +96.46% | +92.64% | +91.00% | +95.51% |
| Retention ratio | +16.79% | +13.66% | -2.22% | -16.53% | +24.00% | +3.54% | +7.36% | +9.00% | +4.49% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +1.14% | +10.74% | +7.69% | +7.31% | +7.24% | +6.52% | +6.46% | +2.32% | +6.14% |
| Gross profit · YoY | — | -4.75% | +9.44% | +10.18% | +11.13% | +3.08% | +6.59% | +6.93% | +2.76% | +5.55% |
| Profit | ||||||||||
| Operating income · YoY | — | -5.60% | -5.63% | +15.97% | +11.42% | +0.38% | +11.46% | +6.19% | -2.39% | +3.68% |
| EBITDA · YoY | — | -3.49% | -0.78% | +17.76% | +10.88% | +1.30% | +8.29% | +6.44% | +2.65% | +5.19% |
| Net income · YoY | — | -0.67% | -13.89% | -9.72% | +61.33% | -12.41% | +8.98% | +7.36% | -0.33% | +3.06% |
| Operating | ||||||||||
| EBIT · YoY | — | -4.37% | -3.43% | +16.58% | +10.78% | +2.66% | +5.77% | +5.55% | +3.29% | +4.40% |
| R&D · YoY | — | -100.00% | — | — | -100.00% | — | +6.31% | +8.65% | -1.24% | -7.59% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -0.34% | -13.60% | -9.96% | +60.62% | +15.71% | +9.14% | +9.06% | +10.27% | +8.29% |
| EPS · basic · YoY | — | -0.17% | -13.75% | -9.76% | +60.49% | +16.64% | +9.01% | +8.60% | +11.56% | +8.50% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $27.81B | $43.12B | $47.91B | $45.7B | $48.84B | $54.8B | $57.72B | $60.56B | $64.11B |
| Net debt | $23.31B | $39.92B | $44.85B | $41.48B | $43.96B | $50.13B | $52.88B | $55.26B | $58.75B |
| Net debt / EBITDA | 1.67 | 2.96 | 3.35 | 2.63 | 2.52 | 2.83 | 2.76 | 2.71 | 2.81 |
| Debt / equity | -3.39 | -6.83 | -5.07 | -4.63 | -6.08 | -5.28 | -4.99 | -5.00 | -5.32 |
| Debt / assets | +67.34% | +69.91% | +73.36% | +73.96% | +70.59% | +74.68% | +73.34% | +72.62% | +74.48% |
| Equity / assets | -19.88% | -10.23% | -14.46% | -15.98% | -11.60% | -14.14% | -14.71% | -14.51% | -14.00% |
| Coverage | |||||||||
| EBITDA / interest expense | 18.95 | 17.55 | 8.76 | 8.93 | 11.00 | 9.38 | 9.46 | 9.37 | 9.81 |
| Operating income / interest | 17.60 | 15.95 | 7.57 | 7.60 | 9.41 | 7.95 | 8.25 | 8.15 | 8.12 |
| Interest expense | $737M | $768M | $1.53B | $1.76B | $1.59B | $1.88B | $2.02B | $2.18B | $2.13B |
| Liquidity | |||||||||
| Current ratio | 0.92 | 0.72 | 0.75 | 0.88 | 0.96 | — | — | — | — |
| Quick ratio | 0.44 | 0.29 | 0.28 | 0.39 | 0.42 | — | — | — | — |
| Cash ratio | 0.23 | 0.12 | 0.12 | 0.18 | 0.19 | — | — | — | — |
| Working capital | -$1.54B | -$7.72B | -$6.63B | -$2.75B | -$1.06B | — | — | — | — |
| Working capital / revenue | -4.90% | -24.30% | -18.84% | -7.25% | -2.62% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).