Philip Morris International Inc.

Health Care
Medicinal Chemicals and Botanical Products
www.pmi.com

Earnings Score
Safety Score

Market Cap $202.87B
Debt $53.90B
Cash $4.30B
EV $252.48B
FCF $10.04B

Earnings

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Sales & Net Margins

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Earnings	$9.81B
EBIT	$13.45B
ROA	20%
FCF	$10.04B
Equity	-$7.71B
Growth Stability	85%
PE	20.69
PEG	7.57
PB	-26.3
P/FCF	20.21
P/S	5.45
Price/Cash	0.02
Debt/Equity	-6.99
Debt/FCF	5.37
Net Margins	27%
Gross Margins	64%
Op. Margins	36%
Earnings CAGR	4%
Sales Growth YoY	8%
Sales Growth QoQ	5%
Sales CAGR	-6%
FCF CAGR	4%
Earnings Stability	0.66
Earnings Growth YoY	50%
Earnings Growth QoQ	28%

Earnings CAGR 5Y	3%
Sales CAGR 5Y	-17%
FCF CAGR 5Y	-1%
Earnings CAGR 3Y	-35%
Sales CAGR 3Y	-35%
FCF CAGR 3Y	-9%
Market Cap	$202.87B
Revenue	$37.22B
Dividend Yield	4%
Payout Ratio	83%
Assets	$66.89B
Total Debt	$53.90B
Cash	$4.30B
Shares Outstanding	1.55B
EV	252.48B
Earnings Score	49%
Safety Score	60%
Working Capital	-2.57B
Current Ratio	0.89
Gross Profit	$23.85B
Shares Growth 3y	0%
Equity Growth QoQ	-3%
Equity Growth YoY	0%

Assets & ROA

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Stockholders Equity & ROE

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Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company's current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested more than USD 10.5 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, PMI acquired Swedish Match - a leader in oral nicotine delivery - creating a global smoke-free champion led by the companies' IQOS and ZYN brands.

SEC Filings

Direct access to Philip Morris International Inc. (PM) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Philip Morris International Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Philip Morris International Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 4%

Stability 66%

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Philip Morris International Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Philip Morris International Inc..

Years

Calculation mode

= $132B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$10B	$10B	$11B	$11B	$12B	$12B	$13B	$13B	$14B	$14B	$15B	$149B
DCF		$9.5B	$9B	$8.5B	$8B	$7.6B	$7.2B	$6.8B	$6.4B	$6.1B	$5.7B	$57B
Value	$132B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	9%	9%	9%	8%	10%	9%	11%	11%	11%	22%	27%
ROA	-	32%	30%	27%	29%	25%	26%	31%	20%	18%	20%
ROE	-	-60%	-64%	-59%	-74%	-75%	-76%	-111%	-143%	-82%	-

Good Net Margins (27.03%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	4.39	4.53	4.97	4.39	3.79	3.77	2.73	4.47	6.47	5.37
Debt over Equity	-2.67	-2.64	-2.87	-3.58	-3.29	-3.65	-3.26	-3.73	-6.9	-5.4	-6.99
Growth Stability	-	-	-	85%	100%	100%	100%	100%	100%	89%	85%

Bad Debt/FCF ratio (5.37)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (-6.99)

The company is not overleveraged and has a good balance between equity and debt.

Neutral Graham’s Stability (85%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-8%	1%	4%	2%	-2%	-2%	8%	-2%	-56%	-17%
Earnings YoY growth	-	-8%	1%	-13%	31%	-9%	12%	13%	-1%	-14%	3%
Equity YoY growth	-	2%	-5%	-6%	5%	-11%	11%	-23%	-23%	50%	-
FCF YoY growth	-	5%	0%	7%	9%	15%	-0%	22%	-13%	-19%	-1%