Philip Morris International Inc.

PMI.SW · Consumer Defensive · Tobacco · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

141.88B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

-6.66B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

95.03B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

76.75B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

302.91B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.25×

the ratio the screener ranks by

Margin of Safety

-294.7%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 141.88B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)185.04B USD
−②Net Debt Today43.16B USD
+③Growth Value0 USD
=Value141.88B USD

EPV of the Operations (NOPAT over WACC)

185.04B USD

Net debt today

-43.16B USD

Growth Value

0 USD

Value

141.88B USD

①EPV (Earnings Power Value)

185.04B USD

②Net Debt Today

43.16B USD

③Growth Value

0 USD

Market value

Market Cap302.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-113.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): -6.66B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (no book value at the start of the latest year), so the value is the book value today, -6.66B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap302.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 95.03B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF106.98B USD
+②Invested Capital at Year 15, Today31.21B USD
−③Net Debt Today43.16B USD
=Value95.03B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

106.98B USD

②Invested Capital at Year 15, Today

31.21B USD

③Net Debt Today

43.16B USD

Market value

Market Cap302.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-218.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.27%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.40×Market Risk Premium 6.00%= 6.87%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 2.74B USDPretax Income 13.89B USD= 19.72%

The tax the interest saves.

Interest Expense =EBIT 15.48B USD−Pretax Income 13.89B USD= 1.59B USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 1.59B USDTotal Debt 49.16B USD×(1 − Tax Rate for WACC 19.72%)= 2.59%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 49.16B USDMarket Cap + Total Debt 302.91B USD + 49.16B USD= 13.96%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 86.04%×Cost of Equity 6.87%+Debt Weight 13.96%×Cost of Debt 2.59%= 6.27%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 68.34B USD − Total Liabilities 75.00B USD = Book Value Today -6.66B USD

Total Debt 49.16B USD − Cash and Short-Term Investments 6.00B USD = Net Debt Today 43.16B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.4%at most 5%passes1,558,602,881 / 1,552,424,531
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.3%at least -10.0%passes(12.25B USD − 11.36B USD) ÷ 68.34B USD
Price to bookMarket Cap ÷ Book Value Today—at most 3×not measured302.91B USD ÷ -6.66B USD
Operating marginOperating Income ÷ Revenue36.7%above 10.0%passes14.95B USD ÷ 40.69B USD
Revenue growthRevenue ÷ Revenue a Year Before − 17.3%above 10.0%does not pass40.69B USD / 37.92B USD
Net cash(Cash − Total Debt) ÷ Market Cap-14.2%above -30%passes(6.00B USD − 49.16B USD) ÷ 302.91B USD
Operating efficiencyOperating Income ÷ Gross Profit54.7%above 25.0%passes14.95B USD ÷ 27.31B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

160.16 CHF

Enterprise value

294.73B CHF

the provider's own figure

EV / EBITDA

16.34×

Price / book

-35.90×

the provider's book

Price / earnings

26.32×

Return on equity

—

the provider's figure, not this page's

Profit margin

25.6%

Revenue growth

10.4%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

31.79B35.21B37.92B40.69B

Gross profit

20.38B22.30B24.57B27.31B

Operating income

12.26B12.23B13.42B14.95B

EBITDA

operating income before depreciation and amortisation

13.49B13.39B15.76B17.48B

Pretax income

11.65B10.46B12.21B13.89B

Net income

9.06B7.82B7.06B11.36B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

9.06B8.34B9.38B11.39B

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

61.74B65.37B61.85B69.25B

Total liabilities

68.06B74.82B71.73B77.29B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

-8.97B-11.24B-11.76B-10.00B

Total debt

43.17B47.96B45.74B48.88B

Cash and equivalents

3.21B3.06B4.22B4.88B

Net PP&E

fixed assets after depreciation

6.72B7.52B7.32B8.41B

Working capital

current assets less current liabilities

-7.72B-6.63B-2.75B-1.07B
Cash flow (USD)2022202320242025

Operating cash flow

10.81B9.21B12.23B12.25B

Capital expenditure

paid out, so below zero

-1.08B-1.32B-1.45B-1.57B

Depreciation and amortisation

1.08B1.40B1.79B2.00B

Free cash flow

operating cash flow plus capital expenditure

9.74B7.89B10.78B10.67B