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Philip Morris International Inc.

PM Consumer Defensive Tobacco

Philip Morris International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.6 billion, up 7.31% from fiscal 2024.

Revenue
+5.47%
EPS
−4.93%
Free cash flow
+21.3%
Total debt
−5.03%

Quarter to September 2026, against a year earlier

201.98 9.30 −4.40%
Market cap
$314.1B
P/E
29.5×
Fwd P/E
28.3×
Dividend yield
2.98%
F-score
7/9
Altman Z
3.94
Beneish M
−2.33
Dividend safety
47/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Europe
  • SSEA, CIS & MEA
  • EA, AU & PMI GTR
  • Americas

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 28.82
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 6 — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 314,070.00
Revenue ttm 43,138.00
Net income ttm 11,339.00
Free cash flow ttm 13,595.00
Net debt Q 40,879.00
Valuation
P/E 29.49
Forward P/E 28.30
Price / sales 7.30
Forward P/S Powerpack
Price / FCF 23.16
Price / book 0.00
Financial health
Current ratio Q 1.02
Debt / equity Q (8.00) (negative: negative equity)
Interest coverage Q 24.45
Growth
Revenue growth Q +5.47% (above 0%: growing)
Operating income growth Q +14.14% (above 0%: growing)
EPS, this year +10.69%
EPS, next year A +8.56%
Revenue, next year A +7.21%
EPS, past 5 yrs +7.07%
EPS, next 5 yrs A +9.42%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.2×, against a ten-year median of 5.6×; over the ten years it ranged from −22.1× in 2017 to 54.2× in 2017.
P/E against its own 10 years 93.69%
10-year low 10-year high
P/S against its own 10 years 94.11%
10-year low 10-year high
EV/Sales against its own 10 years 92.94%
10-year low 10-year high
EV/FCF against its own 10 years 75.61%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.98%
Annual rate
6.01
Payout ratio
87.7%
Growth, 2017–25
+3.69%/yr
  1. 4.22 ’17
  2. 4.49 ’18 +6
  3. 4.62 ’19 +3
  4. 4.74 ’20 +3
  5. 4.90 ’21 +3
  6. 5.04 ’22 +3
  7. 5.14 ’23 +2
  8. 5.30 ’24 +3
  9. 5.64 ’25 +6
  10. 6.05 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,060 4,216 4,872 6,683
Receivables 4,391 4,675 5,810 6,531
Inventory 10,774 9,453 11,478 10,326
Other 1,530 1,826 2,203 2,248
19,755 20,170 24,363 25,788
2023 2024 2025 Q'26
Payables 4,143 3,952 4,407 4,036
ST’ Debt 6,666 3,529 3,701 5,853
Other — — — —
26,383 22,915 25,427 25,195

Compound Annual Growth %

10y 5y 3y
Sales (5.80%) 7.21% 8.57%
Cash Flow 4.52% 4.51% 4.23%
Earnings 5.15% 7.09% 7.84%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.30 Actual 2.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.67 1.70 Beat by 0.03
Q1 FY26 1.82 1.96 Beat by 0.14
Q2 FY26 2.04 2.20 Beat by 0.16
Q3 FY26 2.30 2.36 Beat by 0.06
Q4 FY26 1.79 — Reports 5 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.56 1.80 2.12 — —
’25 1.72 1.95 2.23 1.37 7.26
’24 1.38 1.54 1.97 (0.38) 4.52
’23 1.28 1.01 1.32 1.41 5.02
’22 1.50 1.43 1.34 1.54 5.81
’21 1.55 1.39 1.55 1.34 5.83
’20 1.17 1.25 1.48 1.27 5.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10,146 11,192 11,438 — —
’25 9,301 10,140 10,845 10,362 40,648
’24 8,793 9,468 9,911 9,706 37,878
’23 8,019 8,967 9,141 9,047 35,174
’22 7,746 7,832 8,032 8,152 31,762
’21 7,585 7,594 8,122 8,104 31,405
’20 7,153 6,651 7,446 7,444 28,694
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (399) 5,492 5,352 — —
’25 (350) 3,412 4,462 4,709 12,233
’24 241 4,632 3,342 4,002 12,217
’23 (955) 3,442 3,415 3,302 9,204
’22 1,118 3,524 3,068 3,093 10,803
’21 435 3,630 3,870 4,032 11,967
’20 1,111 1,925 3,614 3,162 9,812
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (752) 5,112 4,970 — —
’25 (754) 3,056 4,097 4,265 10,664
’24 (176) 4,262 2,963 3,724 10,773
’23 (1,234) 3,082 3,044 2,991 7,883
’22 889 3,275 2,816 2,746 9,726
’21 256 3,502 3,718 3,743 11,219
’20 941 1,785 3,462 3,022 9,210
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.2% a year for ten years. It grew 5.0% a year over the last ten.

Implied
9.2%
10 years, reported
5.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 26,685 28,748 29,625 29,805 28,694 31,405 31,762 35,174 37,878 40,648 43,138 +4.8% 43,578 45,653 48,456 +6.0%
Gross margin, % 64.81 63.71 63.69 64.73 66.65 68.06 64.10 63.35 64.81 67.12 67.70 +2.3 pt
EBT 9,924 10,589 10,671 9,872 10,953 12,232 11,634 10,450 12,199 13,880 15,693 +3.8%
EBT margin, % 37.19 36.83 36.02 33.12 38.17 38.95 36.63 29.71 32.21 34.15 36.38 (3.0) pt
Net income 7,250 6,341 8,286 7,728 8,592 9,710 9,527 8,268 7,503 11,848 11,339 +5.6%
Per share, $
Per share, $ Revenue 17.21 18.52 19.05 19.17 18.43 20.16 20.49 22.66 24.37 26.12 27.67 +4.7%
Earnings 4.48 3.88 5.08 4.61 5.16 5.83 5.82 5.02 4.53 7.27 6.85 +5.5%
Cash flow 5.21 5.74 6.10 6.49 6.30 7.68 6.97 5.93 7.86 7.86 9.72 +4.7%
Capex (0.76) (1.00) (0.92) (0.55) (0.39) (0.48) (0.69) (0.85) (0.93) (1.01) (1.00) +3.3%
Free cash flow 4.45 4.74 5.17 5.94 5.92 7.20 6.27 5.08 6.93 6.85 8.72 +4.9%
Book value (7.03) (6.59) (6.91) (6.17) (6.83) (5.27) (4.07) (6.09) (6.35) (5.16) (3.81) (3.4%)
Shares, m 1,551 1,552 1,555 1,555 1,557 1,558 1,550 1,552 1,554 1,556 1,558 0.0%
Valuation, ×
Valuation, × P/E 20.36 26.97 13.14 18.42 16.01 16.30 17.41 19.04 26.63 22.06 29.49 19.6
P/S 5.30 5.64 3.50 4.44 4.49 4.71 4.94 4.22 4.94 6.14 7.30 4.8
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
EV/Sales 6.23 6.54 4.35 5.25 5.34 5.46 6.20 5.49 6.03 7.22 8.25 5.8
EV/FCF 24.09 25.52 16.04 16.94 16.63 15.27 20.25 24.50 21.21 27.53 26.17 20.8
Cash, $m
Cash, $m Operating cash flow 8,077 8,912 9,478 10,090 9,812 11,967 10,803 9,204 12,217 12,233 15,154 +4.7%
Capex (1,172) (1,548) (1,436) (852) (602) (748) (1,077) (1,321) (1,444) (1,569) (1,559) +3.3%
Free cash flow 6,905 7,364 8,042 9,238 9,210 11,219 9,726 7,883 10,773 10,664 13,595 +4.9%
Balance, $m
Balance, $m Working capital 1,141 5,632 2,251 1,681 1,877 (1,538) (7,717) (6,628) (2,745) (1,064) 593 n/m
Net debt 24,828 25,892 25,166 24,184 24,256 23,310 39,916 44,849 41,479 43,963 40,879 +6.6%
Shareholders’ equity (10,900) (10,230) (10,739) (9,599) (10,631) (8,208) (6,311) (9,446) (9,870) (8,028) (5,945) (3.3%)
Returns, %
Returns, % ROA 19.63 15.09 19.08 17.34 18.33 21.10 17.53 12.27 11.07 17.28 15.97 (2.3) pt
ROIC 48.93 46.21 49.29 45.13 53.52 53.70 22.78 20.40 26.50 25.90 29.81 (23.0) pt
ROE (62.10) (56.99) (75.30) (70.49) (79.45) (96.43) (124.31) (98.89) (72.83) (126.45) (143.09) (64.3) pt
People
People Employees 79,500 80,600 77,400 73,500 71,000 69,600 79,800 82,700 83,100 84,900 — +0.7%
Revenue/emp, $m 0.34 0.36 0.38 0.41 0.40 0.45 0.40 0.43 0.46 0.48 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Philip Morris International is a Virginia holding company that sells cigarettes and smoke-free nicotine products to adult smokers and adult users of nicotine-containing products. Its smoke-free portfolio includes heated-tobacco systems, nicotine pouches and e-vapor products. Its principal smoke-free brands are IQOS, ZYN and VEEV. IQOS uses a controlled-heating device and specially designed tobacco units to create an aerosol without combusting tobacco. ZYN includes nicotine pouches, while VEEV is its e-vapor brand. [item1; item7]

The company defines smoke-free products as products that provide nicotine without burning tobacco. It says these products generate lower levels of harmful chemicals and have the potential to present less risk of harm than continued smoking. Smoke-free products were available in 106 markets at December 31, 2025, while its cigarettes were sold in approximately 170 markets. [item1; item7]

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Europe 17,111 42.10%
SSEA, CIS & MEA 12,051 29.65%
EA, AU & PMI GTR 6,632 16.32%
Americas 4,854 11.94%
Gross margin 67.12%
Operating margin 36.64%
Pre-tax margin 34.15%

Revenue by segment since 2016

Philip Morris International Inc. vs peers in Tobacco (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PM Philip Morris International Inc. $314.1B 29.5× 28.3× +5.47% (above 0%: growing) −4.93% (below 0%: shrinking) +21.31% (above 0%: growing) 68.67% 42.54%
BTI British American Tobacco p.l.c. $135.6B 8.0× 13.9× +0.62% (above 0%: growing) +13.60% (above 0%: growing) +12.44% (above 0%: growing) 69.38% 0.00% Compare
MO Altria Group, Inc. $129.1B 16.1× 14.1× +0.99% (above 0%: growing) +6.83% (above 0%: growing) −1.35% (below 0%: shrinking) 64.27% 54.03% Compare
RLX RLX Technology Inc. Sponsored ADR $1.5B 15.3× 12.2× +21.90% (above 0%: growing) +30.00% (above 0%: growing) −129.25% (below 0%: shrinking) 39.03% 14.22% Compare
TPB Turning Point Brands, Inc. $1.4B 28.4× 55.2× +22.57% (above 0%: growing) −77.78% (below 0%: shrinking) +235.11% (above 0%: growing) 65.55% 11.69% Compare
AIIR Air Global PLC $1.2B 285× — — n/m −487.91% (below 0%: shrinking) 56.58% (46.44%) Compare
UVV Universal Corporation $1.0B — (loss-making) 13.0× −17.55% (below 0%: shrinking) −63.24% (below 0%: shrinking) −551.15% (below 0%: shrinking) 17.29% 6.86% Compare
ISPR Ispire Technology Inc. $82.6M — (loss-making) — (loss-making) +32.55% (above 0%: growing) n/m −26.12% (below 0%: shrinking) 6.32% (50.72%) Compare
RYM RYTHM, Inc. $35.4M 5.1× — (loss-making) +490.08% (above 0%: growing) n/m +217.62% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $1.3B 15.7× 13.9× +21.90% +6.83% −13.73% 47.81% 3.43%

All 11 Tobacco stocks →

From the latest earnings call

Updated

  • CFO Massimo Andolina said IQOS sales growth accelerated in the third quarter, while U.S. ZYN shipments grew as Philip Morris expanded its product range.
  • Andolina said Philip Morris is increasing U.S. ZYN investment and moving flagship variants to larger cans, reducing revenue per pouch during the transition.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Oct 13, 2026 Target raised — 182.00 → 193.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 83.87%
Held by the ten largest 53.16%
Holder Shares Stake Change
Capital Group 292.48m 18.77% +3.64m
Vanguard 148.33m 9.52% +1.69m
BlackRock 108.04m 6.93% +507.45k
State Street 55.57m 3.57% +536.97k
JPMorgan Chase 48.19m 3.09% −3.40m
Fidelity (FMR) 46.52m 2.98% +1.75m
GQG Partners LLC 45.44m 2.92% −4.67m
Geode Capital Management 39.04m 2.50% +577.42k
Morgan Stanley 25.49m 1.64% +1.09m
T. Rowe Price 19.45m 1.25% −125.13k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Philip Morris International Inc. (PM) Latest News

29 Oct

Impact 4 · · The Motley Fool

25 Oct

Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · TIKR
Impact 3 · · Zacks

21 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Moby transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Insider Monkey
Impact 4 · · MarketBeat
Impact 4 · · MT Newswires
Impact 4 · · Zacks
Impact 4 · · InvestorsHub
Impact 4 · · Investing.com
Impact 4 · · Business Wire
Impact 3 · · Trefis
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

20 Oct

Impact 3 · · StockStory

19 Oct

Impact 3 · · MT Newswires

16 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.

15 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks

14 Oct

Impact 3 · · 24/7 Wall St.

13 Oct

Impact 3 · · Simply Wall St.

PM metrics, ten years each

stockrow.com/PM · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com