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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. In the quarter to June 2026, revenue grew 10.4%, EPS fell 7.69%, free cash flow grew 67.3% and total debt fell 4.56%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five.

205.20 5.30 +2.65%
Market cap
$311.6B
P/E
29.5×
Fwd P/E
22.6×
Dividend yield
2.93%
F-score
7/9
Altman Z
3.94
Beneish M
−2.33
Dividend safety
47/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 28.82
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 6 — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 311,570.00
Revenue 42,545.00
Net Income 11,430.00
Free Cash Flow 12,722.00
Net Debt 43,114.00
Current Ratio 0.98 (below 1: weak)
Debt/Equity (7.38) (negative: negative equity)
P/E ratio 29.48
Fwd P/E 22.60
P/S ratio 7.52
P/B ratio 0.00
Past 5Y EPS Growth 7.07%
This Y EPS Growth 11.39%
Next Y EPS Growth 9.12%
Next Y revenue growth 7.03%
Next 5Y EPS Growth 9.92%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.5×, 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 93.99%
10-year low 10-year high
P/S against its own 10 years 95.17%
10-year low 10-year high
EV/Sales against its own 10 years 94.68%
10-year low 10-year high
EV/FCF against its own 10 years 88.17%
10-year low 10-year high

Dividends

Payout Ratio 0.86
Annual Dividend Rate 6.01
Annual Dividend Yield 2.93%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 6.11
1.47
1.47
1.60
2025 5.64
1.35
1.35
1.47
1.47
2024 5.30
1.30
1.30
1.35
1.35
2023 5.14
1.27
1.27
1.30
1.30
2022 5.04
1.25
1.25
1.27
1.27
2021 4.90
1.20
1.20
1.25
1.25
2020 4.74
1.17
1.17
1.20
1.20
2019 4.62
1.14
1.14
1.17
1.17
2018 4.49
1.07
1.14
1.14
1.14
2017 4.22
1.04
1.04
1.07
1.07
2016 5.14
1.02
1.02
1.02
1.04
1.04
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,060 4,216 4,872 5,999
Receivables 4,391 4,675 5,810 6,474
Inventory 10,774 9,453 11,478 11,436
Other 1,530 1,826 2,203 2,097
19,755 20,170 24,363 26,006
2023 2024 2025 Q'26
Payables 4,143 3,952 4,407 3,919
ST’ Debt 6,666 3,529 3,701 6,747
Other — — — 19,795
26,383 22,915 25,427 26,542

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%

Revenue $m

Mar Jun Sep Dec Year
’26 10,146 11,192 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.56 1.80 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 84.46 89.97 64.67 65.74 56.01 78.34 82.85 87.23 87.82 116.12

Analyst estimates 2026–2028

Powerpack
High 104.20 123.55 111.25 92.74 90.17 106.51 112.48 105.62 134.15 186.69
People
People Employees 79,500 80,600 77,400 73,500 71,000 69,600 79,800 82,700 83,100 84,900
Revenue/emp, $m 0.34 0.36 0.38 0.41 0.40 0.45 0.40 0.43 0.46 0.48
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
Gross margin, % 64.81 63.71 63.69 64.73 66.65 68.06 64.10 63.35 64.81 67.12
EBT 9,924 10,589 10,671 9,872 10,953 12,232 11,634 10,450 12,199 13,880
EBT margin, % 37.19 36.83 36.02 33.12 38.17 38.95 36.63 29.71 32.21 34.15
Net income 7,250 6,341 8,286 7,728 8,592 9,710 9,527 8,268 7,503 11,848
Depreciation 743 875 989 964 981 998 1,189 2,078 1,814 2,037
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
Earnings 4.48 3.88 5.08 4.61 5.16 5.83 5.82 5.02 4.53 7.27
Cash flow 5.21 5.74 6.10 6.49 6.30 7.68 6.97 5.93 7.86 7.86
Capex (0.76) (1.00) (0.92) (0.55) (0.39) (0.48) (0.69) (0.85) (0.93) (1.01)
Free cash flow 4.45 4.74 5.17 5.94 5.92 7.20 6.27 5.08 6.93 6.85
Book value (7.03) (6.59) (6.91) (6.17) (6.83) (5.27) (4.07) (6.09) (6.35) (5.16)
Shares, m 1,551 1,552 1,555 1,555 1,557 1,558 1,550 1,552 1,554 1,556
Valuation, ×
Valuation, × P/E 20.36 26.97 13.14 18.42 16.01 16.30 17.41 19.04 26.63 22.06
P/S 5.30 5.64 3.50 4.44 4.49 4.71 4.94 4.22 4.94 6.14
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales 6.23 6.54 4.35 5.25 5.34 5.46 6.20 5.49 6.03 7.22
EV/FCF 24.09 25.52 16.04 16.94 16.63 15.27 20.25 24.50 21.21 27.53
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
Capex (1,172) (1,548) (1,436) (852) (602) (748) (1,077) (1,321) (1,444) (1,569)
Free cash flow 6,905 7,364 8,042 9,238 9,210 11,219 9,726 7,883 10,773 10,664
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)
Total debt 29,067 34,339 31,759 31,045 31,536 27,806 43,123 47,909 45,695 48,835
Net debt 24,828 25,892 25,166 24,184 24,256 23,310 39,916 44,849 41,479 43,963
Shareholders’ equity (10,900) (10,230) (10,739) (9,599) (10,631) (8,208) (6,311) (9,446) (9,870) (8,028)
Returns, %
Returns, % ROA 19.63 15.09 19.08 17.34 18.33 21.10 17.53 12.27 11.07 17.28
ROIC 48.93 46.21 49.29 45.13 53.52 53.70 22.78 20.40 26.50 25.90
ROE (62.10) (56.99) (75.30) (70.49) (79.45) (96.43) (124.31) (98.89) (72.83) (126.45)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $311.6B 29.5× 22.6× +10.37% (above 0%: growing) −7.69% (below 0%: shrinking) +67.28% (above 0%: growing) 68.43% 40.48%
BTI British American Tobacco p.l.c. $124.7B 7.6× 12.9× +0.62% (above 0%: growing) +13.60% (above 0%: growing) +12.44% (above 0%: growing) 69.38% 0.00% Compare
MO Altria Group, Inc. $123.3B 15.8× 12.9× +0.15% (above 0%: growing) −2.84% (below 0%: shrinking) +282.66% (above 0%: growing) 62.51% 51.32% Compare
RLX RLX Technology Inc. Sponsored ADR $1.6B 16.0× 17.0× +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. $1.2B 26.3× 60.5× +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 — (loss-making) — — n/m −487.91% (below 0%: shrinking) 56.58% (46.44%) Compare
UVV Universal Corporation $1.0B 53.4× 12.5× −11.79% (below 0%: shrinking) n/m +38.82% (above 0%: growing) 15.86% 0.44% Compare
ISPR Ispire Technology Inc. $83.2M — (loss-making) — (loss-making) +32.55% (above 0%: growing) n/m −26.12% (below 0%: shrinking) 6.32% (50.72%) Compare
RYM RYTHM, Inc. $40.1M — (loss-making) — (loss-making) +1,027.38% (above 0%: growing) n/m +202.80% (above 0%: growing) 80.52% 8.41% Compare
Median of peers $1.2B 16.0× 12.9× +21.90% +5.38% +25.63% 59.55% 4.43%

All 11 Tobacco stocks →

PM metrics, ten years each

Philip Morris International Inc. (PM) key facts

  • Strength: Philip Morris International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.6 billion, up 7.31% from fiscal 2024.
  • Strength: Net income was $11.8 billion, or $7.27 per share (basic), a net margin of 27.8%.
  • Philip Morris International Inc. (PM) is a Tobacco company in the Consumer Defensive sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, PM traded at $205.20, a market capitalization of $311.6 billion.
  • At that price the stock trades at 29.5× trailing-twelve-month earnings and 7.5× sales; its P/E is higher than 94% of its own readings over the past ten years.
  • Philip Morris International Inc. pays an annual dividend of $6.01 per share, a yield of 2.93%, with a payout ratio of 86.4%.
  • Return on equity was −126.5% and debt-to-equity -7.38.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.94 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Philip Morris International generated $40.6 billion of revenue and $11.8 billion of net income in FY2025. The company reported $42.5 billion of trailing-twelve-month revenue and $11.4 billion of trailing-twelve-month net income to Q2 FY2026. Total debt was $48.8 billion at FY2025, while shareholders’ equity was −$8.0 billion.

In Q2 FY2026, revenue was $11.2 billion, operating income was $4.5 billion and free cash flow was $5.1 billion. Revenue, gross margin and operating margin each increased from Q1 FY2026. Net debt declined to $43.1 billion in Q2 FY2026, while weighted average shares remained at 1.6 billion shares.

Philip Morris International Inc. (PM) Latest News

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stockrow.com/PM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com