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Sells Marlboro and other cigarettes outside the US, plus IQOS heated tobacco and Zyn nicotine pouches.
Sells Marlboro and other cigarettes outside the US, plus IQOS heated tobacco and Zyn nicotine pouches.
Sells cigarettes outside the US and has been steering smokers to smoke-free products, with IQOS heated tobacco and Zyn nicotine pouches, to lower its dependence on cigarettes. Zyn, acquired through Swedish Match in 2022, has been its main US growth product.
Moat: wide (brand, scale, distribution). Marlboro brand power and a global distribution/regulatory-licence network are very hard to replicate.
Headquarters: Stamford, Connecticut, USA · Founded: 2008 · Employees: 84,900
Size Philip Morris International (PM) is a United States Consumer Staples company (Tobacco) with a market value of $308B, the 34th largest of 3,117 United States companies the cockpit tracks. Shares closed at $197.88 on 6 Nov 2026.
Performance Over six months the shares gained 16.7%, against -7.9% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 14 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +1.2%); the operating margin is 37.6% (peer median 21.3%).
Valuation It trades at 22.6× forward earnings against a peer median of 15.6× (3rd most expensive of 13).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 28.2 points above its cost of capital (6.5% WACC).
Credit Philip Morris International has 49 bonds outstanding ($43.2B), rated A- by the agencies and trading like A- at a weighted spread of 72 bp.
Short interest Short interest is 1.1% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $43.0B | $40.5B | $37.7B | $35.1B | $31.5B |
| Revenue growth | — | +8% | +8% | +11% | — |
| Gross profit | $28.1B | $27.2B | $23.6B | $21.8B | $20.1B |
| EBITDA | $18.2B | $19.0B | $15.0B | $15.6B | $13.5B |
| Net income | $10.7B | $11.3B | $7.03B | $7.79B | $9.02B |
| Free cash flow | $13.6B | $10.7B | $10.8B | $7.88B | $9.73B |
| Capital expenditure | $1.56B | $1.57B | $1.44B | $1.32B | $1.08B |
| Total debt | $47.6B | $49.4B | $46.1B | $48.4B | $43.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Philip Morris International PM | $308B | +17% | +8% | 38% | 22.6× | -0.8% |
| British American Tobacco p.l.c BATS.L | $132B | -1% | +1% | 38% | 12.6× | 3.8% |
| Altria MO | $127B | +13% | +2% | 75% | 12.9× | -10.9% |
| Japan Tobacco 2914.T | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% |
| Imperial Brands IMB.L | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | +5.7% | 6th lowest of 14 |
| 6-month return | +16.7% | -7.9% | highest of 14 |
| Distance from 52-week high | -7.7% | -31.8% | 3rd highest of 14 |
| Revenue growth (TTM) | +7.9% | +1.2% | 5th highest of 14 |
| Operating margin | 37.6% | 21.3% | 3rd highest of 14 |
| Forward P/E | 22.6× | 15.6× | 3rd most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | -0.8% | 3.8% | 7th least demanding of 14 |
| Growth delivered (Del g) | +7.2% | +5.4% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | -7.9 pp | -9.6 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | +28.2 pp | +5.4 pp | 2nd highest of 14 |
| EV / EBITDA | 19.2× | 10.5× | 3rd most expensive of 14 |
| Net debt / EBITDA | 2.2× | 0.4× | 4th most indebted of 14 |
| Bond spread | 72 bp | 113 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Philip Morris International PM | United States | $308B | +17% | +8% | 38% | 22.6× | -0.8% | +7.2% |
| British American Tobacco p.l.c BATS.L | United Kingdom | $132B | -1% | +1% | 38% | 12.6× | 3.8% | -0.1% |
| Altria MO | United States | $127B | +13% | +2% | 75% | 12.9× | -10.9% | -0.7% |
| Japan Tobacco 2914.T | Japan | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% | +10.6% |
| ITC ITC.NS | India | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% | +9.8% |
| Imperial Brands IMB.L | United Kingdom | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% | +2.7% |
| KT&G 033780.KS | South Korea | $14.5B | +7% | +11% | 21% | 15.2× | -4.2% | +5.4% |
| Smoore International 6969.HK | Hong Kong | $6.61B | -19% | +25% | 7% | 32.3× | 28.7% | +6.6% |
| Godfrey Phillips India GODFRYPHLP.NS | India | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% | +20.6% |
| China Tobacco International (HK) 6055.HK | Hong Kong | $2.31B | -12% | -20% | 10% | 19.8× | 4.1% | +33.1% |
| Turning Point Brands TPB | United States | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% | +2.7% |
| Scandinavian Tobacco Group A/S STG.CO | Denmark | $890M | +10% | -4% | 14% | 7.6× | -9.1% | +2.4% |
| Miquel y Costas & Miquel MCM.MC | Spain | $434M | -29% | -4% | 15% | n/a | -7.7% | +2.7% |
| VST Industries VSTIND.NS | India | $349M | -25% | -2% | 22% | 8.7× | 9.5% | +5.7% |
Philip Morris International has 49 bonds outstanding with $43.2B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 5.18%, a spread of 72 bp over government bonds.