Philip Morris International Inc. (PM)
Consumer Staples · Tobacco · US stock · S&P 500 component
$201.74
▲ +4.28 (2.17%)
Fair valueFair
$171 −15.4% to fair value
$85fair band $145–$207$256
Day's range
$197.00 – $201.88
52-week range
$142.11 – $210.45
Red flags⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity
About Philip Morris International Inc.
Philip Morris International sells tobacco and nicotine products outside the United States. Its portfolio includes the Marlboro cigarette brand and smoke-free products such as heated tobacco devices and oral nicotine pouches. The company earns money by selling these products through distributors and retailers in many countries. It is shifting part of its business toward alternatives to cigarettes, while regulation and excise taxes strongly influence the industry.
Operating margin was 37.7%, and return on invested capital is 37%. Its net debt to EBITDA ratio is 2.4 times. Shareholders receive a dividend with a yield of 3.0%. The overall X-Ray Score is 50 out of 100.
Price chart
52-wk range $142.11 – $210.45Volume 5,178,856Daily, split-adjusted
Vitals
Market cap$314.7B
52-week range$142.11 – $210.45
Volume (last day)5,178,856
P/E (TTM)28.9
EBIT / EV yield4.5%
Free-cash-flow yield4.0%
Dividend yield3.0%
Revenue (TTM)$42.5B
Net income (TTM)$10.9B
Operating margin37.7%
Return on capital37.1%
Debt incl. leases$49.1B
Cash & securities$6.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$171middle half of models $147 – $186
Fair
−15.4% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $202
Undervalued < $145Fair $145 – $207Overvalued > $207
P/E multiple
$191
P/S multiple
$145
EV/EBITDA multiple
$191
EV/EBIT multiple
$174
EV/revenue multiple
$156
10-year DCF, EBITDA exit
$156
5-year DCF, EBITDA exit
$167
10-year DCF, revenue exit
$153
5-year DCF, revenue exit
$160
10-year DCF, growth exit
$115
5-year DCF, growth exit
$115
Dividend discount, stable
$233
Dividend discount, multi-stage
$300
Earnings power value
$136
Growth the price implies
11.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Staples peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
28/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.5%
Free-cash-flow yield4.0%
Fair value vs price0.8×
Growth
Fair
51/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)-20.4%
EPS growth (3y)7.7%
Growth consistency90%
Profitability
Fair
64/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital37.1%
Operating margin37.7%
Gross profitability42.1%
Financial health
Fair
62/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA2.4×
Interest coverNo interest cost
Dividends
Weak
48/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.0%
Dividends vs free cash flow74%
Dividend growth3.4%
Quarterly results: last 6 quarters
+5.8%
Mar '25
+7.1%
Jun '25
+9.4%
Sep '25
+6.8%
Dec '25
+9.1%
Mar '26
+10.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $11.2B, diluted EPS $1.80.
SWOT analysis: Philip Morris International Inc.
Strengthsinside the company
- Return on invested capital is 37.1%, against a median of 15.1% for sector peers.
- Operating margin of 37.7% is well above the 10.2% median of sector peers, a sign of pricing power or lower costs.
- Operating profit covers interest 50x, so debt costs are a small drag.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Revenue has fallen 20.4% a year over three years while sector peers grew 2.5%.
Opportunitiesvaluation and setting
- Revenue growth picked up to 7.3% last year from -20.4% a year over three years.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Our checks raised: Negative equity; Negative equity.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare PM with peers and sector
Medians of 28 Consumer Staples peers and of 28 Consumer Staples stocks in our universe.
Largest peers (X-Ray Score): WMT 51, COST 56, KO 43, PG 54, PEP 60, MO 61.
| Metric | PM | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 50 | 51 | 51 |
| Valuation | 28 | 53 | 53 |
| Growth | 51 | 48 | 48 |
| Profitability | 63 | 51 | 51 |
| Financial health | 62 | 46 | 46 |
| Dividends | 47 | 51 | 51 |
Sector leaders: highest X-Ray Score in Consumer Staples
PM ranks #15 of 29 in Consumer Staples by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for PM
Each factor is rated by where PM stands among the 29 Consumer Staples stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 7 Average · 6 Bad of 21
Growth: 1 · 1 · 1
Profitability: 4 · 0 · 0
Financial strength: 2 · 2 · 0
Valuation: 0 · 2 · 2
Cash flow: 1 · 2 · 1
Efficiency: 0 · 0 · 2
| Factor | PM | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −20.4% | Bad beats 2% | +2.3% | – | – |
| Revenue growth, last year | +7.3% | Good beats 77% | +2.2% | +7.3% | ≈ In line |
| EPS growth, 3 years a year | +7.7% | Average beats 66% | +2.0% | – | – |
| Profitability | |||||
| Gross margin | 67.5% | Good beats 94% | 38.7% | 63.3% | ≈ In line |
| Operating margin | 37.7% | Good beats 94% | 11.0% | 32.9% | ▲ Better |
| Net margin | 25.6% | Good beats 91% | 6.9% | 18.6% | ▲ Better |
| Return on invested capital | 37.1% | Good beats 91% | 15.2% | – | – |
| Financial strength | |||||
| Net debt / EBITDA | 2.4x | Average beats 38% | 2.0x | 2.7x | ▲ Better |
| Interest cover | 50.0x | Good beats 83% | 11.8x | 9.4x | ▲ Better |
| Current ratio | 0.98 | Average beats 34% | 1.04 | 0.88 | ≈ In line |
| Piotroski F-score | 7 / 9 | Good beats 79% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 28.9x | Average beats 46% | 25.0x | 18.7x | ▼ Worse |
| Price / sales | 7.4x | Bad beats 5% | 1.8x | 4.2x | ▼ Worse |
| EV / EBITDA | 19.9x | Average beats 37% | 15.2x | 14.8x | ▼ Worse |
| Free cash flow yield | 4.0% | Bad beats 33% | 4.8% | 5.8% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 29.9% | Good beats 94% | 9.3% | 22.4% | ▲ Better |
| Cash from operations / net income | 1.31 | Bad beats 27% | 1.54 | 1.19 | ≈ In line |
| Free cash flow growth, 3 years a year | +3.1% | Average beats 34% | +11.0% | – | – |
| Accruals (lower is better) | −5.0% | Average beats 56% | −4.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 1.2x | Bad beats 6% | 5.3x | 1.2x | ≈ In line |
| Days sales outstanding | 44 days | Bad beats 17% | 35 days | 36 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 8 Average · ● 3 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 52/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $82.2B | $80.7B | $35.2B | $37.9B | $40.6B |
| Operating income | $13.0B | $12.2B | $11.6B | $13.4B | $14.9B |
| Net income | $9.1B | $9.0B | $7.8B | $7.1B | $11.3B |
| Operating cash flow | $12.0B | $10.8B | $9.2B | $12.2B | $12.2B |
| Operating margin | 15.8% | 15.2% | 32.9% | 35.4% | 36.6% |
| Free cash flow | $11.2B | $9.7B | $7.9B | $10.8B | $10.7B |
| Diluted EPS | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 4 neutral · 0 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 201.3 | Bullish |
| EMA 10 | 199.7 | Bullish |
| SMA 20 | 196.1 | Bullish |
| EMA 20 | 197.2 | Bullish |
| SMA 50 | 191.2 | Bullish |
| EMA 50 | 192.4 | Bullish |
| SMA 100 | 186.8 | Bullish |
| EMA 100 | 187.1 | Bullish |
| SMA 200 | 178.0 | Bullish |
| EMA 200 | 178.9 | Bullish |
Oscillators (daily)
| RSI (14) | 57.98 | Neutral |
| MACD (12, 26) | 3.28 | Bullish |
| Momentum (12) | 5.96 | Bullish |
| Stochastic %K (14) | 67.07 | Neutral |
| Williams %R (14) | -32.93 | Neutral |
| CCI (20) | 51.25 | Neutral |
Pivot points (classic, last session)
S3 193.7 | S2 195.3 | S1 198.5 | Pivot 200.2 | R1 203.4 | R2 205.1 | R3 208.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
6.01 USD
Yield on today's price
2.98%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.6000 | |
| 1.4700 | |
| 1.4700 | |
| 1.4700 | |
| 1.4700 | |
| 1.3500 | |
| 1.3500 | |
| 1.3500 | |
| 1.3500 | |
| 1.3000 | |
| 1.3000 | |
| 1.3000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold PM
| ETF | Share of the fund |
|---|---|
| IYK iShares US Consumer Staples | 11.39% |
| GQGU The Advisors’ Inner Circle Fund III | 6.27% |
| XLP Consumer Staples Select Sector SPDR | 6.13% |
| FDL First Trust Morningstar Dividend Leade... | 6.06% |
| VDC Vanguard Consumer Staples | 4.65% |
| FSTA Fidelity MSCI Consumer Staples Index | 4.54% |
| HDV iShares Core High Dividend | 4.44% |
| CGDG Capital Group Dividend Growers | 3.71% |
The eight funds with the largest weight in PM among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
PM SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.