Philip Morris International Inc.
- Open
- 192.16
- Day high
- 194.90
- Day low
- 191.16
- Prev close
- 192.98
- Volume
- 4.6M
- Mkt cap
- $300.4B
- P/E (TTM)
- 27.1
- EPS (TTM)
- $7.11
- P/B
- -32.4
- P/S
- 7.2
- Yield
- 3.05%
- Per share
- $5.88
Philip Morris International Inc. (PM) is a Consumer Defensive company listed on NYSE. The stock is up 7% over the past year.
Philip Morris International Inc. (PM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.86 | $1.96 | +5.4% | $10.1B | +1.9% |
| Feb 6, 2026 | $1.70 | $1.70 | +0.0% | $10.4B | -0.4% |
| Oct 21, 2025 | $2.09 | $2.24 | +7.2% | $10.8B | +2.0% |
| Jul 22, 2025 | $1.86 | $1.91 | +2.7% | $10.1B | -1.7% |
| Apr 23, 2025 | $1.61 | $1.69 | +5.0% | $9.3B | +1.7% |
| Feb 6, 2025 | $1.49 | $1.55 | +4.0% | $9.7B | +2.9% |
| Oct 22, 2024 | $1.82 | $1.91 | +4.9% | $9.9B | +2.4% |
| Jul 23, 2024 | $1.57 | $1.59 | +1.3% | $9.4B | +2.4% |
| Feb 8, 2024 | $1.45 | $1.36 | -6.2% | $9.0B | +0.4% |
| Oct 19, 2023 | $1.61 | $1.67 | +3.7% | $9.1B | +2.2% |
| Jul 20, 2023 | $1.48 | $1.60 | +8.1% | $9.0B | +3.6% |
| Apr 20, 2023 | $1.34 | $1.38 | +3.0% | $8.0B | -1.1% |
PM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 8, 2026 | Polet Robertdirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Bough Bonindirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Morparia Kalpanadirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Yanai Shlomodirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Hook Lisadirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Harker Victoria Ddirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Geissler Wernerdirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Combes Micheldirector | Grant | 1,119 | $169.93 |
| May 8, 2026 | Calantzopoulos Andredirector, other: Chairman | Grant | 1,119 | $169.93 |
| Mar 9, 2026 | Dobrowolski Reginaldoofficer: Group Controller | Tax | 22 | $169.98 |
| Feb 20, 2026 | De Wilde Fredericofficer: CEO PMI International | Tax | 1,000 | $182.67 |
| Feb 20, 2026 | Dobrowolski Reginaldoofficer: Group Controller | Tax | 40 | $182.67 |
| Feb 20, 2026 | Guerin Yannofficer: Group Chief Legal Officer | Tax | 176 | $182.67 |
| Feb 20, 2026 | Babeau Emmanuelofficer: Group Chief Financial Officer | Sell | 33,800 | $181.61 |
| Feb 20, 2026 | Dobrowolski Reginaldoofficer: Group Controller | Tax | 210 | $182.67 |
Source: PM SEC Form 4 filings, latest May 8, 2026. For informational purposes only — not investment advice.
See the full PM insider & 13F page →Philip Morris International Inc. company profile
Overview
Philip Morris International Inc. (NYSE:PM) is a leading tobacco company that was spun off from Altria Group in 2008 to operate outside the United States. Originally founded as part of the Philip Morris legacy dating back to 1847, PMI has been at the forefront of transforming the tobacco industry through its ambitious "smoke-free future" strategy. The company has evolved from a traditional cigarette manufacturer into a diversified nicotine and tobacco products company, with smoke-free products now representing over 40% of its total business. Headquartered in New York, PMI operates in over 180 markets worldwide and has been aggressively investing in reduced-risk products including heated tobacco devices, nicotine pouches, and e-vapor products.
Business
Philip Morris International operates in the tobacco and nicotine products industry, which has been undergoing significant transformation as consumers and regulators increasingly seek alternatives to traditional cigarettes. The company's business is divided into two main segments that reflect this industry evolution. The combustible products segment represents PMI's traditional cigarette business, accounting for approximately 58% of net revenues. This includes iconic brands like Marlboro, Parliament, L&M, and Chesterfield, sold across international markets excluding the United States. Cigarettes are manufactured tobacco products wrapped in paper that are lit and smoked, representing the legacy tobacco consumption method that has dominated the industry for over a century. The smoke-free products segment has become PMI's strategic focus, now comprising approximately 42% of net revenues and growing rapidly. This segment includes three main categories: IQOS heated tobacco units, which heat rather than burn specially designed tobacco sticks; ZYN nicotine pouches, which are small pouches containing nicotine that users place between their gum and lip; and VEEV e-vapor products, which are electronic devices that vaporize liquid containing nicotine. These products are marketed as reduced-risk alternatives to traditional cigarettes, though they still contain nicotine and are not risk-free. The company's transformation strategy centers on the scientific premise that while nicotine is addictive, the primary health risks from smoking come from the combustion process that creates harmful chemicals. By eliminating combustion through heating, vaporizing, or delivering nicotine through oral pouches, PMI argues these products significantly reduce exposure to harmful chemicals while still satisfying nicotine cravings.
Revenue model
Philip Morris International generates revenue through direct product sales to distributors, retailers, and in some markets, directly to adult consumers. The company operates a traditional manufacturing and distribution business model where it produces tobacco and nicotine products in its facilities and sells them through established distribution networks. For combustible products, PMI earns revenue by selling cigarettes at wholesale prices to distributors and retailers, who then sell to consumers. The company's pricing power in this segment comes from strong brand equity, particularly with Marlboro, allowing for regular price increases that often exceed inflation rates. Recent earnings show combustible pricing increased by approximately 8.7% year-over-year, demonstrating the segment's pricing resilience despite volume declines. The smoke-free products segment operates on similar wholesale distribution models but with different margin profiles. IQOS devices are often sold at or near cost to drive adoption, while the recurring revenue comes from heated tobacco unit consumables that generate higher margins. ZYN nicotine pouches command premium pricing due to strong consumer demand and limited competition, with the company facing supply constraints that allow for favorable pricing. VEEV e-vapor products follow a razor-and-blade model where devices drive consumable sales. Several factors influence PMI's profitability margins. Positive margin drivers include the company's shift toward higher-margin smoke-free products, pricing power in established markets, operational efficiencies from manufacturing scale, and favorable product mix as premium products grow. The smoke-free segment typically achieves gross margins 10 percentage points higher than combustibles. Margin pressures come from input cost inflation affecting tobacco, packaging, and energy costs, regulatory compliance expenses, heavy investment in research and development for new products, marketing spend to drive smoke-free adoption, and competitive pressures in emerging categories. Currency fluctuations also significantly impact margins given PMI's global footprint, with recent earnings showing meaningful foreign exchange headwinds.
Competitive moat
Philip Morris International possesses a moderate but gradually strengthening competitive moat built on several key advantages. The company's strongest moat element is its brand portfolio, particularly Marlboro, which commands premium pricing and consumer loyalty across global markets. This brand strength creates significant barriers for new entrants and provides pricing power that has sustained the business through decades of regulatory pressure and social stigma. The company's regulatory expertise and relationships represent another important moat component. PMI has developed sophisticated capabilities in navigating complex international tobacco regulations, obtaining product approvals, and managing compliance across diverse jurisdictions. This regulatory knowledge creates barriers for new competitors and provides advantages in launching innovative products like IQOS, which required extensive scientific documentation and regulatory approval processes. PMI's manufacturing scale and distribution networks provide operational advantages, particularly in international markets where establishing distribution can be challenging and expensive. The company's existing relationships with distributors and retailers create switching costs and barriers for competitors attempting to gain market access. However, PMI's moat faces significant challenges. The traditional cigarette business is in structural decline, eroding the value of established brand equity and distribution advantages. In the emerging smoke-free categories, PMI faces intense competition from both traditional tobacco companies and new entrants with potentially superior technology or marketing approaches. The ZYN brand, acquired through Swedish Match, provides some competitive advantages in nicotine pouches, but this category remains relatively nascent with low barriers to entry. The company's moat is strengthening in smoke-free products through first-mover advantages, patent protection, and scientific research investments. However, the overall competitive position remains vulnerable to technological disruption, regulatory changes that could favor competitors, and the fundamental challenge of transforming from a declining traditional business to growth in emerging categories where competitive dynamics are still evolving.
Risks & safety
Philip Morris International presents a mixed margin of safety profile with strong cash generation but concerning balance sheet metrics. **Overall Assessment**: Moderate safety with strong operational cash flows offset by high leverage and negative equity position. **Cash and Solvency:** - Strong operating cash flow of $12.2 billion annually with free cash flow of $10.8 billion - Current ratio of 0.88 indicates potential short-term liquidity concerns - Cash position of $4.2 billion provides adequate liquidity buffer - Debt-to-equity ratio of -3.89 reflects negative shareholder equity, primarily due to acquisition financing and share repurchases **Valuation Metrics:** - P/E ratio of 26.6x appears elevated for a tobacco company but reflects growth premium from smoke-free transformation - EV/EBITDA of 14.1x is reasonable given the business mix and growth trajectory - Strong dividend yield supported by consistent cash generation **Other Considerations:** - Significant litigation reserves and potential future tobacco-related legal settlements create contingent liabilities - Regulatory risks in key markets could impact cash flows - Currency exposure across international markets adds volatility - High capital requirements for smoke-free product expansion and manufacturing capacity
Recent development
Over the past several years, Philip Morris International has executed a comprehensive transformation strategy centered on building a smoke-free product portfolio. The most significant development was the 2022 acquisition of Swedish Match for approximately $16 billion, which brought the ZYN nicotine pouch brand and established PMI as a leader in the rapidly growing oral nicotine category. This acquisition has proven highly successful, with ZYN shipments growing 63% to 202 million cans in Q1 2025 and the company raising its annual shipment forecast to 800-840 million cans. The company has aggressively expanded its IQOS heated tobacco platform, launching the next-generation ILUMA device across approximately 50 markets. IQOS now serves an estimated 38.5 million adult users globally, with particularly strong performance in Japan where the product has achieved significant market penetration. PMI has also secured rights to launch IQOS in the United States, with FDA authorization expected in mid-2025 following extensive regulatory review. Manufacturing capacity expansion has been a key focus, particularly for ZYN production where supply constraints have limited growth potential. The company is building new manufacturing facilities and expects to reach 900 million can production capacity for ZYN in 2025, with additional capacity planned to meet growing demand. PMI has also invested heavily in IQOS device and consumable manufacturing to support international expansion. The company has diversified beyond traditional tobacco and nicotine through its Wellness and Healthcare initiative, though this remains a small portion of the business. PMI has also launched VEEV e-vapor products in European markets, targeting profitability in this category while competing against established players in the electronic cigarette space. Regulatory achievements have been significant, including FDA authorization for ZYN nicotine pouches in the United States and ongoing Modified Risk Tobacco Product (MRTP) applications for IQOS. These regulatory approvals provide competitive advantages and validate PMI's scientific approach to reduced-risk products.
PM company profile · for informational purposes only — not investment advice.
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