Morningstar

Philip Morris International Inc PM

Morningstar Rating
Unlock
Stock XNYS Rating as of
$210.38 +1.87 (0.90%)
View Full Chart
As of Cboe BZX Real-Time Price Open

Company Report

View Archive

Combustibles Drive Robust Free Cash Flow Generation as Phiip Morris' Reduced-Risk Products Grow

Kristoffer Inton

Philip Morris International is the world’s largest tobacco company by volume, with cigarette sales to roughly 170 countries. Despite such dominance, its goal is to completely replace its cigarette sales with reduced-risk alternatives. As of 2025, 41.5% of revenue came from smoke-free products; the aim is two-thirds by 2030. We forecast PMI will reach 49% by 2030, reflecting steady and sizable contributions from combustibles rather than underperformance in reduced-risk.

Read Analysis

Price vs Fair Value

View History
PM is trading at a LOCK|!^Fjr? premium.
Price
$208.50
Fair Value
^g%
Uncertainty
LOCK|&ygL
1-Star Price
LOCK|n.TS
5-Star Price
LOCK|H!
Economic Moat
LOCK|jpC
Capital Allocation
LOCK|@@jD&%LV

Bulls Say, Bears Say

Bulls

PMI’s international operations give it exposure to countries where cigarette consumption is either declining slower than the global rate or even growing.

Bears

PMI’s international exposure creates significant currency risk, with most of its net sales derived in foreign currencies and about one-fourth of its input costs in dollars. A strengthening US dollar can have a negative impact on earnings growth.

Show More

News

View All

Articles & Videos

Trading Information

Previous Close Price
$208.50
Day Range
$210.07–214.37
52-Week Range
$142.12–214.37
Bid/Ask
$210.23 / $210.52
Shares Outstanding
1.56B
Market Cap
$328.32B
Volume/Avg
344,268 / 5M

Key Statistics

Price/Earnings (Normalized)
26.28
Price/Sales
7.54
Dividend Yield (Trailing)
2.88%
Dividend Yield (Forward)
3.07%
Dividend Payment Schedule
Jan, Apr, Jul, Oct
Total Yield
2.88%

Company Profile

Created from the international operations of Altria in 2008, Philip Morris International sells cigarettes and reduced-risk products, including heat sticks, vapes, and oral nicotine offerings, primarily outside of the US. With the 2023 acquisition of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches primarily in the US and Scandinavia, PMI is not only dominant in smokable products but also has the Iqos and Zyn brands, which respectively dominate heated tobacco and nicotine pouches in most markets. It also owns the Veev brand in vapes. As of 2025, 41.5% of revenue came from reduced-risk products.
Sector
Consumer Defensive
Industry
Tobacco
Stock Style Box
Large Value
Total Number of Employees
84,900
Website
https://www.pmi.com

Competitors

Valuation

View More
Metric
PM
2914
IMBBY
Price/Earnings (Normalized)
 26.2822.1511.66
Price/Book Value
 —2.935.74
Price/Sales
 7.543.460.73
Price/Cash Flow
 21.8112.567.78
Price/Earnings
PM
2914
IMBBY

Financial Strength

Metric
PM
2914
IMBBY
Quick Ratio
 0.520.950.31
Current Ratio
 1.022.040.70
Interest Coverage
 10.935.236.31
Quick Ratio
PM
2914
IMBBY

Profitability

Metric
PM
2914
IMBBY
Return on Assets (Normalized)
 18.01%7.12%9.12%
Return on Equity (Normalized)
 —14.35%55.92%
Return on Invested Capital (Normalized)
 30.77%11.58%18.11%
Return on Assets
PM
2914
IMBBY

Tobacco Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
British American Tobacco PLC
BTAFF
—LOCK|z^S$129B
 British American Tobacco PLC ADR
BTI
LOCK|%!mH$?LOCK|^@!$129B
 Altria Group Inc
MO
LOCK|k%YLOCK|$%^$128B
 Japan Tobacco Inc ADR
JAPAY
—LOCK|!vN$83B
 Japan Tobacco Inc
JAPAF
—LOCK|%q$83B
 ITC Ltd DR
ITCTY
—LOCK|P!l<$35B
 Imperial Brands PLC
IMBBF
—LOCK|?z$29B
 Imperial Brands PLC ADR
IMBBY
LOCK|ccP<ShLOCK|y>h$29B
 Smoore International Holdings Ltd Ordinary Shares
SMORF
—LOCK|JF<C#$7B

Sponsor Center