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Philip Morris International Inc PM

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Stock XNYS Rating as of
$181.62 +0.45 (0.25%)
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Philip Morris Continues to Lead Peers in Reduced-Risk Product Revenue Growth

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.

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Price vs Fair Value

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PM is trading at a LOCK|!mKblY? premium.
Price
$181.62
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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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 material negative impact on earnings growth.

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Trading Information

Previous Close Price
$181.17
Day Range
$178.45–182.52
52-Week Range
$142.11–193.05
Bid/Ask
$181.00 / $181.77
Shares Outstanding
1.56B
Market Cap
$283.07B
Volume/Avg
4M / 5M

Key Statistics

Price/Earnings (Normalized)
24.04
Price/Sales
7.05
Dividend Yield (Trailing)
3.24%
Dividend Yield (Forward)
3.24%
Total Yield
3.24%

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.
Sector
Consumer Defensive
Industry
Tobacco
Stock Style Box
Large Value
Total Number of Employees
84,900
Website
https://www.pmi.com

Competitors

Valuation

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Metric
PM
IMBBY
MO
Price/Earnings (Normalized)
 24.0411.0313.24
Price/Book Value
 —5.43—
Price/Sales
 7.050.696.01
Price/Cash Flow
 20.807.3613.07
Price/Earnings
PM
IMBBY
MO

Financial Strength

Metric
PM
IMBBY
MO
Quick Ratio
 0.450.310.45
Current Ratio
 0.980.700.62
Interest Coverage
 9.616.319.92
Quick Ratio
PM
IMBBY
MO

Profitability

Metric
PM
IMBBY
MO
Return on Assets (Normalized)
 17.17%9.12%26.86%
Return on Equity (Normalized)
 —55.92%—
Return on Invested Capital (Normalized)
 29.74%18.11%45.51%
Return on Assets
PM
IMBBY
MO

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Capital Allocation
Economic Moat
Market Cap
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LOCK|>H!SD<LOCK|#K$129B
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LOCK|x<LOCK|sp$120B
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 Imperial Brands PLC
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LOCK|sN#gwBLOCK|Yx$28B
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—LOCK|bp$4B

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