PM
SP100NYSEPhilip Morris International Inc.
Consumer Defensive · Tobacco · United States
Philip Morris International Inc. operates as a tobacco company. The company offers cigarettes and smoke-free products, including heat-not-burn, e-vapor, and oral nicotine products under the IQOS, VEEV, and ZYN brands; and consumer accessories, such as lighters and matches. It also offers wellness products. The company was incorporated in 1987 and is headquartered in Stamford, Connecticut.
www.pmi.com ↗Shares trade at a premium 25.6× trailing earnings, easing to 20.0× on forward estimates. Profitability shows a net margin of 26.7%. Leverage is elevated at 2.5× net debt/EBITDA. Revenue grew 9.1% year-on-year. It yields 3.2% in dividends. The mean analyst target of USD194.86 sits 6.9% above the current price (Buy, 14 analysts).
business model
Philip Morris International manufactures and sells cigarettes and smoke-free products outside the United States, with a strategy centered on transitioning adult smokers to reduced-risk products. It monetizes brands led by Marlboro in combustible cigarettes and is investing heavily in smoke-free platforms such as IQOS heated tobacco and Zyn oral nicotine pouches.
revenue segments
Revenue comes from combustible tobacco products and a growing smoke-free category (heated-tobacco units and devices, plus oral nicotine products), reported across international geographic regions and, following the Swedish Match acquisition, including a US oral-nicotine presence via Zyn. Smoke-free products are an increasing share of net revenue.
key dependencies
Depends on pricing power to offset volume declines, regulatory acceptance of reduced-risk products, excise-tax regimes, adult-smoker migration to IQOS and oral nicotine, currency movements, and continued investment in device technology and manufacturing capacity.
competitors
Competes with British American Tobacco, Japan Tobacco, Imperial Brands, Altria (in certain product and licensing contexts), and various regional and state-owned tobacco companies, as well as makers of e-cigarettes and alternative nicotine products.
moat
Its moat is built on dominant global cigarette brands, strong pricing power, extensive distribution, and a first-mover lead in heated tobacco and nicotine pouches supported by significant R&D and scientific-regulatory investment. Brand loyalty and scale create high barriers to entry.
risks
Risks include secular decline in cigarette volumes, heavy regulation and taxation of tobacco and nicotine, potential restrictions or bans on smoke-free products, litigation, illicit trade, significant foreign-currency exposure given its non-US footprint, and uncertainty over long-term nicotine-policy trends.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $40.65B | $37.88B | $35.17B | $31.76B | — |
| Cost of revenue | $13.37B | $13.33B | $12.89B | $11.40B | — |
| Gross profit | $27.28B | $24.55B | $22.28B | $20.36B | — |
| Operating expense | $12.35B | $11.15B | $10.06B | $8.11B | — |
| Operating income | $14.93B | $13.40B | $12.22B | $12.25B | — |
| Interest expense | $1.59B | $1.76B | $1.53B | $768.00M | — |
| Pretax income | $13.88B | $12.20B | $10.45B | $11.63B | — |
| Tax provision | $2.74B | $3.02B | $2.34B | $2.24B | — |
| Net income | $11.35B | $7.06B | $7.81B | $9.05B | — |
| EBITDA | $17.46B | $15.75B | $13.37B | $13.48B | — |
| Diluted EPS | $7.26 | $4.53 | $5.02 | $5.81 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $69.19B | $61.78B | $65.30B | $61.68B | — |
| Current assets | $24.36B | $20.17B | $19.75B | $19.62B | — |
| Cash & equivalents | $4.87B | $4.22B | $3.06B | $3.21B | — |
| Inventory | $11.48B | $9.45B | $10.77B | $9.89B | — |
| Total liabilities | $77.21B | $71.65B | $74.75B | $67.99B | — |
| Current liabilities | $25.43B | $22.91B | $26.38B | $27.34B | — |
| Total debt | $48.84B | $45.70B | $47.91B | $43.12B | — |
| Long-term debt | $45.13B | $42.17B | $41.24B | $34.88B | — |
| Shareholders' equity | -$9.99B | -$11.75B | -$11.22B | -$8.96B | — |
| Retained earnings | $35.40B | $32.87B | $34.09B | $34.29B | — |
| Working capital | -$1.06B | -$2.75B | -$6.63B | -$7.72B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $12.23B | $12.22B | $9.20B | $10.80B | — |
| Investing cash flow | -$3.97B | -$1.09B | -$3.60B | -$15.68B | — |
| Financing cash flow | -$8.13B | -$9.48B | -$5.58B | $3.81B | — |
| Capital expenditure | -$1.57B | -$1.44B | -$1.32B | -$1.08B | — |
| Free cash flow | $10.66B | $10.77B | $7.88B | $9.73B | — |
| Dividends paid | -$8.62B | -$8.20B | -$7.96B | -$7.81B | — |
| Share buybacks | — | $0.00 | $0.00 | -$209.00M | -$775.00M |
| End cash position | $4.89B | $4.25B | $3.15B | $3.22B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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