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.
It is a $314B consumer staples company. Revenue grew 8.9% over the last year, it keeps 26¢ of every dollar of sales as profit, and its net debt equals ~3.2 years of free cash flow. It trades at 28.8× earnings — in the most expensive third of its own history.
- Website
- pmi.com
- Location
- Stamford, CT
- Employees
- 84 900
- Sector
- Consumer Defensive
- Founded
- 1919
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability, quality and moat; Valuation and Health lag behind.
Valuation41
- P/E vs own history73th pct · 5/25
- FCF yield4.1% · 12/25
- P/S7.4x · 12/25
- EV/EBITDA20.0x · 12/25
Growth61
- Revenue CAGR6.7% · 12/25
- Net income CAGR5.6% · 12/25
- EPS CAGR ~5Y6.3% · 12/25
- Fwd implied growth36.3% · 25/25
Profitability100
- ROIC37.3% · 25/25
- ROE575.4% · 25/25
- Net margin25.6% · 25/25
- Operating margin37.8% · 25/25
Health31
- Altman Zn/a · 0/25
- Current ratio0.98 · 6/25
- Interest coverage15.4x · 25/25
- Net cash / debtD/A 58% · 0/25
Quality82
- Piotroski F8/9 · 25/25
- Beneish M-2.38 · 20/25
- FCF conversion117% · 25/25
- Margin stabilityσ 9.6% · 12/25
Moat93
- ROIC >12% years10/10 yrs · 25/25
- Median gross margin64.4% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 7.7% · 18/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$11.3B net income
- 2022AcquisitionPMI also agreed to a $16 billion deal to acquire Swedish Match, boosting its position in cigarette…
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $50B$75.0B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2003MilestonePhilip Morris Companies changed its name to Altria Group
- 1994AcquisitionPhilip Morris International established the Philip Morris Ukraine subsidiary and acquired a 51% stake in a…
- 1963AcquisitionPhilip Morris Inc. purchased the Swiss company in 1963
- 1961MilestoneThe overseas division was renamed Philip Morris International in 1961, alongside Philip Morris Domestic and Philip…
- 1957AcquisitionThen, in 1957, the Swiss Fabriques de Tabac Réunies in Neuchatel became the first to acquire foreign licensing…
- 1954MilestoneIncreasing sales fueled the company's expansion: in 1954, Philip Morris Australia became the first international…
- 1919FoundedThe American subsidiary was bought by investor Georges Whelan and incorporated in Virginia under the name…
- 1885MilestoneThe company became Philip Morris & Co., Ltd. in 1885 when the partnership dissolved
- 1880MilestoneLeopold became the sole owner in 1880 and formed a partnership with Joseph Grunebaum, leading to the incorporation…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (67.5%)
- Strongly profitable — 25.6% net margin
- Strong cash conversion — FCF is 29.9% of revenue
- Interest covered 15.4× by operating earnings
- High returns on invested capital (ROIC 37.3%)
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+8.9% YoY
- Profitable — makes more than it spends$10.9B TTM
- Profit growing — earnings are higher than last year+7.7% YoY
- Generates cash — cash left after running and investing$12.7B TTM
- Debt under control — could handle its obligations~3.2y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$314B market cap
- Not printing shares — share count not ballooning — you keep your slice+3.8% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 31/100
- Pays a dividend — returns cash to shareholdersyield 2.87%
- Valuation not extreme — price not wildly above earningsP/E 28.8
Peer comparisonPhilip Morris International Inc. vs 6 largest consumer defensive peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| PM this company | $313.6B | 28.8 | +8.9% | 25.6% | Strained |
| WMT Walmart Inc. | $882.9B | 40.8 | +6.2% | 3.0% | Strained |
| COST Costco Wholesale Corp | $419.2B | 45.5 | +10.1% | 3.0% | Mixed |
| KO Coca-Cola Company | $379.3B | 26.5 | +6.5% | 28.6% | Mixed |
| PG Procter & Gamble Company | $351.2B | 21.9 | +3.3% | 18.4% | Solid |
| PEP PepsiCo, Inc. | $171.8B | 16.5 | +6.4% | 11.1% | Strained |
| BUD Anheuser-Busch INBEV SA/NV | $152.3B | 16.3 | -0.7% | 11.5% | Strained |
Head-to-head: PM vs WMT · PM vs COST · PM vs KO
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/PM
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of PM on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $201.19 · market cap $314B.