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Philip Morris International Inc. (PM) USD

Smoke-free and combustible tobacco products sold mainly outside the United States.

At a glance: strengths & risks
✓Revenue growing (+5% y/y, Q3 2026)✓Margins improving (44%→47%, Q3 2026)

Sector: Consumer staples

US_PM

Price chart

199.47 USDDay -1.13%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
199.47 USD · -1.13%
Market cap
310.4 bn USD

Growth

Δ revenue y/y
5.5%
Δ EBITDA y/y
12.8%

Multiples

P/E (LTM)
29.0x
3y avg: 22.4x
P/B (FY)
—
P/E (ann.)
23.4x
EV/EBITDA (LTM)
18.6x
3y avg: 15.5x
EV/EBITDA (ann.)
16.2x

Cash return

Dividend yield
3.0%
FCF yield (LTM)
4.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+11.8%
↓ details

Liquidity

Daily turnover (US listing)
705.4 mln USD

Shares: yahoo_fundamentals_timeseries/PM

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK11.4
y/y 5.5%
4.9
y/y 14.1%
0.5
y/y 1.2%
5.4
y/y 12.8%
3.3
y/y -4.7%
5.4-0.466.7
y/y -0.5%
-7.9
y/y —
1367.6%37.6Link
2026-06-30Q2 2026 (3M)OK11.2
y/y 10.4%
4.5
y/y 22.0%
0.5
y/y 4.7%
5.0
y/y 20.0%
2.8
y/y -7.3%
5.5-0.468.3
y/y -0.3%
8.6
y/y —
-3237.9%39.7SEC EDGAR
2026-03-31Q1 2026 (3M)OK10.1
y/y 9.1%
3.9
y/y 9.8%
0.5
y/y 6.2%
4.4
y/y 9.4%
2.4
y/y -9.4%
-0.4-0.468.9
y/y 5.9%
-9.3
y/y —
-101.2%44.1Link
2025-12-31Q4 2025 (3M)OK10.4
y/y 6.8%
3.4
y/y 3.5%
0.5
y/y 9.2%
3.9
y/y 4.2%
2.1
y/y 469.8%
4.7-0.469.2
y/y 12.0%
-10.0
y/y —
-108.6%41.2Link
2025-09-30Q3 2025 (3M)OK10.8
y/y 9.4%
4.3
y/y 16.7%
0.5
y/y 1.4%
4.8
y/y 14.8%
3.5
y/y 12.8%
4.5-0.467.1
y/y 0.3%
-10.9
y/y —
-40.5%39.7Link
2025-06-30Q2 2025 (3M)OK10.1
y/y 7.1%
3.7
y/y 7.8%
0.5
y/y 10.1%
4.2
y/y 8.0%
3.0
y/y 26.3%
3.4-0.468.5
y/y 4.1%
-12.0
y/y —
-106.3%40.8Link
2025-03-31Q1 2025 (3M)OK9.3
y/y 5.8%
3.5
y/y 16.4%
0.5
y/y 30.8%
4.0
y/y 17.9%
2.7
y/y 25.2%
-0.3-0.465.1
y/y -0.4%
-10.9
y/y —
-95.0%38.8Link
2024-12-31Q4 2024 (3M)OK9.7
y/y 7.3%
3.3
y/y 12.8%
0.5
y/y -53.7%
3.7
y/y -4.7%
-0.6
y/y -126.4%
4.0-0.361.8
y/y -5.4%
-11.8
y/y —
-65.8%38.7Link
2024-09-30Q3 2024 (3M)OK9.9
y/y 8.4%
3.7
y/y 8.4%
0.5
y/y 142.9%
4.2
y/y 16.1%
3.1
y/y 50.0%
3.3-0.466.9
y/y 6.3%
-9.7
y/y —
-42.3%40.1Link
2024-06-30Q2 2024 (3M)OK9.5
y/y 5.6%
3.4
y/y 34.2%
0.4
y/y 442.7%
3.9
y/y 46.9%
2.4
y/y 53.4%
4.6-0.465.8
y/y 6.3%
-9.7
y/y —
-96.0%40.0Link
2024-03-31Q1 2024 (3M)OK8.8
y/y 9.7%
3.0
y/y 11.5%
0.4
y/y 353.1%
3.4
y/y 21.3%
2.1
y/y 7.7%
0.2-0.465.3
y/y 5.2%
-10.3
y/y —
-79.8%41.0Link
2023-12-31Q4 2023 (3M)OK9.0
y/y —
2.9
y/y —
1.0
y/y —
3.9
y/y —
2.2
y/y —
3.3-0.365.3
y/y —
-11.2
y/y —
-75.6%40.8Link
2023-09-30Q3 2023 (3M)OK9.1
y/y —
3.4
y/y —
0.2
y/y —
3.6
y/y —
2.1
y/y —
3.4-0.462.9
y/y —
-9.4
y/y —
-28.6%42.0Link
2023-06-30Q2 2023 (3M)OK9.0
y/y —
2.6
y/y —
0.1
y/y —
2.6
y/y —
1.6
y/y —
3.4-0.461.9
y/y —
-9.7
y/y —
-67.3%42.0Link
2023-03-31Q1 2023 (3M)OK8.0
y/y —
2.7
y/y —
0.1
y/y —
2.8
y/y —
2.0
y/y —
-1.0-0.362.1
y/y —
-8.9
y/y —
—42.8Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)2 525
Long-term debt (incl. LT leases)41 709
− Cash & equivalents6 683
Net debt37 551

Net debt / LTM EBITDA: 2.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 5005 0007 50010 00012 5002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%20%40%60%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-2 00002 0004 0006 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

010 00020 00030 00040 00050 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.19x of reported net profit; after capex, 1.07x.
year20212022202320242025
cash flow / profit1.31x1.19x1.18x1.73x1.08x
accruals, % of assets-6.9%-2.9%-2.1%-8.3%-1.3%
Last twelve months (to 2026-09-30): 1.31x of profit came back as operating cash flow.
net debt / EBITDA 2.4x · EBIT covers interest 9.4x · capex 0.8x of depreciation · dividends 80% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +11.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (5 377 − 4 768) × 3.48
2 120
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (310 375 + 37 551) ÷ 18 717
18.6x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (18.6 + 12) ÷ 2
15.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 2 155 + 2 307 + 0 − 0
4 462
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.1% × 310 375
−199
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 120 × 15.3 + 4 462 − 199) ÷ 310 375
+11.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • share-count dilution 0.1%/yr (valued at market: -199)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +7% vs +8% the year before — a -0.4 pp move. 3-year CAGR +9%.
revenue growth by year: 2023 +11% · 2024 +8% · 2025 +7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 17.3x · 3-year 75th pct 18.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Consumer staples. Each peer is shown as it trades and re-priced onto this company's market (US) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Indofood Sukses MakmurIndonesia3.31.9x7.4x
PEPSICO INCUS190.612.2x12.2x
Altria GroupUS127.413.3x13.3x
Indofood CBP Sukses MakmurIndonesia3.93.6x13.8x
ITCIndia34.112.7x13.9x
PROCTER & GAMBLE CoUS384.817.7x17.7x
Walmart Inc.US965.221.7x21.7x
COCA COLA COUS410.127.7x27.7x
Hindustan UnileverIndia45.327.7x30.3x
COSTCO WHOLESALE CORP /NEWUS452.130.7x30.7x
Unilever IndonesiaIndonesia3.011.2x42.4x
Group median13.3x17.7x
Group average16.4x21.0x
This companyUS313.918.6x18.6x

Group median 13.3x as traded, 17.7x adjusted; this company 18.6x — a 5% premium.

Group average 16.4x as traded, 21.0x adjusted; against the average this company is at a 12% discount.

At the adjusted group median the market cap would be -5% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-021.6 USDEx-dividend: 1.6 USD per sharePaidYahoo Finance (ex-div)
2026-06-251.47 USDEx-dividend: 1.47 USD per sharePaidYahoo Finance (ex-div)
2026-03-191.47 USDEx-dividend: 1.47 USD per sharePaidYahoo Finance (ex-div)
2025-12-261.47 USDEx-dividend: 1.47 USD per sharePaidYahoo Finance (ex-div)
2025-10-031.47 USDEx-dividend: 1.47 USD per sharePaidYahoo Finance (ex-div)
2025-06-271.35 USDEx-dividend: 1.35 USD per sharePaidYahoo Finance (ex-div)
2025-03-201.35 USDEx-dividend: 1.35 USD per sharePaidYahoo Finance (ex-div)
2024-12-261.35 USDEx-dividend: 1.35 USD per sharePaidYahoo Finance (ex-div)
2024-09-261.35 USDEx-dividend: 1.35 USD per sharePaidYahoo Finance (ex-div)
2024-06-211.3 USDEx-dividend: 1.3 USD per sharePaidYahoo Finance (ex-div)
2024-03-201.3 USDEx-dividend: 1.3 USD per sharePaidYahoo Finance (ex-div)
2023-12-201.3 USDEx-dividend: 1.3 USD per sharePaidYahoo Finance (ex-div)
2023-09-261.3 USDEx-dividend: 1.3 USD per sharePaidYahoo Finance (ex-div)
2023-06-221.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2023-03-221.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2022-12-211.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2022-09-271.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2022-06-301.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)
2022-03-231.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)
2021-12-221.25 USDEx-dividend: 1.25 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Philip Morris International Inc. (PM) — from primary filings.

Frequently asked questions

What is Philip Morris International Inc. (PM)'s P/E ratio?
Philip Morris International Inc. (PM) trades at a P/E of 29.0x (price to trailing 12-month earnings).
What is Philip Morris International Inc. (PM)'s EV/EBITDA?
Philip Morris International Inc. (PM) trades at 18.6x EV/EBITDA.
What is Philip Morris International Inc. (PM)'s dividend yield?
Philip Morris International Inc. (PM)'s trailing 12-month dividend yield is 3.0%.
What is Philip Morris International Inc. (PM)'s return on equity (ROE)?
Philip Morris International Inc. (PM)'s ROE is -112.7%.
What is Philip Morris International Inc. (PM)'s market capitalization?
Philip Morris International Inc. (PM)'s market cap is 310.4 bn USD.

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