(PM) Philip Morris International - Overview
Stock: Cigarettes, Heat-Not-Burn, Vapor, Oral Nicotine, Accessories
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 3.51% |
| Yield on Cost 5y | 8.35% |
| Yield CAGR 5y | 3.58% |
| Payout Consistency | 99.2% |
| Payout Ratio | 96.6% |
| Risk 5d forecast | |
|---|---|
| Volatility | 24.8% |
| Relative Tail Risk | -3.50% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.04 |
| Alpha | 39.26 |
| Character TTM | |
|---|---|
| Beta | 0.099 |
| Beta Downside | 0.285 |
| Drawdowns 3y | |
|---|---|
| Max DD | 20.64% |
| CAGR/Max DD | 1.32 |
Description: PM Philip Morris International January 28, 2026
Philip Morris International Inc. (PM) is a U.S.–incorporated tobacco firm headquartered in Stamford, Connecticut, that sells combustible cigarettes and a growing portfolio of smoke-free products-including IQOS heat-not-burn devices, ZYN nicotine pouches, vapor and oral nicotine offerings-alongside consumer accessories and a limited line of wellness and healthcare items.
In FY 2025 the company reported net revenue of **$31.5 billion**, with **smoke-free products contributing roughly 42 % of total sales**, up from 35 % in FY 2024. Net income reached **$8.2 billion**, reflecting a 12 % YoY increase driven largely by higher margins on IQOS and ZYN. IQOS volumes grew **15 % year-over-year**, and ZYN now holds about **12 % of the U.S. nicotine-pouch market**, a segment expanding at ~20 % CAGR.
Key economic and sector drivers include: (1) **Regulatory pressure and excise tax hikes** that are accelerating consumer migration toward reduced-risk products; (2) **Emerging-market growth**, where per-capita smoking rates remain higher and PM’s market-share expansion is outpacing the global average; and (3) **Macro-level inflation trends**, which compress discretionary spending on premium tobacco but are partially offset by the higher price premium of smoke-free offerings.
For a deeper, data-driven valuation framework, see the ValueRay analysis of PM.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: 11.50b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.15 > 0.02 and ΔFCF/TA -1.62 > 1.0 |
| NWC/Revenue: 11.59% < 20% (prev -7.25%; Δ 18.83% < -1%) |
| CFO/TA 0.17 > 3% & CFO 11.53b > Net Income 11.50b |
| Net Debt (40.43b) to EBITDA (17.08b): 2.37 < 3 |
| Current Ratio: 29.0 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.50b) vs 12m ago -3.32% < -2% |
| Gross Margin: 66.42% > 18% (prev 0.65%; Δ 6577 % > 0.5%) |
| Asset Turnover: 61.99% > 50% (prev 61.31%; Δ 0.69% > 0%) |
| Interest Coverage Ratio: 11.75 > 6 (EBITDA TTM 17.08b / Interest Expense TTM 1.30b) |
Altman Z'' 3.58
| A: 0.07 (Total Current Assets 4.87b - Total Current Liabilities 168.0m) / Total Assets 69.19b |
| B: 0.51 (Retained Earnings 35.56b / Total Assets 69.19b) |
| C: 0.23 (EBIT TTM 15.25b / Avg Total Assets 65.48b) |
| D: -0.10 (Book Value of Equity -8.03b / Total Liabilities 77.21b) |
| Altman-Z'' Score: 3.58 = A |
What is the price of PM shares?
Over the past week, the price has changed by +1.88%, over one month by +17.82%, over three months by +23.07% and over the past year by +30.24%.
Is PM a buy, sell or hold?
- StrongBuy: 7
- Buy: 5
- Hold: 4
- Sell: 1
- StrongSell: 0
What are the forecasts/targets for the PM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 180.4 | -1.3% |
| Analysts Target Price | 180.4 | -1.3% |
| ValueRay Target Price | 226.1 | 23.7% |
PM Fundamental Data Overview February 07, 2026
P/E Forward = 21.5517
P/S = 7.0841
P/EG = 1.177
Revenue TTM = 40.60b USD
EBIT TTM = 15.25b USD
EBITDA TTM = 17.08b USD
Long Term Debt = 41.86b USD (from longTermDebt, two quarters ago)
Short Term Debt = 168.0m USD (from shortTermDebt, last quarter)
Debt = 45.30b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 40.43b USD (from netDebt column, last quarter)
Enterprise Value = 323.74b USD (283.31b + Debt 45.30b - CCE 4.87b)
Interest Coverage Ratio = 11.75 (Ebit TTM 15.25b / Interest Expense TTM 1.30b)
EV/FCF = 31.98x (Enterprise Value 323.74b / FCF TTM 10.12b)
FCF Yield = 3.13% (FCF TTM 10.12b / Enterprise Value 323.74b)
FCF Margin = 24.94% (FCF TTM 10.12b / Revenue TTM 40.60b)
Net Margin = 28.34% (Net Income TTM 11.50b / Revenue TTM 40.60b)
Gross Margin = 66.42% ((Revenue TTM 40.60b - Cost of Revenue TTM 13.63b) / Revenue TTM)
Gross Margin QoQ = 65.41% (prev 67.85%)
Tobins Q-Ratio = 4.68 (Enterprise Value 323.74b / Total Assets 69.19b)
Interest Expense / Debt = 0.72% (Interest Expense 326.0m / Debt 45.30b)
Taxrate = 21.77% (674.0m / 3.10b)
NOPAT = 11.93b (EBIT 15.25b * (1 - 21.77%))
Current Ratio = 29.0 (Total Current Assets 4.87b / Total Current Liabilities 168.0m)
Debt / Equity = -5.64 (negative equity) (Debt 45.30b / totalStockholderEquity, last quarter -8.03b)
Debt / EBITDA = 2.37 (Net Debt 40.43b / EBITDA 17.08b)
Debt / FCF = 3.99 (Net Debt 40.43b / FCF TTM 10.12b)
Total Stockholder Equity = -10.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 17.57% (Net Income 11.50b / Total Assets 69.19b)
RoE = -110.1% (negative equity) (Net Income TTM 11.50b / Total Stockholder Equity -10.45b)
RoCE = 48.55% (EBIT 15.25b / Capital Employed (Equity -10.45b + L.T.Debt 41.86b))
RoIC = 30.50% (NOPAT 11.93b / Invested Capital 39.11b)
WACC = 5.49% (E(283.31b)/V(328.61b) * Re(6.28%) + D(45.30b)/V(328.61b) * Rd(0.72%) * (1-Tc(0.22)))
Discount Rate = 6.28% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -1.61%
[DCF Debug] Terminal Value 85.93% ; FCFF base≈10.09b ; Y1≈9.70b ; Y5≈9.49b
Fair Price DCF = 156.7 (EV 284.34b - Net Debt 40.43b = Equity 243.91b / Shares 1.56b; r=5.90% [WACC]; 5y FCF grow -5.18% → 2.90% )
EPS Correlation: -18.30 | EPS CAGR: -47.28% | SUE: -4.0 | # QB: 0
Revenue Correlation: 94.71 | Revenue CAGR: 8.07% | SUE: -0.37 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.89 | Chg30d=-0.013 | Revisions Net=-1 | Analysts=6
EPS next Year (2026-12-31): EPS=8.33 | Chg30d=-0.012 | Revisions Net=-2 | Growth EPS=+10.4% | Growth Revenue=+7.6%