Philip Morris International (PM) stock
Consumer Staples · Tobacco
Philip Morris International (PM) is a Tobacco company in the Consumer Staples sector, headquartered in New York City, New York. As of October 23, 2026, PM closed at $199.47, a market capitalization of $310.90 billion, the 35th largest company in the S&P 500. Over the last twelve months it generated $43.14 billion in revenue (+6% year over year) and $12.72 billion in free cash flow. The stock trades at 29.1x trailing earnings and 21.9x forward earnings.
- 1-year total return: +31.0% (dividends reinvested)
- 5-year return: +21.0% a year
- 52-week range: $142.11 – $210.45
- Gross margin 67.7%, operating margin 42.0%
- Dividend yield: 3.21%, 17 straight years of increases
- FI Handbook report card: B- across 9 metrics
- 5th largest of 34 Consumer Staples stocks in the S&P 500
PM price chart
1Y price change: +26.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| PM | +5.4% | +27.6% | +31.0% | +35.4% | +21.0% | +13.0% | +12.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2008.
PM key statistics
- Market cap
- $310.9B
- #35 in S&P 500
- P/E (TTM)
- 29.1x
- Forward P/E
- 21.9x
- EPS (TTM)
- $6.85
- Revenue (TTM)
- $43.1B
- +6%
- Free cash flow
- $12.7B
- Gross margin
- 67.7%
- Operating margin
- 42.0%
- Return on equity
- —
- Dividend yield
- 3.21%
- 52-week range
- $142.11 – $210.45
- Beta
- 0.36
- Price / sales
- 7.2x
- EV / EBITDA
- 17.3x
- Debt / equity
- —
- Employees
- 84,900
PM report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth5.5%C
- Gross margin67.7%A
- Operating margin42.0%A
- FCF margin29.5%A
- Return on equity——
- Net debt / EBITDA2.0xC
- Forward P/E21.9xC
- PEG ratio2.8xD
- Shareholder yield3.2%B
- Share count change / yr0.0%C
Philip Morris International financials
Revenue went from $26.7B in fiscal 2016 to $40.6B in fiscal 2025, growing 4.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.7B | $28.7B | $29.6B | $29.8B | $28.7B | $31.4B | $31.8B | $35.2B | $37.9B | $40.6B |
| Gross profit | $17.3B | $18.3B | $18.9B | $19.3B | $19.1B | $21.4B | $20.4B | $22.3B | $24.5B | $27.3B |
| Operating income | $10.9B | $11.6B | $11.4B | $10.5B | $11.7B | $13.0B | $12.2B | $11.6B | $13.4B | $14.9B |
| Net income | $7.0B | $6.0B | $7.9B | $7.2B | $8.1B | $9.1B | $9.0B | $7.8B | $7.1B | $11.3B |
| EPS (diluted) | $4.48 | $3.88 | $5.08 | $4.61 | $5.16 | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 |
| Free cash flow | $6.9B | $7.4B | $8.0B | $9.2B | $9.2B | $11.2B | $9.7B | $7.9B | $10.8B | $10.7B |
| Buybacks | $0 | $0 | — | $0 | $0 | $775.0M | $209.0M | $0 | $0 | — |
| Dividends paid | $6.4B | $6.5B | $6.9B | $7.2B | $7.4B | $7.6B | $7.8B | $8.0B | $8.2B | $8.6B |
| Diluted shares | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into PM?
A reverse DCF asks what growth the current price requires. With an enterprise value of $351.8B and $12.7B of trailing free cash flow, Philip Morris International needs to grow free cash flow about 18.8% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 3.0% a year over the last five years.
P/E ratio history
Current 27.5x vs. median 17.8x (10th–90th percentile 15.2x–25.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
PM dividend
- Dividend yield
- 3.21%
- Annual dividend
- $6.40
- Years of increases
- 17
- 5-yr dividend growth
- 3.5%
- per year
- Payout ratio
- 84%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
PM earnings
Next report: February 4, 2027. Philip Morris International has beaten EPS estimates 8 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $2.32 | $2.36 | +1.9% |
| Jul 22, 2026 | $2.05 | $2.20 | +7.3% |
| Apr 22, 2026 | $1.83 | $1.96 | +7.1% |
| Feb 6, 2026 | $1.70 | $1.70 | — |
| Oct 21, 2025 | $2.10 | $2.24 | +6.9% |
| Jul 22, 2025 | $1.86 | $1.91 | +2.8% |
| Apr 23, 2025 | $1.61 | $1.69 | +4.8% |
| Feb 6, 2025 | $1.50 | $1.55 | +3.4% |
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PM news
- Are Stronger Smoke Free Sales Altering The Investment Case For Philip Morris International (PM)? · Oct 25, 2026
- Philip Morris Reports Q3 Earnings: ETFs in Focus · Oct 22, 2026
- PM Q3 Earnings Call Highlights ZYN Spending and Margin Pressures · Oct 22, 2026
- PM Q3 deep dive: smoke-free growth and U.S. investment shape outlook · Oct 22, 2026
- Philip Morris Beat Q3, Then Handed It Back: ZYN’s 25% Price Cut Explained · Oct 22, 2026
PM stock FAQ
What is PM's market cap?
Philip Morris International's market capitalization is $310.90 billion as of October 23, 2026, ranking 35th in the S&P 500.
What is PM's P/E ratio?
PM trades at a trailing price-to-earnings ratio of 29.1x and a forward P/E of 21.9x. Its median P/E over the period we track is 17.8x.
Does PM pay a dividend?
Yes. Philip Morris International pays $6.40 per share a year, a 3.21% yield. It has raised its dividend 17 years in a row. Dividends grew 3.5% a year over the last five years.
How much has PM stock returned?
Including reinvested dividends, PM returned +31.0% over one year, +21.0% a year over five years, +13.0% a year over ten years through October 23, 2026.
Is PM stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Philip Morris International must grow free cash flow about 19% a year for the next decade. Its free cash flow grew 3% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does PM report earnings?
Philip Morris International is expected to report earnings on February 4, 2027. It has beaten EPS estimates 8 quarters in a row.
How many employees does Philip Morris International have?
Philip Morris International has about 84,900 full-time employees, or $508,104 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology