Philip Morris International PM

Tobacco, Consumer Defensive

$199.47

−1.13%

Market cap: $310.9B
PE: 29.1×; 10y median 18.5×
Forward PE: 22.2×; 10y median 17.8×
Price to sales: 7.2×
EV/EBIT: 21.2×
Revenue, 12 months: $43.1B; +8% on a year ago
Net margin: 24.8%
Free cash flow yield: n/m; Q3 FY26 missing

Philip Morris International trades at 29.1× trailing earnings, pricier than 92% of the last ten years. Revenue was $43.1B over the last twelve months, up 8% on a year earlier with a 25% net margin.

Charts

Financials

Income statement for PM, by quarter
Income statement	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26
	$9B+11%	$8.8B+10%	$9.5B+6%	$9.9B+8%	$9.7B+7%	$9.3B+6%	$10.1B+7%	$10.8B+9%	$10.4B+7%	$10.1B+9%	$11.2B+10%	$11.4B+6%
Cost of revenue	$3.5B+8%	$3.2B+5%	$3.3B+4%	$3.4B+6%	$3.4B−1%	$3B−5%	$3.3B−2%	$3.5B+4%	$3.6B+4%	$3.2B+7%	$3.5B+8%	$3.6B+3%
Gross profit	$5.6B+13%	$5.6B+12%	$6.1B+7%	$6.5B+10%	$6.3B+13%	$6.3B+12%	$6.9B+12%	$7.4B+12%	$6.8B+8%	$6.9B+10%	$7.7B+12%	n/a
SG&A	$2.7B+34%	$2.6B+14%	$2.7B+7%	$2.9B+11%	$3B+12%	$2.4B−5%	$3B+12%	$3.1B+7%	$3.4B+13%	$2.9B+18%	$3B−0%	$3B−3%
	$2.9B−1%	$3B+12%	$3.4B+34%	$3.7B+8%	$3.3B+13%	$3.5B+16%	$3.7B+8%	$4.3B+17%	$3.4B+4%	$3.9B+10%	$4.5B+22%	$4.9B+14%
Interest expense	$738M+111%	$299M+30%	$329M+11%	$189M−28%	$946M+28%	$241M−19%	$277M−16%	$230M+22%	$839M−11%	$237M−2%	$243M−12%	n/a
Pre-tax income	$2.6B−5%	$2.7B+10%	$3.1B+37%	$3.5B+11%	$2.9B+12%	$3.3B+21%	$3.4B+10%	$4B+17%	$3.1B+8%	$3.7B+11%	$4.3B+25%	$4.6B+14%
	$320M−22%	$676M+58%	$734M+31%	$735M−29%	$872M+173%	$659M−3%	$652M−11%	$751M+2%	$675M−23%	$676M+3%	$955M+47%	n/a
Net income	$2.2B−8%	$2.1B+8%	$2.4B+53%	$3.1B+50%	−$579M	$2.7B+25%	$3B+26%	$3.5B+13%	$2.1B	$2.4B−9%	$2.8B−7%	$3.3B−5%
	$1.41−8%	$1.38+8%	$1.54+53%	$1.97+49%	−$0.38	$1.72+25%	$1.95+27%	$2.23+13%	$1.37	$1.56−9%	$1.80−8%	$2.12−5%
	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%	1.6B+0%

Net income: 6 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.

EPS, diluted: Q4 FY08: quarter's net income to common over its shares, to the cent, the shares from counts implied by EPS, near the year's EPS less the nine months'. 6 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.

Diluted shares: 3 periods, Q2 FY08 to Q1 FY09: not printed by the filing, worked out from its own lines. 6 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release. 8 periods, Q4 FY10 to Q4 FY18: share-days: the 12-month average less the 9-month, weighted by days. 3 periods, Q4 FY11 to Q4 FY20: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet. Figures from older filings without data tags, and from a results release before its 10-Q, are read from the document's text and checked against it.

Estimates

Next earnings report: Feb 5, 2027.

Quarter	Revenue	Range	EPS	Range	Analysts
Q4 FY26	$10.9B	$10.6B to $11.4B	$1.85	$1.81 to $1.94	7
Q1 FY27	$10.6B	$10.3B to $11B	$2.05	$2.03 to $2.08	5
Q2 FY27	$11.7B	$11.4B to $12.1B	$2.34	$2.28 to $2.44	3
Q3 FY27	$12B	$11.7B to $12.4B	$2.53	$2.46 to $2.64	3
Q4 FY27	$11.5B	$11.3B to $11.9B	$2.07	$2.01 to $2.16	3
Q1 FY28	$11B	$10.7B to $11.3B	$2.23	$2.17 to $2.32	4
Q2 FY28	$12.1B	$11.9B to $12.5B	$2.56	$2.49 to $2.67	4
Q3 FY28	$12.4B	$12.1B to $12.8B	$2.72	$2.65 to $2.83	4

Peers

Companies in Consumer Defensive nearest Philip Morris International's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
PMPhilip Morris International	$310.9B	29.1×	18.5×	22.2×	7.2×	+8%	24.8%
PGProcter & Gamble	$374.3B	24.3×	25.2×	23.3×	4.3×	+4%	18.2%
KOCoca-Cola	$398.9B	27.8×	27.8×	27.3×	8.0×	+7%	28.6%
COSTCostco Wholesale	$444.6B	48.3×	38.7×	44.0×	1.5×	+10%	3.0%
PEPPepsiCo	$185B	17.1×	25.9×	16.0×	1.9×	+6%	11.1%
MOAltria	$124.1B	15.7×	13.1×	12.9×	6.1×	+1%	39.0%
WMTWalmart	$951.2B	43.3×	31.6×	39.9×	1.3×	+6%	3.0%
MNSTMonster Beverage	$90.5B	42.8×	37.9×	37.4×	9.8×	+20%	23.1%
MDLZMondelez International	$81.4B	23.5×	22.6×	19.8×	2.1×	+7%	8.9%
CLColgate-Palmolive	$75B	37.3×	27.2×	24.0×	3.6×	+5%	9.7%
TGTTarget	$69.4B	15.9×	15.8×	16.5×	0.6×	+2%	4.1%
Peer median	$154.5B	26.0×	26.5×	23.7×	2.8×	+6%	10.4%