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PM

Philip Morris International Inc

US$188.76-2.65% (-US$5.14)
Day's range
US$190.82 – US$195.22
Day's volume
US$814.7m
52-week range
US$140.59 – US$200.17

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PM in numbers

Market cap
US$297.4bn
P/E
27.06
P/B
-34.28
Dividend yield (12m)
3.12%
Net debt/EBITDA
-0.15

The 12-month dividend yield of PM is 3.12%, below its 5-year average of 4.66%.

PM price history

01/10/202501/10/2026
Compare with

PM risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+22.34%+131.94%+152.09%
Volatility (annualised)23.93%22.72%23.11%
Largest drawdown-10.86%-20.01%-20.01%
Positive months8/1225/3637/60

How much did investing in PM return?

US$1,000.00 invested on 01/10/2021 would be worth US$2,491.40 today.

Value today in PM
US$2,491.40
Return over the period
+149.14%
Return per year
+20.03%
In the S&P 500
US$1,666.29

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

PM fundamentals

Valuation

  • P/E
    27.06
  • P/B
    -34.28
  • EV/EBITDA
    16.28
  • EV/EBIT
    18.35
  • EV/Revenue
    6.93
  • P/EBIT
    18.52
  • P/S
    6.99
  • P/OCF
    20.85
  • P/FCF
    23.38
  • Earnings yield
    5.45%
  • PEG ratio
    —
  • Earnings per share
    US$6.98
  • Book value per share
    -US$5.51

Debt

  • Net debt
    -US$2.7bn
  • Net debt/EBITDA
    -0.15
  • Net debt/Equity
    0.31
  • Debt/Equity
    -0.39
  • Current ratio
    0.98
  • Quick ratio
    0.55
  • Cash ratio
    0.23

Efficiency

  • Gross margin
    67.51%
  • EBITDA margin
    42.56%
  • Operating margin
    37.75%
  • Net margin
    25.56%
  • Asset turnover
    0.62

Profitability

  • ROE
    -126.69%
  • ROA
    15.93%
  • ROIC
    —
  • Payout
    84.28%

Growth

  • Revenue CAGR (5 years)
    7.19%
  • Earnings CAGR (5 years)
    4.15%
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is PM's fair price?

Two classic value formulas, with today's numbers. The current price is US$188.76.

Graham's fair price
—
Does not apply to PM: the formula needs positive earnings and book value.

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$85.83
54.53% below the price

US$5.15 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

PM indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E22.0026.5218.6917.3416.1616.0118.4313.12
P/B-24.98-15.93-13.01-17.52-14.57-10.26-11.44-8.33
EV/EBITDA14.5112.0511.1911.9610.239.6410.957.92
Dividend yield3.44%4.36%5.43%4.96%5.11%5.69%5.39%6.62%
Earnings per shareUS$7.29US$4.54US$5.03US$5.84US$5.88US$5.17US$4.62US$5.09
Book value per share-US$6.42-US$7.56-US$7.23-US$5.78-US$6.52-US$8.07-US$7.44-US$8.01
ROE-113.55%-60.06%-69.60%-101.02%-90.13%-64.10%-62.06%-63.50%
Gross margin67.12%64.81%63.35%64.10%68.06%66.65%64.73%63.69%
EBITDA margin41.55%40.10%36.83%41.95%44.49%44.08%38.57%41.74%
Net margin27.92%18.63%22.21%28.49%29.00%28.08%24.11%26.70%
Net debt/EBITDA-0.28-0.27-0.080.18-0.31-0.56-0.57-0.47

PM financial statements

Line202520242023202220212020
Net revenueUS$40.6bnUS$37.9bnUS$35.2bnUS$31.8bnUS$31.4bnUS$28.7bn
Cost of sales-US$13.4bn-US$13.3bn-US$12.9bn-US$11.4bn-US$10bn-US$9.6bn
Gross profitUS$27.3bnUS$24.5bnUS$22.3bnUS$20.4bnUS$21.4bnUS$19.1bn
EBITDAUS$16.9bnUS$15.2bnUS$13bnUS$13.3bnUS$14bnUS$12.6bn
EBITUS$14.9bnUS$13.4bnUS$11.6bnUS$12.2bnUS$13bnUS$11.7bn
Net finance result——————
Profit before taxUS$13.9bnUS$12.2bnUS$10.5bnUS$11.6bnUS$12.2bnUS$11bn
Income tax-US$2.7bn-US$3bn-US$2.3bn-US$2.2bn-US$2.7bn-US$2.4bn
Net incomeUS$11.3bnUS$7.1bnUS$7.8bnUS$9bnUS$9.1bnUS$8.1bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does PM pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Dividend01/10/202626/10/2026US$1.60

Dividend yield per year

  • 3.97%2017
  • 6.62%2018
  • 5.39%2019
  • 5.69%2020
  • 5.11%2021
  • 4.96%2022
  • 5.43%2023
  • 4.36%2024
  • 3.44%2025
  • 2.31%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend24/06/202620/07/2026US$1.47
Dividend18/03/202613/04/2026US$1.47
Dividend25/12/202514/01/2026US$1.47
Dividend02/10/202520/10/2025US$1.47
Dividend26/06/202515/07/2025US$1.35
Dividend19/03/202510/04/2025US$1.35
Dividend25/12/202413/01/2025US$1.35
Dividend25/09/202410/10/2024US$1.35
Dividend20/06/202408/07/2024US$1.30
Dividend19/03/202409/04/2024US$1.30
Dividend19/12/202310/01/2024US$1.30
Dividend25/09/202312/10/2023US$1.30
See all 39 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend21/06/202311/07/2023US$1.27
Dividend21/03/202311/04/2023US$1.27
Dividend20/12/202211/01/2023US$1.27
Dividend26/09/202212/10/2022US$1.27
Dividend29/06/202215/07/2022US$1.25
Dividend22/03/202212/04/2022US$1.25
Dividend21/12/202110/01/2022US$1.25
Dividend27/09/202114/10/2021US$1.25
Dividend23/06/202112/07/2021US$1.20
Dividend18/03/202109/04/2021US$1.20
Dividend21/12/202011/01/2021US$1.20
Dividend22/09/202013/10/2020US$1.20
Dividend18/06/202010/07/2020US$1.17
Dividend19/03/202009/04/2020US$1.17
Dividend17/12/201910/01/2020US$1.17
Dividend23/09/201911/10/2019US$1.17
Dividend19/06/201910/07/2019US$1.14
Dividend22/03/201911/04/2019US$1.14
Dividend18/12/201811/01/2019US$1.14
Dividend24/09/201812/10/2018US$1.14
Dividend20/06/201811/07/2018US$1.14
Dividend20/03/201811/04/2018US$1.07
Dividend19/12/201711/01/2018US$1.07
Dividend25/09/201712/10/2017US$1.07
Dividend20/06/201711/07/2017US$1.04
Dividend20/03/201711/04/2017US$1.04
Dividend19/12/201610/01/2017US$1.04

About Philip Morris International

Sector
Manufacturing

Questions about PM

How much is PM today?

PM is at US$188.76 (-2.65% on the day), last traded on 01/10/2026.

How much did PM pay in dividends in 2025?

PM paid US$5.52 per share in 2025, a dividend yield of 3.44%.

When is the next PM dividend?

The next announced payment is US$1.60 per share on 26/10/2026.

What are the P/E and P/B of PM?

PM trades at a P/E of 27.06 and a P/B of -34.28.

How much did PM return in 12 months?

PM returned 22.34% in 12 months, with annualised volatility of 23.93% and a largest drawdown of -10.86%.