Consumer Staples · Tobacco · US stock · price as of 16 Oct 2026
Key indicators
Price
$205.20
52-week range
$137.25 – $210.45
Market cap
$320.1B
P/E (trailing)
29.4×
EV / EBITDA
20.1×
Free-cash-flow yield
4.0%
Dividend yield
2.9%
Revenue (last 12 months)
$42.5B
Revenue growth (3y a year)
−20.4%
Operating margin
37.7%
Return on invested capital
37.1%
Net debt / EBITDA
2.4×
Fair value
Blended fair value$103.44 range $95 – $113
Versus priceOvervalued−50% to fair value
Peer multiples
$104.53
Fundamentals-adjusted multiple
$86.54
10-year DCF (market-scaled)
$119.25
Earnings power value (floor, not blended)
$45.38
Model uncertainty
High
X-Ray Score
49/ 100 · High confidence · ahead of 41% of sector peers
Valuation24
Growth51
Profitability63
Financial health62
Dividends47
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Philip Morris International sells tobacco and nicotine products outside the United States. Its portfolio includes the Marlboro cigarette brand and smoke-free products such as heated tobacco devices and oral nicotine pouches. The company earns money by selling these products through distributors and retailers in many countries. It is shifting part of its business toward alternatives to cigarettes, while regulation and excise taxes strongly influence the industry.
Looking at the top line, revenue was $42.5 billion for the latest twelve months and it grew by 8.6% a year over three years. Operating margin was 37.7%, and return on invested capital is 37%. Its net debt to EBITDA ratio is 2.4 times. Shareholders receive a dividend with a yield of 2.9%.
StocksXray gives Philip Morris International Inc. an X-Ray Score of 49 out of 100 (high confidence), ahead of 41% of the S&P 500 stocks in its sector. Its strongest lens is profitability (63) and its weakest is valuation (24).
Our fair value blend is $103.44 (range $95.00 to $113.04). At $205.20 the stock trades 98% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Philip Morris International Inc. (PM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$76.51
$85.93
$84.34
$113.30
$156.33
$205.20
Market cap
$119.3B
$133.4B
$131.0B
$176.3B
$243.6B
$320.1B
P/E
13.1×
14.8×
16.8×
25.1×
21.5×
29.4×
EV / revenue
1.8×
2.2×
5.0×
5.8×
7.1×
8.6×
EV / EBITDA
10.3×
13.2×
13.7×
14.5×
17.1×
20.2×
Price / free cash flow
10.6×
13.7×
16.6×
16.4×
22.8×
25.2×
Free-cash-flow yield
9.4%
7.3%
6.0%
6.1%
4.4%
4.0%
Price / book
–
–
–
–
–
–
Dividend yield
6.40%
5.87%
6.09%
4.68%
3.61%
2.93%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.0%Average
Free-cash-flow yield4.0%Bad
Risk models
Altman Z score3.1×Average
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)7.7%Average
Free-cash-flow growth (3y)3.1%Average
Revenue growth (3y)−20.4%Bad
Growth consistency90%Good
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA2.4×Average
Interest coverno interest costGood
Valuation
Fair value vs price0.5×Bad
EBIT / EV yield4.4%Average
Profitability
Return on invested capital37.1%Good
Operating margin37.7%Good
Gross profitability42.1%Average
Red flags
Negative equity — Book equity is negative
XStocksXray
Philip Morris International Inc. (PM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
82,223
80,669
35,174
37,878
40,648
42,545
Gross profit
21,375
20,360
22,281
24,549
27,282
28,724
Operating income
12,975
12,246
11,556
13,402
14,892
16,059
Net income
9,109
9,048
7,813
7,057
11,348
10,874
Diluted EPS ($)
5.83
5.81
5.02
4.52
7.26
6.98
Free cash flow
11,219
9,726
7,883
10,773
10,664
12,722
Gross margin
26.0%
25.2%
63.3%
64.8%
67.1%
67.5%
Operating margin
15.8%
15.2%
32.9%
35.4%
36.6%
37.7%
Net margin
11.1%
11.2%
22.2%
18.6%
27.9%
25.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
41,290
61,681
65,304
61,784
69,185
68,271
Cash
4,496
3,207
3,060
4,216
4,872
5,999
Total debt
27,806
43,123
47,909
45,695
48,835
49,113
Equity
-10,106
-8,957
-11,225
-11,750
-9,994
-8,583
Dividend per share ($)
4.90
5.04
5.14
5.30
5.64
5.88
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.