Philip Morris International Inc.
$198.96
+2.30 (+1.17%) · delayed · Nov 13, 2026
Five-year price
52w $146.35 to $214.35
- Market cap
- $310.1B
- Enterprise value
- $350.5B
- P/E
- 27.4×
- 35.5× on 3y avg EPS
- EV / EBIT
- 23.5×
- FCF yield
- 3.4%
- ROIC
- 39.3%
- Debt / equity
- —
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
80
- ●ROIC > 12% (5y avg)5y avg ROIC 48.2%
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 2.9% (σ, 5y)
- ●Earnings convert to cashFCF / net income 116% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.2%
- ○Shrinking share countDiluted shares 0.0% over 5y
Value
0
- ○P/E below 15P/E 27.4
- ○EV/EBIT below 12EV/EBIT 23.5
- ○FCF yield above 6%FCF yield 3.4%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
75
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $40.4B
- ●Interest coverage > 8xCoverage 9.4x
- ○Current ratio > 1.5Current ratio 0.96
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $40.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.96
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 25%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 35.5
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $198.96, the market is pricing in about 12.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $40.4B · 1559M shares · 5y revenue CAGR 7.2%
Intrinsic value
$125.59
Price
$198.96
Premium paid
58%
What the price implies
The market is paying for 12.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 26,685 | 28,748 | 29,625 | 29,805 | 28,694 | 31,405 | 31,762 | 35,174 | 37,878 | 40,648 |
| Gross profit | 17,294 | 18,316 | 18,867 | 19,292 | 19,125 | 21,375 | 20,360 | 22,281 | 24,549 | 27,282 |
| Operating income | 10,903 | 11,581 | 11,377 | 10,531 | 11,668 | 12,975 | 12,246 | 11,556 | 13,402 | 14,892 |
| Operating margin | 40.9% | 40.3% | 38.4% | 35.3% | 40.7% | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% |
| Pre-tax income | 9,924 | 10,589 | 10,671 | 9,872 | 10,953 | 12,232 | 11,634 | 10,450 | 12,199 | 13,880 |
| Income tax | 2,768 | 4,307 | 2,445 | 2,293 | 2,377 | 2,671 | 2,244 | 2,339 | 3,017 | 2,737 |
| Net income | 6,967 | 6,035 | 7,911 | 7,185 | 8,056 | 9,109 | 9,048 | 7,813 | 7,057 | 11,348 |
| EPS (diluted) | 4.48 | 3.88 | 5.08 | 4.61 | 5.16 | 5.83 | 5.81 | 5.02 | 4.52 | 7.26 |
| Diluted shares | 1,551 | 1,553 | 1,555 | 1,556 | 1,558 | 1,559 | 1,552 | 1,553 | 1,556 | 1,558 |
Who owns it
Superinvestors
Filings wire