Philip Morris International Inc. (PM) Stock Price & Analysis
Philip Morris International Inc. (PM) closed at USD 201.74 on Thursday, October 22, 2026, up 2.17% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 197.46; the Oct 22, 2026 session ranged USD 197–201.88 on volume of 5,178,856 shares. Market capitalization is $314.43B, with a 52-week range of USD 142.11–210.45 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:22 UTC.
Also available as compact Markdown for AI agents: nexqual.com/PM.md
Key facts (PM)
- Last four reported quarters (through Jun 30, 2026): revenue $42.5B, net income $10.9B (25.6% margin), free cash flow $12.7B (SEC filings).
- Valuation: P/E 28.9x (avg 22.4x at the last 3 fiscal year-ends), EV/EBITDA 19.6x, net debt $39.8B.
- 10 of 80 tracked superinvestors hold PM (13F, Q2 2026): 0 new, 3 added, 3 reduced, 4 unchanged.
- Analysts: Buy (mean 2.06 on a 1–5 scale) (16 analysts), mean target USD 210.47 (range 175–230).
- Total return with dividends: 1Y +32.5% vs S&P 500 +14.9%; 5Y +162.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 1.83, revenue estimate $10.8B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (PM)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $31.4B | $31.8B | $35.2B | $37.9B | $40.6B | $42.5B |
| Gross profit | $21.4B | $20.4B | $22.3B | $24.5B | $27.3B | — |
| Operating income | $13.0B | $12.2B | $11.6B | $13.4B | $14.9B | $16.1B |
| Net income | $9.11B | $9.05B | $7.81B | $7.06B | $11.3B | $10.9B |
| EPS (diluted) | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 | — |
| Free cash flow | $11.2B | $9.73B | $7.88B | $10.8B | $10.7B | $12.7B |
| Gross margin | 68.1% | 64.1% | 63.3% | 64.8% | 67.1% | — |
| Operating margin | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% | 37.7% |
| Net margin | 29.0% | 28.5% | 22.2% | 18.6% | 27.9% | 25.6% |
| Revenue growth | +9.4% | +1.1% | +10.7% | +7.7% | +7.3% | — |
| Cash + short-term investments | $4.50B | $3.21B | $3.06B | $4.22B | $4.87B | — |
| Total debt | $27.6B | $40.5B | $45.9B | $45.6B | $48.7B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (PM)
P/E 28.9x · P/S 7.4x · EV/EBITDA 19.6x · EV/Sales 8.3x · P/FCF 24.7x · FCF yield 4.05% · Earnings yield 3.46% · Dividend yield (paid, TTM) 2.86% · Net debt $39.8B · EV $354B
P/E at fiscal year-ends: Dec 2025 22.0x, Dec 2024 26.5x, Dec 2023 18.7x.
Superinvestors (SEC 13F-HR, Q2 2026) (PM)
10 of 80 tracked investors hold PM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Russo | Gardner Russo & Quinn | 9.18% | $820M | Reduced -1.6% |
| Terry Smith | Fundsmith | 3.86% | $527M | Reduced -43.0% |
| Lee Ainslie | Maverick Capital | 2.38% | $264M | Added +156.9% |
| First Eagle Investment | First Eagle Investment Management | 1.79% | $1.07B | Added +0.6% |
| Thomas Gayner | Markel Group | 0.16% | $20.7M | Unchanged |
| Christopher Bloomstran | Semper Augustus | 0.04% | $319K | Unchanged |
| Yacktman Asset Management | 0.01% | $905K | Reduced -15.3% | |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $3.0M | Unchanged |
| Bill Nygren | Oakmark Funds | <0.01% | $1.1M | Added +19.5% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $459K | Unchanged |
Analysts (PM)
Consensus Buy (mean 2.06 on a 1–5 scale), 16 analysts; mean target USD 210.47 (low 175, high 230).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target raised | Neutral | $193 → $201 |
| 2026-10-22 | Needham | Target raised | Buy | $215 → $220 |
| 2026-09-23 | UBS | Target raised | Neutral | $182 → $193 |
| 2026-07-30 | Citigroup | Target raised | Buy | $210 → $225 |
| 2026-07-29 | Barclays | Target raised | Overweight | $205 → $225 |
| 2026-07-23 | Morgan Stanley | Target raised | Overweight | $200 → $215 |
| 2026-07-23 | Stifel | Target raised | Buy | $195 → $205 |
| 2026-07-23 | Needham | Target raised | Buy | $200 → $215 |
| 2026-07-02 | UBS | Target raised | Neutral | $168 → $182 |
Total return (dividends reinvested) (PM)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +32.5% | +162.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +32.6% | +21.2% |
| Volatility (annualized) | 28.2% | 23.4% |
| Max drawdown | -18.5% (Feb 2026→Apr 2026) | -22.6% (Feb 2022→Sep 2022) |
PM revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| International Combustibles | $6.46B | 57.7% | +9.8% |
| International Smoke-Free | $3.88B | 34.6% | +14.2% |
| U.S. | $856.0M | 7.6% | -0.7% |
| Total revenue | $11.19B | 100% | — |
PM revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Combustible Tobacco Products | $6.46B | 57.7% | +9.8% |
| Smoke-Free Products | $3.88B | 34.6% | +14.2% |
| Total revenue | $11.19B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
PM suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ALTRIA GROUP, INC. (MO) | “Effective January 1, 2008, PMI entered into an Intellectual Property Agreement with Philip Morris USA Inc., a wholly owned subsidiary of Altria Group, Inc. ("PM USA").” |
Quoted from the company's 10-K filed Feb 6, 2026.
Companies that name PM in their SEC reports
| Relationship to PM | Company | Filing | Sentence |
|---|---|---|---|
| supplier | UNIVERSAL CORP /VA/ (UVV) | 10-K Jun 1, 2026 | “The Company's six largest customers are Altria Group, Inc., British American Tobacco plc, China Tobacco International, Inc., Imperial Brands plc, Japan Tobacco, Inc., and Philip Morris International Inc. In the aggregate, these customers have accounted for approximately 60% of consolidated revenue for each of the past three fiscal years.” |
| customer | ALTRIA GROUP, INC. (MO) | 10-K Feb 25, 2026 | “PMI will indemnify Altria and PM USA for liabilities related to tobacco products manufactured by PMI or contract manufactured for PMI by PM USA, and PM USA will indemnify PMI for liabilities related to tobacco products manufactured by PM USA, excluding tobacco products contract manufactured for PMI.” |
PM customer concentration
In the period ended Dec 31, 2025, a single direct customer accounted for 10% of revenue, per the company's 10-K filed Feb 6, 2026. The company does not name it.
PM company outlook (results filed Oct 21, 2026)
- “EX-99.1 2 earningsreleasepm-ex991xq3.htm EX-99.1 Document Exhibit 99.1 PRESS RELEASE Philip Morris International Reports 2026 Third-Quarter & First Nine-Months Results and Updates 2026 Full-Year Adjusted Diluted EPS Forecast for Currency Only;”
- “IQOS HTUs gained 1.0pp to reach 9.9% of combined cigarette and HTU industry volumes in markets where present and grew shipment volumes by 1.5% to 41.5 billion units, at the high end of our previously disclosed expectations.”
- “This continues to be broadly in line with our expectations as consumers adjust following the first excise-driven price increase (JPY40 per pack) on April 1.”
- “($0.10) RBH (Canada) Plan Implementation, including dividend income, net; $0.09 Impairment of Wellness business related equity investment; $0.06 Loss on expected sale of consumer accessories and other businesses; $0.03 Impairment of goodwill;”
Quoted word-for-word from the SEC 8-K results press release.
PM analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Dec 2026) | $1.83 | $1.96 | -6.6% | $10.84B | 11 |
| Next quarter (ends Mar 2027) | $2.05 | $2.07 | -1.0% | $10.57B | 7 |
| Current fiscal year (ends Dec 2026) | $8.37 | $8.36 | +0.1% | $43.58B | 15 |
| Next fiscal year (ends Dec 2027) | $9.09 | $9.14 | -0.5% | $45.63B | 15 |
Key Statistics (as of October 23, 2026 at 09:22 UTC)
| Price | USD 201.74 |
|---|---|
| Change | ▲ 2.17% (up) |
| Previous Close | USD 197.46 |
| Open | USD 197.04 |
| Day Range | USD 197 – 201.88 |
| 52-Week Range | USD 142.11 – 210.45 |
| Volume | 5,178,856 shares |
| Market Cap | $314.43B |
| Exchange | NYQ |
Technical Analysis (PM)
Nexqual's technical model rates PM "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:22 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 59.49 (neutral) |
| vs SMA50 | Above (USD 192.32) |
| MACD | 2.9 (positive) |
Analyst Ratings (PM)
Wall Street analysts rate PM "Buy" based on 16 analysts, with a mean price target of USD 210.47 (range USD 175–230), per Nexqual as of October 23, 2026 at 09:22 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 16 |
| Mean Target | USD 210.47 |
| High Target | USD 230 |
| Low Target | USD 175 |
| Buy / Hold / Sell | 12 / 4 / 0 |
Earnings (PM)
| Next Earnings Date | 2026-10-21 |
|---|---|
| EPS Estimate | USD 1.83 |
| Revenue Estimate | $10.84B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-09-30 | USD 2.36 vs est 2.32 ▲ beat |
| 2026-06-30 | USD 2.2 vs est 2.05 ▲ beat |
| 2026-03-31 | USD 1.96 vs est 1.83 ▲ beat |
| 2025-12-31 | USD 1.7 vs est 1.7 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
Financials & Fundamentals (PM)
| Total Revenue | $43.14B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +5.50% |
| Gross Margin | +67.70% |
| Operating Margin | +41.90% |
| Profit Margin | +24.83% |
| Current Ratio | 1.02 |
| Total Cash | $6.68B |
| Total Debt | $47.56B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $12.72B (29.9% of revenue) |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
Financial Health Score (PM)
Nexqual rates Philip Morris International Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:22 UTC.
| Growth | Solid — Revenue +7% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 68%, operating 42% (last 12 months) |
| Balance Sheet | Mixed — $6.00B cash and investments vs $45.8B debt (Jun 2026, SEC) |
| Cash Flow | Strong — FCF $12.7B (last 4 quarters to Jun 2026, SEC), 30% margin |
| Efficiency | Mixed — No data |
Ownership (PM)
| Insider Ownership | +0.16% |
|---|---|
| Institutional Ownership | +84.36% |
| Shares Outstanding | 1.56B |
| Float | 1.56B |
| Short % of Float | +1.14% |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
Leadership (PM)
Philip Morris International Inc. is led by Jacek Olczak, Group CEO & Director, per Nexqual as of October 23, 2026 at 09:22 UTC.
| Group CEO & Director | Jacek Olczak |
|---|---|
| Group Chief Financial Officer | Massimo Andolina |
| Vice President of Investor Relations & Financial Communications | James R. Bushnell |
Major Backers & Investors (PM)
Notable institutional backers of Philip Morris International Inc. include Capital Group, Capital International Investors, JPMorgan, according to Nexqual as of October 23, 2026 at 09:22 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Capital Group | 13.95% |
| Capital International Investors | 4.64% |
| JPMorgan | 3.09% |
| FMR, LLC | 2.98% |
| GQG Partners LLC | 2.92% |
| WASHINGTON MUTUAL INVESTORS FUND | 2.67% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 6.93% |
| Vanguard Group | 6.53% |
| State Street | 3.57% |
| Geode Capital | 2.5% |
Source: Nexqual, October 23, 2026 at 09:22 UTC.
From Philip Morris International Inc.'s Latest SEC 10-K Filing (filed 2026-02-06)
Key Strengths & Strategy (as disclosed to the SEC)
- Our cigarettes are sold in approximately 170 markets, and in many of these markets they hold the number one or number two market share position.
- Key data regarding total market and market share were as follows: We have a market share of at least 15% in approximately 100 markets, including Algeria, Argentina, Australia, Austria, Brazil, the Czech Republic, Egypt, France, Germany, Greece, Hong Kong, Hungary, Indonesia, Italy, Japan, Kazakhstan, Mexico, the Netherlands, the Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, the Slovak Republic, South Korea, Spain, Switzerland and Turkey.
Partnerships
- Effective January 1, 2008, PMI entered into an Intellectual Property Agreement with Philip Morris USA Inc., a wholly owned subsidiary of Altria Group, Inc. ("PM USA").
Legal & Regulatory Risks (Item 1A, quoted)
- Litigation related to tobacco and nicotine products could substantially reduce our profitability and could severely impair our liquidity.
- We may be unable to adequately protect our intellectual property rights, and disputes relating to intellectual property rights could harm our business.
- Our intellectual property rights are valuable assets, their protection is important to our business, and that protection may not be equally available in every country in which we operate or in which our products are sold.
- Risks Related to Illicit Trade
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BTI | British American Tobacco Indus | USD 60.47 | ▲ 2.67% |
| MO | Altria Group, Inc. | USD 76.07 | ▲ 3.03% |
| RLX | RLX Technology Inc. | USD 1.64 | ▼ 2.38% |
| TPB | Turning Point Brands, Inc. | USD 66.87 | ▲ 3.5% |
| AIIR | Air Global PLC | USD 7.58 | ▼ 2.01% |
| UVV | Universal Corporation | USD 39.67 | ▲ 3.79% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:22 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt