# Philip Morris International Inc. (PM)

> Source: Nexqual · https://nexqual.com/PM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Philip Morris International Inc. (PM), nexqual.com/PM" · informational, not investment advice.

**Price:** USD 201.74 (+2.17% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 197.46 · day 197–201.88 · 52w 142.11–210.45 · market cap $314B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Tobacco)
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 +3.50% · AIIR (Air Global PLC) USD 7.58 -2.01% · UVV (Universal Corporation) USD 39.67 +3.79%

## More
Full page: https://nexqual.com/PM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PM's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm):

| 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")." |

Other companies that name PM in their own reports (relationship from PM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | UNIVERSAL CORP /VA/ (UVV) | 10-K 2026-06-01 | "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 I…" |
| customer | ALTRIA GROUP, INC. (MO) | 10-K 2026-02-25 | "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 t…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Combustible Tobacco Products | $6.46B | 57.7% | +9.8% |
| Smoke-Free Products | $3.88B | 34.6% | +14.2% |
| Total revenue | $11.19B | 100% | — |
The lines above cover 92.4% of total revenue.

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-06).

## Company outlook (8-K filed 2026-10-21)

- "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;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.83 | $1.96 | -6.6% | $10.84B | 11 |
| Next quarter (ends 2027-03-31) | $2.05 | $2.07 | -1.0% | $10.57B | 7 |
| Current fiscal year (ends 2026-12-31) | $8.37 | $8.36 | +0.1% | $43.58B | 15 |
| Next fiscal year (ends 2027-12-31) | $9.09 | $9.14 | -0.5% | $45.63B | 15 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 28.4% | ±3.5% |
| 2026-11-06 | 14 | 27.7% | ±4.6% |
| 2026-11-13 | 21 | 26.2% | ±5.2% |
| 2026-11-20 | 28 | 25.8% | ±5.9% |
| 2026-11-27 | 35 | 25.3% | ±6.4% |
| 2026-12-04 | 42 | 26.8% | ±7.5% |
| 2026-12-18 | 56 | 27.2% | ±8.7% |
| 2027-01-15 | 84 | 27.1% | ±10.6% |