Philip Morris International Inc.PM
NYSE•Consumer Defensive•Tobacco
Philip Morris International Inc. operates as a tobacco company. The company offers cigarettes and smoke-free products, including heat-not-burn, e-vapor, and oral nicotine products under the IQOS, VEEV, and ZYN brands; and consumer accessories, such as lighters and matches. It also offers wellness products. The company was incorporated in 1987 and is headquartered in Stamford, Connecticut.
Philip Morris International Inc (PM) reported trailing twelve months revenue of $41.49B as of March 2026, a 8.1% increase year-over-year. Quarterly revenue reached $10.15B, reflecting continued top-line momentum.
Philip Morris International Inc generated $11.10B in TTM net income, with quarterly EBITDA of $4.40B. The operating margin expanded from 38.1% to 38.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (38.4%) and net margin (24.0%) indicates moderate non-operating costs. Net margin has narrowed from 28.9% a year ago, reflecting increased costs or interest expense.
PM trades at a P/E of 23.1x (in line with broad market averages) and a P/S of 6.2x.
The company reported negative free cash flow of $-752.00M, indicating cash consumption over the period. The balance sheet shows $68.91B in total assets with $43.81B in long-term debt against $-9.28B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~36.5%, suggesting durable pricing power and cost discipline.
Limited ROE data for a reliable assessment.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~13.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~36.7% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation