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Philip Morris International (PM)

Market Price (10/21/2025): $158.09 | Market Cap: $246.1 Bil
Sector: Consumer Staples | Industry: Tobacco

Philip Morris International (PM)

Market Price (10/21/2025): $158.09
Market Cap: $246.1 Bil
Sector: Consumer Staples
Industry: Tobacco

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 3.4%		  Expensive valuation multiples
P/SPrice/Sales ratio is 6.3x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36%		  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 10 Bil, FCF LTM is 9.0 Bil		  
3 Low stock price volatility
Vol 12M is 28%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 3.4%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 10 Bil, FCF LTM is 9.0 Bil
3 Low stock price volatility
Vol 12M is 28%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 6.3x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x

Market Valuation & Key Metrics

PMS&P 500
REVENUE GROWTHFAIR
Rev LTM ($ Bil)39.1
Rev Chg Q7.1%6.1%
Rev Chg LTM7.2%5.2%
Rev Chg 3Y Avg7.1%5.4%
PROFITABILITYVERY GOOD
Op Inc LTM ($ Bil)14.2
Op Mgn LTM36.4%18.6%
CFO LTM ($ Bil)10.4
CFO/Rev LTM26.6%20.4%
Net Inc LTM ($ Bil)8.2
Net Inc Mgn21.1%12.7%
VALUATIONHIGH
P/S6.33.2
P/CFO23.715.9
P/FCF27.420.7
P/E29.924.0
STABILITYGOOD
Debt/Equity0.210.22
Cash/Assets0.060.07

PM Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
PM Return4%21%12%-2%34%35%150%
Peers Return28%18%-19%-9%19%3%37%
S&P 500 Return16%27%-19%24%23%15%106%

Monthly Win Rates [3]
PM Win Rate42%67%50%58%67%78% 
Peers Win Rate52%50%43%43%52%53% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
PM Max Drawdown-28%-5%-9%-10%-5%-3% 
Peers Max Drawdown-39%-7%-31%-27%-30%-24% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MO, TPB, UVV, XXII, PM. See PM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/20/2025 (YTD)

Downturns Compared

Unique KeyEventPMS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-25.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven34.8%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven664 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-33.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven49.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven360 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-46.3%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven86.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven2076 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-42.2%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven73.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven566 days1480 days


How Low Can It Go?

Philip Morris International's stock fell -25.8% during the 2022 Inflation Shock from a high on 2/17/2022. A -25.8% loss requires a 34.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Interactive Breakdown

Philip Morris International Interactive Breakdown Analysis

Better Bets than Philip Morris International (PM)

 PMBetter Performance than PM
MetricValueIndustry (Tobacco)
Rev Chg LTM7.2%TPB (28.3%)
Rev Chg 3Y Avg7.1%UVV (10.7%)
Op Mgn LTM36.4%MO (59.0%)
CFO/Rev LTM26.6%MO (43.8%)
FCF/Rev LTM23.0%MO (43.1%)
Total Yield6.7%MO (14.4%), UVV (13.8%)
 PMBetter Performance than PM
MetricValueAll Other Sectors
Rev Chg LTM7.2%NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), AMZN (10.9%), META (19.4%)
Rev Chg 3Y Avg7.1%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%), META (13.0%)
Op Mgn LTM36.4%NVDA (58.1%), MSFT (45.6%), META (42.9%), AVGO (39.0%), LLY (43.0%)
CFO/Rev LTM26.6%NVDA (46.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%), AVGO (42.4%)
FCF/Rev LTM23.0%NVDA (43.6%), AAPL (23.5%), MSFT (25.4%), META (30.7%), AVGO (41.6%)
Total Yield6.7%XOM (9.9%), JNJ (7.5%), BABA (36.3%), BAC (7.0%), UNH (8.8%)
 Best Bets In Consumer Staples Sector
 PMMO PM MNST PG STZ CL HSY FIZZ SMPL COCO
What You Pay           
P/E29.912.329.943.322.320.321.924.718.417.536.7
P/EBIT16.79.216.732.816.911.715.219.814.411.533.0
What You Get           
Rev Chg Q7.1%0.2%7.1%11.1%1.7%-15.0%1.0%26.0%0.3%13.8%17.1%
Rev Chg LTM7.2%-0.2%7.2%3.7%0.3%-5.6%0.1%2.5%0.5%14.2%12.0%
Rev Chg 3Y Avg7.1%-0.9%7.1%8.5%1.7%0.7%4.2%5.2%1.7%8.2%10.6%
FCF/Rev 3Y Avg24.4%42.7%24.4%21.4%17.7%17.0%15.4%13.9%13.9%13.8%12.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Philip Morris International Earnings Notes  
2How Low Can Philip Morris International Stock Really Go?Return 
3A Decade of Rewards: PM Returns $74 Bil to Investors  
4Day 5 of Gains Streak for Philip Morris International Stock with 5.6% Return (vs. 47% YTD) [8/21/2025]Notification 
5Philip Morris International vs Southern Copper: Which Is A Better Investment?Counter-Intuitive Comparisons 
6How Does Philip Morris International Stock Stack Up Against Its Peers?Peer Comparison 
7Better Bet Than PM Stock: Pay Less Than Philip Morris International To Get More From ADBE, MU   
8Better Bet Than PM Stock: Pay Less Than Philip Morris International To Get More From CALM, BRBR   
9Day 5 of Loss Streak for Philip Morris International Stock with -13% Return (vs. 33% YTD) [7/28/2025]Notification 
10PM Dip Buy Analysis  
11ARTICLES  
12Buy or Sell Philip Morris Stock Ahead of Its Upcoming Earnings? October 17th, 2025
13PM Has Returned $74 Bil To Shareholders In A Decade October 7th, 2025
14PM Has Paid Out $74 Bil to Investors in the Past Decade August 27th, 2025
15PM Stock Up 5.6% after 5-Day Win Streak August 21st, 2025
16PM Stock Down -13% after 5-Day Loss Streak July 29th, 2025
Title
0DASHBOARDS
1Buy or Sell Philip Morris Stock Ahead of Its Upcoming Earnings?
2PM Has Returned $74 Bil To Shareholders In A Decade
3PM Has Paid Out $74 Bil to Investors in the Past Decade
4PM Stock Up 5.6% after 5-Day Win Streak
5PM Stock Down -13% after 5-Day Loss Streak
6ARTICLES
7Philip Morris International Earnings Notes
8How Low Can Philip Morris International Stock Really Go?
9A Decade of Rewards: PM Returns $74 Bil to Investors
10Day 5 of Gains Streak for Philip Morris International Stock with 5.6% Return (vs. 47% YTD) [8/21/2025]
11Philip Morris International vs Southern Copper: Which Is A Better Investment?
12How Does Philip Morris International Stock Stack Up Against Its Peers?
13Better Bet Than PM Stock: Pay Less Than Philip Morris International To Get More From ADBE, MU 
14Better Bet Than PM Stock: Pay Less Than Philip Morris International To Get More From CALM, BRBR 
15Day 5 of Loss Streak for Philip Morris International Stock with -13% Return (vs. 33% YTD) [7/28/2025]
16PM Dip Buy Analysis

Trade Ideas

Select past ideas related to PM. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.5%0.5%-6.0%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.0%3.0%0.0%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-15.5%-15.5%-21.1%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		8.4%8.4%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-11.8%-11.8%-22.4%
PM_5312019_Dip_Buyer_FCFYield05312019PMPhilip Morris InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		10.9%1.3%-17.2%
PM_8312018_Dip_Buyer_FCFYield08312018PMPhilip Morris InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		15.7%-2.0%-12.8%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.5%0.5%-6.0%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.0%3.0%0.0%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-15.5%-15.5%-21.1%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		8.4%8.4%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-11.8%-11.8%-22.4%
PM_5312019_Dip_Buyer_FCFYield05312019PMPhilip Morris InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		10.9%1.3%-17.2%
PM_8312018_Dip_Buyer_FCFYield08312018PMPhilip Morris InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		15.7%-2.0%-12.8%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines234.5%127.5%
2NVTSNavitas Semiconductor71.5%379.0%
3BETRBetter Home & Finance60.2%812.4%
4KODKodiak Sciences52.6%77.9%
5CELCCelcuity48.9%439.2%
6SSIISS Innovations International47.6%26.5%
7CCOClear Channel Outdoor44.6%37.2%
8GRALGRAIL30.4%414.6%
9LBRTLiberty Energy28.9%-18.7%
10SANASana Biotechnology28.0%241.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-31.3%-44.1%
2ONDSOndas-28.1%203.5%
3OLMAOlema Pharmaceuticals-27.7%33.3%
4IONQIonQ-27.0%43.5%
5AIVApartment Investment & Management-26.6%-7.0%
6RCATRed Cat-24.8%-10.0%
7MNPRMonopar Therapeutics-24.4%250.7%
8LARLithium Argentina-23.1% 
9ASPIASP Isotopes-23.0%126.5%
10ALABAstera Labs-21.7%18.0%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1245.3%350.5%
2QUREuniQure360.9%261.9%
3PRAXPraxis Precision Medicines314.7%127.5%
4NVTSNavitas Semiconductor143.9%379.0%
5CLPTClearPoint Neuro143.9%77.6%
6BETRBetter Home & Finance138.8%812.4%
7GRALGRAIL120.5%414.6%
8LACLithium Americas114.8%135.0%
9SESSES AI107.0%49.3%
10UAMYUnited States Antimony106.9%658.8%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-45.7%-44.1%
2FLYFirefly Aerospace-40.0% 
3ALABAstera Labs-36.3%18.0%
4UPWheels Up Experience-36.0%-3.0%
5PGYPagaya Technologies-31.7%211.2%
6KVYOKlaviyo-30.9%-41.0%
7USNAUsana Health Sciences-30.5%-42.4%
8VGVenture Global-29.9% 
9DOMODomo-28.4%82.6%
10MGNIMagnite-28.0%17.3%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines234.5%127.5%
2NVTSNavitas Semiconductor71.5%379.0%
3BETRBetter Home & Finance60.2%812.4%
4KODKodiak Sciences52.6%77.9%
5CELCCelcuity48.9%439.2%
6SSIISS Innovations International47.6%26.5%
7CCOClear Channel Outdoor44.6%37.2%
8GRALGRAIL30.4%414.6%
9LBRTLiberty Energy28.9%-18.7%
10SANASana Biotechnology28.0%241.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-31.3%-44.1%
2ONDSOndas-28.1%203.5%
3OLMAOlema Pharmaceuticals-27.7%33.3%
4IONQIonQ-27.0%43.5%
5AIVApartment Investment & Management-26.6%-7.0%
6RCATRed Cat-24.8%-10.0%
7MNPRMonopar Therapeutics-24.4%250.7%
8LARLithium Argentina-23.1% 
9ASPIASP Isotopes-23.0%126.5%
10ALABAstera Labs-21.7%18.0%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Philip Morris International

Financials

PMMOTPBUVVXXIIMedian
NamePhilip M.Altria Turning .Universal22nd Cen. 
Mkt Price158.0664.4087.6853.351.5464.40
Mkt Cap246.1108.41.61.30.01.6
Rev LTM39,05820,2593782,94492,944
Op Inc LTM14,21011,96188261-13261
FCF LTM8,9898,72852132-14132
FCF 3Y Avg8,8408,7105627-3956
CFO LTM10,4068,87660184-14184
CFO 3Y Avg10,2158,8876287-3687

Growth & Margins

PMMOTPBUVVXXIIMedian
NamePhilip M.Altria Turning .Universal22nd Cen. 
Rev Chg LTM7.2%-0.2%28.3%4.1%-41.9%4.1%
Rev Chg 3Y Avg7.1%-0.9%-1.1%10.7%-39.1%-0.9%
Rev Chg Q7.1%0.2%25.1%-0.6%-49.8%0.2%
QoQ Delta Rev Chg LTM1.8%0.1%6.6%-0.1%-20.0%0.1%
Op Mgn LTM36.4%59.0%23.4%8.9%-145.5%23.4%
Op Mgn 3Y Avg35.7%57.1%25.3%7.9%-156.9%25.3%
QoQ Delta Op Mgn LTM0.2%1.7%-0.6%0.6%-37.5%0.2%
CFO/Rev LTM26.6%43.8%15.9%6.3%-156.1%15.9%
CFO/Rev 3Y Avg28.2%43.5%19.0%3.1%-196.6%19.0%
FCF/Rev LTM23.0%43.1%13.8%4.5%-158.2%13.8%
FCF/Rev 3Y Avg24.4%42.7%17.2%0.9%-210.9%17.2%

Valuation

PMMOTPBUVVXXIIMedian
NamePhilip M.Altria Turning .Universal22nd Cen. 
Mkt Cap246.1108.41.61.30.01.6
P/S6.35.44.20.50.04.2
P/EBIT16.79.217.65.3-0.09.2
P/E29.912.336.012.9-0.012.9
P/CFO23.612.226.17.2-0.012.2
Total Yield6.7%14.4%3.1%13.8%-95,730.3%6.7%
Dividend Yield3.4%6.3%0.3%6.0%0.0%3.4%
FCF Yield 3Y Avg4.8%10.2%9.0%1.6%-5,876.7%4.8%
D/E0.20.20.21.0323.80.2
Net D/E0.20.20.10.8139.90.2

Returns

PMMOTPBUVVXXIIMedian
NamePhilip M.Altria Turning .Universal22nd Cen. 
1M Rtn-2.1%-0.8%-14.2%-2.0%-21.8%-2.1%
3M Rtn-11.6%11.1%11.7%-1.4%-57.0%-1.4%
6M Rtn-0.9%15.5%55.3%6.1%-91.2%6.1%
12M Rtn36.4%39.3%104.9%12.6%-99.5%36.4%
3Y Rtn110.5%84.3%335.3%38.1%-100.0%84.3%
1M Excs Rtn-3.2%-1.8%-15.3%-3.0%-22.9%-3.2%
3M Excs Rtn-10.2%3.4%5.7%-8.0%-56.1%-8.0%
6M Excs Rtn-31.5%-15.0%24.7%-24.4%-121.7%-24.4%
12M Excs Rtn20.4%22.5%86.8%-4.1%-114.8%20.4%
3Y Excs Rtn25.2%-4.9%239.9%-46.2%-183.5%-4.9%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/25/20254/24/20252/6/202510/24/20247/25/20244/26/20242/8/202410/26/20237/27/20234/26/20232/10/202310/27/2022
Key Financials Quarterly            
Total Revenue10,1409,3019,7069,9119,4688,7939,0479,1418,9678,0198,1528,032
Ebitda4,1914,0124,3404,1373,8753,3973,7143,7912,8613,0083,2753,319
Operating Income3,7533,5443,2593,6543,4443,0452,8893,3703,2312,7312,9242,968
Net Income3,0392,690-5793,0822,4062,1482,1962,0541,5681,9952,3972,087
EPS1.951.72-0.381.981.541.381.411.321.011.281.541.34
Key Financials TTM            
Total Revenue TTM39,05838,38637,87837,21936,44935,94835,17434,27933,17032,03531,76231,714
Ebitda TTM16,68016,36415,74915,12314,77713,76313,37412,93512,46312,94013,47913,506
Operating Income TTM14,21013,90113,40213,03212,74812,53512,22112,25611,85411,67912,24612,269
Net Income TTM8,2327,5997,0579,8328,8047,9667,8138,0148,0478,7129,0488,744
Growth Rates Quarterly            
Total Revenue Growth7.1%5.8%7.3%8.4%5.6%9.7%11.0%13.8%14.5%3.5%0.6%-1.1%
EBITDA Growth8.2%18.1%16.9%9.1%35.4%12.9%13.4%14.2%-14.3%-15.2%-0.8%-9.4%
Operating Income Growth9.0%16.4%12.8%8.4%6.6%11.5%-1.2%13.5%5.7%-17.2%-0.8%-14.1%
Net Income Growth26.3%25.2%-126.4%50.0%53.4%7.7%-8.4%-1.6%-29.8%-14.4%14.5%-14.0%
Margins Quarterly            
EBITDA Margin41.3%43.1%44.7%41.7%40.9%38.6%41.1%41.5%31.9%37.5%40.2%41.3%
Operating Income Margin37.0%38.1%33.6%36.9%36.4%34.6%31.9%36.9%36.0%34.1%35.9%37.0%
Net Income Margin30.0%28.9%-6.0%31.1%25.4%24.4%24.3%22.5%17.5%24.9%29.4%26.0%
Cash & Debt            
Total Cash4,1384,4434,2164,2584,8073,9683,0603,0173,4922,4283,2075,368
Total Debt51,46249,57945,69549,22249,13950,38747,90947,71547,89347,12143,12327,221
Net Debt / (Cash)47,32445,13641,47944,96444,33246,41944,84944,69844,40144,69339,91621,853
Cash Flows Quarterly            
FCF from Operations3,412-3504,0023,3424,6322413,3023,4153,442-9553,0933,068
Cash Flows TTM            
FCF from Operations TTM10,40611,62612,21711,51711,59010,4009,2048,9958,6488,73010,80311,742
Returns to Shareholders Quarterly            
Dividends2,1062,1162,1062,0272,0272,0372,0231,9771,9771,9871,9731,942
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC25.7%25.1%22.0%25.6%23.7%19.7%22.6%20.1%21.9%20.2%24.9%42.4%
Return on Invested Capital (ROIC) TTM            
ROIC TTM23.3%23.6%24.3%23.0%21.9%20.5%21.2%21.1%21.5%21.2%24.8%44.4%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Combustible tobacco22,33421,57222,06721,86724,218
Smoke-free12,84010,1909,338  
Reduced-risk products   6,8275,587
Total35,17431,76231,40528,69429,805


Price Behavior

PM Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-1.10-0.47-0.540.140.110.30
Up Beta-1.38-0.160.620.210.120.29
Down Beta-0.280.58-0.720.360.360.41
Up Capture-103%-63%-90%-10%6%11%
Bmk +ve Days13233574144420
Stock +ve Days12253473145425
Down Capture-133%-112%-82%-35%-44%32%
Bmk -ve Days8192952107330
Stock -ve Days9172952103321

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity12,096,218
Short Interest: % Change Since 91520250.1%
Average Daily Volume6,093,384
Days-to-Cover Short Interest1.99
Basic Shares Quantity1,557,000,000
Short % of Basic Shares0.8%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/2025-8.4%-12.6%-6.5%
4/23/20252.4%3.7%6.4%
2/6/202510.9%14.4%15.2%
10/22/202410.5%9.7%8.9%
7/23/20242.2%6.7%11.0%
4/23/20243.8%1.6%6.6%
2/8/2024-2.7%-2.4%1.4%
10/19/2023-2.7%-3.4%-2.1%
...
SUMMARY STATS   
# Positive141415
# Negative10109
Median Positive2.6%5.7%6.6%
Median Negative-2.9%-2.5%-5.4%
Max Positive10.9%14.4%15.2%
Max Negative-8.4%-12.6%-14.6%

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Dahlgren LarsPres. Smoke-Free Oral Products3072025Sell152.963,679562,7404,103,611Form
1Andolina MassimoPresident, Europe Region2252025Sell156.0517,5002,730,87513,535,309Form
2Dobrowolski ReginaldoVice President and Controller2132025Sell149.885,000749,4003,117,354Form
3Volpetti StefanoPr.SmokeFree&ChiefCons.Officer11012024Sell132.4810,0001,324,80012,159,014Form
4Calantzopoulos Andre 10252024Sell129.85101,91813,234,052124,624,966Form

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