PM
Philip Morris International Inc.
PM's fundamentals are strong, but it looks expensive: trading at 29x earnings, above its usual 18x. Analysts expect earnings growth.
PM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Stable |
PM's profitability and cash flow are currently strong, and its revenue and balance sheet are stable.
PM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $113 | -43% |
| Fair | 18x | $123 | -37% |
| Forward | 23x | $197 | — |
| Expensive | 27x | $187 | -5% |
| Current | 29x | $197 | — |
Historical ranges are pointers, not guarantees.
PM's PE is in its expensive range at 29x. If earnings grow as analysts expect, today's price would be 23x next year's earnings.
PM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PM, with profitability holding steady.
PM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.73 | +28% |
| Q3 2026 | $6.84 | +24% |
| Q2 2026 | $6.95 | +32% |
| Q1 2026 | $7.10 | +46% |
| Q4 2025 | $7.26 | +61% |
| Q3 2025 | $5.53 | -12% |
| Q2 2025 | $5.27 | -6.7% |
| Q1 2025 | $4.86 | -5.1% |
| Q4 2024 | $4.52 | -10% |
PM earned $6.84 per share over the past year, up 24% from the year before.
PM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11.4B | +5.5% |
| Q2 2026 | $11.2B | +10% |
| Q1 2026 | $10.1B | +9.1% |
| Q4 2025 | $10.4B | +6.8% |
| Q3 2025 | $10.8B | +9.4% |
| Q2 2025 | $10.1B | +7.1% |
| Q1 2025 | $9.3B | +5.8% |
| Q4 2024 | $9.7B | +7.3% |
PM's revenue has grown year over year for 16 quarters in a row: $11.4B last quarter, up 5.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 43% | +3.2 points |
| Q2 2026 | 40% | +3.9 points |
| Q1 2026 | 38% | +0.3 points |
| Q4 2025 | 33% | -1 points |
| Q3 2025 | 39% | +2.4 points |
| Q2 2025 | 37% | +0.2 points |
| Q1 2025 | 38% | +3.5 points |
| Q4 2024 | 34% | +1.6 points |
PM's operating margin was 43% last quarter, up 3.2 points from the same quarter a year ago.
PM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5B | +21% |
| Q2 2026 | $5.1B | +67% |
| Q1 2026 | -$752M | +$2M |
| Q4 2025 | $4.3B | +15% |
| Q3 2025 | $4.1B | +38% |
| Q2 2025 | $3.1B | -28% |
| Q1 2025 | -$754M | -$578M |
| Q4 2024 | $3.7B | +25% |
PM generated $13.6B in free cash flow over the past year, up 34% from the year before.
PM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.1% | +2M shares |
| 3 years | +0.4% | +6M shares |
| 5 years | 0% | -- |
| Available history | +0.3% | +4M shares |
PM has 1.6B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | $209M |
PM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q2 2022 | 1.7x | Healthy |
| Q1 2022 | 1.8x | Healthy |
| Q4 2021 | 1.7x | Healthy |
| Q3 2021 | 1.8x | Healthy |
PM's net debt is about 2.2 years of its operating earnings (EBITDA), up from 1.7 years a year ago.
PM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.1 | Neutral |
| Stochastic | 60.3 | Neutral |
PM's weekly RSI is 55 (neutral) and its Stochastic is 60 (neutral).
PM PE vs Consumer Defensive Sector
| Metric | PM | Sector median | Relative |
|---|---|---|---|
| PE | 29x | 19x | 48% above |
| PE % | 87 | 18 | 69 pts above |
PM is trading at 29x earnings, a 48% premium to the Consumer Defensive sector's median of 19x.
PM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $198.4 | 0.9% below |
| 20 week MA | $192.5 | 2.2% above |
| 50 week MA | $179.7 | 9.4% above |
| 100 week MA | $168.9 | 16% above |
| 200 week MA | $135.3 | 45% above |
PM's trend is up, with a small recent dip: it's below only its 8-week average, and 45% above its 200-week average.
PM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $86.3 | $82.5 | -4.4% |
| 2021 | $82.5 | $92.9 | +13% |
| 2022 | $92.9 | $101.7 | +9.4% |
| 2023 | $101.7 | $94.1 | -7.5% |
| 2024 | $94.1 | $121.5 | +29% |
| 2025 | $121.5 | $161.1 | +33% |
| 2026 YTD | $161.1 | $196.7 | +22% |
PM has finished higher in four of the last six years. It's up 22% so far in 2026.