NYSE · Consumer Defensive

Philip Morris International Inc.

PM · Tobacco

$168.58

▲ 2.2 (1.32%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Philip Morris International Inc. at $168.58.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 67.1%

Operating Margin 36.7%

Net Income Margin 27.9%

Fin. Health F

Years to Pay Off Debt 4.3 yrs

Working Capital vs Long-Term Debt -$46.2B

Working Capital -$1.1B

Valuation A

Price-to-Book -26.29x

Cash Flow A

Free Cash Flow $10.7B

CapEx % of Net Income 13.8%

Owner Earnings $14.9B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $262.7B

Enterprise Value $307.8B

P/E (TTM) 23.74

Dividend Yield 3.46%

Exchange NYSE

Key Margins

Gross Profit 67.1%

Operating Margin 36.7%

Net Margin 27.9%

Company Info

Sector Consumer Defensive

Industry Tobacco

Employees 84900

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Philip Morris International Inc. at $168.58.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Philip Morris International Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	67.1% ▲	64.8%	63.3%	64.1%	N/A
Operating Margin %	36.7% ▲	35.4%	34.7%	38.6%	N/A
Net Income %	27.9% ▲	18.6%	22.2%	28.5%	N/A
Diluted EPS	7.26 ▲	4.53	5.02	5.81	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$69.2B	$61.8B	$65.3B	$61.7B	N/A
Total Debt	$48.8B ↑	$45.7B	$47.9B	$43.1B	N/A
Working Capital	-$1.1B ▲	-$2.7B	-$6.6B	-$7.7B	N/A
Years to Pay Debt	4.30	6.48	6.13	4.77	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$10.7B ▼	$10.8B	$7.9B	$9.7B	N/A
Owner Earnings	$14.9B	$10.3B	$10.5B	$11.2B	N/A
CapEx % of Net Income	13.8%	20.5%	16.9%	11.9%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-8,077	0	-148,845	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	17,504,000	15,749,000	14,039,000	13,479,000
Total Unusual Items	-41,000	0	-665,000	0
Total Unusual Items Excluding Goodwill	-41,000	0	-665,000	0
Net Income From Continuing Operation Net Minority Interest	11,348,000	9,373,000	7,813,000	9,048,000
Reconciled Depreciation	1,996,000	1,787,000	1,398,000	1,077,000
Reconciled Cost Of Revenue	13,366,000	13,329,000	12,893,000	11,402,000
EBITDA	17,463,000	15,749,000	13,374,000	13,479,000
EBIT	15,467,000	13,962,000	11,976,000	12,402,000
Net Interest Income	-966,000	-1,143,000	-1,061,000	-588,000
Interest Expense	1,587,000	1,763,000	1,526,000	768,000
Interest Income	621,000	620,000	465,000	180,000
Normalized Income	11,380,923	9,373,000	8,329,155	9,048,000
Net Income From Continuing And Discontinued Operation	11,348,000	9,373,000	7,813,000	9,048,000
Total Expenses	25,715,000	24,476,000	22,953,000	19,516,000
Total Operating Income As Reported	14,892,000	13,402,000	11,556,000	12,246,000
Diluted Average Shares	1,558,000	1,556,000	1,553,000	1,552,000
Basic Average Shares	1,556,000	1,554,000	1,552,000	1,550,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	11,316,000	7,034,000	7,791,000	9,024,000
Net Income Common Stockholders	11,316,000	7,034,000	7,791,000	9,024,000
Otherunder Preferred Stock Dividend	32,000	23,000	22,000	24,000
Net Income	11,348,000	7,057,000	7,813,000	9,048,000
Minority Interests	-500,000	-446,000	-455,000	-479,000
Net Income Including Noncontrolling Interests	11,848,000	7,503,000	8,268,000	9,527,000
Net Income Extraordinary	0	-2,316,000	0	0
Net Income Continuous Operations	11,848,000	9,819,000	8,268,000	9,527,000
Earnings From Equity Interest Net Of Tax	705,000	637,000	157,000	137,000
Tax Provision	2,737,000	3,017,000	2,339,000	2,244,000
Pretax Income	13,880,000	12,199,000	10,450,000	11,634,000
Other Income Expense	-87,000	-60,000	-710,000	-24,000
Other Non Operating Income Expenses	-46,000	-60,000	-45,000	-24,000
Special Income Charges	-41,000	0	-665,000	0
Impairment Of Capital Assets	41,000	0	665,000	0
Net Non Operating Interest Income Expense	-966,000	-1,143,000	-1,061,000	-588,000
Interest Expense Non Operating	1,587,000	1,763,000	1,526,000	768,000
Interest Income Non Operating	621,000	620,000	465,000	180,000
Operating Income	14,933,000	13,402,000	12,221,000	12,246,000
Operating Expense	12,349,000	11,147,000	10,060,000	8,114,000
Depreciation Amortization Depletion Income Statement					96,000
Depreciation And Amortization In Income Statement					96,000
Amortization					96,000
Amortization Of Intangibles Income Statement					96,000
Selling General And Administration	12,349,000	11,147,000	10,060,000	8,114,000
Selling And Marketing Expense					8,304,000
General And Administrative Expense			10,060,000	8,114,000	8,400,000
Other Gand A			10,060,000	8,114,000	8,400,000
Salaries And Wages			45,000	24,000	115,000
Gross Profit	27,282,000	24,549,000	22,281,000	20,360,000
Cost Of Revenue	13,366,000	13,329,000	12,893,000	11,402,000
Total Revenue	40,648,000	37,878,000	35,174,000	31,762,000
Excise Taxes	53,211,000	51,563,000	49,404,000	48,958,000
Operating Revenue	93,859,000	89,441,000	84,578,000	80,720,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	552,660	554,471	556,892	559,099
Ordinary Shares Number	1,556,657	1,554,846	1,552,425	1,550,218
Share Issued	2,109,316	2,109,316	2,109,316	2,109,316
Net Debt	43,963,000	41,479,000	44,849,000	39,916,000
Total Debt	48,835,000	45,695,000	47,909,000	43,123,000
Tangible Book Value	-38,142,000	-39,677,000	-37,868,000	-35,344,000
Invested Capital	38,841,000	33,945,000	36,684,000	34,166,000
Working Capital	-1,064,000	-2,745,000	-6,628,000	-7,717,000
Net Tangible Assets	-38,142,000	-39,677,000	-37,868,000	-35,344,000
Common Stock Equity	-9,994,000	-11,750,000	-11,225,000	-8,957,000
Total Capitalization	35,140,000	30,416,000	30,018,000	25,918,000
Total Equity Gross Minority Interest	-8,028,000	-9,870,000	-9,446,000	-6,311,000
Minority Interest	1,966,000	1,880,000	1,779,000	2,646,000
Stockholders Equity	-9,994,000	-11,750,000	-11,225,000	-8,957,000
Gains Losses Not Affecting Retained Earnings	-12,296,000	-11,314,000	-11,815,000	-9,559,000
Other Equity Adjustments	-12,296,000	-11,314,000	-11,815,000	-9,559,000
Treasury Stock	35,551,000	35,640,000	35,785,000	35,917,000
Retained Earnings	35,400,000	32,869,000	34,090,000	34,289,000
Additional Paid In Capital	2,453,000	2,335,000	2,285,000	2,230,000
Total Liabilities Net Minority Interest	77,213,000	71,654,000	74,750,000	67,992,000
Total Non Current Liabilities Net Minority Interest	51,786,000	48,739,000	48,367,000	40,656,000
Other Non Current Liabilities	2,181,000	1,116,000	1,743,000	1,841,000
Employee Benefits	2,406,000	2,940,000	3,046,000	1,984,000
Tradeand Other Payables Non Current				1,841,000	1,766,000
Non Current Deferred Liabilities	2,065,000	2,517,000	2,335,000	1,956,000
Non Current Deferred Taxes Liabilities	2,065,000	2,517,000	2,335,000	1,956,000
Long Term Debt And Capital Lease Obligation	45,134,000	42,166,000	41,243,000	34,875,000
Long Term Debt	45,134,000	42,166,000	41,243,000	34,875,000
Current Liabilities	25,427,000	22,915,000	26,383,000	27,336,000
Current Debt And Capital Lease Obligation	3,701,000	3,529,000	6,666,000	8,248,000
Current Debt	3,701,000	3,529,000	6,666,000	8,248,000
Other Current Borrowings	3,533,000	3,392,000	4,698,000	2,611,000
Line Of Credit	168,000	137,000	283,000	4,725,000
Commercial Paper	0	0	1,685,000	912,000
Pensionand Other Post Retirement Benefit Plans Current	1,545,000	1,305,000	1,262,000	1,168,000
Payables And Accrued Expenses	20,181,000	18,081,000	18,455,000	17,920,000
Current Accrued Expenses	4,652,000	3,847,000	3,599,000	3,374,000
Payables	15,529,000	14,234,000	14,856,000	14,546,000
Dividends Payable	2,312,000	2,120,000	2,041,000	1,990,000
Total Tax Payable	8,810,000	8,162,000	8,672,000	8,480,000
Income Tax Payable	1,255,000	1,258,000	1,158,000	1,040,000
Accounts Payable	4,407,000	3,952,000	4,143,000	4,076,000
Total Assets	69,185,000	61,784,000	65,304,000	61,681,000
Total Non Current Assets	44,822,000	41,614,000	45,549,000	42,062,000
Other Non Current Assets	4,139,000	2,783,000	5,647,000	3,931,000
Non Current Deferred Assets	1,247,000	940,000	814,000	603,000
Non Current Deferred Taxes Assets	1,247,000	940,000	814,000	603,000
Investments And Advances	2,891,000	2,654,000	4,929,000	4,431,000
Long Term Equity Investment	2,891,000	2,654,000	4,929,000	4,431,000
Goodwill And Other Intangible Assets	28,148,000	27,927,000	26,643,000	26,387,000
Other Intangible Assets	10,884,000	11,327,000	9,864,000	6,732,000
Goodwill	17,264,000	16,600,000	16,779,000	19,655,000
Net PPE	8,397,000	7,310,000	7,516,000	6,710,000
Accumulated Depreciation	-11,219,000	-9,375,000	-9,564,000	-8,733,000
Gross PPE	19,616,000	16,685,000	17,080,000	15,443,000
Construction In Progress	1,471,000	1,081,000	1,200,000	1,058,000
Machinery Furniture Equipment	12,533,000	10,632,000	10,713,000	9,549,000
Buildings And Improvements	5,050,000	4,391,000	4,617,000	4,291,000
Land And Improvements	562,000	581,000	550,000	545,000
Current Assets	24,363,000	20,170,000	19,755,000	19,619,000
Other Current Assets	2,203,000	1,826,000	1,530,000	1,770,000
Inventory	11,478,000	9,453,000	10,774,000	9,886,000
Finished Goods	6,830,000	5,112,000	6,539,000	6,184,000
Raw Materials	4,648,000	4,341,000	4,235,000	3,702,000
Receivables	5,810,000	4,675,000	4,391,000	4,756,000
Other Receivables	1,238,000	886,000	930,000	906,000
Accounts Receivable	4,572,000	3,789,000	3,461,000	3,850,000
Allowance For Doubtful Accounts Receivable	-23,000	-47,000	-79,000	-42,000
Gross Accounts Receivable	4,595,000	3,836,000	3,540,000	3,892,000
Cash Cash Equivalents And Short Term Investments	4,872,000	4,216,000	3,060,000	3,207,000
Cash And Cash Equivalents	4,872,000	4,216,000	3,060,000	3,207,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	10,664,000	10,773,000	7,883,000	9,726,000
Repurchase Of Capital Stock		0	0	-209,000	-775,000
Repayment Of Debt	-5,538,000	-9,865,000	-8,153,000	-7,519,000
Issuance Of Debt	7,244,000	8,242,000	11,855,000	21,695,000
Capital Expenditure	-1,569,000	-1,444,000	-1,321,000	-1,077,000
Interest Paid Supplemental Data	1,688,000	1,559,000	1,342,000	717,000
Income Tax Paid Supplemental Data	3,852,000	3,178,000	2,952,000	2,751,000
End Cash Position	4,892,000	4,254,000	3,146,000	3,217,000
Beginning Cash Position	4,254,000	3,146,000	3,217,000	4,500,000
Effect Of Exchange Rate Changes	504,000	-536,000	-95,000	-213,000
Changes In Cash	134,000	1,644,000	24,000	-1,070,000
Financing Cash Flow	-8,132,000	-9,481,000	-5,582,000	3,806,000
Cash Flow From Continuing Financing Activities	-8,132,000	-9,481,000	-5,582,000	3,806,000
Net Other Financing Charges	-1,214,000	339,000	-1,320,000	-2,349,000
Cash Dividends Paid	-8,624,000	-8,197,000	-7,964,000	-7,812,000
Common Stock Dividend Paid	-8,624,000	-8,197,000	-7,964,000	-7,812,000
Net Common Stock Issuance		0	0	-209,000	-775,000
Common Stock Payments		0	0	-209,000	-775,000
Net Issuance Payments Of Debt	1,706,000	-1,623,000	3,702,000	14,176,000
Net Short Term Debt Issuance	19,000	-1,794,000	724,000	1,015,000
Short Term Debt Payments	-170,000	-1,894,000	-1,172,000	-795,000
Short Term Debt Issuance	189,000	100,000	1,896,000	1,810,000
Net Long Term Debt Issuance	1,687,000	171,000	2,978,000	13,161,000
Long Term Debt Payments	-5,368,000	-7,971,000	-6,981,000	-6,724,000
Long Term Debt Issuance	7,055,000	8,142,000	9,959,000	19,885,000
Investing Cash Flow	-3,967,000	-1,092,000	-3,598,000	-15,679,000
Cash Flow From Continuing Investing Activities	-3,967,000	-1,092,000	-3,598,000	-15,679,000
Net Other Investing Changes	-2,279,000	429,000	-2,357,000	-606,000
Net Investment Purchase And Sale	-86,000	-132,000	0	284,000
Sale Of Investment	116,000	0	0
Purchase Of Investment	-202,000	-132,000	0
Net Business Purchase And Sale	-33,000	55,000	80,000	-13,996,000
Sale Of Business	30,000	179,000	191,000	0
Purchase Of Business		0	0	-13,976,000	-2,111,000
Capital Expenditure Reported	-1,569,000	-1,444,000	-1,321,000	-1,077,000
Operating Cash Flow	12,233,000	12,217,000	9,204,000	10,803,000
Cash Flow From Continuing Operating Activities	12,233,000	12,217,000	9,204,000	10,803,000
Change In Working Capital	-1,808,000	677,000	-1,300,000	162,000
Change In Other Working Capital	-266,000	-62,000	-232,000	-261,000
Change In Payables And Accrued Expense	107,000	925,000	-520,000	2,581,000
Change In Accrued Expense	-151,000	628,000	-232,000	1,862,000
Change In Payable	258,000	297,000	-288,000	719,000
Change In Account Payable	258,000	297,000	-288,000	719,000
Change In Tax Payable			-232,000	-261,000	-260,000
Change In Income Tax Payable			-232,000	-261,000	-260,000
Change In Inventory	-1,201,000	552,000	-862,000	-1,287,000
Change In Receivables	-448,000	-738,000	314,000	-871,000
Other Non Cash Items	909,000	-176,000	488,000	159,000
Asset Impairment Charge	41,000	2,343,000	680,000	112,000
Deferred Tax	-847,000	-123,000	-330,000	-234,000
Deferred Income Tax	-847,000	-123,000	-330,000	-234,000
Depreciation Amortization Depletion	1,996,000	1,787,000	1,398,000	1,077,000
Depreciation And Amortization	1,996,000	1,787,000	1,398,000	1,077,000
Operating Gains Losses	94,000	206,000
Gain Loss On Sale Of Business	94,000	206,000	0	0
Net Income From Continuing Operations	11,848,000	7,503,000	8,268,000	9,527,000

These metrics estimate what Philip Morris International Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A

Margin of Safety

—

Market Cap ÷ Company Value

-4.38

P/B Ratio

-26.29

Warren's Owner Earnings

$14.9B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$40.6B

vs > $1.5B revenue

❌ Strong Financial Condition

0.96x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.46%

vs Uninterrupted dividends

❌ Earnings Growth

+25.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

23.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-33.91

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	13.8%	20.5%	16.9%	11.9%	N/A
Repurchase of Capital Stock	N/A	$0M	$0M	-$209M	-$775M
Free Cash Flow	$10.7B ▼	$10.8B ▲	$7.9B ▼	$9.7B •	N/A •
Warren's Owner Earnings	$14.9B	$10.3B	$10.5B	$11.2B	N/A

Peers & Industry

No auto-detected peers for Tobacco. You can manually compare PM against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.17%

Low — management has little skin in the game

Return on Assets (ROA)

16.4%

Strong — management uses assets efficiently

Debt Trend YoY

+6.9% YoY

Debt is roughly stable

Leadership Team

Jacek Olczak

Group CEO & Director

Age 60

Pay: $7,054,208

0.062% of net income

Emmanuel Babeau

Group Chief Financial Officer

Age 58

Pay: $4,051,987

0.036% of net income

Frederic de Wilde

CEO of PMI International

Age 58

Pay: $3,581,310

0.032% of net income

Stacey Kennedy

CEO of PMI U.S.

Age 52

Pay: $3,353,263

0.030% of net income

James Bushnell

Vice President of Investor Relations & Financial Communications

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.32%	145,262,397
Capital World Investors	8.49%	132,355,726
Blackrock Inc.	7.01%	109,251,178
Capital International Investors	6.50%	101,377,875
GQG Partners LLC	3.54%	55,096,316
State Street Corporation	3.53%	54,996,480
Capital Research Global Investors	3.50%	54,559,706
JPMORGAN CHASE & CO	2.68%	41,711,363

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.39

Low volatility — more stable than the market

Short Interest

1.1% of float

Low short interest — market is not heavily bearish

Current Ratio

0.98x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $142.11 Current: $168.58 High: $191.30

Currently at 54% of 52-week range

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