olivLaw · US equity research
Philip Morris International Inc. PM
Cigarettes · SIC 2111 · Vertical: Cigarettes (SIC 2111)
Philip Morris International is an international consumer goods company aiming to move beyond cigarettes through smoke-free products, especially IQOS, ZYN and VEEV. Net revenues were $40.6 billion in fiscal 2025, and reached $32.8 billion in the first nine months of 2026.
At the close of 04 Nov 2026, Philip Morris International Inc. (PM) stock was 211.28 USD (+1.56% on the day), with market capitalisation 329.3 bn USD, P/E 30.8 on diluted EPS of 6.85 USD over the last 12 months, dividend yield 2.84%, beta -0.00, 52-week range 147.81–211.28 USD. Latest reported quarter (Q3 2026): revenue of 11.4 bn USD (+5.5% YoY), net income of 3.3 bn USD (−4.7% YoY), diluted EPS 2.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.7
- strong (55–70)
- Bollinger (20, 2)
- 195.66 – 210.87
- above the upper band · %B 1.03 · band width 7.5%
- SMA 50 / 200
- 195.22 / 182.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.00 / 3.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.5% | −1.1% | +12.6 pp | — |
| 3 months | +11.8% | −0.5% | +12.3 pp | — |
| 6 months | +23.9% | +4.4% | +19.5 pp | — |
| Year to date | +31.7% | +12.3% | +19.4 pp | — |
| 1 year | +43.1% | +13.5% | +29.5 pp | −34.7% |
| 3 years | +130.9% | +76.4% | +54.4 pp | −26.8% |
| 5 years | +124.1% | +63.7% | +60.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.7 bn | 9.3 bn | 10.1 bn | 10.8 bn | 10.4 bn | 10.1 bn | 11.2 bn | 11.4 bn |
| Cost of revenue | 3.4 bn | 3.0 bn | 3.3 bn | 3.5 bn | 3.6 bn | 3.2 bn | 3.5 bn | 3.6 bn |
| Gross profit | 6.3 bn | 6.3 bn | 6.9 bn | 7.4 bn | 6.8 bn | 6.9 bn | 7.7 bn | 7.9 bn |
| Operating income | 3.3 bn | 3.5 bn | 3.7 bn | 4.3 bn | 3.4 bn | 3.9 bn | 4.5 bn | 4.9 bn |
| Depreciation & amortisation | 477.0 m | 480.0 m | 490.0 m | 505.0 m | 521.0 m | 510.0 m | 513.0 m | 511.0 m |
| Pre-tax income | 2.9 bn | 3.3 bn | 3.4 bn | 4.0 bn | 3.1 bn | 3.7 bn | 4.3 bn | 4.6 bn |
| Income tax | 872.0 m | 659.0 m | 652.0 m | 751.0 m | 675.0 m | 676.0 m | 955.0 m | 986.0 m |
| Net income | -579.0 m | 2.7 bn | 3.0 bn | 3.5 bn | 2.1 bn | 2.4 bn | 2.8 bn | 3.3 bn |
| Diluted EPS | -0.37 ≈ | 1.72 | 1.95 | 2.23 | 1.37 ≈ | 1.56 | 1.80 | 2.12 |
| Operating cash flow | 4.0 bn | -350.0 m | 3.4 bn ≈ | 4.5 bn ≈ | 4.7 bn | -399.0 m | 5.5 bn ≈ | 5.4 bn ≈ |
| Capex | 278.0 m | 404.0 m | 356.0 m ≈ | 365.0 m ≈ | 444.0 m | 353.0 m | 380.0 m ≈ | 382.0 m ≈ |
| Dividends paid | 2.1 bn | 2.1 bn | 2.1 bn ≈ | 2.1 bn ≈ | 2.3 bn | 2.3 bn | 2.3 bn ≈ | 2.3 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 95 percentile of its own 44-quarter history (min 13.1, median 18.8, max 34.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.6 bn | 29.8 bn | 28.7 bn | 31.4 bn | 31.8 bn | 35.2 bn | 37.9 bn | 40.6 bn |
| Revenue YoY | +3.1% | +0.6% | −3.7% | +9.4% | +1.1% | +10.7% | +7.7% | +7.3% |
| Net income | 7.9 bn | 7.2 bn | 8.1 bn | 9.1 bn | 9.0 bn | 7.8 bn | 7.1 bn | 11.3 bn |
| Net income YoY | +31.1% | −9.2% | +12.1% | +13.1% | −0.7% | −13.6% | −9.7% | +60.8% |
| Diluted EPS | 5.08 | 4.61 | 5.16 | 5.83 | 5.81 | 5.02 | 4.52 | 7.26 |
| Diluted EPS YoY | +30.9% | −9.3% | +11.9% | +13.0% | −0.3% | −13.6% | −10.0% | +60.6% |
| net % | 26.7% | 24.1% | 28.1% | 29.0% | 28.5% | 22.2% | 18.6% | 27.9% |
| Free cash flow | 8.0 bn | 9.2 bn | 9.2 bn | 11.2 bn | 9.7 bn | 7.9 bn | 10.8 bn | 10.7 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.9 bn USD
- Financial debt
- 168.0 m USD
- Net debt
- -4.7 bn USD
- Equity
- -8.0 bn USD
- Total assets
- 69.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.96x
- ROE
- unavailable
- ROA
- 17.3%
- FCF margin
- 26.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 28.7 bn | 31.4 bn | 31.8 bn | 35.2 bn | 37.9 bn | 40.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Cost of revenue | 9.6 bn | 10.0 bn | 11.4 bn | 12.9 bn | 13.3 bn | 13.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Gross profit | 19.1 bn | 21.4 bn | 20.4 bn | 22.3 bn | 24.5 bn | 27.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Research & development | 495.0 m | 617.0 m | 642.0 m | 709.0 m | 759.0 m | 756.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Operating income | 11.7 bn | 13.0 bn | 12.2 bn | 11.6 bn | 13.4 bn | 14.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Depreciation & amortisation | 981.0 m | 998.0 m | 1.1 bn | 1.4 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| EBITDA | 12.6 bn ≈ | 14.0 bn ≈ | 13.3 bn ≈ | 13.0 bn ≈ | 15.2 bn ≈ | 16.9 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Interest expense | 728.0 m | 737.0 m | 768.0 m | 1.5 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Pre-tax income | 11.0 bn | 12.2 bn | 11.6 bn | 10.5 bn | 12.2 bn | 13.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Income tax | 2.4 bn | 2.7 bn | 2.2 bn | 2.3 bn | 3.0 bn | 2.7 bn | SEC (XBRL)· 06 Feb 2026verified |
| Net income | 8.1 bn | 9.1 bn | 9.0 bn | 7.8 bn | 7.1 bn | 11.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Diluted EPS | 5.16 | 5.83 | 5.81 | 5.02 | 4.52 | 7.26 | SEC (XBRL)· 06 Feb 2026verified |
| Weighted average diluted shares | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Dividend per share | 4.74 | 4.90 | 5.04 | 5.14 | 5.30 | 5.64 | SEC (XBRL)· 06 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.3 bn | 4.5 bn | 3.2 bn | 3.1 bn | 4.2 bn | 4.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Receivables | 2.9 bn | 3.1 bn | 3.9 bn | 3.5 bn | 3.8 bn | 4.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Inventories | 9.6 bn | 8.7 bn | 9.9 bn | 10.8 bn | 9.5 bn | 11.5 bn | SEC (XBRL)· 06 Feb 2026verified |
| Current assets | 21.5 bn | 17.7 bn | 19.6 bn | 19.8 bn | 20.2 bn | 24.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Property, plant & equipment, net | 6.4 bn | — | — | — | — | — | SEC (XBRL)· 09 Feb 2021verified |
| Goodwill | 6.0 bn | 6.7 bn | 19.7 bn | 16.8 bn | 16.6 bn | 17.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.0 bn | 2.8 bn | 6.7 bn | 9.9 bn | 11.3 bn | 10.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total assets | 44.8 bn | 41.3 bn | 61.7 bn | 65.3 bn | 61.8 bn | 69.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Accounts payable | 2.8 bn | 3.3 bn | 4.1 bn | 4.1 bn | 4.0 bn | 4.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Short-term debt | 244.0 m | 225.0 m | 5.6 bn | 2.0 bn | 137.0 m | 168.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Current liabilities | 19.6 bn | 19.3 bn | 27.3 bn | 26.4 bn | 22.9 bn | 25.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total liabilities | 55.4 bn | 49.5 bn | 68.0 bn | 74.8 bn | 71.7 bn | 77.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Equity | -10.6 bn | -8.2 bn | -6.3 bn | -9.4 bn | -9.9 bn | -8.0 bn | SEC (XBRL)· 06 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 9.8 bn | 12.0 bn | 10.8 bn | 9.2 bn | 12.2 bn | 12.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Capex | 602.0 m | 748.0 m | 1.1 bn | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Free cash flow | 9.2 bn ≈ | 11.2 bn ≈ | 9.7 bn ≈ | 7.9 bn ≈ | 10.8 bn ≈ | 10.7 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Investing cash flow | -1.2 bn | -2.4 bn | -15.7 bn | -3.6 bn | -1.1 bn | -4.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Financing cash flow | -8.5 bn | -12.0 bn | 3.8 bn | -5.6 bn | -9.5 bn | -8.1 bn | SEC (XBRL)· 06 Feb 2026verified |
| Dividends paid | 7.4 bn | 7.6 bn | 7.8 bn | 8.0 bn | 8.2 bn | 8.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Share repurchases | 0 | 775.0 m | 209.0 m | 0 | 0 | — | SEC (XBRL)· 06 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 329.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation15
- Balance sheet84
- Quality80
- Growth61
- Returns54
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 74.12 – 211.95 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)140.06 – 211.95 (Mid 168.10)WACC 9.3% · starting FCFF 14.8 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 19.5%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)74.12 – 99.67 (Mid 85.01)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 24.8% | 60 (vs peers) | 7% |
| FCF conversion · Quality | 126.9% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 8.6% | 71 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 7.7% | 51 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.2x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 10.5x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 30.8x | 0 (on a fixed band) | 12% |
| EV/EBITDA · Valuation | 17.4x | 0 (on a fixed band) | 12% |
| FCF yield · Valuation | 4.1% | 52 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 67.7% | 75 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet84/100 · 3/3 factors with a value
- Growth61/100 · 2/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation15/100 · 3/3 factors with a value
Memo
Philip Morris International Inc. (PM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 40.6 bn USD in 2025; YoY growth 7.3%; net margin 24.8%; net debt/EBITDA -0.2x.
The estimated value range is 107.09–155.81 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 126.56 USD, the price of 211.28 USD leaves a potential of -40.1% (value / price − 1) and a margin of safety of -66.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 126.9%
- Revenue CAGR 3Y: 8.6%
- Net debt / EBITDA: -0.2x
- Interest coverage: 10.5x
- Payout ratio (FCF): 67.7%
What contradicts it
- Current ratio: 1.0x
- P/E (TTM): 30.8x
- EV/EBITDA: 17.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC.
Versus the vertical median
Cigarettes (SIC 2111) · same industry (4-digit SIC) · compared with 5 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PMPhilip Morris International Inc. | 329.3 bn | 30.8 | — | 24.8% | +7.3% | +43% / +131% |
| MOAltria Group, Inc. | 129.8 bn | 16.1 | — | 34.5% | −3.1% | +32% / +86% |
| RLXRLX Technology Inc. | 2.5 bn | 16.4 | 6.0% | 23.3% | +50.3% | −35% / −27% |
| ISPRIspire Technology Inc. | 86.6 m | — | — | -34.6% | −24.7% | −39% / −86% |
| XXII22nd Century Group, Inc. | 30.0 k | — | -32.4% | -27.0% | −27.9% | −100% / −100% |
| BTIBritish American Tobacco p.l.c. | — | — | 16.5% | 30.3% | −1.0% | +7% / +97% |
1- and 3-year price returns: for PM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 130.31 Total return -36% · Per year -36% | 229.94 Total return 12% · Per year 12% | 345.76 Total return 67% · Per year 67% |
| 3 years | 137.02 Total return -28% · Per year -10% | 271.04 Total return 38% · Per year 11% | 445.97 Total return 124% · Per year 31% |
| 5 years | 144.08 Total return -19% · Per year -4% | 319.49 Total return 70% · Per year 11% | 575.21 Total return 197% · Per year 24% |
- Exit P/E± 67.76
- Net margin± 47.43
- Annual revenue growth± 37.47
- Annual dilution± 3.99
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Philip Morris International is an international consumer goods company aiming to move beyond cigarettes through smoke-free products, especially IQOS, ZYN and VEEV. Net revenues were $40.6 billion in fiscal 2025 1, and reached $32.8 billion in the first nine months of 2026 2.
SWOT
Strengths
- Leading position in smoke-free products, with the IQOS, ZYN and VEEV brands and a broad international presence.
- Marlboro is the best-selling international cigarette and supports the profitability of the cigarette business.
- The company has demonstrated pricing power and operating profit growth in recent periods.
Weaknesses
- Dependence on cigarette volumes, which are declining in many markets, remains a structural vulnerability.
- Smoke-free products are less predictable in demand than cigarettes, making results more volatile.
- Impairments and losses on investments, such as the RBH investment, periodically affect reported results.
Opportunities
- Expanding IQOS and ZYN into new markets could accelerate growth in smoke-free products.
- Developing the oral nicotine category in the U.S. could bring new sources of revenue.
- The Aspeya wellness unit could, over time, open areas outside the tobacco sector.
Threats
- Stricter regulation of smoke-free products could limit their sale and communication.
- Illicit trade and counterfeiting could reduce legal cigarette sales.
- Competitors that bypass regulations could create an unfair competitive environment.
Risks
- Restrictive regulationhigh
Bans or restrictions on smoke-free products could materially affect the company's growth strategy.
- Decline in cigarette consumptionmedium
Falling consumption in many markets could reduce revenue and cash flow from the core business.
- Litigation and settlementsmedium
The Canadian litigation and other cases could lead to impairments or significant additional charges.
- Currency risklow
Changes in exchange rates could affect reported results, as seen in recent quarters.
Investment thesis
What would need to be true (bull case)
- If smoke-free products keep growing in volume and market share, the company could reduce its dependence on cigarettes.
- Pricing power in cigarettes has supported margins, which could fund investment in new categories.
- A presence in many markets and strong brands could support long-term growth.
What would break the thesis
- If regulation tightens, growth in smoke-free products could slow considerably.
- Continued decline in cigarette consumption could erode the core revenue faster than expected.
- Higher commercial spending in the U.S. could reduce segment profitability if market share does not consolidate.
What to watch
- Development of HTU and ZYN volumes in the U.S.Q4 2026
- First-quarter results under the new reported segmentsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company, incorporated in Virginia and listed on the New York Stock Exchange, mainly sells cigarettes and smoke-free products including heat-not-burn, nicotine pouch and e-vapor products 1. Marlboro, the world's best-selling international cigarette, accounted for about 43% of 2025 cigarette shipment volume 1. Since 2008 the company has invested over $16 billion in smoke-free products, and acquired Swedish Match in November 2022 1.
From January 1, 2026, the company operates two business units, International and U.S., and its four geographic segments were replaced by International Smoke-Free, International Combustibles and U.S. 2. Smoke-free products accounted for more than 40% of net revenues in the third quarter of 2026 3.
The wellness unit Aspeya focuses mainly on oral consumer wellness products, though revenue from cannabinoids is expected to be negligible in the near to medium term 1.
Market context
Trends
- Smoker conversion to smoke-free productstailwind
If adult smokers keep moving to smoke-free products, volume growth could offset the long-term decline in cigarettes.
- Tighter regulationheadwind
Restrictions on advertising, flavors, packaging and access could limit the commercialization of smoke-free products and cigarettes alike.
- Higher cigarette pricesmixed
Higher cigarette prices supported revenue in the third quarter of 2026, but could accelerate consumer trade-down to cheaper products.
- Demand for oral nicotine in the U.S.mixed
Growth in the U.S. nicotine pouch category offers opportunities, but competition and high commercial spending could reduce margins.
Competitive position
The company operates in a highly competitive environment, competing on product quality, brand recognition, innovation, price and marketing 1. Competitors include Altria Group, British American Tobacco, Japan Tobacco and Imperial Brands, along with new market entrants and state-owned enterprises in some countries 1.
Some competitors have different profit and regulatory objectives, and some may be less exposed to currency changes; certain market participants also circumvent applicable regulations 1.
- Altria Group, Inc.MO
Direct competitor in the U.S. and former partner in IQOS distribution.
- British American Tobacco plc
Global competitor in cigarettes and smoke-free products, primarily listed outside the U.S.
- Japan Tobacco Inc.
International competitor, also active in heated products, listed outside the U.S.
- Imperial Brands plc
International tobacco competitor, listed outside the U.S.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Dutch anti-smoking group plans complaint against Philip Morris over tobacco claimsAnadolu Agency (TR, EN) · 02 Nov 2026 · EN
- STUDIU EY: Philip Morris International, contribuție de 343 miliarde euro la economia EUAntena 3 CNN · 28 Oct 2026 · RO
- Philip Morris a contribuit cu aproape 343 de mld. euro la economia UE în perioada 2021–2025, dintre care 27 mld. euro au reprezentat investiţii în operaţiuniZiarul Financiar · 26 Oct 2026 · RO
- De la un vis din facultate la o carieră la Philip Morris România. Parcursul lui Ionuț Anechitei în cadrul companieiAntena 3 CNN · 21 Oct 2026 · RO
- Amprenta economică a Philip Morris International în UE 2021–2025: o transformare construită în Europa – COMUNICATMediafax · 19 Oct 2026 · RO
- Amprenta economică a Philip Morris International în UE 2021–2025: o transformare construită în EuropaProfit.ro · 19 Oct 2026 · RO
- Amprenta economică a Philip Morris International în UE 2021–2025: o transformare construită în EuropaHotNews.ro · 19 Oct 2026 · RO
- Philip Morris International publică primul raport al Grupului operativ pentru raportarea informațiilor financiare legate de naturăAntena 3 CNN · 07 Oct 2026 · RO
- Philip Morris International publică primul raport al Grupului operativ pentru raportarea informațiilor financiare legate de naturăLibertatea.ro · 07 Oct 2026 · RO
- Philip Morris International publică primul raport al Grupului operativ pentru raportarea informațiilor financiare legate de naturăMediafax · 07 Oct 2026 · RO
- Philip Morris’ Dividend Gets an 8.8% Boost: What Investors Should KnowYahoo Finance — News · 21 Sept 2026 · EN
- „Am învățat că e ok să nu ai toate răspunsurile”. Lecția de leadership a Adelei Dumitru, Senior Manager Portfolio Heat-not-Burn, Philip Morris RomâniaHotNews.ro · 16 Sept 2026 · RO
- INTERVIU Mihai Bundoi, Head of Scientific & Medical Affairs, Philip Morris România: Reglementarea ar trebui să țină cont de diferențele reale dintre produseProfit.ro · 11 Sept 2026 · RO
- Philip Morris CEO Is ‘Optimistic’ About Zyn PotentialBloomberg Markets · 10 Sept 2026 · EN
- Oamenii care construiesc viitorul. Povestea colaborării dintre IMSAT și Philip Morris România: șapte ani de proiecte, provocări și soluțiiHotNews.ro · 09 Sept 2026 · RO
- Sînziana Barbu este noul Director Commercial Operations al Philip Morris România – COMUNICATMediafax · 08 Sept 2026 · RO
- FDA Authorization Expands Philip Morris’s Zyn Bet, Can It Pay Off?Yahoo Finance — News · 08 Sept 2026 · EN
- Sînziana Barbu este noul Director Commercial Operations al Philip Morris RomâniaAntena 3 CNN · 07 Sept 2026 · RO
- Sînziana Barbu este noul Director Commercial Operations al Philip Morris RomâniaProfit.ro · 07 Sept 2026 · RO
- „Nu aș schimba nimic”. Cum a ajuns Laurențiu Garoșeanu de la gestionar piese de schimb la Maintenance Lead în șase ani la Philip Morris RomâniaHotNews.ro · 02 Sept 2026 · RO
SEC filings
- Quarterly report23 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report18 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report24 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report24 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report09 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report29 Jun 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Philip Morris International Inc. · 06 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Philip Morris International Inc. · 23 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Philip Morris International Inc. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.