PMNYSECigarettesFiscal year ends December 31
Philip Morris International Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 24, 2026
$201.05−4.15 (-2.02%)
Close on Oct 19, 2026
- Market cap
- $313.64B
- P/E (TTM)
- 28.9
- Dividend yield
- 2.81%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
67.1%+0.5 pts over 5 years
Operating margin
36.6%−4.0 pts over 5 years
Net margin
27.9%−0.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.3% | +8.6% | +7.2% | -5.8% | |
| Gross profit | +11.1% | +10.2% | +7.4% | +4.6% | |
| Operating income | +11.1% | +6.7% | +5.0% | +3.4% | |
| Net income | +60.8% | +7.8% | +7.1% | +5.1% | |
| EPS, diluted | +60.6% | +7.7% | +7.1% | +5.1% | |
| Free cash flow | -1.0% | +3.1% | +3.0% | +4.4% | |
| Dividend per share | +6.4% | +3.8% | +3.5% | +3.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -53.7% | -66.7% | -104.4% | |
| Return on assets | 19.7% | 18.4% | 17.3% | |
| Current ratio | 1.07 | 1.10 | 0.96 | |
| Debt to equity | -2.29 | -2.51 | -4.89 | |
| Net debt to EBITDA | 2.12× | 1.92× | 2.60× | |
| Interest coverage | 10.2× | 16.0× | 9.4× | |
| Inventory turnover | 1.1× | 1.0× | 1.3× | |
| Capex to revenue | 4.4% | 2.1% | 3.9% | |
| Diluted shares | 1.55B | 1.56B | 1.56B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Philip Morris International generated $56.42B from operations and spent $47.32B on capital expenditure, dividends and share buybacks. 13% of that went back into the business.
Generated
$56.42B
Used
$47.32B
Capital expenditure$6.16B13%Dividends$40.18B85%Share buybacks$984.00M2%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin27.9%
×Asset turnover0.62×
×Equity multiplier-6.02×
=Return on equity, FY2025-104.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 27.9% | 0.62× | -6.02× | -104.4% |
| FY2024 | 18.6% | 0.60× | -5.53× | -61.4% |
| FY2023 | 22.2% | 0.55× | -6.29× | -77.4% |
| FY2022 | 28.5% | 0.62× | -5.40× | -94.9% |
| FY2021 | 29.0% | 0.73× | -3.80× | -80.4% |
| FY2020 | 28.1% | 0.65× | -3.63× | -66.7% |
| FY2019 | 24.1% | 0.72× | -3.44× | -59.8% |
| FY2018 | 26.7% | 0.72× | -3.37× | -64.5% |
| FY2017 | 21.0% | 0.72× | -3.22× | -48.7% |
| FY2016 | 26.1% | 0.75× | -2.73× | -53.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$11.35B
- Cash generatingOperating cash flow above zero$12.23B
- Return on assets improvedROA up on the prior year10.8% → 18.4%
- Earnings backed by cashOperating cash flow above net income$12.23B vs $11.35B
- Less leverageLong-term debt to assets fell68.2% → 65.2%
- Better liquidityCurrent ratio rose0.88 → 0.96
- No dilutionShare count did not rise1.56B → 1.56B
- Gross margin improvedGross margin up on the prior year64.81% → 67.12%
- More efficientAsset turnover rose0.58 → 0.66