Philip Morris International Inc. (PM) Financial Ratios
23 years of historical data (2003–2025) · Consumer Defensive · Tobacco
EV/EBITDA
↑
19.02
↑+28% vs avg
5yr avg: 14.84
30Y Low8.8·High17.4
P/FCF
↑
26.07
↑+47% vs avg
5yr avg: 17.74
30Y Low12.4·High23.4
P/B Ratio
N/A
—
5yr avg: N/A
30Y Low12.1·High76.8
ROE
N/A
—
5yr avg: N/A
30Y Low38%·High250%
Debt/EBITDA
↑
2.88
↓-3% vs avg
5yr avg: 2.96
30Y Low0.3·High3.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Philip Morris International Inc. trades at 24.6x earnings, 21% above its 5-year average of 20.2x, sitting at the 89th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 18.8x, the stock trades at a premium of 31%. On a free-cash-flow basis, the stock trades at 26.1x P/FCF, 47% above the 5-year average of 17.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $278.0B | $249.9B | $187.3B | $146.1B | $157.1B | $148.1B | $129.0B | $132.4B | $103.8B | $164.1B | $141.9B |
| Enterprise Value | $322.0B | $293.9B | $228.7B | $191.0B | $197.0B | $171.4B | $153.2B | $156.6B | $129.0B | $190.0B | $166.7B |
| P/E Ratio → | 24.57 | 22.09 | 26.63 | 18.74 | 17.42 | 16.30 | 16.04 | 18.46 | 13.12 | 27.23 | 20.42 |
| P/S Ratio | 6.84 | 6.15 | 4.94 | 4.15 | 4.95 | 4.72 | 4.50 | 4.44 | 3.50 | 5.71 | 5.32 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 26.07 | 23.43 | 17.38 | 18.53 | 16.15 | 13.20 | 14.01 | 14.33 | 12.91 | 22.28 | 20.55 |
| P/OCF | 22.73 | 20.43 | 15.33 | 15.87 | 14.54 | 12.38 | 13.15 | 13.12 | 10.95 | 18.41 | 17.57 |
P/E links to full P/E history page with 30-year chart
PM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Philip Morris International Inc.'s enterprise value stands at 19.0x EBITDA, 28% above its 5-year average of 14.8x. The Consumer Defensive sector median is 11.0x, placing the stock at a 73% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.23 | 6.04 | 5.43 | 6.20 | 5.46 | 5.34 | 5.25 | 4.35 | 6.61 | 6.25 |
| EV / EBITDA | 19.02 | 17.36 | 15.06 | 14.74 | 14.79 | 12.27 | 12.07 | 13.62 | 10.46 | 15.26 | 14.32 |
| EV / EBIT | 21.56 | 19.00 | 16.38 | 15.94 | 15.88 | 13.22 | 13.12 | 14.68 | 11.19 | 16.40 | 15.17 |
| EV / FCF | — | 27.56 | 21.23 | 24.22 | 20.25 | 15.28 | 16.64 | 16.95 | 16.04 | 25.80 | 24.15 |
PM Profitability
Margins and return-on-capital ratios measuring operating efficiency
Philip Morris International Inc. earns an operating margin of 36.7%, significantly above the Consumer Defensive sector average of 3.5%. Operating margins have expanded from 32.9% to 36.7% over the past 3 years, signaling improving operational efficiency. ROIC of 33.2% represents excellent returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.1% | 67.1% | 64.8% | 63.3% | 64.1% | 68.1% | 66.7% | 64.7% | 63.7% | 63.7% | 64.8% |
| Operating Margin | 36.7% | 36.7% | 35.4% | 32.9% | 38.6% | 41.3% | 40.8% | 35.3% | 38.3% | 40.3% | 40.9% |
| Net Profit Margin | 27.9% | 27.9% | 18.6% | 22.1% | 28.5% | 29.0% | 28.1% | 24.1% | 26.7% | 21.0% | 26.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 17.3% | 17.3% | 11.1% | 12.3% | 17.6% | 21.2% | 18.4% | 17.4% | 19.1% | 15.1% | 19.7% |
| ROIC | 33.2% | 33.2% | 30.0% | 25.1% | 37.7% | 67.7% | 62.3% | 54.4% | 56.5% | 58.7% | 59.4% |
| ROCE | 36.1% | 36.1% | 34.5% | 31.5% | 43.4% | 54.9% | 47.6% | 45.1% | 45.7% | 48.9% | 56.0% |
PM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Philip Morris International Inc. carries a Debt/EBITDA ratio of 2.9x, which is moderately leveraged (17% below the sector average of 3.5x). Net debt stands at $44.0B ($48.8B total debt minus $4.9B cash). Interest coverage of 9.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 2.88 | 2.88 | 3.01 | 3.70 | 3.24 | 1.99 | 2.48 | 2.70 | 2.58 | 2.76 | 2.50 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 2.60 | 2.60 | 2.73 | 3.46 | 3.00 | 1.67 | 1.91 | 2.10 | 2.04 | 2.08 | 2.13 |
| Debt / FCF | — | 4.12 | 3.85 | 5.69 | 4.10 | 2.08 | 2.63 | 2.62 | 3.13 | 3.52 | 3.60 |
| Interest Coverage | 9.75 | 9.75 | 7.92 | 7.85 | 16.15 | 17.60 | 16.05 | 13.40 | 13.48 | 10.57 | 10.28 |
PM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.96x is below 1.0, meaning current liabilities exceed current assets — though the company's $4.9B cash position helps mitigate short-term liquidity concerns. The quick ratio of 0.51x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 0.75x to 0.96x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 0.88 | 0.75 | 0.72 | 0.92 | 1.10 | 1.09 | 1.13 | 1.35 | 1.07 |
| Quick Ratio | 0.51 | 0.51 | 0.47 | 0.34 | 0.36 | 0.47 | 0.61 | 0.60 | 0.62 | 0.80 | 0.52 |
| Cash Ratio | 0.19 | 0.19 | 0.18 | 0.12 | 0.12 | 0.23 | 0.37 | 0.36 | 0.38 | 0.53 | 0.26 |
| Asset Turnover | — | 0.59 | 0.61 | 0.54 | 0.51 | 0.76 | 0.64 | 0.70 | 0.74 | 0.67 | 0.72 |
| Inventory Turnover | 1.16 | 1.16 | 1.41 | 1.20 | 1.15 | 1.15 | 1.00 | 1.14 | 1.22 | 1.18 | 1.04 |
| Days Sales Outstanding | — | 52.17 | 45.05 | 45.57 | 54.65 | 45.79 | 47.84 | 45.52 | 43.91 | 47.46 | 47.86 |
PM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Philip Morris International Inc. returns 3.1% to shareholders annually primarily through dividends. The payout ratio of 76.0% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 4.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.5% | 4.4% | 5.5% | 5.0% | 5.1% | 5.7% | 5.4% | 6.6% | 4.0% | 4.5% |
| Payout Ratio | 76.0% | 76.0% | 116.5% | 102.2% | 86.3% | 83.2% | 91.4% | 99.7% | 87.0% | 108.0% | 91.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.5% | 3.8% | 5.3% | 5.7% | 6.1% | 6.2% | 5.4% | 7.6% | 3.7% | 4.9% |
| FCF Yield | 3.8% | 4.3% | 5.8% | 5.4% | 6.2% | 7.6% | 7.1% | 7.0% | 7.7% | 4.5% | 4.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.1% | 3.5% | 4.4% | 5.5% | 5.1% | 5.6% | 5.7% | 5.4% | 6.6% | 4.0% | 4.5% |
| Shares Outstanding | — | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B |
Peer Comparison
Compare PM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PMYou | $278B | 24.6 | 19.0 | 26.1 | 67.1% | 36.7% | — | 33.2% | 2.9 |
 MO | $116B | 16.8 | 8.9 | 12.7 | 86.6% | 74.8% | — | 60.4% | 1.7 |
 BTI | $128B | 32.8 | 22.0 | 10.2 | 82.9% | 10.6% | 6.0% | 2.4% | 6.3 |
 XXII | $2M | -0.1 | — | — | -44.5% | -162.0% | -51.1% | -81.4% | — |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 UVV | $1B | 40.1 | 8.2 | 16.2 | 17.5% | 7.2% | 2.2% | 6.8% | 3.5 |
 STG | $46M | 0.9 | -0.3 | 2.2 | 86.9% | 22.0% | 47.3% | 84.8% | 0.3 |
 UFPT | $2B | 27.3 | 17.1 | 23.4 | 28.3% | 15.3% | 17.8% | 12.7% | 1.3 |
 PKG | $20B | 26.7 | 12.7 | 28.0 | 21.0% | 14.0% | 17.1% | 12.6% | 2.3 |
 IP | $19B | -5.5 | 1388.3 | — | 29.5% | -11.3% | -30.6% | -11.3% | 514.4 |
 WMT | $934B | 42.9 | 22.5 | 62.6 | 24.9% | 4.2% | 21.5% | 14.4% | 1.5 |
| Consumer Defensive Median | — | 18.8 | 11.0 | 15.3 | 40.8% | 3.5% | 6.5% | 5.7% | 3.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
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PM — Frequently Asked Questions
Quick answers to the most common questions about buying PM stock.
What is Philip Morris International Inc.'s P/E ratio?
Philip Morris International Inc.'s current P/E ratio is 24.6x. The historical average is 18.0x. This places it at the 89th percentile of its historical range.
What is Philip Morris International Inc.'s EV/EBITDA?
Philip Morris International Inc.'s current EV/EBITDA is 19.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Is PM stock overvalued?
Based on historical data, Philip Morris International Inc. is trading at a P/E of 24.6x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Philip Morris International Inc.'s dividend yield?
Philip Morris International Inc.'s current dividend yield is 3.10% with a payout ratio of 76.0%.
What are Philip Morris International Inc.'s profit margins?
Philip Morris International Inc. has 67.1% gross margin and 36.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Philip Morris International Inc. have?
Philip Morris International Inc.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.