Philip Morris International Inc. (PM) P/E Ratio History
ExpensiveTrading at 24.6x vs 5Y avg 20.6x · 80th percentile · Material premium to history · Data 2008–2026
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P/E Ratio Analysis
As of June 21, 2026, Philip Morris International Inc. (PM) trades at a price-to-earnings ratio of 24.6x, with a stock price of $178.40 and trailing twelve-month earnings per share of $7.10.
The current P/E is 19% above its 5-year average of 20.6x. Over the past five years, PM's P/E has ranged from a low of 14.8x to a high of 34.6x, placing the current valuation at the 80th percentile of its historical range.
Compared to the Consumer Defensive sector median P/E of 18.9x, PM trades at a 30% premium to its sector peers. The sector includes 151 companies with P/E ratios ranging from 0.0x to 193.7x.
The PEG ratio of 3.48 (P/E divided by 61% EPS growth) suggests the stock may be expensive relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, PM trades roughly in line with the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our PM DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
PM Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
PM P/E vs Peers
Branded tobacco and nicotine products peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $116B | 16.8 | 1.48 | -37% | |
| $128B | 32.6 | - | +121%Best | |
| $203M | 4.1 | 4.04 | +49% | |
| $1B | 40.1 | - | -66% | |
| $46M | 0.9Lowest | - | +5% | |
| $2B | 27.3 | 0.72Best | +16% | |
| $20B | 26.7 | 2.21 | -4% | |
| $934B | 42.9 | 3.90 | +13% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
PM Historical P/E Data (2008–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | - | $165.34 | $7.11 | 23.3x | +27% |
| FY2025 Q4 | Dec 31 2025 | $160.40 | $7.27 | 22.1x | +20% |
| FY2025 Q3 | - | $162.20 | $5.53 | 29.3x | +60% |
| FY2025 Q2 | Jun 30 2025 | $182.13 | $5.27 | 34.6x | +88% |
| FY2025 Q1 | Mar 31 2025 | $158.73 | $4.86 | 32.7x | +78% |
| FY2024 Q4 | - | $120.35 | $4.52 | 26.6x | +45% |
| FY2024 Q3 | Sep 30 2024 | $121.40 | $6.30 | 19.3x | +5% |
| FY2024 Q2 | Jun 30 2024 | $101.33 | $5.65 | 17.9x | -2% |
| FY2024 Q1 | Mar 31 2024 | $91.62 | $5.12 | 17.9x | -3% |
| FY2023 Q4 | Dec 31 2023 | $94.08 | $5.02 | 18.7x | +2% |
| FY2023 Q3 | Sep 30 2023 | $92.58 | $5.15 | 18.0x | -2% |
| FY2023 Q2 | Jun 30 2023 | $97.62 | $5.17 | 18.9x | +3% |
| FY2023 Q1 | Mar 31 2023 | $97.25 | $5.59 | 17.4x | -5% |
| FY2022 Q4 | Dec 31 2022 | $101.21 | $5.81 | 17.4x | -5% |
| FY2022 Q3 | Sep 30 2022 | $83.01 | $5.61 | 14.8x | -19% |
| FY2022 Q2 | - | $98.74 | $5.82 | 17.0x | -8% |
| FY2022 Q1 | - | $93.94 | $5.78 | 16.3x | -12% |
| FY2021 Q4 | Dec 31 2021 | $95.00 | $5.83 | 16.3x | -11% |
| FY2021 Q3 | - | $94.79 | $5.76 | 16.5x | -10% |
| FY2021 Q2 | Jun 30 2021 | $99.11 | $5.69 | 17.4x | -5% |
| FY2021 Q1 | Mar 31 2021 | $88.74 | $5.55 | 16.0x | -13% |
| FY2020 Q4 | - | $82.79 | $5.17 | 16.0x | -13% |
| FY2020 Q3 | Sep 30 2020 | $74.99 | $4.94 | 15.2x | -17% |
| FY2020 Q2 | - | $70.06 | $4.68 | 15.0x | -18% |
| FY2020 Q1 | - | $72.96 | $4.92 | 14.8x | -19% |
| FY2019 Q4 | - | $85.09 | $4.62 | 18.4x | +0% |
| FY2019 Q3 | Sep 30 2019 | $75.93 | $4.81 | 15.8x | -14% |
| FY2019 Q2 | Jun 30 2019 | $78.53 | $5.03 | 15.6x | -15% |
| FY2019 Q1 | Mar 31 2019 | $88.39 | $4.95 | 17.9x | -3% |
| FY2018 Q4 | Dec 31 2018 | $66.76 | $5.08 | 13.1x | -28% |
| FY2018 Q3 | Sep 30 2018 | $81.54 | $4.30 | 19.0x | +3% |
| FY2018 Q2 | Jun 30 2018 | $80.74 | $4.13 | 19.5x | +6% |
| FY2018 Q1 | Mar 31 2018 | $99.40 | $3.86 | 25.8x | +40% |
| FY2017 Q4 | Dec 31 2017 | $105.65 | $3.88 | 27.2x | +48% |
| FY2017 Q3 | Sep 30 2017 | $111.01 | $4.53 | 24.5x | +33% |
| FY2017 Q2 | Jun 30 2017 | $117.45 | $4.51 | 26.0x | +42% |
| FY2017 Q1 | Mar 31 2017 | $112.90 | $4.52 | 25.0x | +36% |
| FY2016 Q4 | Dec 31 2016 | $91.49 | $4.48 | 20.4x | +11% |
| FY2016 Q3 | Sep 30 2016 | $97.22 | $4.18 | 23.3x | +27% |
| FY2016 Q2 | - | $101.72 | $4.18 | 24.3x | +33% |
| FY2016 Q1 | - | $98.11 | $4.24 | 23.1x | +26% |
| FY2015 Q4 | - | $87.91 | $4.42 | 19.9x | +8% |
| FY2015 Q3 | Sep 30 2015 | $79.33 | $4.65 | 17.1x | -7% |
| FY2015 Q2 | - | $80.17 | $4.78 | 16.8x | -9% |
| FY2015 Q1 | - | $75.33 | $4.74 | 15.9x | -13% |
| FY2014 Q4 | Dec 31 2014 | $81.45 | $4.76 | 17.1x | -7% |
| FY2014 Q3 | - | $83.40 | $4.96 | 16.8x | -8% |
| FY2014 Q2 | Jun 30 2014 | $84.31 | $5.02 | 16.8x | -9% |
| FY2014 Q1 | Mar 31 2014 | $81.87 | $5.15 | 15.9x | -13% |
| FY2013 Q4 | - | $87.13 | $5.25 | 16.6x | -10% |
| FY2013 Q3 | Sep 30 2013 | $86.59 | $5.26 | 16.5x | -10% |
| FY2013 Q2 | Jun 30 2013 | $86.62 | $5.14 | 16.9x | -8% |
| FY2013 Q1 | Mar 31 2013 | $92.71 | $5.20 | 17.8x | -3% |
| FY2012 Q4 | Dec 31 2012 | $83.64 | $5.17 | 16.2x | -12% |
| FY2012 Q3 | Sep 30 2012 | $89.94 | $5.02 | 17.9x | -2% |
| FY2012 Q2 | Jun 30 2012 | $87.26 | $5.05 | 17.3x | -6% |
| FY2012 Q1 | Mar 31 2012 | $88.61 | $5.04 | 17.6x | -4% |
| FY2011 Q4 | Dec 31 2011 | $78.48 | $4.85 | 16.2x | -12% |
| FY2011 Q3 | Sep 30 2011 | $62.38 | $4.71 | 13.2x | -28% |
| FY2011 Q2 | - | $66.77 | $4.36 | 15.3x | -17% |
| FY2011 Q1 | - | $65.63 | $4.08 | 16.1x | -12% |
| FY2010 Q4 | Dec 31 2010 | $58.53 | $3.92 | 14.9x | -19% |
| FY2010 Q3 | - | $56.02 | $3.75 | 14.9x | -19% |
| FY2010 Q2 | Jun 30 2010 | $45.84 | $3.68 | 12.5x | -32% |
| FY2010 Q1 | Mar 31 2010 | $52.16 | $3.40 | 15.3x | -16% |
| FY2009 Q4 | - | $48.19 | $3.24 | 14.9x | -19% |
| FY2009 Q3 | Sep 30 2009 | $48.74 | $3.06 | 15.9x | -13% |
| FY2009 Q2 | - | $43.62 | $3.14 | 13.9x | -24% |
| FY2009 Q1 | - | $35.58 | $3.15 | 11.3x | -38% |
| FY2008 Q4 | Dec 31 2008 | $43.51 | $3.20 | 13.6x | -26% |
| FY2008 Q3 | - | $48.10 | $3.25 | 14.8x | -19% |
Average P/E for displayed period: 18.4x
Full Stock Analysis
Deep dive into PM consensus models and risk factors.
Should I Buy PM?
Wall Street verdict, signals, and target summaries.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
18+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
PM — Frequently Asked Questions
Quick answers to the most common questions about buying PM stock.
What is PM's P/E ratio?
Philip Morris International Inc. (PM) trailing twelve-month P/E ratio is 24.6x, based on TTM diluted EPS of $7.10. The 5-year average P/E is 20.6x and the historical range spans 14.8x to 34.6x.
Is PM stock overvalued or undervalued?
PM trades at 24.6x P/E, near its 5-year average of 20.6x. The 80th percentile ranking within the 14.8x–34.6x historical range places valuation within normal bounds.
Is PM stock expensive?
PM is fairly valued relative to its own history. The current P/E of 24.6x is near the 5-year average of 20.6x (80th percentile of historical range).
What is PM's historical P/E range?
Over the past 5 years, PM's P/E ratio has ranged from 14.8x to 34.6x, with a median of 18.0x and an average of 20.6x. The current P/E of 24.6x places the stock at the 80th percentile of this range. Full historical data spans 2008–2026.
How does PM's P/E compare to the S&P 500?
PM trades at 24.6x P/E versus the S&P 500 median of 24.4x. The 1% premium to the market typically reflects higher expected earnings growth or quality.
How does PM's valuation compare to Consumer Defensive peers?
Philip Morris International Inc. P/E of 24.6x compares to the Consumer Defensive sector median of 18.9x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is PM's PEG ratio?
PM PEG ratio is 3.48, based on a P/E of 24.6x and EPS growth of 60.6%. A PEG above 2.0 indicates a premium valuation relative to earnings growth — typically considered expensive.
What is PM's earnings yield?
PM earnings yield is 4.07%, the inverse of its 24.6x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.