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Philip Morris International

PM
59
Tobacco · Consumer Defensive
Price
$205.20
+5.30 (+2.65%)
Market Cap
$319.83B
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Good
13/20
Cash Flow
Exceptional
10/10
Stability
Mixed
4/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

59 of 100 counted points = Winston Score 59.

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§Winston Score History

The full picture

Philip Morris International makes and sells tobacco and nicotine products to adult consumers around the world. Its most famous product is the Marlboro cigarette brand, sold outside the United States. The company also makes IQOS, a device that heats tobacco instead of burning it, which it markets as a less harmful alternative to traditional cigarettes.

Philip Morris earns money by selling cigarettes, heated tobacco devices, and the tobacco sticks that go inside them. It operates in over 180 countries, making it one of the largest tobacco companies on the planet, and its ownership of the Marlboro brand outside the U.S. gives it strong pricing power with loyal customers. The key growth driver is the continued shift toward smoke-free products like IQOS, but the company faces real risks from tightening government regulations, higher tobacco taxes, and long-term declining cigarette use in many markets.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-7.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$756M/ year

→ Flat (-0% vs prior year)

1.9% of revenue

In line with sector average (2%)

Steady R&D investment year-over-year

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$8.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$8.1B cash & investments at current burn rate

Growth context

Philip Morris International is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.56B (2021) → 1.56B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
68.4%
Premium pricing power — 68.4% gross margin
Profit after running costs
Operating Margin
40.5%
Excellent — 40.5% operating margin
Return on the money invested
ROCE
11.2%
Below par — 11.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+8.9%
Steady sales growth (+8.9% YoY)
Profit growth
EPS YoY
+31.8%
Earnings growing fast (+31.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
112%
Turns 112% of profit into real cash
Spare cash per sale
FCF Margin
25.1%
Converts sales into free cash efficiently (25.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
—
Data not available
Covers its interest
Interest Cover
10.37x
Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
29.5x
Growth-priced — P/E 29.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+10.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (29.5 → 19.2)

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Dividends

Dividend
Dividend Yield
3.32%
Moderate income — 3.32% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+8.9%
Dividend growing modestly (8.9% YoY)
Payout Ratio
83%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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