BTI vs PM: British American Tobacco p.l.c. and Philip Morris International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Philip Morris International is the larger company, worth $314.8B, about 2.6 times British American Tobacco p.l.c..
- Philip Morris International grew revenue faster over the last year (+10.4% vs -1.0%).
- British American Tobacco p.l.c. keeps more of each dollar of revenue as operating profit (39.0% vs 37.8%).
- On earnings, British American Tobacco p.l.c. is the cheaper stock (11.7x vs 28.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BTI | PM |
|---|---|---|
| Market cap | $119.6B | $314.8B |
| Share price | $55.50 | $201.19 |
| Revenue (last fiscal year) | $25.6B | $40.6B |
| Free cash flow (last fiscal year) | $5.6B | $10.7B |
| Revenue growth, last year | -1.0% | +10.4% |
| Revenue growth per year, last 5 fiscal years | -0.1% | +6.7% |
| Operating margin | 39.0% | 37.8% |
| Net margin | 30.3% | 25.6% |
| Return on equity | 16.9% | — |
| P/E (trailing) | 11.7x | 28.4x |
| Price / free cash flow | 20.6x | 29.5x |
| EV / EBITDA | 8.67x | 21.0x |
| FCF growth the price implies | — | 10.1% |
| Dividend yield | 6.0% | 2.8% |
| Debt / equity | 1.33x | — |
| Fundamental grade | B | C |
| Superinvestors holding it | 5 | 13 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
British American Tobacco p.l.c.
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $25.7B | $9.0B | 39.8% |
| 2022 | $27.7B | $9.7B | 38.1% |
| 2023 | $27.3B | $10.1B | -57.7% |
| 2024 | $25.9B | $9.5B | 10.6% |
| 2025 | $25.6B | $5.6B | 39.0% |
Philip Morris International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $31.4B | $11.2B | 41.3% |
| 2022 | $31.8B | $9.7B | 38.6% |
| 2023 | $35.2B | $7.9B | 32.9% |
| 2024 | $37.9B | $10.8B | 35.4% |
| 2025 | $40.6B | $10.7B | 36.6% |
Where the revenue comes from
British American Tobacco p.l.c. · by segments, 2019
Combustibles$23.0B89%
New Categories$1.3B5%
Traditional Oral$1.1B4%
Other$540M2%
Philip Morris International · by segments, 2025
Europe$17.1B42%
SSEA, CIS & MEA$12.1B30%
EA, AU & PMI GTR$6.6B16%
Americas$4.9B12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BTI in InvestinglyQuestions
Which is bigger, British American Tobacco p.l.c. or Philip Morris International?
Philip Morris International (PM), at $314.8B against $119.6B.
Is BTI or PM cheaper?
By trailing P/E, British American Tobacco p.l.c. (11.7x) is cheaper than Philip Morris International (28.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, BTI or PM?
Philip Morris International: revenue grew +10.4% over the last year, against -1.0%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.