MO vs PM: Altria Group 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 Altria Group.
- Philip Morris International grew revenue faster over the last year (+10.4% vs +0.1%).
- Altria Group keeps more of each dollar of revenue as operating profit (46.8% vs 37.8%).
- On earnings, Altria Group is the cheaper stock (15.3x vs 28.4x).
- Philip Morris International's price assumes faster free cash flow growth: about 10% a year, against -0% for Altria Group (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MO | PM |
|---|---|---|
| Market cap | $122.3B | $314.8B |
| Share price | $71.68 | $201.19 |
| Revenue (last fiscal year) | $23.3B | $40.6B |
| Free cash flow (last fiscal year) | $9.1B | $10.7B |
| Revenue growth, last year | +0.1% | +10.4% |
| Revenue growth per year, last 5 fiscal years | -2.7% | +6.7% |
| Operating margin | 46.8% | 37.8% |
| Net margin | 34.0% | 25.6% |
| Return on equity | — | — |
| P/E (trailing) | 15.3x | 28.4x |
| Price / free cash flow | 13.5x | 29.5x |
| EV / EBITDA | 12.7x | 21.0x |
| FCF growth the price implies | -0.19% | 10.1% |
| Dividend yield | 5.8% | 2.8% |
| Debt / equity | — | — |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 13 |
| Insider purchases, last 12 months | 1 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Altria Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $26.0B | $8.2B | 44.4% |
| 2022 | $25.1B | $8.1B | 47.5% |
| 2023 | $24.5B | $9.1B | 47.2% |
| 2024 | $24.0B | $8.6B | 46.8% |
| 2025 | $23.3B | $9.1B | 42.5% |
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
Altria Group · by segments, 2025
Smokeable Products$20.5B88%
Oral Tobacco Products$2.8B12%
All Other$5M0%
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 MO in InvestinglyQuestions
Which is bigger, Altria Group or Philip Morris International?
Philip Morris International (PM), at $314.8B against $122.3B.
Is MO or PM cheaper?
By trailing P/E, Altria Group (15.3x) is cheaper than Philip Morris International (28.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, MO or PM?
Philip Morris International: revenue grew +10.4% over the last year, against +0.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.