PM vs RLX: Philip Morris International and RLX Technology 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 153.8 times RLX Technology.
- RLX Technology grew revenue faster over the last year (+44.0% vs +10.4%).
- Philip Morris International keeps more of each dollar of revenue as operating profit (37.8% vs 8.3%).
- On earnings, RLX Technology is the cheaper stock (16.7x 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 | PM | RLX |
|---|---|---|
| Market cap | $314.8B | $2.0B |
| Share price | $201.19 | $1.73 |
| Revenue (last fiscal year) | $40.6B | $4.0B |
| Free cash flow (last fiscal year) | $10.7B | $987M |
| Revenue growth, last year | +10.4% | +44.0% |
| Revenue growth per year, last 5 fiscal years | +6.7% | -17.4% |
| Operating margin | 37.8% | 8.3% |
| Net margin | 25.6% | 23.3% |
| Return on equity | — | 5.9% |
| P/E (trailing) | 28.4x | 16.7x |
| Price / free cash flow | 29.5x | 2.07x |
| EV / EBITDA | 21.0x | 18.3x |
| FCF growth the price implies | 10.1% | — |
| Dividend yield | 2.8% | 6.0% |
| Debt / equity | — | 0.14x |
| Fundamental grade | C | A |
| Superinvestors holding it | 13 | 0 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
RLX Technology
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.5B | $1.7B | 27.0% |
| 2022 | $5.3B | $448M | 19.9% |
| 2023 | $1.6B | $170M | -31.3% |
| 2024 | $2.7B | $844M | -3.9% |
| 2025 | $4.0B | $987M | 8.3% |
Where the revenue comes from
Philip Morris International · by segments, 2025
Europe$17.1B42%
SSEA, CIS & MEA$12.1B30%
EA, AU & PMI GTR$6.6B16%
Americas$4.9B12%
RLX Technology · by regions, 2025
Hong Kong$1.3B34%
PRC$1.2B31%
Other International Areas$933M24%
UK$468M12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PM in InvestinglyQuestions
Which is bigger, Philip Morris International or RLX Technology?
Philip Morris International (PM), at $314.8B against $2.0B.
Is PM or RLX cheaper?
By trailing P/E, RLX Technology (16.7x) is cheaper than Philip Morris International (28.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, PM or RLX?
RLX Technology: revenue grew +44.0% over the last year, against +10.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.