Philip Morris International (PM)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $297.9B, Philip Morris International's free cash flow of $10.7B (fiscal 2025) would need to grow about 9% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Philip Morris International's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from PM's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Philip Morris International's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $31.4B | $31.8B | $35.2B | $37.9B | $40.6B |
| Net income | $9.1B | $9.0B | $7.8B | $7.1B | $11.3B |
| Free cash flow | $11.2B | $9.7B | $7.9B | $10.8B | $10.7B |
| EPS (diluted) | $5.83 | $5.81 | $5.02 | $4.52 | $7.26 |
| Operating margin | 41.3% | 38.6% | 32.9% | 35.4% | 36.6% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own PM
From each investor's latest 13F filing (what a 13F shows). 13 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $1.1B | 1.8% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $456M | 0.16% | Q2 2026 |
| Lee Ainslie Maverick Capital |
Added | $264M | 2.3% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $149M | 0.09% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $22M | 0.05% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $21M | 0.16% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $4M | 0.04% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Held | $3M | 0.00% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Added | $3M | 0.18% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $2M | 0.02% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Added | $1M | 0.00% | Q2 2026 |
| Donald Yacktman Yacktman Asset Management |
Trimmed | $904,550 | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Philip Morris International's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 24, 2026 | Ro Khanna |
0 | $187.10 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $187.10 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $187.10 | — |
Get an alert at your buy price
Pick the price you'd be interested at. We'll email you when PM trades at or below it.
Free accounts get 3 price alerts. No card needed.
In the full deep dive
Questions
What growth does Philip Morris International's stock price imply?
At a market value of $297.9B, Philip Morris International would need its free cash flow to grow about 9% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 5% a year.
Are Philip Morris International insiders buying the stock?
3 open-market insider purchases of PM in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Philip Morris International?
13 of the superinvestors Investingly tracks hold PM in their latest 13F, including Jean-Marie Eveillard, Cliff Asness, Lee Ainslie.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.