| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 32 | 27.5x | 17.8x | Bottom tier | |
Growth | 66 | 8.9% | 7.1% | Around median | |
Quality | 91 | 36.3% | 4.5% | Top tier | |
Safety | 57 | 2.2x | 2.6x | Around median | |
Capital Return | 52 | 3.08% | 2.12% | Around median | |
Momentum | 78 | 13.0% | 2.9% | Top tier | |
Sentiment | 76 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Philip Morris International manages a global portfolio of tobacco and nicotine products that combines traditional cigarettes with smoke-free products. Its main growth drivers include IQOS and heated tobacco products, ZYN nicotine pouches, VEEV vaping products, and Marlboro cigarettes; revenue benefits from sales volumes, price increases, and an improved product mix as smoke-free alternatives grow. In the first half of fiscal year 2026, the international business represented 93% of the group’s net revenue, while international smoke-free products delivered organic growth of 13.7% in revenue and 16.9% in gross profit, with a gross margin of 70%.
In fiscal year 2026 Q2, the company reported revenue of $11.2 billion, gross profit of $7.7 billion, net income of $2.8 billion, and earnings per share of $1.80, according to EDGAR data. These figures equate to a gross margin of approximately 68.8% and a net income margin of 25%, while revenue grew organically by 7.6% and exceeded $11 billion for the first time in a single quarter. On an adjusted basis, operating income reached $4.8 billion, and diluted earnings per share increased 15% to $2.20.
The performance mix was supported by 7.5% growth in smoke-free product shipments in fiscal year 2026 Q2, a 55% increase in vaping shipments, and 1.1% growth in cigarette shipments. In the first half of fiscal year 2026, gross profit from international smoke-free products grew 16.9% organically, while gross profit from international cigarettes increased 6.1%, demonstrating that profitability relied on growth in modern alternatives alongside strong pricing in traditional cigarettes.
The analyst consensus is “Buy,” with an average price target of $210.5 and a wide range between $182 and $225; the average is approximately 1.3% above the high of the 52-week range at $207.76, while the low of the range is $142.11. No price-to-earnings ratio is available in the data, so the stock’s valuation here depends on the company’s ability to achieve expected adjusted earnings per share of between $8.26 and $8.41 in fiscal year 2026, weighed against the risks of higher U.S. investment and slowing IQOS performance in Japan and some European markets.
Figures in the text are as of 2026-08-25; the live price is shown at the top of the page.
Revenue reached $11.2 billion, gross profit was $7.7 billion, and net income was $2.8 billion, according to EDGAR data. Earnings per share were $1.80, while adjusted diluted earnings per share reached $2.20, an increase of 15%. Net revenue grew organically by 7.6%, and adjusted operating income increased organically by approximately 11% to $4.8 billion.
Yes, adjusted in-market IQOS sales grew 5.1% in fiscal year 2026 Q2, and growth reached 10.2% when Japan and Poland were excluded. The company maintained a share of approximately 76% of the global heated tobacco market in the first half of fiscal year 2026. Support came from markets such as Italy, Greece, Romania, and Taiwan, alongside the expansion of BONDS by IQOS in Poland, the Czech Republic, and Morocco.
ZYN shipments increased 2% to 2.9 billion pouches in fiscal year 2026 Q2, while retail offtake volumes remained stable to slightly higher. The brand’s share of retail value reached approximately 57%, but the company noted gaps in higher strengths, moist products, and certain flavors. It began addressing this by launching ZYN Ultra in 9 and 11 milligram strengths, with dry formulations in 1.5 and 8 milligram strengths scheduled for fiscal year 2026 Q3.
Automated analysis for informational purposes only — not investment advice.
The company is targeting organic revenue growth of between 5% and 7% and organic operating income growth of between 7% and 9%. It expects currency-neutral growth in adjusted diluted earnings per share of between 7.5% and 9.5%, with a dollar range of between $8.26 and $8.41. It also expects operating cash flow of approximately $13.5 billion and total shipments to be stable or grow slightly during fiscal year 2026.
The company plans to increase investment in the United States to support ZYN and prepare for the launch of IQOS ILUMA, which is subject to a U.S. Food and Drug Administration process, increasing selling, general, and administrative expenses. In Japan, the tax increase on April 1, 2026, caused adjusted in-market IQOS sales to decline 3.4% in fiscal year 2026 Q2, with additional volatility expected around the October 2026 change. Flavor restrictions in Poland and Hungary also had an impact, while ZYN faces competition in higher-strength and moist products and certain flavors.
Smoke-free product shipments grew 7.5% in fiscal year 2026 Q2, while VEEV shipments increased 55%. In the first half of fiscal year 2026, net revenue from international smoke-free products grew 13.7% organically and their gross profit increased 16.9%, bringing their gross margin to 70%. The company also intends to invest $1.2 billion in the ZYN complex in Colorado by 2028 to increase production capacity.
