Philip Morris International
Philip Morris International Inc., through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The last earnings update was 3 days ago. More info.
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PM Share Price and Events
7 Day Returns
1 Year Returns
PM Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Philip Morris International (PM) | 8.4% | 12% | 5.3% | 5.2% | -11.1% | 4.6% |
| US Tobacco | 2% | 1.3% | -6.4% | -11.8% | -25.5% | 20.6% |
| US Market | -1.2% | 1.2% | 1.7% | 3.4% | 35.5% | 41.6% |
1 Year Return vs Industry and Market
- PM outperformed the Tobacco industry which returned -11.8% over the past year.
- PM outperformed the Market in United States of America which returned 3.4% over the past year.
PM Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Philip Morris International
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Philip Morris International.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 18 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Tobacco Unlevered Beta | Simply Wall St/ S&P Global | 0.35 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.345 (1 + (1- 21%) (21.65%)) |
0.601 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%) |
7.5% |
Discounted Cash Flow Calculation for NYSE:PM using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Philip Morris International is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 7.5%) |
|
|---|---|---|---|
| 2020 | 8,579.50 | Analyst x6 | 7,981.08 |
| 2021 | 9,124.00 | Analyst x3 | 7,895.59 |
| 2022 | 9,591.86 | Est @ 5.13% | 7,721.50 |
| 2023 | 10,014.71 | Est @ 4.41% | 7,499.58 |
| 2024 | 10,405.78 | Est @ 3.9% | 7,248.91 |
| 2025 | 10,775.44 | Est @ 3.55% | 6,982.85 |
| 2026 | 11,131.64 | Est @ 3.31% | 6,710.53 |
| 2027 | 11,480.39 | Est @ 3.13% | 6,438.04 |
| 2028 | 11,826.20 | Est @ 3.01% | 6,169.38 |
| 2029 | 12,172.40 | Est @ 2.93% | 5,907.08 |
| Present value of next 10 years cash flows | $70,554.52 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2029
× (1 + g) ÷ (Discount Rate – g)
= $12,172.40 × (1 + 2.73%) ÷ (7.5% – 2.73%) |
$262,263.22 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $262,263.22 ÷ (1 + 7.5%)10 |
$127,272.20 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $70,554.52 + $127,272.20 |
$197,826.72 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $197,826.72 / 1,555.80 |
$127.15 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $127.15 |
| Current discount | Discount to share price of
$88.73
= -1 x ($88.73 - $127.15) / $127.15 |
30.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Philip Morris International's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Philip Morris International's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Philip Morris International's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Philip Morris International's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-06-30) in USD | $5.02 |
| NYSE:PM Share Price ** | NYSE (2019-07-19) in USD | $88.73 |
| Global Tobacco Industry PE Ratio | Median Figure of 12 Publicly-Listed Tobacco Companies | 13.88x |
| United States of America Market PE Ratio | Median Figure of 3,080 Publicly-Listed Companies | 17.88x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Philip Morris International.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:PM Share Price ÷ EPS (both in USD) = 88.73 ÷ 5.02 |
17.67x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Philip Morris International is overvalued based on earnings compared to the Global Tobacco industry average.
- Philip Morris International is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Philip Morris International's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 17.67x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts |
7.2%per year |
| Global Tobacco Industry PEG Ratio | Median Figure of 7 Publicly-Listed Tobacco Companies | 1.61x |
| United States of America Market PEG Ratio | Median Figure of 2,119 Publicly-Listed Companies | 1.57x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 17.67x ÷ 7.2% |
2.46x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Philip Morris International is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Philip Morris International's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-06-30) in USD | $-7.20 |
| NYSE:PM Share Price * | NYSE (2019-07-19) in USD | $88.73 |
| United States of America Tobacco Industry PB Ratio | Median Figure of 8 Publicly-Listed Tobacco Companies | 5.08x |
| United States of America Market PB Ratio | Median Figure of 5,245 Publicly-Listed Companies | 1.79x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:PM Share Price ÷ Book Value per Share (both in USD) = 88.73 ÷ -7.20 |
-12.33x |
* Primary Listing of Philip Morris International.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Philip Morris International has negative assets, we can't compare the value of its assets to the US Tobacco industry average.
Value checks
We assess Philip Morris International's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Tobacco industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Tobacco industry average (and greater than 0)? (1 check) Philip Morris International has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
PM Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Philip Morris International's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Philip Morris International's earnings growth is positive but not above the United States of America market average.
- Philip Morris International's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:PM Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts | 7.2% |
| NYSE:PM Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts | 3.9% |
| United States of America Tobacco Industry Earnings Growth Rate | Market Cap Weighted Average | 7.1% |
| Global Tobacco Industry Revenue Growth Rate | Market Cap Weighted Average | 3.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.9% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 weeks ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 34,837 | 11,593 | 10,557 | 3 |
| 2022-12-31 | 33,314 | 11,173 | 9,919 | 3 |
| 2021-12-31 | 32,649 | 10,282 | 9,338 | 11 |
| 2020-12-31 | 31,317 | 9,541 | 8,665 | 18 |
| 2019-12-31 | 29,878 | 8,941 | 7,806 | 16 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-06-30 | 29,453 | 7,814 | |
| 2019-03-31 | 29,480 | 9,339 | 7,692 |
| 2018-12-31 | 29,625 | 9,478 | 7,895 |
| 2018-09-30 | 30,420 | 9,977 | 6,680 |
| 2018-06-30 | 30,389 | 10,214 | 6,404 |
| 2018-03-31 | 29,580 | 9,449 | 5,987 |
| 2017-12-31 | 28,748 | 8,912 | 6,021 |
| 2017-09-30 | 27,425 | 8,140 | 7,036 |
| 2017-06-30 | 26,934 | 9,312 | 7,002 |
| 2017-03-31 | 26,666 | 8,458 | 7,010 |
| 2016-12-31 | 26,685 | 8,077 | 6,948 |
| 2016-09-30 | 26,106 | 7,800 | 6,486 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 weeks ago) | See Below |
| Future Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
All data from Philip Morris International Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 7.06 | 7.89 | 6.32 | 3.00 |
| 2022-12-31 | 6.56 | 7.22 | 5.98 | 3.00 |
| 2021-12-31 | 6.05 | 6.47 | 5.58 | 8.00 |
| 2020-12-31 | 5.61 | 5.89 | 5.32 | 13.00 |
| 2019-12-31 | 5.07 | 5.28 | 4.95 | 9.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-06-30 | 5.02 |
| 2019-03-31 | 4.95 |
| 2018-12-31 | 5.08 |
| 2018-09-30 | 4.30 |
| 2018-06-30 | 4.12 |
| 2018-03-31 | 3.86 |
| 2017-12-31 | 3.88 |
| 2017-09-30 | 4.53 |
| 2017-06-30 | 4.51 |
| 2017-03-31 | 4.52 |
| 2016-12-31 | 4.48 |
| 2016-09-30 | 4.18 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Philip Morris International will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Philip Morris International's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Global market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Philip Morris International has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
PM Past Performance
How has Philip Morris International performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Philip Morris International's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
- Philip Morris International's 1-year earnings growth exceeds its 5-year average (22% vs -1.3%)
- Philip Morris International's earnings growth has not exceeded the Global Tobacco industry average in the past year (22% vs 24.7%).
Earnings and Revenue History
All data from Philip Morris International Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-06-30 | 29,453.00 | 7,814.00 | 7,782.00 | |
| 2019-03-31 | 29,480.00 | 7,692.00 | 7,828.00 | |
| 2018-12-31 | 29,625.00 | 7,895.00 | 7,449.00 | |
| 2018-09-30 | 30,420.00 | 6,680.00 | 7,382.00 | |
| 2018-06-30 | 30,389.00 | 6,404.00 | 7,314.00 | |
| 2018-03-31 | 29,580.00 | 5,987.00 | 7,095.00 | |
| 2017-12-31 | 28,748.00 | 6,021.00 | 6,725.00 | |
| 2017-09-30 | 27,425.00 | 7,036.00 | 6,615.00 | |
| 2017-06-30 | 26,934.00 | 7,002.00 | 6,520.00 | |
| 2017-03-31 | 26,666.00 | 7,010.00 | 6,378.00 | |
| 2016-12-31 | 26,685.00 | 6,948.00 | 6,405.00 | |
| 2016-09-30 | 26,106.00 | 6,486.00 | 6,591.00 | |
| 2016-06-30 | 26,051.00 | 6,489.00 | 6,603.00 | |
| 2016-03-31 | 26,261.00 | 6,586.00 | 6,658.00 | |
| 2015-12-31 | 26,794.00 | 6,849.00 | 6,656.00 | |
| 2015-09-30 | 27,599.00 | 7,209.00 | 6,603.00 | |
| 2015-06-30 | 28,528.00 | 7,419.00 | 6,800.00 | |
| 2015-03-31 | 29,466.00 | 7,381.00 | 6,948.00 | |
| 2014-12-31 | 29,767.00 | 7,459.00 | 7,001.00 | |
| 2014-09-30 | 30,359.00 | 7,831.00 | 6,702.00 | |
| 2014-06-30 | 30,430.00 | 8,014.00 | 6,626.00 | |
| 2014-03-31 | 30,550.00 | 8,283.00 | 6,760.00 | |
| 2013-12-31 | 31,217.00 | 8,531.00 | 6,890.00 | |
| 2013-09-30 | 31,317.00 | 8,637.00 | 7,132.00 | |
| 2013-06-30 | 31,310.00 | 8,524.00 | 7,100.00 | |
| 2013-03-31 | 31,513.00 | 8,717.00 | 7,067.00 | |
| 2012-12-31 | 31,377.00 | 8,752.00 | 6,961.00 | |
| 2012-09-30 | 31,159.00 | 8,544.00 | 7,012.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- It is difficult to establish if Philip Morris International has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
- Philip Morris International used its assets more efficiently than the Global Tobacco industry average last year based on Return on Assets.
- Philip Morris International has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Philip Morris International's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Tobacco industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Philip Morris International has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
PM Health
How is Philip Morris International's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Philip Morris International's finances.
The net worth of a company is the difference between its assets and liabilities.
- Philip Morris International's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Philip Morris International's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Philip Morris International has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Philip Morris International Company Filings, last reported 3 weeks ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-06-30 | -9,409.00 | 29,889.00 | 4,008.00 |
| 2019-03-31 | -10,185.00 | 30,264.00 | 3,081.00 |
| 2018-12-31 | -10,739.00 | 31,759.00 | 6,593.00 |
| 2018-09-30 | -9,942.00 | 31,766.00 | 5,880.00 |
| 2018-06-30 | -10,168.00 | 31,665.00 | 6,587.00 |
| 2018-03-31 | -10,482.00 | 34,848.00 | 7,200.00 |
| 2017-12-31 | -10,230.00 | 34,339.00 | 8,447.00 |
| 2017-09-30 | -9,633.00 | 33,975.00 | 7,667.00 |
| 2017-06-30 | -10,277.00 | 31,747.00 | 6,197.00 |
| 2017-03-31 | -10,557.00 | 31,346.00 | 5,076.00 |
| 2016-12-31 | -10,900.00 | 29,067.00 | 4,239.00 |
| 2016-09-30 | -10,317.00 | 30,087.00 | 4,884.00 |
| 2016-06-30 | -10,799.00 | 29,969.00 | 3,814.00 |
| 2016-03-31 | -10,894.00 | 29,793.00 | 2,944.00 |
| 2015-12-31 | -11,476.00 | 28,480.00 | 3,417.00 |
| 2015-09-30 | -12,226.00 | 28,907.00 | 2,393.00 |
| 2015-06-30 | -11,798.00 | 29,202.00 | 1,838.00 |
| 2015-03-31 | -12,246.00 | 30,585.00 | 1,524.00 |
| 2014-12-31 | -11,203.00 | 29,455.00 | 1,682.00 |
| 2014-09-30 | -8,677.00 | 28,843.00 | 2,043.00 |
| 2014-06-30 | -7,847.00 | 29,509.00 | 1,541.00 |
| 2014-03-31 | -7,157.00 | 29,679.00 | 1,823.00 |
| 2013-12-31 | -6,274.00 | 27,678.00 | 2,154.00 |
| 2013-09-30 | -5,908.00 | 26,800.00 | 3,382.00 |
| 2013-06-30 | -3,929.00 | 25,499.00 | 3,586.00 |
| 2013-03-31 | -2,732.00 | 25,598.00 | 3,981.00 |
| 2012-12-31 | -1,853.00 | 22,839.00 | 2,983.00 |
| 2012-09-30 | 116.00 | 22,436.00 | 4,817.00 |
- Philip Morris International has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
- Irrelevant to check if Philip Morris International's debt level has increased considering it has negative shareholder equity.
- Debt is well covered by operating cash flow (32%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 19.3x coverage).
Financial health checks
We assess Philip Morris International's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Philip Morris International has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
PM Dividends
What is Philip Morris International's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Philip Morris International
shares you are expected to receive
$103
in your first year as a dividend.
Dividend Amount
- Philip Morris International's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
- Philip Morris International's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 18 Analyst Estimates (S&P Global) | See Below |
| Global Tobacco Industry Average Dividend Yield | Market Cap Weighted Average of 10 Stocks | 5.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2016 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 5.63 | 2.00 |
| 2022-12-31 | 5.34 | 2.00 |
| 2021-12-31 | 5.27 | 10.00 |
| 2020-12-31 | 4.91 | 16.00 |
| 2019-12-31 | 4.67 | 15.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-06-07 | 4.560 | 5.741 |
| 2019-03-07 | 4.560 | 5.343 |
| 2018-12-06 | 4.560 | 5.982 |
| 2018-09-12 | 4.560 | 5.359 |
| 2018-06-08 | 4.560 | 5.573 |
| 2018-03-08 | 4.280 | 4.817 |
| 2017-12-07 | 4.280 | 4.065 |
| 2017-09-13 | 4.280 | 3.965 |
| 2017-06-09 | 4.160 | 3.536 |
| 2017-03-09 | 4.160 | 3.651 |
| 2016-12-07 | 4.160 | 4.288 |
| 2016-09-14 | 4.160 | 4.408 |
| 2016-06-09 | 4.080 | 4.068 |
| 2016-03-10 | 4.080 | 4.117 |
| 2015-12-09 | 4.080 | 4.564 |
| 2015-09-16 | 4.080 | 4.789 |
| 2015-06-11 | 4.000 | 4.857 |
| 2015-03-11 | 4.000 | 4.924 |
| 2014-12-10 | 4.000 | 4.853 |
| 2014-09-10 | 4.000 | 4.647 |
| 2014-06-11 | 3.760 | 4.400 |
| 2014-03-12 | 3.760 | 4.463 |
| 2013-12-11 | 3.760 | 4.592 |
| 2013-09-11 | 3.760 | 4.283 |
| 2013-06-12 | 3.400 | 3.882 |
| 2013-03-13 | 3.400 | 3.643 |
| 2012-12-12 | 3.400 | 3.833 |
| 2012-09-12 | 3.400 | 3.813 |
| 2012-06-13 | 3.080 | 3.443 |
| 2012-05-04 | 3.080 | 3.626 |
| 2011-12-07 | 3.080 | 3.771 |
| 2011-09-14 | 3.080 | 4.469 |
| 2011-06-08 | 2.560 | 3.751 |
| 2011-03-09 | 2.560 | 3.828 |
| 2010-12-08 | 2.560 | 4.329 |
| 2010-09-10 | 2.560 | 4.444 |
| 2010-06-09 | 2.320 | 4.673 |
| 2010-03-11 | 2.320 | 4.750 |
| 2009-12-09 | 2.320 | 4.758 |
| 2009-09-15 | 2.320 | 4.707 |
| 2009-06-10 | 2.160 | 4.806 |
| 2009-03-12 | 2.160 | 5.516 |
| 2008-12-16 | 2.160 | 5.640 |
| 2008-08-29 | 2.160 | 4.875 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Philip Morris International's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are not well covered by earnings (1.1x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
Income/ dividend checks
We assess Philip Morris International's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Philip Morris International afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Philip Morris International has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
PM Management
CEO
| COMPENSATION | $15,934,235 |
| AGE | 61 |
| TENURE AS CEO | 6.2 years |
CEO Bio
Mr. André Calantzopoulos has been the Chief Executive Officer of Philip Morris International Inc. since May 8, 2013. Mr. Calantzopoulos served as the Chief Operating Officer of Philip Morris International, Inc. from March 28, 2008 to May 8, 2013. He joined PMI in 1985 as Business Development Analyst in the Business Development Department. In 1987, he transferred to the Area Operations Department. He served as the Chief Executive Officer and President of Philip Morris International, Inc. since March 2002. In 1990, he served as General Manager of Philip Morris Finland and has served a number of general management positions. In 1991, he served as General Manager for PMI in Czechoslovakia, where he played a key role in the acquisition of Tabak a. s. in 1992. Since 1992, he served as Area Director of Central Europe, covering the former Yugoslavia, Romania and Bulgaria and in 1993, Area Director of Hungary & Central Europe South. Since 1995, he served as Area Director of Poland & Hungary. He was instrumental in PMI's acquisition of local tobacco company ZPT in Krakow, Poland. Since 1996, he served as Managing Director of Poland, where he successfully managed the integration and change management process of PMI's largest acquisition in Central Europe. Since February 1999, he served as the President of PMI's Eastern Europe Region. Before joining PMI, he served as a Design Engineer for the automotive industry. He has been a Director of Philip Morris International, Inc. since May 8, 2013. Previously, he served as a Director of Philip Morris International Inc. until March 27, 2008. He holds an Electrical Engineering degree from Swiss Federal Institute of Technology in Lausanne and an MBA from INSEAD in France.
CEO Compensation
- André's compensation has been consistent with company performance over the past year, both up more than 20%.
- André's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Philip Morris International management team in years:
- The average tenure for the Philip Morris International management team is less than 2 years, this suggests a new team.
Management Team
André Calantzopoulos
CEO & Director
$16M
61
6.2 yrs
Martin King
Chief Financial Officer
$4M
55
1.5 yrs
Jacek Olczak
Chief Operating Officer
$6M
54
1.5 yrs
Marc Firestone
President of External Affairs & General Counsel
$6M
60
7.1 yrs
Mirek Zielinski
Chief New Ventures Officer
$5M
58
1.5 yrs
Frank De Rooij
Vice President of Treasury & Corporate Finance
53
Michael Voegele
Chief Technology Officer
46
0.4 yrs
Patrick Brunel
Chief Information Officer
54
Manuel Peitsch
Chief Science Officer
Nicholas Rolli
Vice President of Investor Relations and Financial Communications
Board of Directors Tenure
Average tenure and age of the Philip Morris International board of directors in years:
- The tenure for the Philip Morris International board of directors is about average.
Board of Directors
Louis Camilleri
Non-Executive Chairman
$700K
64
4.6 yrs
André Calantzopoulos
CEO & Director
$16M
61
6.2 yrs
Jennifer Li
Independent Director
$335K
51
9.2 yrs
Kalpana Morparia
Independent Director
$335K
70
7.6 yrs
Jun Makihara
Independent Director
$335K
61
4.8 yrs
Frederik Paulsen
Director
68
4.8 yrs
Werner Geissler
Independent Director
$335K
66
4.5 yrs
Lucio Noto
Independent Presiding Director
$325K
80
Stephen Wolf
Independent Director
$300K
78
11.5 yrs
Robert Polet
Independent Director
$300K
64
7.8 yrs
Who owns this company?
Recent Insider Trading
- Philip Morris International individual insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 31. May 19 | Buy | Michael Kunst | Individual | 29. May 19 | 31. May 19 | 1,000 | $80.74 | $79,655 | ||
| 30. Apr 19 | Buy | Michael Kunst | Individual | 29. Apr 19 | 29. Apr 19 | 2,500 | $84.67 | $211,675 | ||
| 26. Apr 19 | Sell | Louis Camilleri | Individual | 24. Apr 19 | 24. Apr 19 | -70,000 | $83.54 | $-5,848,101 | ||
| 24. Apr 19 | Sell | Mario Masseroli | Individual | 22. Apr 19 | 22. Apr 19 | -1,200 | $84.32 | $-101,185 | ||
| 22. Feb 19 | Sell | André Calantzopoulos | Individual | 21. Feb 19 | 21. Feb 19 | -50,000 | $84.76 | $-4,237,750 | ||
| 30. Nov 18 | Sell | Louis Camilleri | Individual | 29. Nov 18 | 29. Nov 18 | -59,495 | $86.98 | $-5,174,905 | ||
Management checks
We assess Philip Morris International's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Philip Morris International has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
PM News
Simply Wall St News
What Do You Get For Owning Philip Morris International Inc (NYSE:PM)?
and want to better understand how you can grow your money by investing in Philip Morris International Inc (NYSE:PM). … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Therefore, looking at how efficiently Philip Morris International is able to use capital to create earnings will help us understand your potential return.
Simply Wall St - – Full articleDo You Know Who Else Invests In Philip Morris International Inc (NYSE:PM)?
In this article, I will take a quick look at Philip Morris International Inc’s (NYSE:PM) recent ownership structure – an unconventional investing subject, but an important one. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment. … Therefore, it is beneficial for us to examine PM's ownership structure in more detail.
Simply Wall St - – Full articleWhat Should You Know About Philip Morris International Inc's (NYSE:PM) Capital Returns?
and looking to gauge the potential return on investment in Philip Morris International Inc (NYSE:PM). … Thus, to understand how your money can grow by investing in Philip Morris International, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE) … Philip Morris International's Return On Capital Employed
Simply Wall St - – Full articleIs There An Opportunity With Philip Morris International Inc's (NYSE:PM) 25.5% Undervaluation?
Today I will be providing a simple run through of a valuation method used to estimate the attractiveness of Philip Morris International Inc (NYSE:PM) as an investment opportunity. … by taking the expected future cash flows and discounting them to their present value. … If you are reading this and its not July 2018 then I highly recommend you check out the latest calculation for Philip Morris International by following the link below.
Simply Wall St - – Full article2 Days Left Before Philip Morris International Inc (NYSE:PM) Will Start Trading Ex-Dividend, Should You Buy?
Have you been keeping an eye on Philip Morris International Inc's (NYSE:PM) upcoming dividend of $1.14 per share payable on the 11 July 2018? … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Let's take a look at Philip Morris International's most recent financial data to examine its dividend characteristics in more detail.
Simply Wall St - – Full articleHow Does Philip Morris International Inc (NYSE:PM) Fare As A Dividend Stock?
The company currently pays out a dividend yield of 5.74% to shareholders, making it a relatively attractive dividend stock. … Does tick all the boxes of a great dividend stock? … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:
Simply Wall St - – Full articleWho Are The Top Investors In Philip Morris International Inc (NYSE:PM)?
See our latest analysis for Philip Morris International NYSE:PM Ownership_summary Jun 7th 18 Institutional Ownership In PM's case, institutional ownership stands at 73.10%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade. … However, an ownership of this size may be relatively insignificant, meaning that these shareholders may not have the potential to influence PM's business strategy. … Thus, investors not need worry too much about the consequences of these holdings.Next Steps: PM's considerably high level of institutional ownership calls for further analysis into its margin of safety.
Simply Wall St - – Full articleDoes Philip Morris International Inc (NYSE:PM) Fall With The Market?
Philip Morris International's beta of 0.91 indicates that the stock value will be less variable compared to the whole stock market. … PM’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio. … However, this is the opposite to what PM’s actual beta value suggests, which is lower stock volatility relative to the market.
Simply Wall St - – Full articleWith A -14.59% Earnings Drop, Did Philip Morris International Inc (NYSE:PM) Really Underperform?
Today I will examine Philip Morris International Inc's (NYSE:PM) latest earnings update (31 March 2018) and compare these figures against its performance over the past couple of years, in addition to how the rest of PM's industry performed. … Check out our latest analysis for Philip Morris International Was PM's recent earnings decline indicative of a tough track record? … For Philip Morris International, its latest earnings (trailing twelve month) is US$5.99B, which, in comparison to last year’s level, has dropped by -14.59%.
Simply Wall St - – Full articleWhat To Know Before Buying Philip Morris International Inc (NYSE:PM) For Its Dividend
Over the past 10 years Philip Morris International Inc (NYSE:PM) has returned an average of 4.00% per year from dividend payouts. … Check out our latest analysis for Philip Morris International Here's how I find good dividend stocks If you are a dividend investor, you should always assess these five key metrics: Is its annual yield among the top 25% of dividend-paying companies? … NYSE:PM Historical Dividend Yield Apr 27th 18 How does Philip Morris International fare?
Simply Wall St - – Full articlePM Company Info
Description
Philip Morris International Inc., through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands. It also sells its products under the Marlboro, Parliament, Bond Street, Chesterfield, L&M, Lark, and Philip Morris brands. In addition, the company owns various cigarette brands, such as Dji Sam Soe, Sampoerna A, and Sampoerna U in Indonesia; Fortune and Jackpot in the Philippines; and Belmont and Canadian Classics in Canada. It markets and sells its products in the European Union, Eastern Europe, the Middle East, Africa, South and Southeast Asia, East Asia, Australia, Latin America, and Canada. The company was incorporated in 1987 and is headquartered in New York, New York.
Details
| Name: | Philip Morris International Inc. |
| PM | |
| Exchange: | NYSE |
| Founded: | 1987 |
| $138,046,383,420 | |
| 1,555,802,811 | |
| Website: | http://www.pmi.com |
| Address: |
Philip Morris International Inc. 120 Park Avenue, New York, New York, 10017, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | PM | Common Shares | New York Stock Exchange | US | USD | 17. Mar 2008 | |
| DB | 4I1 | Common Shares | Deutsche Boerse AG | DE | EUR | 17. Mar 2008 | |
| LSE | 0M8V | Common Shares | London Stock Exchange | GB | EUR | 17. Mar 2008 | |
| SWX | PMI | Common Shares | SIX Swiss Exchange | CH | CHF | 17. Mar 2008 | |
| WBAG | PMOR | Common Shares | Wiener Boerse AG | AT | EUR | 17. Mar 2008 | |
| BMV | PM * | Common Shares | Bolsa Mexicana de Valores | MX | MXN | 17. Mar 2008 | |
| BATS-CHIXE | PMIZ | Common Shares | BATS 'Chi-X Europe' | GB | CHF | 17. Mar 2008 |
Number of employees
Current staff
Industry
| Tobacco | |
| Food, Beverage & Tobacco |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/07/21 00:20 |
| End of day share price update: | 2019/07/19 00:00 |
| Last estimates confirmation: | 2019/07/20 |
| Last earnings filing: | 2019/07/18 |
| Last earnings reported: | 2019/06/30 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
