--- title: Philip Morris (PM) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/pm ticker: PM as_of: 2026-10-17 sector: Consumer Defensive industry: Tobacco --- # Philip Morris (PM) Philip Morris (PM) closed at $205.20 on Oct 16, 2026, overvalued by 19% vs its model value of $172.32 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $205.20 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $172.32 | | Price vs model | overvalued by 19% vs model | | Range of that model | $97.05 – $545.45 | | Market value | $319.8B | | P/E (fiscal 2025) | 28.3 | | Net margin (fiscal 2025) | 27.9% | | Free cash flow (fiscal 2025) | $10.7B | | Dividend yield (trailing twelve months) | 2.93% | | Beta | 0.36 | | Cost of capital (WACC) | 7.01% | | Business classification | Dividend Payer (Low/slowing growth (~8% recent), High profitability (28% net margin), Pays dividends, Highly cyclical earnings, High leverage (D/E 5.0x)) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Largest companies | #37 | $319.8B | https://sweetvaluelab.com/lists/largest-companies | | Near 52-week highs | #26 | −0.2% | https://sweetvaluelab.com/lists/near-52-week-highs | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 2.93% | | Dividends per share, last 12 months | $6.01 | | Dividends / free cash flow (fiscal 2025) | 80.9% | | Raised | 13 years in a row | | Growth over 5 years | 4.4% a year | | Latest payment | $1.60, ex-date Oct 2, 2026, paid Oct 26, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Sep 28, 2021 | $4.85 | | To Sep 27, 2022 | $5.02 | | To Sep 26, 2023 | $5.11 | | To Sep 26, 2024 | $5.25 | | To Oct 3, 2025 | $5.52 | | Trailing twelve months (to Oct 2, 2026) | $6.01 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $172.32 | $97.05 | $545.45 | | DCF · Perpetuity growth · 10y | cross check | $187.82 | $109.76 | $569.55 | | DCF · EBITDA exit · 5y | cross check | $114.17 | $65.00 | $172.42 | | DCF · EBITDA exit · 10y | cross check | $136.41 | $83.93 | $207.33 | | P/E · peers | cross check | $112.10 | $102.38 | $127.62 | | P/E · own history | cross check | $149.10 | $132.61 | $203.77 | | PEG | sanity check | $112.22 | $112.22 | $112.22 | | EV/EBITDA · peers | cross check | $121.34 | $119.79 | $146.11 | | EV/Revenue · peers | cross check | $114.62 | $110.17 | $155.00 | | Earnings power value | cross check | $36.98 | $25.49 | $54.73 | | Dividend discount | cross check | $138.98 | $90.49 | $256.21 | ## Insider activity (SEC Form 4) No open-market insider buys or sales filed in the past 90 days. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | May 6, 2026 | Combes Michel | Director | Grant / award | 1,119 | $190,151.7 | | May 6, 2026 | Geissler Werner | Director | Grant / award | 1,119 | $190,151.7 | | May 6, 2026 | Morparia Kalpana | Director | Grant / award | 1,119 | $190,151.7 | | May 6, 2026 | Harker Victoria D | Director | Grant / award | 1,119 | $190,151.7 | | May 6, 2026 | Polet Robert | Director | Grant / award | 1,119 | $190,151.7 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Sep 18, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1413329/000162828026062621/pm-20260918.htm | | Sep 8, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1413329/000162828026060822/pm-20260908.htm | | Sep 8, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1413329/000162828026060806/pm-20260908.htm | | Aug 24, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1413329/000162828026058513/pm-20260824.htm | | Jul 24, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1413329/000162828026049493/pm-20260630.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | First Eagle | 2026-06-30 | 5,925,468 | $1.1B | | Thomas Russo | 2026-06-30 | 4,530,846 | $819.7M | | Terry Smith | 2026-06-30 | 2,913,693 | $527.1M | | Lee Ainslie | 2026-06-30 | 1,457,059 | $263.6M | 11 tracked managers in all. ## About Philip Morris International Inc. functions as a prominent tobacco enterprise, actively working toward a smoke-free future. The company is strategically diversifying its long-term product range to incorporate items beyond traditional tobacco and nicotine. Its primary business involves both conventional cigarettes and an expanding array of smoke-free alternatives, such as innovative heat-not-burn devices, vapor products, and oral nicotine solutions. These offerings are distributed in markets worldwide, with the exception of the United States. The smoke-free portfolio includes brands like HEETS (encompassing Creations, Dimensions, Marlboro variants), Parliament HeatSticks, and TEREA, in addition to KT&G-licensed brands Fiit and Miix. For conventional cigarettes, the company sells internationally recognized brands such as Marlboro, Parliament, Bond Street, Chesterfield, L&M, Lark, and Philip… --- Source: https://sweetvaluelab.com/stocks/pm (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.