Philip Morris International Inc.

PM · Cigarettes · 1.56B shares · -0%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: $116M (gross $209M, SBC $93M)

Reference price $183.46 · est. market cap ~$285.9B — last insider sale, 2026-02-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

A88

Dominant global tobacco/smoke-free franchise with top-decile operating margin, returns and ~$10.7B free cash flow and strong pricing power.

Strengths

Top-decile operating margin 36.6% (96.4th), net margin 27.9% (90.7th), ROA 16.4% (95th)
$10.7B FCF (99th pct), 26% FCF margin and gross margin 67% with durable pricing power
Successful smoke-free transition (IQOS/oral) driving volume and operating-income growth

Risks

Negative book equity makes ROE (-1.13) an artifact and depresses current/quick ratios
Secular cigarette volume decline and intensifying global tobacco/SFP regulation and taxation
Litigation/excise exposure (e.g., German HTP surcharge)

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Weak liquidityCurrent ratio 0.96 (<1)
Strong balance sheetStrong balance sheet — $7.8B cash & investments
Insider sellingInsider selling — 7 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$29M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $10.1B2025-09-30 · $10.8B2025-12-31 · $10.4B2026-03-31 · $10.1B

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

67.1%

Operating margin

36.6%

Net margin

27.9%

Return on equity

-113.5%

Return on assets

16.4%

Revenue growth (QoQ)

-2.1%

Net-income growth

60.8%

Current ratio

1.0×

Free cash flow

$10.7B

EBITDA

$16.9B

Tangible book value

-$38.1B

Cash & investments

$7.8B

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-06	Geissler Werner	Grant	1.1K	$169.93
2026-05-06	Morparia Kalpana	Grant	1.1K	$169.93
2026-05-06	Harker Victoria D	Grant	1.1K	$169.93
2026-05-06	Polet Robert	Grant	1.1K	$169.93
2026-05-06	Bough Bonin	Grant	1.1K	$169.93
2026-05-06	Hook Lisa	Grant	1.1K	$169.93
2026-05-06	Calantzopoulos Andre	Grant	1.1K	$169.93
2026-05-06	Yanai Shlomo	Grant	1.1K	$169.93
2026-05-06	Combes Michel	Grant	1.1K	$169.93
2026-03-06	Dobrowolski Reginaldo	Tax withheld	22	$169.98
2026-02-20	Kennedy Stacey	Sell	14K	$183.13
2026-02-20	Dobrowolski Reginaldo	Sell	5.0K	$183.46
2026-02-20	Dobrowolski Reginaldo	Sell	1.0K	$183.58
2026-02-19	Guerin Yann	Sell	4.0K	$181.69
2026-02-19	Olczak Jacek	Sell	80K	$182.18
2026-02-19	De Wilde Frederic	Sell	20K	$182.58
2026-02-19	Babeau Emmanuel	Sell	34K	$181.61
2026-02-18	Olczak Jacek	Tax withheld	6.1K	$182.67
2026-02-18	Calantzopoulos Andre	Tax withheld	15K	$182.67
2026-02-18	De Wilde Frederic	Tax withheld	1.0K	$182.67
2026-02-18	Dobrowolski Reginaldo	Tax withheld	40	$182.67
2026-02-18	Guerin Yann	Tax withheld	176	$182.67
2026-02-18	Kennedy Stacey	Tax withheld	4.3K	$182.67
2026-02-18	Babeau Emmanuel	Tax withheld	2.2K	$182.67
2026-02-18	Dobrowolski Reginaldo	Tax withheld	210	$182.67
2026-02-06	De Wilde Frederic	Grant	11K	$172.93
2026-02-06	Olczak Jacek	Grant	33K	$172.93
2026-02-06	Kennedy Stacey	Grant	4.4K	$172.93
2026-02-06	Dobrowolski Reginaldo	Grant	2.0K	$172.93
2026-02-06	Dobrowolski Reginaldo	Grant	740	$172.93
2026-02-06	Babeau Emmanuel	Grant	11K	$172.93
2026-02-06	Guerin Yann	Grant	5.0K	$172.93
2026-02-05	Olczak Jacek	Grant	138K	—
2026-02-05	Babeau Emmanuel	Grant	50K	—
2026-02-05	Kennedy Stacey	Grant	12K	—
2026-02-05	De Wilde Frederic	Grant	22K	—
2026-02-05	Calantzopoulos Andre	Grant	40K	—
2026-02-05	Dobrowolski Reginaldo	Grant	3.8K	—
2026-02-05	Guerin Yann	Grant	3.2K	—
2025-05-07	Calantzopoulos Andre	Grant	1.0K	$174.82
2025-05-07	Temperley Dessislava	Grant	1.0K	$174.82
2025-05-07	Bough Bonin	Grant	1.0K	$174.82
2025-05-07	Harker Victoria D	Grant	1.0K	$174.82
2025-05-07	Morparia Kalpana	Grant	1.0K	$174.82
2025-05-07	Hook Lisa	Grant	1.0K	$174.82
2025-05-07	Combes Michel	Grant	1.0K	$174.82
2025-05-07	Geissler Werner	Grant	1.0K	$174.82
2025-05-07	Polet Robert	Grant	1.0K	$174.82
2025-05-07	Yanai Shlomo	Grant	1.0K	$174.82
2025-03-06	Dahlgren Lars	Sell	3.7K	$152.96
2025-02-24	Andolina Massimo	Sell	18K	$156.05
2025-02-20	Babeau Emmanuel	Sell	30K	$148.85
2025-02-20	Olczak Jacek	Sell	40K	$148.87
2025-02-20	Barth Werner	Sell	10K	$148.67
2025-02-20	Calantzopoulos Andre	Sell	41K	$149.06
2025-02-20	Guerin Yann	Sell	2.5K	$151.28
2025-02-19	Olczak Jacek	Tax withheld	4.4K	$148.74
2025-02-19	Volpetti Stefano	Tax withheld	1.5K	$148.74
2025-02-19	De Wilde Frederic	Tax withheld	7.5K	$148.74
2025-02-19	Babeau Emmanuel	Tax withheld	14K	$148.74
2025-02-19	Calantzopoulos Andre	Tax withheld	24K	$148.74
2025-02-19	Gkatzelis Vasileios	Tax withheld	1.1K	$148.74
2025-02-19	Barth Werner	Tax withheld	791	$148.74
2025-02-19	Guerin Yann	Tax withheld	193	$148.74
2025-02-19	Andolina Massimo	Tax withheld	823	$148.74
2025-02-19	Dahlgren Lars	Tax withheld	6.9K	$149.80
2025-02-19	Dobrowolski Reginaldo	Tax withheld	205	$148.74
2025-02-19	Dobrowolski Reginaldo	Tax withheld	42	$148.74
2025-02-19	Kennedy Stacey	Tax withheld	4.4K	$148.74
2025-02-12	Dobrowolski Reginaldo	Sell	5.0K	$149.88
2025-02-12	Dobrowolski Reginaldo	Sell	3.0K	$149.41
2025-02-07	De Wilde Frederic	Sell	15K	$144.54
2025-02-06	Gkatzelis Vasileios	Grant	3.9K	$124.85
2025-02-06	De Wilde Frederic	Grant	12K	$124.85
2025-02-06	Andolina Massimo	Grant	6.8K	$124.85
2025-02-06	Kennedy Stacey	Grant	6.0K	$124.85
2025-02-06	Barth Werner	Grant	6.1K	$124.85
2025-02-06	Volpetti Stefano	Grant	6.8K	$124.85
2025-02-06	Dobrowolski Reginaldo	Grant	2.4K	$124.85
2025-02-06	Dobrowolski Reginaldo	Grant	870	$124.85
2025-02-06	Olczak Jacek	Grant	45K	$124.85
2025-02-06	Guerin Yann	Grant	6.2K	$124.85
2025-02-06	Babeau Emmanuel	Grant	14K	$124.85
2025-02-05	Gkatzelis Vasileios	Grant	2.5K	—
2025-02-05	De Wilde Frederic	Grant	18K	—
2025-02-05	Calantzopoulos Andre	Grant	64K	—
2025-02-05	Andolina Massimo	Grant	16K	—
2025-02-05	Dobrowolski Reginaldo	Grant	3.1K	—
2025-02-05	Dahlgren Lars	Grant	8.7K	—
2025-02-05	Kennedy Stacey	Grant	9.9K	—
2025-02-05	Babeau Emmanuel	Grant	41K	—
2025-02-05	Barth Werner	Grant	15K	—
2025-02-05	Guerin Yann	Grant	3.0K	—
2025-02-05	Volpetti Stefano	Grant	20K	—
2025-02-05	Olczak Jacek	Grant	87K	—

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-06-16	Exec/director changeExhibits	filing ↗
2026-06-11	Reg FDExhibits	filing ↗
2026-06-02	Reg FDExhibits	filing ↗
2026-05-20	Exec/director changeReg FDExhibits	filing ↗
2026-05-08	Shareholder vote	filing ↗
2026-05-06	Reg FDExhibits	filing ↗
2026-04-29	OtherExhibits	filing ↗
2026-04-22	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K/A	2026-06-16	2026-05-18	0001628280-26-043531 ↗
8-K	2026-06-11	2026-06-11	0001628280-26-042357 ↗
8-K	2026-06-02	2026-06-02	0001628280-26-039666 ↗
8-K	2026-05-20	2026-05-18	0001628280-26-036721 ↗
8-K	2026-05-08	2026-05-06	0001628280-26-032644 ↗
8-K	2026-05-06	2026-05-06	0001628280-26-030959 ↗
8-K	2026-04-29	2026-04-27	0001104659-26-051491 ↗
10-Q	2026-04-24	2026-03-31	0001628280-26-027019 ↗
8-K	2026-04-22	2026-04-22	0001628280-26-026385 ↗
8-K	2026-03-13	2026-03-13	0001628280-26-017497 ↗
8-K	2026-03-05	2026-03-05	0001628280-26-014994 ↗
8-K	2026-02-18	2026-02-18	0001628280-26-008831 ↗