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Held by 1,086 of 2,417 reporting institutions (100th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 3 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PM | $325.4B | 28.8× | 21.7× | 8.0× | 7.3% | 67.1% | 27.9% | -114% | 32.1% | 2.4× | 1,086 |
| MO | $129.8B | 18.9× | 14.9× | 5.6× | -3.1% | 62.5% | 29.8% | -198% | 31.3% | 2.1× | 912 |
| RLX | $2.0B | 16.1× | 23.6× | 3.5× | 50.3% | 29.9% | 23.3% | 5.9% | 5.9% | -14.7× | 12 |
| TPB | $1.3B | 21.6× | — | 2.9× | 28.4% | 57.1% | 12.6% | 15.6% | 8.7% | — | 32 |
Peers = companies sharing PM's sector (Cigarettes) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 81% of free cash flow — sustainable but with limited headroom. Last year: $8.62B dividends + $0 buybacks = $8.62B returned on $10.66B FCF.
9 consecutive years of dividend increases · 3%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 32%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $208.79 today, the market must believe free cash flow compounds 9.1%/yr for a decade (off $9.77B on the 3-yr avg basis).
The market's 9.1% is more optimistic than its 9-yr track record.
Default is 7.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.56B shares (market data) · net debt $40.43B
mean 6.2% · volatility σ 17% · implied rate exceeded in 4/9 yrs
Central path = implied 9.1%/yr growth; shaded band = ±1σ (17%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $4.87B covers the $3.54B due within a year 1.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.5% on $45.30B of debt.
Cash of $4.87B fully covers short-term debt of $168.0M.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.65B 100.0% | $37.88B 100.0% | $35.17B 100.0% | $31.76B 100.0% | $31.41B 100.0% | $28.69B 100.0% | $29.80B 100.0% | $29.63B 100.0% | $28.75B 100.0% | $26.68B 100.0% |
| Cost of Revenue | $13.37B 32.9% | $13.33B 35.2% | $12.89B 36.7% | $11.40B 35.9% | $10.03B 31.9% | $9.57B 33.3% | $10.51B 35.3% | $10.76B 36.3% | $10.43B 36.3% | $9.39B 35.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $10.43B 36.3% | $9.39B 35.2% |
| Gross Profit | $27.28B 67.1% | $24.55B 64.8% | $22.28B 63.3% | $20.36B 64.1% | $21.38B 68.1% | $19.13B 66.7% | $19.29B 64.7% | $18.87B 63.7% | $18.32B 63.7% | $17.29B 64.8% |
| Research & Development | $756.0M 1.9% | $759.0M 2.0% | $709.0M 2.0% | $642.0M 2.0% | $617.0M 2.0% | $495.0M 1.7% | $465.0M 1.6% | $383.0M 1.3% | $453.0M 1.6% | $429.0M 1.6% |
| Selling, General & Admin | — | — | — | — | — | — | — | — | $164.0M 0.6% | $161.0M 0.6% |
| Operating Income | $14.89B 36.6% | $13.40B 35.4% | $11.56B 32.9% | $12.25B 38.6% | $12.97B 41.3% | $11.67B 40.7% | $10.53B 35.3% | $11.38B 38.4% | $11.58B 40.3% | $10.90B 40.9% |
| Interest Expense | $1.59B 3.9% | $1.76B 4.7% | $1.53B 4.3% | $768.0M 2.4% | $737.0M 2.3% | $728.0M 2.5% | $796.0M 2.7% | $855.0M 2.9% | $1.10B 3.8% | $1.07B 4.0% |
| Interest & Investment Income | $621.0M 1.5% | $620.0M 1.6% | $465.0M 1.3% | $180.0M 0.6% | $109.0M 0.3% | $110.0M 0.4% | $226.0M 0.8% | $190.0M 0.6% | $182.0M 0.6% | $178.0M 0.7% |
| Pretax Income | $13.88B 34.1% | $12.20B 32.2% | $10.45B 29.7% | $11.63B 36.6% | $12.23B 38.9% | $10.95B 38.2% | $9.87B 33.1% | $10.67B 36.0% | $10.59B 36.8% | $9.92B 37.2% |
| Income Tax Expense | $2.74B 6.7% | $3.02B 8.0% | $2.34B 6.6% | $2.24B 7.1% | $2.67B 8.5% | $2.38B 8.3% | $2.29B 7.7% | $2.44B 8.3% | $4.31B 15.0% | $2.77B 10.4% |
| Net Income | $11.35B 27.9% | $7.06B 18.6% | $7.81B 22.2% | $9.05B 28.5% | $9.11B 29.0% | $8.06B 28.1% | $7.18B 24.1% | $7.91B 26.7% | $6.04B 21.0% | $6.97B 26.1% |
| Per Share | ||||||||||
| EPS (Basic) | $7.27 | $4.53 | $5.02 | $5.82 | $5.83 | $5.16 | $4.61 | $5.08 | $3.88 | $4.48 |
| EPS (Diluted) | $7.26 | $4.52 | $5.02 | $5.81 | $5.83 | $5.16 | $4.61 | $5.08 | $3.88 | $4.48 |
| Weighted Avg Shares (Basic) | 1.56B | 1.55B | 1.55B | 1.55B | 1.56B | 1.56B | 1.55B | 1.55B | 1.55B | 1.55B |
| Weighted Avg Shares (Diluted) | 1.56B | 1.56B | 1.55B | 1.55B | 1.56B | 1.56B | 1.56B | 1.55B | 1.55B | 1.55B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -114% against ROIC 32% — -146% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 36.3 | 35.3 | 33.3 | 31.9 | 35.9 | 36.7 | 35.2 | 32.9 |
| Gross Profit | 63.7 | 64.7 | 66.7 | 68.1 | 64.1 | 63.3 | 64.8 | 67.1 |
| R&D | 1.3 | 1.6 | 1.7 | 2.0 | 2.0 | 2.0 | 2.0 | 1.9 |
| Operating Income | 38.4 | 35.3 | 40.7 | 41.3 | 38.6 | 32.9 | 35.4 | 36.6 |
| Income Tax | 8.3 | 7.7 | 8.3 | 8.5 | 7.1 | 6.6 | 8.0 | 6.7 |
| Net Income | 26.7 | 24.1 | 28.1 | 29.0 | 28.5 | 22.2 | 18.6 | 27.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PM: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 29.12pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 82.5% | 7.2% (today's — no rate published for this year) | 75.4pts |
| FY2020 | 92.1% | 7.2% (today's — no rate published for this year) | 84.9pts |
| FY2021 | 87.2% | 5.6% | 81.5pts |
| FY2022 | 32.2% | 7.2% | 25.0pts |
| FY2023 | 29.7% | 7.3% | 22.4pts |
| FY2024 | 37.6% | 6.8% | 30.8pts |
| FY2025 | 36.2% | 6.4% | 29.8pts |
| Now | 32.1% | 7.2% | 25.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 64.8% | 40.9% | 26.1% |
| FY2017 | 63.7% | 40.3% | 21.0% |
| FY2018 | 63.7% | 38.4% | 26.7% |
| FY2019 | 64.7% | 35.3% | 24.1% |
| FY2020 | 66.7% | 40.7% | 28.1% |
| FY2021 | 68.1% | 41.3% | 29.0% |
| FY2022 | 64.1% | 38.6% | 28.5% |
| FY2023 | 63.3% | 32.9% | 22.2% |
| FY2024 | 64.8% | 35.4% | 18.6% |
| FY2025 | 67.1% | 36.6% | 27.9% |
$16.8B of goodwill — 53% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 76.56% against 36.27% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.16x of reported profit into free cash flow over 5 years, with accruals negative.
Capex has been below depreciation for 3 consecutive years (0.86x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 6.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 9.38x |
| 5% | 8.91x |
| 10% | 8.45x |
| 15% | 7.98x |
| 20% | 7.51x |
| 25% | 7.04x |
| 30% | 6.57x |
| 35% | 6.10x |
| 40% | 5.63x |
| 45% | 5.16x |
| 50% | 4.69x |
| 55% | 4.22x |
| 60% | 3.75x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $208.79, free cash flow must compound 9.12%/yr for 10 years. It has done 2.42%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −0.3% | 9.1% |
| FY2021 | 21.8% | 9.1% |
| FY2022 | −13.3% | 9.1% |
| FY2023 | −18.9% | 9.1% |
| FY2024 | 36.7% | 9.1% |
| FY2025 | −1.0% | 9.1% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $11.35B | $11.35B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $885M | $12.23B |
| Operating cash flow | $12.23B | $12.23B |
| Capex | −$1.57B | $10.66B |
| Free cash flow | $10.66B | $10.66B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -3.7% | -5.7% | -1.9 points |
| FY2021 | 9.4% | 7.5% | -1.9 points |
| FY2022 | 1.1% | 23.3% | 22.1 points |
| FY2023 | 10.7% | -10.1% | -20.8 points |
| FY2024 | 7.7% | 9.5% | 1.8 points |
| FY2025 | 7.3% | 20.7% | 13.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 37.7 days | 320.6 days | 79.8 days | 278.5 days |
| FY2020 | 37 days | 365.8 days | 106 days | 296.8 days |
| FY2021 | 36.3 days | 317.3 days | 121.2 days | 232.4 days |
| FY2022 | 44.2 days | 316.5 days | 130.5 days | 230.2 days |
| FY2023 | 35.9 days | 305 days | 117.3 days | 223.6 days |
| FY2024 | 36.5 days | 258.9 days | 108.2 days | 187.2 days |
| FY2025 | 41.1 days | 313.4 days | 120.3 days | 234.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -6.8 percent |
| FY2020 | -3.9 percent |
| FY2021 | -6.9 percent |
| FY2022 | -2.9 percent |
| FY2023 | -2.1 percent |
| FY2024 | -8.3 percent |
| FY2025 | -1.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 3 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-06 | Geissler Werner Director | Grant | 1,119 | $169.93 | $190k |
| 2026-05-06 | Morparia Kalpana Director | Grant | 1,119 | $169.93 | $190k |
| 2026-05-06 | Combes Michel Director | Grant | 1,119 | $169.93 | $190k |
| 2026-05-06 | Harker Victoria D Director | Grant | 1,119 | $169.93 | $190k |
| 2026-05-06 | Polet Robert |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Grant |
| 1,119 |
| $169.93 |
| $190k |
| 2026-05-06 | Bough Bonin Director | Grant | 1,119 | $169.93 | $190k |
| 2026-05-06 | Hook Lisa Director | Grant | 1,119 | $169.93 | $190k |
| 2026-05-06 | Calantzopoulos Andre Director | Grant | 1,119 | $169.93 | $190k |
| 2026-05-06 | Yanai Shlomo Director | Grant | 1,119 | $169.93 | $190k |
| 2026-03-06 | Dobrowolski Reginaldo Group Controller | Tax withholdingindirect | 22 | $169.98 | $4k |
| 2026-02-20 | 2 co-filers CEO PMI U.S. | Open-market sale | 14,350 | $183.13 | $2.6m |
| 2026-02-20 | 4 co-filers Group Controller | Open-market sale | 5,000 | $183.46 | $917k |
| 2026-02-20 | 4 co-filers Group Controller | Open-market saleindirect | 1,000 | $183.58 | $184k |
| 2026-02-19 | 2 co-filers CEO PMI International | Open-market sale | 20,000 | $182.58 | $3.7m |
| 2026-02-19 | 2 co-filers Group Chief Financial Officer | Open-market sale | 33,800 | $181.61 | $6.1m |
| 2026-02-19 | 2 co-filers Group Chief Legal Officer | Open-market sale | 4,000 | $181.69 | $727k |
| 2026-02-19 | 2 co-filers Group CEO PMI | Open-market sale | 80,000 | $182.18 | $14.6m |
| 2026-02-18 | Calantzopoulos Andre Director | Tax withholding | 14,740 | $182.67 | $2.7m |
| 2026-02-18 | 2 co-filers Group Chief Financial Officer | Tax withholding | 2,228 | $182.67 | $407k |
| 2026-02-18 | 4 co-filers Group Controller | Tax withholding | 210 | $182.67 | $38k |
| 2026-02-18 | 2 co-filers Group Chief Legal Officer | Tax withholding | 176 | $182.67 | $32k |
| 2026-02-18 | 2 co-filers CEO PMI U.S. | Tax withholding | 4,324 | $182.67 | $790k |
| 2026-02-18 | 2 co-filers Group CEO PMI | Tax withholding | 6,121 | $182.67 | $1.1m |
| 2026-02-18 | 2 co-filers CEO PMI International | Tax withholding | 1,000 | $182.67 | $183k |
| 2026-02-18 | 4 co-filers Group Controller | Tax withholdingindirect | 40 | $182.67 | $7k |
| 2026-02-06 | 2 co-filers Group Chief Financial Officer | Grant | 11,340 | $172.93 | $2.0m |
| 2026-02-06 | 3 co-filers Group Controller | Grant | 1,960 | $172.93 | $339k |
| 2026-02-06 | 2 co-filers Group CEO PMI | Grant | 33,460 | $172.93 | $5.8m |
| 2026-02-06 | 2 co-filers CEO PMI U.S. | Grant | 4,430 | $172.93 | $766k |
| 2026-02-06 | 2 co-filers Group Chief Legal Officer | Grant | 5,050 | $172.93 | $873k |
| 2026-02-06 | 2 co-filers CEO PMI International | Grant | 10,640 | $172.93 | $1.8m |
| 2026-02-06 | 3 co-filers Group Controller | Grantindirect | 740 | $172.93 | $128k |
| 2026-02-05 | 2 co-filers CEO PMI International | Grant | 22,439 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers Group CEO PMI | Grant | 137,579 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers CEO PMI U.S. | Grant | 11,780 | $0.00 | $0 |
| 2026-02-05 | Calantzopoulos Andre Director | Grant | 40,052 | $0.00 | $0 |
| 2026-02-05 | 3 co-filers Group Controller | Grant | 3,838 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers Group Chief Financial Officer | Grant | 50,046 | $0.00 | $0 |
| 2026-02-05 | 2 co-filers Group Chief Legal Officer | Grant | 3,230 | $0.00 | $0 |