PMPhilip Morris International Inc.

Cigarettes

Revenue: $40.6B; 7.3% YoY
Operating margin: 36.6%; 3.5% YoY
EBITDA: $16.9B; 11% YoY
Market cap: $376.2B
Employees: 84,900; $479K revenue each
Net debt / EBITDA: 2.1×; $35.0B net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
108% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
70% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$479K per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$376.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$29M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$31.4B	$31.8B	$35.2B	$37.9B	$40.6B	7.3%
Operating income	$13.0B	$12.2B	$11.6B	$13.4B	$14.9B	11%
Net income	$9.1B	$9.0B	$7.8B	$7.1B	$11.3B	61%
Operating cash flow	$12.0B	$10.8B	$9.2B	$12.2B	$12.2B	0.1%
Capex	$748M	$1.1B	$1.3B	$1.4B	$1.6B	8.7%
Buybacks	$775M	$209M	$0	$0	—
Dividends	$7.6B	$7.8B	$8.0B	$8.2B	$8.6B	5.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $29M · 7
Net: −$29M

Pay vs performance

No pay-versus-performance disclosure yet.