Altria
MO · Tobacco
$74.31
2.3%Philip Morris International
PM · Tobacco
$199.47
1.1%The short version
- Philip Morris International is the larger business, with $40.6B of revenue in fiscal 2025 against $23.3B for Altria, about 1.7 times as much.
- Philip Morris International grew revenue faster (7.3%, against −3.1%).
- Altria kept more of each dollar of sales as operating profit (42.5% operating margin, against 36.6% operating margin).
- Altria turned more of its sales into free cash flow (39.0% FCF margin, against 26.2% FCF margin).
- Altria earned a higher return on the capital invested in it (39.2%, against 35.4%).
- Investors pay more for each dollar of Philip Morris International’s earnings: a P/E of 29.1x against 15.6x for Altria.
| Latest fiscal year | MO · FY25 | PM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $124.1B | $311.2B |
| Revenue | $23.3B | $40.6B |
| Free cash flow | $9.1B | $10.7B |
| Net income | $6.9B | $11.3B |
| Growth | ||
| Revenue growth | −3.1% | 7.3% |
| 5-year growth | −2.3% | 7.2% |
| Share count change | −2.0% | 0.1% |
| Profitability | ||
| Gross margin | 62.5% | 67.1% |
| Operating margin | 42.5% | 36.6% |
| Net margin | 29.8% | 27.9% |
| FCF margin | 39.0% | 26.2% |
| Return on capital | 39.2% | 35.4% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $21.2B | $44.0B |
| Net debt / EBITDA | 2.1x | 2.6x |
| Dividends and buybacks | $8.0B | $8.6B |
| Valuation & quality | ||
| P/E | 15.6x | 29.1x |
| Piotroski F-score | 7 | 7 |
FY16
MO $25.7B
PM $26.7B
FY17
MO $25.6B
PM $28.7B
FY18
MO $25.4B
PM $29.6B
FY19
MO $25.1B
PM $29.8B
FY20
MO $26.2B
PM $28.7B
FY21
MO $26.0B
PM $31.4B
FY22
MO $25.1B
PM $31.8B
FY23
MO $24.5B
PM $35.2B
FY24
MO $24.0B
PM $37.9B
FY25
MO $23.3B
PM $40.6B
MO
PM
FY16
MO 34.0%
PM 40.9%
FY17
MO 37.5%
PM 40.3%
FY18
MO 35.9%
PM 38.4%
FY19
MO 41.1%
PM 35.3%
FY20
MO 41.6%
PM 40.7%
FY21
MO 44.4%
PM 41.3%
FY22
MO 47.5%
PM 38.6%
FY23
MO 47.2%
PM 32.9%
FY24
MO 46.8%
PM 35.4%
FY25
MO 42.5%
PM 36.6%
MO
PM
FY16
MO $3.6B
PM $6.9B
FY17
MO $4.7B
PM $7.4B
FY18
MO $8.2B
PM $8.0B
FY19
MO $7.6B
PM $9.2B
FY20
MO $8.2B
PM $9.2B
FY21
MO $8.2B
PM $11.2B
FY22
MO $8.1B
PM $9.7B
FY23
MO $9.1B
PM $7.9B
FY24
MO $8.6B
PM $10.8B
FY25
MO $9.1B
PM $10.7B
MO
PM
FY16
MO 32.2%
PM 57.2%
FY17
MO 38.3%
PM 46.4%
FY18
MO 20.2%
PM 58.3%
FY19
MO 14.5%
PM 55.7%
FY20
MO 23.6%
PM 64.8%
FY21
MO 30.3%
PM 70.6%
FY22
MO 45.8%
PM 40.6%
FY23
MO 45.5%
PM 26.0%
FY24
MO 48.0%
PM 30.1%
FY25
MO 39.2%
PM 35.4%
MO
PM
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.