Philip Morris International vs Universal
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The short version
- Philip Morris International is the larger business, with $40.6B of revenue in fiscal 2025 against $2.9B for Universal, about 14 times as much.
- Philip Morris International grew revenue faster (7.3%, against −1.3%).
- Philip Morris International kept more of each dollar of sales as operating profit (36.6% operating margin, against 5.8%).
- Philip Morris International turned more of its sales into free cash flow (26.2% FCF margin, against 2.8%).
- Philip Morris International earned a higher return on the capital invested in it (35.4%, against 4.0%).
- Investors pay more for each dollar of Universal’s earnings: a P/E of 51.7x against 29.1x for Philip Morris International.
| Latest fiscal year | PM · FY25 | UVV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $311.2B | $986M |
| Revenue | $40.6B | $2.9B |
| Free cash flow | $10.7B | $80.3M |
| Net income | $11.3B | $32.6M |
| Growth | ||
| Revenue growth | 7.3% | −1.3% |
| 5-year growth | 7.2% | 8.0% |
| Share count change | 0.1% | 0.2% |
| Profitability | ||
| Gross margin | 67.1% | 16.4% |
| Operating margin | 36.6% | 5.8% |
| Net margin | 27.9% | 1.1% |
| FCF margin | 26.2% | 2.8% |
| Return on capital | 35.4% | 4.0% |
| Return on equity | — | 2.3% |
| Balance sheet | ||
| Net debt | $44.0B | $842M |
| Net debt / EBITDA | 2.6x | 3.8x |
| Dividends and buybacks | $8.6B | $81.3M |
| Valuation & quality | ||
| P/E | 29.1x | 51.7x |
| Piotroski F-score | 7 | 5 |
Revenue
FY17
PM $28.7B
UVV $2.0B
FY18
PM $29.6B
UVV $2.0B
FY19
PM $29.8B
UVV $2.2B
FY20
PM $28.7B
UVV $1.9B
FY21
PM $31.4B
UVV $2.0B
FY22
PM $31.8B
UVV $2.1B
FY23
PM $35.2B
UVV $2.5B
FY24
PM $37.9B
UVV $2.7B
FY25
PM $40.6B
UVV $2.9B
FY26
PM —
UVV $2.9B
PM
UVV
Operating margin
FY17
PM 40.3%
UVV 8.7%
FY18
PM 38.4%
UVV 8.5%
FY19
PM 35.3%
UVV 7.3%
FY20
PM 40.7%
UVV 6.7%
FY21
PM 41.3%
UVV 7.5%
FY22
PM 38.6%
UVV 7.7%
FY23
PM 32.9%
UVV 7.1%
FY24
PM 35.4%
UVV 8.2%
FY25
PM 36.6%
UVV 8.0%
FY26
PM —
UVV 5.8%
PM
UVV
Free cash flow
FY17
PM $7.4B
UVV $215M
FY18
PM $8.0B
UVV $47.2M
FY19
PM $9.2B
UVV $126M
FY20
PM $9.2B
UVV −$24.3M
FY21
PM $11.2B
UVV $154M
FY22
PM $9.7B
UVV −$8.3M
FY23
PM $7.9B
UVV −$65.2M
FY24
PM $10.8B
UVV −$141M
FY25
PM $10.7B
UVV $264M
FY26
PM —
UVV $80.3M
PM
UVV
Return on capital
FY17
PM 46.4%
UVV 7.8%
FY18
PM 58.3%
UVV 7.8%
FY19
PM 55.7%
UVV 7.6%
FY20
PM 64.8%
UVV 5.6%
FY21
PM 70.6%
UVV 6.7%
FY22
PM 40.6%
UVV 6.2%
FY23
PM 26.0%
UVV 7.9%
FY24
PM 30.1%
UVV 7.8%
FY25
PM 35.4%
UVV 7.2%
FY26
PM —
UVV 4.0%
PM
UVV
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.