{"schemaVersion":1,"research":true,"symbol":"pm","name":"Philip Morris International","topic":"moat","path":"/stock/pm/moat","status":"published","version":4,"updatedAt":"2026-10-17T22:15:45.460Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"PMI has an evidenced brand-based advantage supported by trademark rights, realized pricing and resilient cigarette market share. This supports a narrow moat; the supplied evidence does not establish exceptional long-term durability or comparable strength across all smoke-free categories. Pricing offsets volume pressure, but cigarette contraction, weaker oral-product shipments, regulatory constraints and demonstrated patent-related market exclusion limit resilience.","advantages":[{"mechanism":"intangible_assets","claim":"Established brands and protected trademarks support differentiation and realized pricing. International combustibles pricing more than offset unfavorable volume/mix in the first half of 2026, while second-quarter cigarette share remained flat and Marlboro gained share. The patent portfolio supplements these assets, but its competitive superiority is not demonstrated.","durability":"Current pricing and share outcomes support an established advantage. Durability is qualified by declining cigarette demand and the need to sustain differentiation as consumption shifts toward smoke-free products. Smoke-free growth demonstrates commercial progress, not equivalent brand strength or assured replacement of cigarette economics.","risks":"Lower-price and innovative rivals, illicit products, taxes and restrictions on differentiation can erode brand economics. Certain markets require approval for price changes. Cigarette and oral-product shipments declined in the first half of 2026. Prior patent orders actually prevented imported IQOS sales in the United States before their rescission.","invalidation":"The assessment would fail if repeated pricing increases coincided with sustained category-share losses and declining organic gross profit, indicating that brand preference no longer offsets substitution and volume erosion. Persistent smoke-free contraction or renewed restrictions that materially prevent commercialization would further undermine durability.","competitors":["Altria Group, Inc.","British American Tobacco plc","Japan Tobacco Inc.","Imperial Brands plc"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1 — Intellectual Property: principal-brand trademark rights","excerpt":"We own the trademark rights to all of our principal brands, including Marlboro (outside of the U.S.), HEETS, IQOS, IQOS ILUMA, TEREA, VEEV and ZYN, or have the right to use them in all countries in which these brands are advertised or sold."},{"id":"e2","sourceId":"filing-1","location":"Item 1 — Intellectual Property: patent portfolio materiality","excerpt":"Our patent portfolio, as a whole, is material to our business."},{"id":"e3","sourceId":"filing-2","location":"International Combustibles — first-half 2026 pricing and volume/mix","excerpt":"Net revenues, excluding currency and acquisitions/divestitures, increased by 3.8%, reflecting: an unfavorable volume/mix; more than offset by a favorable pricing variance."},{"id":"e4","sourceId":"filing-2","location":"International Combustibles — second-quarter 2026 cigarette category share","excerpt":"Our cigarette category volume share stood at 25.3% (flat versus the prior year) despite adverse market mix."},{"id":"e5","sourceId":"filing-2","location":"International Combustibles — second-quarter 2026 Marlboro share","excerpt":"Marlboro continued to gain share (up by 0.3 percentage points) matching its record category share of 11.0%."},{"id":"e6","sourceId":"filing-2","location":"Consolidated Operating Results — second-quarter 2026 organic revenue drivers","excerpt":"Net revenues, excluding currency and acquisitions/divestitures, increased by 7.6%, mainly reflecting: a favorable pricing variance mainly driven by international combustibles; supported by favorable volume/mix, driven by international smoke-free volumes, notwithstanding adverse international combustibles mix."},{"id":"e7","sourceId":"filing-1","location":"Item 1 — Competition: named industry competitors","excerpt":"Competitors in our industry include Altria Group, Inc., British American Tobacco plc, Japan Tobacco Inc., Imperial Brands plc, new market entrants, particularly with respect to innovative products, several regional and local tobacco companies and, in some instances, state-owned tobacco enterprises, principally in Algeria, Egypt, China, Taiwan, Thailand and Vietnam."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors — declining tax-paid cigarette consumption","excerpt":"Consumption of tax-paid cigarettes continues to decline in many of our markets."},{"id":"e9","sourceId":"filing-2","location":"Consolidated Operating Results — first-half 2026 product shipment volumes","excerpt":"50 Table of Contents Total Shipment Volume Our shipment volume for cigarettes and smoke-free products is shown in the table below: Shipment Volume (equivalent units in billions) For the Six Months Ended June 30, 2026 2025 Change Total 389.4 387.9 0.4 % Cigarettes 294.2 300.0 (1.9) % Smoke-Free Products 95.2 87.9 8.3 % HTU 83.1 75.9 9.4 % Oral SFP 9.6 10.5 (8.8) % E-vapor 2.6 1.5 72.0 % Note: Amounts may not foot due to rounding."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors — governmental approval of price changes","excerpt":"In certain markets, we are dependent on governmental approvals of various actions such as price changes, and failure to obtain such approvals could impair growth of our profitability."},{"id":"e11","sourceId":"filing-2","location":"Risk Factors — competitive pricing, innovation and differentiation constraints","excerpt":"The competitive environment and our competitive position can be significantly influenced by weak economic conditions; erosion of consumer confidence; competitors' introduction of lower-price products or innovative products; adult smoker willingness to convert to our SFPs; higher product taxes; higher absolute prices and larger gaps between retail price categories; unfair competition; more effective adoption of artificial intelligence tools and processes by our competitors; and product regulation that diminishes the ability to differentiate products, restricts adult consumer access to truthful and non-misleading information about our SFPs, or disproportionately impacts the commercialization of our products in relation to our competitors."},{"id":"e12","sourceId":"filing-1","location":"IQOS products sourcing for the U.S. market — prior import and sales prohibition","excerpt":"Prior to their rescission, the orders prohibited the importation and sales of imported IQOS products to the United States of America."},{"id":"e13","sourceId":"filing-1","location":"IQOS products sourcing for the U.S. market — March 2024 rescission of orders","excerpt":"(“BAT”). In accordance with its terms, the parties to the Settlement Agreement filed a joint motion to rescind the limited exclusion order and the cease-and-desist order issued by the International Trade Commission (“ITC”) on September 29, 2021, which was granted on March 11, 2024."},{"id":"e14","sourceId":"filing-2","location":"Risk Factors — illicit and non-compliant product competition","excerpt":"In addition, our revenues may be materially adversely affected by counterfeiting, contraband, cross-border purchases, non-tax-paid volume produced by local manufacturers and other non-compliant or illicit cigarettes or smoke-free products."},{"id":"e15","sourceId":"filing-2","location":"Condensed Consolidated Statements of Earnings — six months ended June 30, 2026 and 2025","excerpt":"and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of dollars, except per share data) (Unaudited) For the Six Months Ended June 30, 2026 2025 Net revenues 1 & 2 (Note 13) $ 21,338 $ 19,441 Cost of sales (Note 1) 6,774 6,305 Gross profit 14,564 13,136 Marketing, administration and research costs (Notes 1 & 15) 5,838 5,416 Impairment of goodwill (Note 5) — 41 Corporate expenses and other (Note 1) 303 423 Operating income 8,423 7,256 Interest expense, net 480 518 Pension and other employee benefit (income) costs (Note 4) (10) 23 Earnings before income taxes 7,953 6,715 Provision for income taxes 1,631 1,311 Impairment related to the RBH equity investment (Note 13) 511 — Equity investments and securities (income)/loss, net (Note 13) 244 (581) Net earnings $ 5,567 $ 5,985 Net earnings attributable to noncontrolling interests 312 256 Net earnings attributable to PMI $ 5,255 $ 5,729 Per share data (Note 7): Basic earnings per share $ 3.36 $ 3.67 Diluted earnings per share $ 3.36 $ 3.67 (1) Includes net revenues from related parties of $2,440 million and $2,080 million for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e16","sourceId":"filing-2","location":"International Combustibles — first-half 2026 gross-profit growth","excerpt":"Gross profit increased by 10.7%. Gross profit, excluding currency and acquisitions/divestitures, increased by 6.1%, due to the same factors as for net revenues."},{"id":"e17","sourceId":"filing-2","location":"U.S. Segment — second-quarter 2026 revenue and gross-profit bridge","excerpt":"/ Div. Price Vol/Mix/Other Cost (in millions) Net Revenues $ 856 $ 862 (0.7) % (0.9) % $ (6) $ 1 $ — $ 15 $ (23) $ — Gross Profit $ 555 $ 611 (9.2) % (9.0) % $ (56) $ (1) $ — $ 15 $ (24) $ (47) During the quarter, net revenues decreased by 0.7%."},{"id":"e18","sourceId":"filing-3","location":"Compensation Discussion and Analysis — actual 2025 operating cash flow versus target","excerpt":"Operating Cash Flow: Operating cash flow of $12.2 billion exceeded our target of $10.6 to $11.1 billion."},{"id":"e19","sourceId":"filing-1","location":"Debt note — year-end 2025 long-term debt and maturity schedule","excerpt":"87 Aggregate maturities: Aggregate maturities of long-term debt are as follows: (in millions) 2026 $ 3,540 2027 6,816 2028 4,968 2029 4,968 2030 5,903 2031-2035 14,199 2036-2040 3,561 Thereafter 5,050 49,005 Debt discounts and fair value adjustments (338) Total long-term debt $ 48,667 Revolving Credit Facilities At December 31, 2025, PMI’s total committed revolving credit facilities were as follows: Type (in billions) Committed Revolving Credit Facilities Multi-year $2.0 billion revolving credit, expiring February 10, 2026 (1) $ 2.0 Multi-year $2.5 billion revolving credit, expiring September 29, 2026 (2) (3) 2.5 Multi-year €1.5 billion revolving credit, expiring January 29, 2028 1.8 Total facilities $ 6.3 (1) On January 28, 2022, PMI entered into an agreement, effective February 10, 2022, to amend and extend the term of its $2.0 billion multiyear revolving credit facility, for an additional year covering the period February 11, 2026 to February 10, 2027, in the amount of $1.9 billion."},{"id":"e20","sourceId":"filing-2","location":"Revolving Credit Facilities — unused committed facilities at June 30, 2026","excerpt":"At June 30, 2026, there were no borrowings under these committed revolving credit facilities, and the entire committed amounts were available for borrowing."},{"id":"e21","sourceId":"filing-2","location":"Financing Activities — lower debt issuance, higher repayments and dividends","excerpt":"The increase in net cash used was primarily due to lower long-term debt issuances in 2026, higher long-term debt repayments in 2026 and higher dividend payments."},{"id":"e22","sourceId":"filing-2","location":"Financing Activities — increased short-term borrowing and collateral movements","excerpt":"The increase was partially offset by higher net short-term borrowings in 2026 and changes in the cash collateral received for derivative instruments, reflecting the depreciation of the Euro and the Swiss franc versus the U.S."},{"id":"e23","sourceId":"filing-2","location":"Operating Results — realized RBH investment impairment","excerpt":"We recorded an impairment charge of $511 million related to our RBH equity investment in the condensed consolidated statement of earnings for the three months ended June 30, 2026."},{"id":"e24","sourceId":"filing-1","location":"Consolidated Statements of Stockholders' Equity — earnings, dividends and stock awards","excerpt":"71 Consolidated Statements of Stockholders' (Deficit) Equity (in millions of dollars, except per share data) PMI Stockholders’ (Deficit) Equity Common Stock Additional Paid-in Capital Earnings Reinvested in the Business Accumulated Other Comprehensive Losses Cost of Repurchased Stock Noncontrolling Interests Total Balances, January 1, 2023 $ — $ 2,230 $ 34,289 $ (9,559) $ (35,917) $ 2,646 $ (6,311) Net earnings 7,813 455 8,268 Other comprehensive earnings (losses), net of income taxes (2,436) 6 (2,430) Issuance of stock awards (Note 8) 61 132 193 Dividends declared ($5.14 per share) (8,012) (8,012) Dividends paid to noncontrolling interests (497) (497) Sale (purchases) of subsidiary shares to/(from) noncontrolling interests (6) 180 (831) (657) Balances, December 31, 2023 — 2,285 34,090 (11,815) (35,785) 1,779 (9,446) Net earnings 7,057 446 7,503 Other comprehensive earnings (losses), net of income taxes 501 (101) 400 Issuance of stock awards (Note 8) 50 145 195 Dividends declared ($5.30 per share) (8,278) (8,278) Dividends paid to noncontrolling interests (494) (494) Acquisitions (Note 3) 160 160 Sale (purchases) of subsidiary shares to/(from) noncontrolling interests 90 90 Balances, December 31, 2024 — 2,335 32,869 (11,314) (35,640) 1,880 (9,870) Net earnings 11,348 500 11,848 Other comprehensive earnings (losses), net of income taxes (982) (3) (985) Issuance of stock awards (Note 8) 119 89 208 Dividends declared ($5.64 per share) (8,817) (8,817) Dividends paid to noncontrolling interests (430) (430) Sale (purchase) of subsidiary shares to/(from) noncontrolling interests (1) 19 18 Balances, December 31, 2025 $ — $ 2,453 $ 35,400 $ (12,296) $ (35,551) $ 1,966 $ (8,028) See notes to consolidated financial statements."},{"id":"e25","sourceId":"filing-1","location":"Share-Based Compensation — PSU performance-cycle requirements","excerpt":"The PSU awards require the achievement of certain performance metrics, which are predetermined at the time of grant, typically over a three-year performance cycle."},{"id":"e26","sourceId":"filing-1","location":"Share-Based Compensation — metrics for PSUs granted during 2025","excerpt":"The performance metrics for such PSU's granted during 2025 consisted of PMI's Total Shareholder Return (\"TSR\") relative to a predetermined peer group and on an absolute basis (40% weight), PMI’s currency-neutral compound annual adjusted diluted earnings per share growth rate (30% weight), and a Sustainability Index, which consists of two drivers: •Product Sustainability (20% weight): aggregates key performance indicators pertaining to social and environmental impacts generated by PMI's products; measuring progress primarily on PMI's efforts to maximize the benefits of smoke-free products, purposefully phase out cigarettes, and reduce post-consumer waste; and •Operational Sustainability (10% weight): aggregates key performance indicators pertaining to social and environmental impacts generated by PMI's business activities; measuring progress on PMI's efforts to benefit PMI and its stakeholders by tackling climate change, preserving nature, improving the quality of life of people in its supply chain, and fostering an empowered, and inclusive workplace."},{"id":"e27","sourceId":"filing-3","location":"Compensation Discussion and Analysis — performance-based and time-based equity allocation","excerpt":"The Compensation Committee grants the individual 60% of the award opportunity in the form of performance-based PSUs, and 40% in the form of time-based RSUs."},{"id":"e28","sourceId":"filing-3","location":"Governance Practices — director share retention requirement","excerpt":"Director Share Retention Requirement An independent director may not sell or otherwise dispose of shares received pursuant to the annual share award (other than shares withheld from the grant to pay taxes) unless he or she continues after the disposition to own shares having an aggregate value of at least five times the then-current annual cash retainer (see page 30)."},{"id":"e29","sourceId":"filing-3","location":"Compensation Discussion and Analysis — actual 2025 organic adjusted revenue growth versus target","excerpt":"Adjusted Net Revenues*: Adjusted Net revenues of $40.6 billion grew by 6.5% compared to 2024, on an organic basis, meeting our target of 6.5% to 7.5%."},{"id":"e30","sourceId":"filing-3","location":"Compensation Discussion and Analysis — actual 2025 organic adjusted operating-income growth versus target","excerpt":"Adjusted OI*: Adjusted OI of $16.4 billion grew by 10.6% on an organic basis, meeting our target of 10.5% to 12.0%."},{"id":"e31","sourceId":"filing-3","location":"Governance Practices — current director independence","excerpt":"All directors other than our Chairman and Group CEO PMI are independent."},{"id":"e32","sourceId":"filing-3","location":"Governance Practices — standing-committee independence and exception","excerpt":"All standing Committees, other than the Science and Technology Committee, are comprised only of independent directors."},{"id":"e33","sourceId":"filing-3","location":"Governance Practices — annual director elections","excerpt":"Annual Election of Directors All directors are elected annually by the Company’s shareholders (see page 17)."},{"id":"e34","sourceId":"filing-3","location":"Governance Practices — majority voting in uncontested elections","excerpt":"Majority Voting Standard for Directors The Company’s by-laws provide that, in uncontested elections, directors shall be elected by a majority rather than by a plurality vote (see page 19)."},{"id":"e35","sourceId":"filing-3","location":"Governance Practices — absence of independent-director term or retirement limits","excerpt":"Director Term and Retirement There are no term limits or a retirement age for independent directors."},{"id":"e36","sourceId":"filing-2","location":"U.S. regulatory discussion — conditions and revocability of FDA authorizations","excerpt":"These authorizations are subject to strict marketing, reporting, and other requirements, and are not a guarantee that the product will remain authorized, particularly if there is a significant uptake in underage or non-smoker initiation."},{"id":"e37","sourceId":"filing-2","location":"Operating Results — inventory effects on shipment and market-volume measures","excerpt":"From time to time, PMI’s shipment volumes and IMS are subject to the impact of distributor inventory movements (or wholesaler inventory movements in certain markets where PMI does not sell to distributors), and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["Only the supplied issuer passages were assessed. Filing dates retain dateKind=filed: February 6, March 26 and July 24, 2026; they are distinct from the reporting periods.","Named competitors are established industry participants, but comparative brand economics, costs, market shares and innovation performance are not supplied. Compensation peers are not treated as competitors.","Market-share figures and operating bridges are issuer-reported evidence. Descriptions of leadership, brand value and future transformation are management assertions, not independent demonstrations of superiority.","No evidence establishes network effects, material customer switching costs, a relative cost advantage or efficient-scale protection. Distribution breadth and a material patent portfolio do not establish those mechanisms by themselves.","Customer retention is inferred from category share, pricing and shipment outcomes; customer-level repeat purchasing and switching rates are unavailable. Inventory movements can distort shipments.","FDA authorizations are conditional and do not establish exclusive market access or guaranteed commercial success.","Actual cash flow, financing, dividends and stock awards support a capital-discipline assessment, but detailed realized capital expenditures and investment returns are missing. Forecast spending and cash flow are not treated as achieved outcomes.","The proxy provides actual incentive and governance arrangements, but the supplied passages do not establish executive beneficial ownership or compliance with executive ownership requirements. Proposed meeting resolutions are not treated as adopted."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Protected principal brands are supported by realized pricing, stable cigarette category share and Marlboro share gains. These outcomes demonstrate commercially valuable differentiation without establishing superiority across all product categories.","evidenceIds":["e1","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Existing brands and pricing support persistence, but cigarette consumption is contracting and first-half oral-product shipments declined. Conditional authorizations and the historical IQOS prohibition limit confidence in long-term protection.","evidenceIds":["e1","e3","e8","e9","e12","e13","e36"]},{"criterion":"customer_dependency","grade":2,"rationale":"Stable category share and Marlboro gains indicate repeat demand indirectly. No contractual dependency or material switching friction is demonstrated, and declining cigarette and oral shipments show that demand is not captive.","evidenceIds":["e4","e5","e9","e37"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Combustibles pricing more than offset unfavorable volume/mix, while smoke-free shipments grew overall. Oral-product declines and U.S. gross-profit deterioration demonstrate uneven resilience; competitive and regulatory risks remain prospective except where actual restrictions are disclosed.","evidenceIds":["e3","e9","e12","e13","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"First-half international combustibles pricing more than offset unfavorable volume/mix, and consolidated second-quarter organic growth also benefited from pricing. These are observed revenue outcomes, although they do not establish equal pricing strength in smoke-free products.","evidenceIds":["e3","e6"]},{"criterion":"retention","grade":2,"rationale":"Stable cigarette share and Marlboro gains alongside favorable pricing support demand resilience indirectly. First-half cigarette and oral shipment declines temper the assessment; no customer retention rate is disclosed.","evidenceIds":["e3","e4","e5","e9","e37"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half consolidated gross profit and operating income grew faster than revenue, and international combustibles achieved organic gross-profit growth despite adverse volume/mix. U.S. second-quarter gross-profit deterioration qualifies this strength. Profitability supports pricing resilience, not a standalone moat inference.","evidenceIds":["e15","e16","e17"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Certain markets require governmental approval for price changes, a disclosed constraint on pricing discretion. Realized favorable pricing demonstrates practical flexibility elsewhere, but unrestricted contractual authority is not established.","evidenceIds":["e10","e3","e6"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual 2025 operating cash flow exceeded target; subsequent financing included higher long-term debt repayments and unused committed facilities. Substantial debt, increased short-term borrowing, dividends exceeding attributable earnings in 2023–2024, stock-award issuance and the realized RBH impairment make the record mixed. The impairment alone does not establish management culpability.","evidenceIds":["e18","e19","e20","e21","e22","e23","e24"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual equity arrangements combine performance-based and time-based awards; 2025 PSUs link compensation to relative and absolute shareholder returns, earnings growth and sustainability over a typically three-year cycle. Director share-retention rules add alignment. Executive ownership and realized long-term payout quality are not established.","evidenceIds":["e25","e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"Reported 2025 adjusted revenue and operating-income growth met stated targets, while actual operating cash flow exceeded target. First-half 2026 operating-income and smoke-free shipment growth provide further operating evidence. Execution is inferred from outcomes; oral-product weakness and the RBH impairment prevent an exceptional assessment.","evidenceIds":["e18","e29","e30","e15","e9","e23"]},{"criterion":"governance","grade":3,"rationale":"Disclosed arrangements include a predominantly independent board, independent standing committees except Science and Technology, annual elections and majority voting in uncontested elections. These are substantive governance provisions, though their effectiveness is not proven by disclosure alone and independent directors have no term or retirement limits.","evidenceIds":["e31","e32","e33","e34","e35"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"96c7c4a4984ebbf4a7bda331da3cb512c5964b94c60071629845fcba73bd84de","updatedAt":"2026-10-17T22:15:45.460Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm","publishedAt":"2026-02-06","sha256":"e833bbbea2bc516733833d43af188d7279a90d021c910695758895d9ab5d9688","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026049493/pm-20260630.htm","publishedAt":"2026-07-24","sha256":"9583b1f4206e74576bd384d01e5b5bdc3f906277d666503b8f058111899b86a6","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026021169/pmi-20260325.htm","publishedAt":"2026-03-26","sha256":"44969ce48b4a6388a6102abebec46d41a2b5a096a5331ca75ccf4f07cf6db34b","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e7062169cd5c925c714fd8995ca76ac22f293d320e30e381a7c5a7b7fe0db250","usage":{"input_tokens":56405,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3995,"reasoning_output_tokens":109},"basisSupplement":{"previousHash":"76fd512604b308826fa0e9f1a1753f2375dbd7330d27f961a3687520bb6979ec","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":68.06241044419679,"operating_margin":41.31507721700366,"roic":70.60784123644923,"fcf_margin":35.72361088998567,"sbc_revenue":null},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":64.10175681632138,"operating_margin":38.55550658019016,"roic":40.58535999852524,"fcf_margin":30.621497386814433,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":63.34508443736851,"operating_margin":32.853812475123675,"roic":25.99538171567654,"fcf_margin":22.411440268380055,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":64.81070806272771,"operating_margin":35.38201594593168,"roic":30.106487284300794,"fcf_margin":28.44131157928085,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":67.11769336744734,"operating_margin":36.636488880141705,"roic":35.40046048753448,"fcf_margin":26.23499311159221,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm","publishedAt":"2026-02-06","sha256":"e833bbbea2bc516733833d43af188d7279a90d021c910695758895d9ab5d9688","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026049493/pm-20260630.htm","publishedAt":"2026-07-24","sha256":"9583b1f4206e74576bd384d01e5b5bdc3f906277d666503b8f058111899b86a6","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026021169/pmi-20260325.htm","publishedAt":"2026-03-26","sha256":"44969ce48b4a6388a6102abebec46d41a2b5a096a5331ca75ccf4f07cf6db34b","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}