Philip Morris International Inc. (PM)财务
NYSE · Consumer Defensive · Tobacco · 员工84,900人 · CEO Jacek Olczak
- 股价
- $208.79 +0.14%
- 市值
- $3250亿
- 企业价值
- $3660亿
- 最近财报
- Q3 '26 2026-10-23提交
- 下次财报
- 2027-02-05 EPS预期 $1.85
营收(TTM)$431亿+7.9% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)38.6%+1.6 百分点 对比去年同期营业利润 $167亿
净利润(TTM)$107亿+24.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)$136亿+34.3% 对比去年同期资本支出 $15.6亿
稀释EPS(TTM)$6.85+23.9% 对比去年同期最近4个季度之和
净现金-$409亿+11.2% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $3250亿 EV $3660亿
- 营收
- $431亿 过去12个月
- 营收增速
- +7% FY2026年一致预期
- 净利润率
- 24.8% 净利润 / 营收,TTM
- P/E
- 30.5× 预期 25.0×(FY2026)
- P/S
- 7.5× 股价 / 营收,TTM
- EV / EBITDA
- 19.5× TTM
- 自由现金流
- $136亿 过去12个月
- 净利润
- $107亿 过去12个月
- 营收预期
- $435亿 FY2026年一致预期
- 盈利
- 2027-02-05 营收预期 $109亿
- 股息
- $6.01 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-21):营收超预期1.1%,EPS 超预期2.6%营收$114亿,预期$113亿(+1.1%);EPS $2.36,预期$2.30(+2.6%)。
- 营收增长放缓:同比5.5%Q3 '26营收$114亿,此前四个季度的平均值为8.9%。
- 营业利润率38.6%(TTM),较去年同期+1.6 百分点营收增长7.9%,营业利润增长12.4%。
- 税前利润的10.6%被营业外亏损吞噬税前利润$151亿,营业利润$167亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的3.6%(去年为3.5%)最近4个季度投入$15.6亿(同比+11.1%)。自由现金流$136亿,相当于净利润的126.9%。
- 股东回报$92亿 = 自由现金流的67.7%回购$0(去年为$0),股息$92亿,股权激励$0(TTM)。
- 稀释股数一年内增加0.3%Q3 '26稀释股数15.6亿,一年前为15.6亿。
- 净债务 $409亿现金 + 短期投资 $66.8亿,含租赁债务 $476亿;一年前净债务 $460亿。
- Europe Segment:营收+11.0%,利润率41.5%(此前为42.2%)Q4 '25增长最快的披露分部:营收$46亿,营业利润$19.1亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $114亿 | $108亿 | +5.5% |
| 毛利率 | 68.7% | 67.8% | +0.8 百分点 |
| 营业利润 | $48.7亿 | $42.6亿 | +14.1% |
| 营业利润率 | 42.5% | 39.3% | +3.2 百分点 |
| 净利润 | $33.1亿 | $34.8亿 | -4.7% |
| 稀释EPS | $2.12 | $2.23 | -4.9% |
| 经营现金流 | $53.5亿 | $44.6亿 | +19.9% |
| 资本支出 | $3.82亿 | $3.65亿 | +4.7% |
| 自由现金流 | $49.7亿 | $41亿 | +21.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-21| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $114亿 | $113亿 | +1.1% |
| EPS(一致预期口径) | $2.36 | $2.30 | +2.6% |
来自2026-10-21发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Combustible Products | $68.1亿 | +6.4% | 59.6% | $251亿 | +6.5% | |
| Reduced-Risk Products | $46.3亿 | +4.0% | 40.4% | $180亿 | +9.8% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| EA, AU & PMI GTR Segment | $48.6亿 | – | 35.2% | – | – | |
| European Union | $46亿 | +13.4% | 33.3% | $171亿 | +11.4% | |
| SSEA, CIS & MEA Segment | $31.1亿 | +8.4% | 22.5% | $121亿 | +7.0% | |
| East Asia And Australia | – | – | – | – | – | |
| Americas Segment | $12.3亿 | -2.5% | 8.9% | $48.5亿 | +7.1% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q4 '25分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Europe Segment | $46亿 | +11.0% | $19.1亿 | +9.1% | 41.5% | 42.2% | $71.7亿 |
| SSEACISMEA Segment | $31.1亿 | +8.4% | $9.41亿 | +16.7% | 30.3% | 28.1% | $41亿 |
| EAAUPMIDF Segment | – | – | – | – | – | – | – |
| EAAUPMIGTR Segment | $14.3亿 | -0.6% | $5.14亿 | -10.5% | 36.1% | 40.0% | $31.3亿 |
| Americas Segment | $12.3亿 | -2.5% | $800万 | -93.8% | 0.7% | 10.2% | $5.05亿 |
| Wellness And Healthcare Segment | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $152亿
- 资本支出
- -$15.6亿
- 股票回购
- $0
- 股息
- -$92亿
- 收购
- $2500万
- 债务净发行
- -$20.4亿
- 股权激励费用
- $0
- 自由现金流
- $136亿
- 股东回报 / FCF
- 67.7%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 30.5× | 20.2× | 16.3× – 26.6× |
| EV / EBITDA | 19.5× | 14.3× | 12.3× – 15.7× |
| EV / 营收 | 8.5× | 6.1× | 5.4× – 7.2× |
| 股价 / FCF | 23.9× | 17.7× | 13.2× – 23.4× |
| 股价 / 净资产 | -41.1× | – | – |
| FCF收益率 | 4.2% | 5.8% | 4.3% – 7.6% |
| 投入资本回报率 | 27.5% | 26.9% | 19.8% – 40.6% |
| 净资产收益率 | -119.7% | -86.8% | -113.5% – -59.9% |
分析师
一致目标价 $214.57 (+2.8%)
区间 $201.00 – $225.00 · 评级 Buy
强烈买入0
买入18
持有6
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $435亿 | +7.1% | $8.35 | +15.0% | 25.0× | 8 |
| FY2027 | $456亿 | +4.7% | $9.07 | +8.7% | 23.0× | 8 |
| FY2028 | $482亿 | +5.6% | $9.86 | +8.7% | 21.2× | 3 |
| FY2029 | $497亿 | +3.2% | $10.56 | +7.0% | 19.8× | 1 |
| FY2030 | $523亿 | +5.2% | $11.83 | +12.1% | 17.6× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Philip Morris International Inc.在近期10-Q / 10-K文件中标记的全部311项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $40.4亿 | $39.8亿 | +1.5% | $44.1亿 | $39.5亿 | +11.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $51.6亿 | $48亿 | +7.5% | $45.7亿 | $37.9亿 | +20.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $3600万 | $2500万 | +44.0% | $2300万 | $4700万 | -51.1% |
| Accounts Receivable, Allowance for Credit Loss, Noncurrent | $1100万 | $1200万 | -8.3% | $1200万 | $2600万 | -53.8% |
| Accounts Receivable, Sale | $31亿 | $30亿 | +3.3% | $117亿 | $119亿 | -1.7% |
| Accrued Income Taxes, Current | $13.6亿 | $8.35亿 | +63.0% | $12.6亿 | $12.6亿 | -0.2% |
| Accrued Marketing Costs, Current | $14.7亿 | $14.1亿 | +4.6% | $13.5亿 | $10.2亿 | +33.4% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $14.1亿2025-12-31 | $24.6亿 | -42.9% | $14.1亿 | $24.6亿 | -42.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$119亿 | -$133亿 | +10.9% | -$123亿 | -$113亿 | -8.7% |
| Additional Paid in Capital, Common Stock | $25.3亿 | $24亿 | +5.2% | $24.5亿 | $23.4亿 | +5.1% |
| Advertising Expense | – | – | – | $13.6亿 | $10.7亿 | +26.8% |
| Allowance for Doubtful Other Receivables, Current | $2400万 | $2300万 | +4.3% | $2400万 | $2200万 | +9.1% |
| Amortization of Intangible Assets | $2.47亿 | $2.5亿 | -1.2% | $10亿 | $8.35亿 | +20.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 0 | 0 | – |
| Assets | $667亿 | $671亿 | -0.5% | $692亿 | $618亿 | +12.0% |
| Assets, Current | $258亿 | $227亿 | +13.8% | $244亿 | $202亿 | +20.8% |
| Buildings and Improvements, Gross | $50.5亿2025-12-31 | $43.9亿 | +15.0% | $50.5亿 | $43.9亿 | +15.0% |
| Cash Acquired from Acquisition | $02025-12-31 | -$100万 | +100.0% | $0 | $4300万 | -100.0% |
| Cash and Cash Equivalents, at Carrying Value | $66.8亿 | $40.4亿 | +65.5% | $48.7亿 | $42.2亿 | +15.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $67.1亿 | $40.6亿 | +65.1% | $48.9亿 | $42.5亿 | +15.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $6.82亿 | -$1.15亿 | +693.0% | $6.38亿 | $11.1亿 | -42.4% |
| Common Stock, Dividends, Per Share, Declared | $1.60 | $1.47 | +8.8% | $5.64 | $5.30 | +6.4% |
| Common Stock, Shares Authorized | 60亿2025-12-31 | 60亿 | 0.0% | 60亿 | 60亿 | 0.0% |
| Common Stock, Shares, Issued | 21.1亿 | 21.1亿 | 0.0% | 21.1亿 | 21.1亿 | 0.0% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.71亿 | $1.06亿 | +61.3% | $4.97亿 | $3.45亿 | +44.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $31亿 | $33.1亿 | -6.4% | $104亿 | $75.6亿 | +37.2% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $32.7亿 | $34.2亿 | -4.3% | $109亿 | $79亿 | +37.5% |
| Construction in Progress, Gross | $14.7亿2025-12-31 | $10.8亿 | +36.1% | $14.7亿 | $10.8亿 | +36.1% |
| Cost of Goods and Services Sold | $35.8亿 | $34.8亿 | +2.9% | $134亿 | $133亿 | +0.3% |
| Costs and Expenses, Related Party | $5900万 | $4500万 | +31.1% | $2.1亿 | $1.01亿 | +107.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3.71亿 | $4.65亿 | -20.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $31.8亿 | $26.7亿 | +19.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $35.8亿 | – | – |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3100万 | – | – |
| Debt Instrument, Unamortized Discount | $3.38亿2025-12-31 | $4.31亿 | -21.6% | $3.38亿 | $4.31亿 | -21.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$8.17亿 | -$8100万 | -908.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $1000万 | -$3500万 | +128.6% |
| Deferred Income Tax Assets, Net | $12.2亿 | $10.6亿 | +15.8% | $12.5亿 | $9.4亿 | +32.7% |
| Deferred Income Tax Expense (Benefit) | -$2500万 | -$1.59亿 | +84.3% | -$8.47亿 | -$1.23亿 | -588.6% |
| Deferred Income Tax Liabilities, Net | $19.8亿 | $20亿 | -0.8% | $20.7亿 | $25.2亿 | -18.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$4000万 | – | – |
| Deferred Tax Assets, Gross | $38亿2025-12-31 | $23.3亿 | +63.5% | $38亿 | $23.3亿 | +63.5% |
| Deferred Tax Assets, Inventory | $4700万2025-12-31 | $4000万 | +17.5% | $4700万 | $4000万 | +17.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $20.9亿2025-12-31 | $12亿 | +75.1% | $20.9亿 | $12亿 | +75.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $15.4亿2025-12-31 | $9.12亿 | +69.1% | $15.4亿 | $9.12亿 | +69.1% |
| Deferred Tax Assets, Other | $3.25亿2025-12-31 | $6200万 | +424.2% | $3.25亿 | $6200万 | +424.2% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | $1.89亿2025-12-31 | $3.84亿 | -50.8% | $1.89亿 | $3.84亿 | -50.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $2.12亿2025-12-31 | $2.13亿 | -0.5% | $2.12亿 | $2.13亿 | -0.5% |
| Deferred Tax Assets, Unrealized Currency Losses | $4.51亿2025-12-31 | $0 | – | $4.51亿 | $0 | – |
| Deferred Tax Assets, Valuation Allowance | $17.1亿2025-12-31 | $11.3亿 | +51.2% | $17.1亿 | $11.3亿 | +51.2% |
| Deferred Tax Liabilities, Gross | $29.1亿2025-12-31 | $27.7亿 | +5.0% | $29.1亿 | $27.7亿 | +5.0% |
| Deferred Tax Liabilities, Intangible Assets | $19.4亿2025-12-31 | $18.6亿 | +4.0% | $19.4亿 | $18.6亿 | +4.0% |
| Deferred Tax Liabilities, Net | $8.18亿2025-12-31 | $15.8亿 | -48.1% | $8.18亿 | $15.8亿 | -48.1% |
| Deferred Tax Liabilities, Other | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Liabilities, Property, Plant and Equipment | $1.65亿2025-12-31 | $1.52亿 | +8.6% | $1.65亿 | $1.52亿 | +8.6% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $8.11亿2025-12-31 | $4.95亿 | +63.8% | $8.11亿 | $4.95亿 | +63.8% |
| Deferred Tax Liabilities, Unrealized Currency Transaction Gains | $02025-12-31 | $2.64亿 | -100.0% | $0 | $2.64亿 | -100.0% |
| Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | -$4800万2025-12-31 | -$5500万 | +12.7% | -$4800万 | -$5500万 | +12.7% |
| Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | -$16.9亿2025-12-31 | -$29.7亿 | +43.2% | -$16.9亿 | -$29.7亿 | +43.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01