Tobacco · 18/36 against 18/36 checks · to 2026-09-08
MO vs PM.
AltriaSells Marlboro and other cigarettes in the US, plus smoke-free products.
Philip Morris InternationalSells Marlboro outside the US and is shifting to IQOS and Zyn smoke-free products.→Altria (MO) and Philip Morris (PM) are within reach of each other at $113.8B and $287.9B, and they pass the same number of checks, 18 of 36.
Which passes more checks?
widest gap first→No axis separates them by more than 2 of six checks, and the widest is Value.
| MO | PM | |
|---|---|---|
| Value | 3/6 | 1/6 |
| Growth | 1/6 | 3/6 |
| Health | 3/6 | 4/6 |
| Trend analysis | 1/6 | 0/6 |
| Quality | 5/6 | 5/6 |
| Shareholder returns | 5/6 | 5/6 |
| All checks | 18/36 | 18/36 |
→Philip Morris turns over $42.5B to Altria's $23.5B, 1.8 times as much. Altria keeps 34.0% of revenue as profit against 25.6% at Philip Morris.
Which is cheaper?
→Altria is the cheaper of the two on earnings, 14.4x against 26.5x. Against their own histories, Altria is above its 8.9x median and Philip Morris is above its 13.0x.
| MO | PM | |
|---|---|---|
| Share price | $68.17 | $184.73 |
| Market cap | $113.8B | $287.9B |
| P/E | 14.4x | 26.5x |
| P/E, own median own 9-year median / own 11-year median | 8.9x | 13.0x |
| P/S | 4.9x | 6.8x |
| Free cash flow yield | 8.0% | 4.4% |
Which is growing faster, MO or PM?
→Philip Morris grew revenue faster last year, +8.9% against -0.6% at Altria - 10 points apart. Over three years the order is reversed: Philip Morris compounds at +8.6% against -2.5%.
| MO | PM | |
|---|---|---|
| Revenue (TTM) | $23.5B | $42.5B |
| Revenue growth, 1 year | -0.6% | +8.9% |
| Revenue CAGR, 3 years | -2.5% | +8.6% |
| Net income (TTM) | $8.0B | $10.9B |
| Free cash flow (TTM) | $9.1B | $12.7B |
Which balance sheet is stronger?
| MO | PM | |
|---|---|---|
| Debt / equity | - | - |
| Interest coverage | 9.3x | 10.1x |
| Cash and short-term investments | $2.4B | $6.0B |
Which keeps more of each sale?
→Philip Morris keeps more of each sale: gross margin of 67.5% against 63.0%, a gap of 5 points that flows into everything below it.
| MO | PM | |
|---|---|---|
| Gross margin | 63.0% | 67.5% |
| Operating margin | 46.8% | 37.7% |
| Return on equity | - | - |
Which hands more back to owners?
→Both pay: Altria yields the more at 6.1% against 3.0%. A yield rises when a price falls, so read it beside the payout checks in each report.
| MO | PM | |
|---|---|---|
| Dividend yield | 6.1% | 3.0% |
| Payout ratio | 87.3% | 79.3% |
| Years of unbroken dividend | - | - |
Where they differ most
the checks behind the gapValue: Altria 2 ahead
- Earnings yield beats a long bond (4%) 6.9% vs 4.0%
- Free cash flow yield above 3% 8.0% vs 3.0%
- Cheap on enterprise value 12.12 vs 14.00 (peer median)
- Earnings yield beats a long bond (4%) 3.8% vs 4.0%
- Cheap on enterprise value 18.09 vs 14.00 (peer median)
- Price isn't outrunning growth PEG 3.44
Growth: Philip Morris 2 ahead
- Profits grew last year 32.1% vs 0.0%
- Growth is speeding up, not slowing 1y 8.9% vs 3y 8.6%
- Grew per share, not just in total 27.5% vs 0.0%
- Outgrew its sector last year -0.6% vs 11.3% (market 70th pct)
- Sustained growth beats its sector (3 years) -2.5% vs 13.0% (market 70th pct)
- Profits grew last year -9.3% vs 0.0%