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Philip Morris International (PMI) delivered a solid start to QQ1 2025 with revenue of $9.249 billion and strong gross and operating margins that underscore the durability of PMI’s high-margin, low-need-for-capex model in a mature tobacco market. The quarter showed a robust gross margin of 64.5% and an operating margin of 40.8%, supported by an EBIT of $3.775 billion and EBITDA of $4.012 billion. Net income reached $2.682 billion, translating to $1.72 per diluted share. On a YoY basis, margins improved (gross margin +6.6% YoY; operating margin +23.97% YoY; net income +24.9% YoY; EPS +24.6% YoY), while QoQ results reflect seasonality and a substantial working-capital swing that pressured cash flow from operations.
Key Performance Indicators
9.25B
QoQ: -4.71% | YoY: 5.19%
5.97B
64.53% margin
QoQ: -5.01% | YoY: 6.61%
3.78B
QoQ: 15.83% | YoY: 23.97%
2.68B
QoQ: 563.21% | YoY: 24.86%
1.72
QoQ: 564.86% | YoY: 24.64%
Revenue: 9.249B, YoY +5.19%, QoQ -4.71%; Gross Profit: 5.968B, Gross Margin 64.5%, YoY +6.61%, QoQ -5.01%; Operating Income: 3.775B, Operating Margin 40.8%, YoY +23.97%, QoQ +15.83%; Net Income: 2.682B, Net Margin ~29.0%, YoY +24.86%, QoQ +563.21%; EPS (diluted): 1.72, YoY +24.64%, QoQ +564.86%; EBITDA: 4.012B, EBITDA Margin ~40.3% (EBITDA/Revenue); Net debt: 45.103B; Debt: 49.579B; Cash: 4.476B; Free Cash Flow (FCF): -0.754B; Operating Cash Flow (OCF): -3.50B; Capex: -0.404B; Dividend paid: -2.116B; Current ratio: 0.79; Quick ratio: 0.43; Cash ratio: 0.159; Total assets: 65.079B; Total liabilities: 74.005B; Shareholders’ equity: -10.901B (negative equity). Payout ratio: 0.789; Price metrics (as of QQ1 2025 data): P/E ~22.99x; P/S ~26.67x; P/BV negative due to negative equity; Dividend yield ~0.86%.
Metric
Value
YoY Change
QoQ Change
Revenue
9.25B
5.19%
-4.71%
Gross Profit
5.97B
6.61%
-5.01%
Operating Income
3.78B
23.97%
15.83%
Net Income
2.68B
24.86%
563.21%
EPS
1.72
24.64%
564.86%
Key Financial Ratios
64.50%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
40.80%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
29.00%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
4.12%
Return on assets is acceptable but below top-tier companies
-0.25%
Return on equity suggests inefficient capital allocation
0.79
Current ratio below safe levels, potential liquidity risk
-4.55
Debt-to-equity shows conservative leverage and low financial risk
22.99x
P/E ratio in line with market averages
-22.63x
Trading below book value, potential value opportunity or distressed
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