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The latest update is out from Philip Morris ( (PM) ).
On February 18, 2026, Philip Morris International used its appearance at the Consumer Analyst Group of New York Conference to showcase the scale and momentum of its transition toward smoke-free products, highlighting that annual smoke-free net revenues have reached about $17 billion across 106 markets and now account for roughly 42% of total net revenues. Management emphasized that several regions, especially Europe, are already majority smoke-free by net revenues, that overall shipment volumes have shifted from structural decline to low single-digit growth driven by smoke-free products, and that the wider cigarette industry outside China and the U.S. shows steeper declines in markets where smoke-free products are available, underscoring both PMI’s strategic repositioning and the growing regulatory and public-health acceptance of tobacco harm-reduction models centered on non-combustible nicotine options.
The most recent analyst rating on (PM) stock is a Buy with a $210.00 price target. To see the full list of analyst forecasts on Philip Morris stock, see the PM Stock Forecast page.
Spark’s Take on PM Stock
According to Spark, TipRanks’ AI Analyst, PM is a Outperform.
The score is driven primarily by strong profitability and cash generation, reinforced by upbeat 2026 guidance and continued smoke-free momentum. These positives are tempered by balance-sheet risk (negative equity and high debt), overbought technical signals, and a valuation that looks premium versus the dividend yield.
To see Spark’s full report on PM stock, click here.
More about Philip Morris
Philip Morris International Inc. is a global tobacco and nicotine company that has been shifting its portfolio from traditional combustible cigarettes toward smoke-free products, including heated tobacco units, oral smoke-free products, e‑vapor and related wellness and consumer accessories. The company focuses on transforming its revenue base by growing smoke-free offerings across more than 100 markets, particularly in Europe, the Americas and emerging regions where regulation allows commercialization of these products.
Average Trading Volume: 5,805,998
Technical Sentiment Signal: Buy
Current Market Cap: $291.9B
For detailed information about PM stock, go to TipRanks’ Stock Analysis page.