--- title: "Philip Morris International Stock Surges to New All-Time High. Is It Too Late to Buy the Stock?" description: "Philip Morris International's stock has surged to an all-time high, up nearly 40% in 2025 and over 75% in the past year, following strong earnings results. Key growth drivers include Zyn, a nicotine p" type: "news" locale: "en" url: "https://longbridge.com/en/news/237724710.md" published_at: "2025-04-27T22:26:22.000Z" --- # Philip Morris International Stock Surges to New All-Time High. Is It Too Late to Buy the Stock? > Philip Morris International's stock has surged to an all-time high, up nearly 40% in 2025 and over 75% in the past year, following strong earnings results. Key growth drivers include Zyn, a nicotine pouch, and heated tobacco units (HTUs), with significant volume increases reported. The company expects continued growth in Zyn shipments and maintains its full-year outlook with organic revenue growth projected at 6% to 8%. Investors are questioning whether it's too late to buy the stock, given the strong performance and expansion opportunities in the smoke-free product market. **Philip Morris International** (PM 0.06%) shares hit an all-time high following its latest earnings results. The stock is now up nearly 40% in 2025, as of this writing, and over 75% in the past year. I own the stock and have written about it in the past, including last April when I predicted that the stock could soon break out of its year-long trading range. Boy, has it ever. With that said, what investors really want to know now is whether they can still buy the stock or if it's too late. Let's take a closer look at its first-quarter results to find out. ## **Strong volume growth** Philip Morris' biggest growth driver continues to be Zyn. For those unfamiliar with Zyn, it is a pouch made of nicotine powder and flavoring instead of tobacco, and it has taken the U.S. market by storm. It has become popular among young adults, office workers, and even women who like its discreet use, flavors, and the buzz they get from the product. In Q1, Zyn's strong growth continued, with U.S. shipment volumes soaring 53% to 202 million cans. International volumes also rose 53%, or 182% excluding its established Nordic markets. Overall oral product shipments climbed 27%. That said, some of the growth came from retail inventory restocking. At the retail level, the company saw solid off-take volume growth for Zyn of around 15%. It expects this growth to gradually accelerate in the coming months as in-store availability improves and it increases its marketing efforts. Due to its solid results, it now expects U.S. ZYN shipments to be between 800 million and 840 million cans, up from a prior outlook of between 780 million and 820 million cans. Image source: Getty Images. Zyn was not the company's only strong performer in the quarter. Heated tobacco units (HTUs) volumes, including the IQOS system, jumped nearly 12% to 37.1 billion units. The company said in-market sales (those to end users) rose 9% in Japan and more than 7% in Europe. It also noted strong growth coming from cities outside of Japan and Europe, including Jakarta, Seoul, and Mexico City. Philip Morris also saw shipment growth more than double for its e-vapor product, VEEV, led by pod growth in Europe. Traditional cigarette volumes, meanwhile, remain steady, rising 1.1% to 144.8 billion units. Its market share, excluding the U.S. and China, rose 0.2% to 23%, or by 0.4% to 24.8% when including HTUs. Overall, organic revenue, which excludes currency effects, acquisitions, and dispositions, rose 10% year over year to $9.3 billion. Adjusted earnings per share (EPS) climbed 17% to $1.76. On an organic basis, combustible tobacco revenue rose 4%, driven by price increases and modestly growing volumes. The smoke-free business saw organic revenue surge 20%. Oral Products (Zyn) HTUs Cigarettes Smoke-Free Total Volume growth 27.2% 11.9% 1.1% N/A 3.9% Organic revenue growth N/A N/A 3.8% 20.4% 10.2% HTUs = heated tobacco units. Gross profits grew faster than revenue, rising 16% organically, as both Zyn and IQOS have higher gross margins than the company's traditional cigarette business. Gross margins rose 340 basis points year over year on an organic basis. The company also noted that gross margins improved for all three of its smoke-free categories, helped by price increases for Zyn and IQOS. Looking ahead, Philip Morris largely maintained its full-year outlook, making just a slight adjustment to its adjusted EPS forecast due to currency. Guidance Organic revenue growth 6% to 8% Adjusted EPS $7.01 to $7.14 Adjusted EPS growth, excluding currency 10.5% to 12.5% Volume growth 2% Data source: Philip Morris International. EPS = earnings per share. ## Is it too late to buy Philip Morris stock? Philip Morris continues to see strong growth led by Zyn and IQOS. Both products are growing nicely, and they both have better unit economics than Philip Morris' traditional cigarette business. That said, its traditional cigarette business also remains solid, with modest volume growth and strong pricing power. This is a much different picture from companies that sell cigarettes in the U.S. Zyn and IQOS also continue to have solid expansion opportunities ahead. The company is still increasing capacity in the U.S. to keep up with Zyn demand, while it is just starting to expand internationally outside its established Nordic markets. Meanwhile, after buying back the U.S. rights to IQOS, Philip Morris has just started testing IQOS in Austin, Texas. It hopes to expand to other test markets and then later do a full launch when its new IQOS ILUMA device receives FDA approval. From a valuation standpoint, the stock trades at a forward price-to-earnings (P/E) ratio of 23 times, based on the analyst consensus for 2025, with a PEG (price/earnings-to-growth) ratio of under 0.4. Stocks with PEG ratios under 1 are typically considered undervalued, so based on this metric, the stock is still cheap. Overall, Philip Morris is a growth stock in a defensive industry, with an attractive 3.2% forward dividend yield. It has solid growth opportunities ahead, and it is pretty tariff resilient, given that it tends to use local manufacturing. As such, I think investors can still look to buy the stock, especially on any future dips. ### Related Stocks - [PM.US - Phillip Morris](https://longbridge.com/en/quote/PM.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 菲利普莫里斯強調其在無煙收入轉型中的增長勢頭 | 菲利普莫里斯國際公司（PM）在向無煙產品轉型方面取得了顯著進展，年度無煙淨收入達到約 170 億美元，佔總收入的 42%。該公司強調了在歐洲等地區的增長，無煙產品在這些地區佔據主導地位。分析師對 PM 股票的評級為買入，目標價為 210 美 | [Link](https://longbridge.com/en/news/276246395.md) | | 菲利普莫里斯將在會議上發表講話，數據已經公佈 | 菲利普莫里斯國際公司（NYSE: PM）將在 2026 年 CAGNY 會議上進行演講，首席執行官 Jacek Olczak 和首席財務官 Emmanuel Babeau 將討論公司的轉型、無煙品牌的成功以及股東回報。PMI 重申其 202 | [Link](https://longbridge.com/en/news/276242425.md) | | 印度 AI 峯會登場 總理莫迪拚深化全球夥伴關係 | 印度人工智慧影響力峯會（AI Impact Summit）於 2 月 16 日至 20 日在新德裡舉行，聚焦 AI 對就業和兒童安全的影響。總理莫迪主持開幕式，旨在強化全球夥伴關係並確立印度在 AI 領域的主導地位。此次峯會預計將吸引 25 | [Link](https://longbridge.com/en/news/276120201.md) | | 菲利普莫里斯國際公司首席執行官 Frederic De Wilde 出售普通股 | 菲利普莫里斯國際公司的首席執行官弗雷德裏克·德·維爾德已出售該公司的普通股。完整的文件可通過提供的鏈接獲取。此消息由公共技術公司生成，僅供參考，不應被視為財務或法律建議。原始內容由菲利普莫里斯國際公司於 2026 年 2 月 20 日通過 | [Link](https://longbridge.com/en/news/276484918.md) | | Stacey Kennedy，美國菲利普莫里斯公司首席執行官，出售菲利普莫里斯國際公司的普通股 | PMI 美國區首席執行官 Stacey Kennedy 已出售菲利普莫里斯國際公司的普通股。完整的文件可通過提供的鏈接獲取。此消息由公共技術公司生成，僅供信息參考，不應視為財務、投資或法律建議。原始內容由菲利普莫里斯國際公司於 2026 年 | [Link](https://longbridge.com/en/news/276484941.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.