Philip Morris International Inc.
PMConsumer Defensive · Tobacco · Stock · quarterly payer
Forward Yield
3.17%
Annual Dividend
$6.40
Payout Ratio
84%
5-Yr Growth
3.5%
Ex-Date
Oct 2, 2026
Frequency
Quarterly
Key facts about PM's dividend
Data as of · Source: SmarterDividends data
- As of Oct 23, 2026, Philip Morris International Inc. (PM) has a forward dividend yield of 3.17%, based on an annual dividend of $6.40 per share and a share price of $201.74.
- As of Oct 23, 2026, PM's dividend safety grade from SmarterDividends is B (77 out of 100), which rates the dividend as safe.
- By SmarterDividends' count, Philip Morris International Inc. (PM) has raised its dividend for 13 consecutive years as of Oct 23, 2026.
- PM last cut its regular dividend in 2012.
- PM's most recent ex-dividend date was Oct 2, 2026, for a dividend of $1.60 per share.
- As of Oct 23, 2026, PM pays out 84% of its trailing 12-month earnings as dividends (its payout ratio).
- PM's dividend has grown at an average rate of 3.5% a year over the past five years.
- As of Oct 23, 2026, PM's 3.17% yield is 34% below its five-year average yield of 4.82%.
- As of Oct 23, 2026, SmarterDividends' blended fair-value estimate for PM is $161.23 per share, 20% below the $201.74 share price, so PM screens as overvalued.
- Philip Morris International Inc. (PM) pays its dividend quarterly, 4 times a year.
- Philip Morris International Inc. (PM) has raised its regular dividend 21 times and cut it 1 time across the 75 payments on record since 2008. Its most recent change was a 8.8% increase to $1.60 per share, going ex-dividend on Oct 2, 2026. The last cut went ex-dividend on Dec 20, 2012.
- Philip Morris (PM) has declared its first higher dividend of the year in September in 5 of the last 5 years; its most recent raise, 8.8%, was declared on Sep 18, 2026.
Cite this page
SmarterDividends, "PM Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 23, 2026, https://smarterdividends.com/stocks/PM
Summary
As of Oct 23, 2026, Philip Morris International Inc. (PM) yields 3.17% ($6.40 a year per share), has a dividend safety grade of B (77/100) and has 13 consecutive years of dividend increases on record.
Is PM a good dividend stock?
YesPhilip Morris International Inc. (PM) pays a quarterly dividend yielding 3.17% ($6.40/yr), with 13 years of growth and a dividend-safety grade of B. It scores well across payout coverage, growth history and safety — a dependable income holding.
Advantages
- 13 consecutive years of dividend growth
- 132% total price return over 5 years
Risks
- Cut its dividend in 2012
Key Data
- Dividend Yield
- 3.17%
- Payout Ratio
- 84%
- Annual Dividend
- $6.40
- 5-Yr Avg Growth
- 3.5%
- Ex-Dividend Date
- Oct 2, 2026
- Years of Growth
- 13
- Frequency
- quarterly
- Beta
- —
- Market Cap
- $314.4B
- P/E Ratio
- 29.5
- 5-Yr Total Return
- 132%
- 52-Week Range
- $142.11 – $210.45
- Dividend Safety
- B · 77/100
- Ever Cut?
- Yes (2012)
PM dividend raises and cuts
Philip Morris International Inc. (PM) has raised its regular dividend 21 times and cut it 1 time across the 75 payments on record since 2008. Its most recent change was a 8.8% increase to $1.60 per share, going ex-dividend on Oct 2, 2026. The last cut went ex-dividend on Dec 20, 2012.
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Oct 2, 2026 | Raise | $1.47 → $1.60 | +8.8% |
| Oct 3, 2025 | Raise | $1.35 → $1.47 | +8.9% |
| Sep 26, 2024 | Raise | $1.30 → $1.35 | +3.8% |
| Sep 26, 2023 | Raise | $1.27 → $1.30 | +2.4% |
| Sep 27, 2022 | Raise | $1.25 → $1.27 | +1.6% |
| Sep 28, 2021 | Raise | $1.20 → $1.25 | +4.2% |
| Sep 23, 2020 | Raise | $1.17 → $1.20 | +2.6% |
| Sep 24, 2019 | Raise | $1.14 → $1.17 | +2.6% |
| Jun 21, 2018 | Raise | $1.07 → $1.14 | +6.5% |
| Sep 26, 2017 | Raise | $1.04 → $1.07 | +2.9% |
| Sep 26, 2016 | Raise | $1.02 → $1.04 | +2.0% |
| Sep 28, 2015 | Raise | $1.00 → $1.02 | +2.0% |
Show all 22 changes since 2008
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Sep 23, 2014 | Raise | $0.940 → $1.00 | +6.4% |
| Sep 24, 2013 | Raise | $0.850 → $0.940 | +10.6% |
| Mar 26, 2013 | Raise | $0.0850 → $0.850 | +900.0% |
| Dec 24, 2012 | Raise | $0.0390 → $0.0850 | +117.9% |
| Dec 20, 2012 | Cut | $0.850 → $0.0390 | −95.4% |
| Sep 25, 2012 | Raise | $0.770 → $0.850 | +10.4% |
| Sep 23, 2011 | Raise | $0.640 → $0.770 | +20.3% |
| Sep 22, 2010 | Raise | $0.580 → $0.640 | +10.3% |
| Sep 24, 2009 | Raise | $0.540 → $0.580 | +7.4% |
| Sep 11, 2008 | Raise | $0.460 → $0.540 | +17.4% |
Frequently Asked Questions
Is PM a good dividend stock?
Yes. Philip Morris International Inc. (PM) pays a quarterly dividend yielding 3.17% ($6.40/yr), with 13 years of growth and a dividend-safety grade of B. It scores well across payout coverage, growth history and safety — a dependable income holding.
Is PM undervalued?
Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, PM's fair value is about $161.23 versus a $201.74 share price — so it looks overvalued (-20% vs. fair value).
Is PM's dividend safe?
PM has a dividend-safety grade of B (77/100), based on its payout coverage, free-cash-flow, 13-year growth streak, a dividend cut in 2012, debt and yield-versus-history.
What is PM's fair value?
Our blended fair-value estimate for PM is about $161.23 per share, about 20% below the current $201.74 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.
Is PM a buy, hold, or sell?
We don't issue formal ratings, but on the data PM screens as "yes" and overvalued. Philip Morris International Inc. (PM) pays a quarterly dividend yielding 3.17% ($6.40/yr), with 13 years of growth and a dividend-safety grade of B. It scores well across payout coverage, growth history and safety — a dependable income holding. This is research for your own analysis, not investment advice.
Will PM cut its dividend?
PM earns a dividend-safety grade of B (77/100), and has cut its dividend before (last in 2012). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.
Does PM pay a dividend?
Yes. Philip Morris International Inc. pays a quarterly dividend of about $6.40 per share annually, a forward yield of roughly 3.17%.
What is PM's dividend yield?
As of Oct 23, 2026, PM's forward dividend yield is 3.17%, based on a $6.40 annual dividend and a $201.74 share price.
What is PM's dividend per share?
As of Oct 23, 2026, PM pays $6.40 per share per year, distributed on a quarterly basis.
What is PM's dividend payout ratio?
As of Oct 23, 2026, PM's payout ratio is 84% of trailing 12-month earnings — a moderate level that's generally sustainable.
How many years has PM grown its dividend?
As of Oct 23, 2026, PM has increased its dividend for 13 consecutive years.
When is the next PM ex-dividend date?
As of Oct 23, 2026, PM's next ex-dividend date hasn't been announced. The most recent was Oct 2, 2026, for $1.60 per share.
PM Price — Last 12 Months
Daily close
Price Return
1 Year
+27%
3 Years
+114%
5 Years
+132%
52-Week Range
$142.11 – $210.45
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is PM worth?
Overvaluedhigh confidenceOur blended fair-value estimate for Philip Morris International Inc. is $161.23 per share, versus a market price of $201.74. That implies 20% of downside.
Fair Value
$161.23
Current Price
$201.74
Downside
-20%
Margin of Safety
-25%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about 14.6% annual free-cash-flow growth. We model 9.3% — so the price already assumes faster growth than we think is likely.
Assumptions: 8.0% discount rate (CAPM), 9.3% growth for five years fading to 2.5% over the next five, $6.96 EPS, $6.40 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
PM Dividend Safety Score
Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
Full PM dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Oct 2, 2026 | Oct 26, 2026 | $1.6000 | regular |
| Jun 25, 2026 | Jul 20, 2026 | $1.4700 | regular |
| Mar 19, 2026 | Apr 13, 2026 | $1.4700 | regular |
| Dec 26, 2025 | Jan 14, 2026 | $1.4700 | regular |
| Oct 3, 2025 | Oct 20, 2025 | $1.4700 | regular |
| Jun 27, 2025 | Jul 15, 2025 | $1.3500 | regular |
| Mar 20, 2025 | Apr 10, 2025 | $1.3500 | regular |
| Dec 26, 2024 | Jan 13, 2025 | $1.3500 | regular |
| Sep 26, 2024 | Oct 10, 2024 | $1.3500 | regular |
| Jun 21, 2024 | Jul 8, 2024 | $1.3000 | regular |
| Mar 20, 2024 | Apr 9, 2024 | $1.3000 | regular |
| Dec 20, 2023 | Jan 10, 2024 | $1.3000 | regular |
| Sep 26, 2023 | Oct 12, 2023 | $1.3000 | regular |
| Jun 22, 2023 | Jul 11, 2023 | $1.2700 | regular |
Income Calculator
At $6.40 / yr per share
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