BTI vs. PM

Last updated Apr 1, 2026

Compare and contrast key facts about British American Tobacco p.l.c. (BTI) and Philip Morris International Inc. (PM).

Performance

BTI vs. PM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in British American Tobacco p.l.c. (BTI) and Philip Morris International Inc. (PM). The values are adjusted to include any dividend payments, if applicable.

BTI vs. PM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTI British American Tobacco p.l.c.	4.77%	65.81%	35.44%	-19.97%	14.91%	7.95%	-4.73%	42.97%	-49.35%	24.40%
PM Philip Morris International Inc.	4.00%	37.99%	34.34%	-1.85%	12.31%	20.78%	3.69%	35.02%	-33.30%	19.85%

Fundamentals

Market Cap BTI : $128.22B PM : $248.73B
EPS BTI : $4.93 PM : $7.47
PE Ratio BTI : 11.87 PM : 22.14
PEG Ratio BTI : 0.44 PM : 2.10
PS Ratio BTI : 2.50 PM : 6.27
Total Revenue (TTM) BTI : $51.48B PM : $40.60B
Gross Profit (TTM) BTI : $42.82B PM : $26.97B
EBITDA (TTM) BTI : $20.34B PM : $17.08B

Returns By Period

In the year-to-date period, BTI achieves a 4.77% return, which is significantly higher than PM's 4.00% return. Over the past 10 years, BTI has underperformed PM with an annualized return of 6.97%, while PM has yielded a comparatively higher 10.52% annualized return.

BTI

• 1D: 0.36%
• 1M: -5.32%
• YTD: 4.77%
• 6M: 14.89%
• 1Y: 49.74%
• 3Y*: 28.10%
• 5Y*: 17.52%
• 10Y*: 6.97%

PM

• 1D: 0.31%
• 1M: -10.71%
• YTD: 4.00%
• 6M: 4.76%
• 1Y: 7.86%
• 3Y*: 24.78%
• 5Y*: 18.95%
• 10Y*: 10.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

BTI vs. PM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTI

BTI Risk / Return Rank: 91
BTI Sharpe Ratio Rank: 93
BTI Sortino Ratio Rank: 91
BTI Omega Ratio Rank: 89
BTI Calmar Ratio Rank: 90
BTI Martin Ratio Rank: 89

PM

PM Risk / Return Rank: 50
PM Sharpe Ratio Rank: 54
PM Sortino Ratio Rank: 44
PM Omega Ratio Rank: 45
PM Calmar Ratio Rank: 54
PM Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTI vs. PM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for British American Tobacco p.l.c. (BTI) and Philip Morris International Inc. (PM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BTI	PM	Difference
Sharpe ratio Return per unit of total volatility	2.27	0.31	+1.96
Sortino ratio Return per unit of downside risk	2.91	0.55	+2.35
Omega ratio Gain probability vs. loss probability	1.37	1.08	+0.30
Calmar ratio Return relative to maximum drawdown	3.85	0.50	+3.35
Martin ratio Return relative to average drawdown	9.74	1.06	+8.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTI vs. PM - Sharpe Ratio Comparison

The current BTI Sharpe Ratio is 2.27, which is higher than the PM Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of BTI and PM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTI	PM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	0.31	+1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.87	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.44	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.52	+0.06

Correlation

The correlation between BTI and PM is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BTI vs. PM - Dividend Comparison

BTI's dividend yield for the trailing twelve months is around 5.27%, more than PM's 3.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTI British American Tobacco p.l.c.	5.27%	5.29%	8.18%	9.72%	7.23%	7.98%	7.22%	6.35%	8.53%	4.27%	3.85%	4.11%
PM Philip Morris International Inc.	3.48%	3.52%	4.40%	5.46%	4.98%	5.16%	5.73%	5.43%	6.73%	3.99%	4.50%	4.60%

Drawdowns

BTI vs. PM - Drawdown Comparison

The maximum BTI drawdown since its inception was -64.11%, which is greater than PM's maximum drawdown of -42.87%. Use the drawdown chart below to compare losses from any high point for BTI and PM.

Drawdown Indicators

	BTI	PM	Difference
Max Drawdown Largest peak-to-trough decline	-64.11%	-42.87%	-21.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-20.64%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-22.78%	-7.16%
Max Drawdown (10Y) Largest decline over 10 years	-56.00%	-42.87%	-13.13%
Current Drawdown Current decline from peak	-5.89%	-12.11%	+6.22%
Average Drawdown Average peak-to-trough decline	-12.96%	-10.03%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.43%	9.75%	-4.32%

Volatility

BTI vs. PM - Volatility Comparison

The current volatility for British American Tobacco p.l.c. (BTI) is 8.07%, while Philip Morris International Inc. (PM) has a volatility of 9.52%. This indicates that BTI experiences smaller price fluctuations and is considered to be less risky than PM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTI	PM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	9.52%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	18.02%	-2.58%
Volatility (1Y) Calculated over the trailing 1-year period	22.14%	25.83%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	21.80%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.95%	24.02%	-0.07%

Financials

BTI vs. PM - Profitability Comparison

The chart below illustrates the profitability comparison between British American Tobacco p.l.c. and Philip Morris International Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BTI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, British American Tobacco p.l.c. reported a gross profit of 11.30B and revenue of 13.54B. Therefore, the gross margin over that period was 83.4%.

PM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Philip Morris International Inc. reported a gross profit of 6.78B and revenue of 10.36B. Therefore, the gross margin over that period was 65.4%.

BTI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, British American Tobacco p.l.c. reported an operating income of 4.93B and revenue of 13.54B, resulting in an operating margin of 36.4%.

PM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Philip Morris International Inc. reported an operating income of 3.42B and revenue of 10.36B, resulting in an operating margin of 33.0%.

BTI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, British American Tobacco p.l.c. reported a net income of 3.25B and revenue of 13.54B, resulting in a net margin of 24.0%.

PM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Philip Morris International Inc. reported a net income of 2.31B and revenue of 10.36B, resulting in a net margin of 22.3%.