PM vs. BTI

Last updated Apr 1, 2026

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

Performance

PM vs. BTI - Performance Comparison

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

PM vs. BTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Fundamentals

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

Returns By Period

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

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%

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%

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

Return for Risk

PM vs. BTI — Risk / Return Rank

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

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

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

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.

PM vs. BTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Philip Morris International Inc. (PM) and British American Tobacco p.l.c. (BTI). 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.

	PM	BTI	Difference
Sharpe ratio Return per unit of total volatility	0.31	2.27	-1.96
Sortino ratio Return per unit of downside risk	0.55	2.91	-2.35
Omega ratio Gain probability vs. loss probability	1.08	1.37	-0.30
Calmar ratio Return relative to maximum drawdown	0.50	3.85	-3.35
Martin ratio Return relative to average drawdown	1.06	9.74	-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.

PM vs. BTI - Sharpe Ratio Comparison

The current PM Sharpe Ratio is 0.31, which is lower than the BTI Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PM and BTI, 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

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

Correlation

The correlation between PM and BTI 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

PM vs. BTI - Dividend Comparison

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

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%

Drawdowns

PM vs. BTI - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

PM vs. BTI - Volatility Comparison

Philip Morris International Inc. (PM) has a higher volatility of 9.52% compared to British American Tobacco p.l.c. (BTI) at 8.07%. This indicates that PM's price experiences larger fluctuations and is considered to be riskier than BTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Financials

PM vs. BTI - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.