Philip Morris (PM) Stock Inflation-Adjusted

Philip Morris International Inc. (PM) is a leading international tobacco company engaged in the manufacture and sale of cigarettes, smoke-free products, and associated electronic devices and accessories across markets outside the United States.

To accurately evaluate investment performance, it is essential to look beyond nominal price changes. Inflation erodes purchasing power over time, which can mask an investment's true returns. This page adjusts Philip Morris International's historical stock prices using the US Consumer Price Index to reveal the company's real performance with the effects of inflation removed.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use June 2025 as the baseline (latest available CPI).

The current value of Philip Morris stock is 180.92 (as of the close of Jul 15, 2025), 2.18% lower than the all-time high of 184.95 (Jun 23, 2025).

Since March 17, 2008, the inflation-adjusted total return for the stock has been 434.3%, which is equivalent to an annual growth rate of 10.15%.

In nominal values, the total return since this date has been 707.13%, or an annualized rate of 12.81%.

Inflation-Adjusted Values by Month

This data presents Philip Morris' end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Jul 2025	180.92	180.92
Jun 2025	182.13	182.13
May 2025	181.21	180.59
Apr 2025	172.3	171.36
Mar 2025	160.1	158.73
Feb 2025	155.62	153.95
Jan 2025	131.07	129.08
Dec 2024	121.95	119.32
Nov 2024	133.41	130.48
Oct 2024	132.97	130.13
Sep 2024	121.79	119.05
Aug 2024	122.53	119.58
Jul 2024	114.54	111.69
Jun 2024	100.9	98.28
May 2024	99.7	97.08
Apr 2024	93.53	90.91
Mar 2024	90.61	87.73
Feb 2024	88.33	84.98
Jan 2024	89.76	85.82
Dec 2023	93.45	88.87
Nov 2023	91.4	87
Oct 2023	87.11	83.09
Sep 2023	90.42	86.28
Aug 2023	94.05	89.52
Jul 2023	98.06	92.93
Jun 2023	96.18	90.97
May 2023	87.81	82.79
Apr 2023	97.77	91.95
Mar 2023	95.59	89.45
Feb 2023	94.7	88.32
Jan 2023	102.02	94.62
Dec 2022	99.85	91.87
Nov 2022	96.81	89.35
Oct 2022	89.12	82.34
Sep 2022	80.87	74.42
Aug 2022	91.94	84.42
Jul 2022	93.5	85.88
Jun 2022	95.02	87.29
May 2022	102.38	92.78
Apr 2022	97.42	87.32
Mar 2022	92.03	82.03
Feb 2022	99.02	87.09
Jan 2022	101.68	88.63
Dec 2021	94.71	81.86
Nov 2021	84.8	73.07
Oct 2021	93.75	80.39
Sep 2021	94.77	80.6
Aug 2021	102.02	86.52
Jul 2021	99.34	84.08
Jun 2021	98.84	83.26
May 2021	95.91	80.04
Apr 2021	95.25	78.86
Mar 2021	89.7	73.66
Feb 2021	84.41	68.83
Jan 2021	80.46	65.25
Dec 2020	83.99	67.82
Nov 2020	75.84	61.18
Oct 2020	71.06	57.36
Sep 2020	75.06	60.57
Aug 2020	78.75	63.46
Jul 2020	76.05	61.09
Jun 2020	69.72	55.72
May 2020	72.27	57.44
Apr 2020	73.49	58.41
Mar 2020	71.39	57.13
Feb 2020	78.56	63
Jan 2020	79.57	63.64
Dec 2019	82.19	65.48
Nov 2019	78.95	62.96
Oct 2019	77.49	61.83
Sep 2019	72.41	57.64
Aug 2019	67.71	53.85
Jul 2019	78.52	62.46
Jun 2019	73.87	58.66
May 2019	71.51	56.77
Apr 2019	80.42	63.71
Mar 2019	82.56	65.06
Feb 2019	80.65	63.2
Jan 2019	71.47	55.77
Dec 2018	62.31	48.53
Nov 2018	79.3	61.97
Oct 2018	80.44	63.07
Sep 2018	74.61	58.39
Aug 2018	70.37	55.01
Jul 2018	78.01	60.95
Jun 2018	72.99	57.02
May 2018	71.03	55.4
Apr 2018	73.53	57.12
Mar 2018	89.49	69.24
Feb 2018	92.45	71.36
Jan 2018	96.17	73.9
Dec 2017	95.27	72.81
Nov 2017	91.69	70.12
Oct 2017	93.38	71.41
Sep 2017	99	75.76
Aug 2017	103.85	79.05
Jul 2017	103.97	78.9
Jun 2017	104.56	79.4
May 2017	105.84	80.31
Apr 2017	98.01	74.3
Mar 2017	100.13	75.68
Feb 2017	96.18	72.64
Jan 2017	84.82	63.86
Dec 2016	81.2	60.77
Nov 2016	77.49	57.98
Oct 2016	84.52	63.34
Sep 2016	85.31	63.85
Aug 2016	87.01	64.97
Jul 2016	87.38	65.18
Jun 2016	88.51	66.13
May 2016	85.29	63.52
Apr 2016	85.15	63.16
Mar 2016	85.54	63.15
Feb 2016	78.89	57.99
Jan 2016	78.07	57.34
Dec 2015	76.38	56.01
Nov 2015	74.79	55.03
Oct 2015	75.49	55.67
Sep 2015	67.72	49.95
Aug 2015	67.16	49.62
Jul 2015	71.88	53.18
Jun 2015	67.38	49.85
May 2015	69.23	51.04
Apr 2015	69.92	51.29
Mar 2015	63.23	46.29
Feb 2015	69.18	50.34
Jan 2015	67.21	48.69
Dec 2014	67.9	49.43
Nov 2014	71.2	52.12
Oct 2014	72.51	53.37
Sep 2014	67.77	50.01
Aug 2014	68.79	50.73
Jul 2014	65.81	48.61
Jun 2014	67.63	49.97
May 2014	70.42	51.94
Apr 2014	68.19	50.12
Mar 2014	65.56	48.03
Feb 2014	64.46	46.92
Jan 2014	62.48	45.31
Dec 2013	69.93	50.52
Nov 2013	67.9	49.06
Oct 2013	70.6	51.11
Sep 2013	68.42	49.66
Aug 2013	65.32	47.36
Jul 2013	69.9	50.62
Jun 2013	67.92	49.17
May 2013	70.76	51.1
Apr 2013	74.53	53.73
Mar 2013	72.21	52.11
Feb 2013	71	51.1
Jan 2013	68.78	49.1
Dec 2012	65.44	46.58
Nov 2012	69.44	49.56
Oct 2012	68.1	48.84
Sep 2012	69.13	49.6
Aug 2012	68.32	48.79
Jul 2012	70.34	49.96
Jun 2012	67.02	47.68
May 2012	64.24	45.77
Apr 2012	67.96	48.47
Mar 2012	67.48	47.99
Feb 2012	63.53	44.84
Jan 2012	57.12	40.14
Dec 2011	60.22	42.13
Nov 2011	57.77	40.52
Oct 2011	52.9	37.14
Sep 2011	47.13	33.15
Aug 2011	51.84	36.41
Jul 2011	53.37	37.38
Jun 2011	50.12	35.07
May 2011	53.3	37.34
Apr 2011	51.83	36.14
Mar 2011	49.3	34.16
Feb 2011	47.14	32.34
Jan 2011	43.19	29.49
Dec 2010	44.38	30.15
Nov 2010	42.75	29
Oct 2010	43.99	29.82
Sep 2010	42.17	28.55
Aug 2010	38.24	25.88
Jul 2010	38.06	25.72
Jun 2010	34.19	23.1
May 2010	32.47	21.96
Apr 2010	36.14	24.43
Mar 2010	38.48	25.96
Feb 2010	35.89	24.11
Jan 2010	33.35	22.41
Dec 2009	35.44	23.73
Nov 2009	34.89	23.4
Oct 2009	34.39	23.05
Sep 2009	35.43	23.72
Aug 2009	32.86	21.99
Jul 2009	33.57	22.41
Jun 2009	31.38	20.98
May 2009	30.54	20.25
Apr 2009	26.01	17.19
Mar 2009	25.62	16.9
Feb 2009	23.83	15.67
Jan 2009	26.58	17.4
Dec 2008	31.26	20.38
Nov 2008	29.6	19.49
Oct 2008	29.94	20.1
Sep 2008	32.79	22.24
Aug 2008	36.2	24.59
Jul 2008	34.68	23.65
Jun 2008	33.34	22.61
May 2008	35.59	23.9
Apr 2008	34.77	23.16
Mar 2008	34.68	22.96

Returns from Investing in Philip Morris stock

How much did an investment in Philip Morris really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for Philip Morris stock by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year	Inflation-Adjusted Return	Nominal Return
2024	30.49%	34.26%
2023	-6.4%	-3.27%
2022	5.43%	12.23%
2021	12.76%	20.7%
2020	2.19%	3.59%
2019	31.9%	34.91%
2018	-34.59%	-33.35%
2017	17.33%	19.81%
2016	6.31%	8.51%
2015	12.49%	13.31%
2014	-2.9%	-2.17%
2013	6.85%	8.46%
2012	8.67%	10.56%
2011	35.7%	39.72%
2010	25.22%	27.1%
2009	13.35%	16.44%

Philip Morris Stock: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for Philip Morris over various trailing periods ending June 30, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	80.5%	85.32%
Last 3 years	24.22%	27.78%
Last 5 years	21.17%	26.73%
Last 10 years	10.45%	13.83%

Real Returns of Investing in the Philip Morris

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in June 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Philip Morris five years ago yielded an 189.11% nominal gain, but the real return (the actual increase in buying power) was 131.85%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Jun 2025	$289.11	189.11%	131.85%
Last 10 years Feb 2015 - Jun 2025	$361.78	261.78%	163.26%

Inflation Impact on Philip Morris

As a global tobacco company with significant manufacturing operations, Philip Morris International faces moderate to high exposure to inflation across its business.

Agricultural Inputs: Tobacco leaf prices, the company's primary raw material, can fluctuate with agricultural inflation, weather patterns, and changing farming economics across the company's global supply chain.
Manufacturing Costs: Rising prices for paper, filters, packaging materials, and energy directly impact the production costs of Philip Morris's traditional cigarette products and newer reduced-risk offerings like IQOS heated tobacco units.
Supply Chain Expenses: Global logistics costs, warehouse operations, and distribution networks are sensitive to fuel inflation, labor cost increases, and general transportation inflation.
Market-Specific Dynamics: Operating in over 175 countries, Philip Morris encounters varying inflation rates, currency fluctuations, and price control regulations that create complex pricing challenges unique to each market.

Philip Morris employs several strategic approaches to counter inflation's effects. The company maintains diversified tobacco sourcing from multiple regions, allowing it to mitigate localized inflation pressures and leverage its significant market position to negotiate favorable terms with suppliers.

A key advantage for Philip Morris is its considerable pricing power in the tobacco industry. The addictive nature of nicotine products and brand loyalty enable the company to implement price increases that typically exceed local inflation rates in most markets. This pricing flexibility has historically allowed the company to preserve or expand margins even during inflationary periods.

Additionally, Philip Morris's ongoing shift toward higher-margin smoke-free products provides another buffer against inflation as these products generally command premium pricing and higher profit margins compared to traditional cigarettes.

About Philip Morris

Philip Morris International Inc. (PMI) is a multinational tobacco company that was spun off from Altria Group in 2008 to focus exclusively on international markets outside the United States.

The company manufactures and sells cigarettes and smoke-free products, including heated tobacco products and electronic nicotine delivery systems. Its portfolio includes internationally recognized brands such as Marlboro (outside the US), L&M, Chesterfield, and Parliament. In recent years, PMI has increasingly focused on its IQOS heated tobacco platform as part of its stated long-term strategy to transition away from traditional cigarettes.

Headquartered in New York with operational headquarters in Lausanne, Switzerland, Philip Morris International sells products in over 175 countries and has been known for its substantial dividend payments. The company is a component of the S&P 500 index.

Last Close Jul 15, 2025	180.92
Highest Jun 23, 2025	184.95
Highest, Inflation-Adjusted Jun 23, 2025	184.95
Annualized return Since Mar 17, 2008	12.81%
Annualized return, Inflation-Adjusted Since Mar 17, 2008	10.15%