{"slug":"philip-morris-international","name":"필립 모리스 인터내셔널","name_en":"Philip Morris International Inc.","ticker":"PM","updated_at":"2026-09-11T14:42:30.39192+00:00","canonical":"https://valuechain.wiki/philip-morris-international","citable":"밸류체인 그래프 기준 필립 모리스 인터내셔널의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Philip Morris International Inc. is directly linked to 2 companies (2 supply, 0 revenue, 1 investment relationships) and reaches 3 companies within two hops; the links are backed by 7 dated sources, 4 of them primary filings (as of 2026-09-11).","kicker":"글로벌 담배·무연제품사","kicker_en":"Global tobacco and smoke-free products company","lead":"말보로 등 궐련과 IQOS·ZYN 등 무연제품을 유통사와 소매망에 판매한다. 잎담배, 전자기기, 계약생산에 비용을 쓰며 KT&G 제품을 한국 밖에서 독점 상업화한다.","lead_en":"The company sells cigarettes including Marlboro and smoke-free products such as IQOS and ZYN through distributors and retail channels. Its cost base includes tobacco leaf, electronic devices and contract manufacturing, while it exclusively commercializes KT&G products outside South Korea.","categories":[{"key":"branded-consumer-goods","ko":"브랜드 소비재","en":"Branded Consumer Goods","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"궐련 담배","note":"FY2025 순매출 237억9,400만달러"},{"name":"무연제품","note":"FY2025 순매출 168억5,400만달러, 이 중 웰니스 2억3,800만달러 포함"}],"total":"FY2025 순매출 406억4,800만달러","track":"C"},"segments_en":{"parts":[{"name":"Combustible tobacco","note":"FY2025 net revenues: $23.794 billion"},{"name":"Smoke-free products","note":"FY2025 net revenues: $16.854 billion, including $238 million from Wellness"}],"total":"FY2025 net revenues: $40.648 billion"},"returns_yearly":{"2021":20.8,"2022":12.3,"2023":-1.9,"2024":34.3,"2025":38,"2026":28.7},"return_asof":"2026-10-09","value_chain":{"leading":[],"benefiting":[{"slug":"altria","name":"알트리아","name_en":"Altria Group, Inc.","tier":1,"returns_yearly":{"2021":24.2,"2022":4.4,"2023":-3.7,"2024":40.8,"2025":18.2,"2026":30.3}},{"slug":"kt-g","name":"KT&G","name_en":"KT&G","tier":1,"returns_yearly":{"2021":2.6,"2022":25.8,"2023":3.9,"2024":23.8,"2025":46.5,"2026":16.4}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":2,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":2.8}},{"slug":"marathon-petroleum","name":"마라톤 페트롤리엄","name_en":"Marathon Petroleum Corporation","tier":3,"returns_yearly":{"2021":61,"2022":86.6,"2023":30.5,"2024":-4.1,"2025":19.2,"2026":183}},{"slug":"targa-resources","name":"타가 리소시스","name_en":"Targa Resources Corp.","tier":3,"returns_yearly":{"2021":100.1,"2022":43.7,"2023":21,"2024":110.1,"2025":5.7,"2026":59.5}},{"slug":"occidental-petroleum","name":"옥시덴탈 페트롤리엄","name_en":"Occidental Petroleum","tier":3,"returns_yearly":{"2021":67.7,"2022":119.1,"2023":-4.1,"2024":-15.9,"2025":-14.9,"2026":48.2}},{"slug":"ross-stores","name":"로스 스토어스","name_en":"Ross Stores","tier":3,"returns_yearly":{"2021":-6,"2022":2.9,"2023":20.6,"2024":10.4,"2025":20.4,"2026":28.6}},{"slug":"oneok","name":"원오크","name_en":"ONEOK, Inc.","tier":3,"returns_yearly":{"2021":64.7,"2022":18.9,"2023":13.2,"2024":50.1,"2025":-22.9,"2026":26.8}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":3,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"old-dominion","name":"올드 도미니언","name_en":"Old Dominion Freight Line, Inc.","tier":3,"returns_yearly":{"2021":84.1,"2022":-20.5,"2023":43.5,"2024":-12.5,"2025":-10.5,"2026":16.5}},{"slug":"incyte","name":"인사이트","name_en":"Incyte Corporation","tier":3,"returns_yearly":{"2021":-15.6,"2022":9.4,"2023":-21.8,"2024":10,"2025":43,"2026":14.2}},{"slug":"american-water-works","name":"아메리칸 워터 웍스","name_en":"American Water Works","tier":3,"returns_yearly":{"2021":24.8,"2022":-17.9,"2023":-11.7,"2024":-3.5,"2025":7.4,"2026":10.1}},{"slug":"edwards-lifesciences","name":"에드워즈 라이프사이언스","name_en":"Edwards Lifesciences Corporation","tier":3,"returns_yearly":{"2021":42,"2022":-42.4,"2023":2.2,"2024":-2.9,"2025":15.2,"2026":5.5}},{"slug":"hubbell-incorporated","name":"허벨","name_en":"Hubbell Incorporated","tier":3,"returns_yearly":{"2021":35.6,"2022":15.1,"2023":42.4,"2024":28.9,"2025":7.4,"2026":4.7}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":4}},{"slug":"edison-international","name":"에디슨 인터내셔널","name_en":"Edison International","tier":3,"returns_yearly":{"2021":13.6,"2022":-2.6,"2023":17.4,"2024":15.2,"2025":-20.4,"2026":-1.7}},{"slug":"public-service-enterprise-group","name":"퍼블릭 서비스 엔터프라이즈 그룹","name_en":"Public Service Enterprise Group Incorporated","tier":3,"returns_yearly":{"2021":18.3,"2022":-5.1,"2023":3.6,"2024":42.6,"2025":-1.9,"2026":-6.7}},{"slug":"zoetis","name":"조에티스","name_en":"Zoetis Inc.","tier":3,"returns_yearly":{"2021":48.3,"2022":-39.5,"2023":35.9,"2024":-16.6,"2025":-21.8,"2026":-39.6}}],"analysis":"글로벌 담배·무연제품사 기업. 2026년 +15.8%다. 수요·공급 연결은 확인되지만 상장 상대 수익률 데이터는 제한적이다.","analysis_en":"Philip Morris International Inc. operates across Global tobacco and smoke-free products company. It is +15.8% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. Its cost base includes tobacco leaf, electronic devices and contract manufacturing, while it exclusively commercializes KT&G products outside South Korea.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"KT&G","counterparty_slug":"kt-g","confidence":"high","metric":{"type":"count","unit":"sticks","as_of":"2023-01-30","basis":"장기 공급계약 첫 3년의 최소 보장 물량","value":16000000000,"period":"2023-2025","basis_en":"Minimum guaranteed volume for the first three years of the long-term supply agreement","qualifier":null},"note":"필립 모리스 인터내셔널은 KT&G의 릴 기기와 스틱을 공급받아 한국을 제외한 세계 시장에서 독점 상업화한다. 15년 계약의 첫 3년에는 최소 160억 개비 물량이 보장됐다.","note_en":"Philip Morris International receives KT&G's lil devices and consumables for exclusive commercialization worldwide outside South Korea. The first three years of the 15-year agreement guaranteed a minimum volume of 16 billion sticks.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm","title":"Philip Morris International Inc. 2025년 Form 10-K","title_en":"Philip Morris International Inc. 2025 Form 10-K","excerpt":"계약은 한국을 제외한 세계 시장의 독점 상업화 권리를 부여한다.","excerpt_en":"exclusive, worldwide basis"},{"stance":"confirms","publisher":"매일경제TV","publisher_en":"Maeil Business TV","kind":"news","lang":"ko","published_at":"2023-01-30","url":"https://stock.mk.co.kr/news/view/22667","title":"KT&G, 경쟁사와 '아름다운 동행' 택했다…3년간 필립모리스에 '릴 스틱' 최소 160억 개비 수출","title_en":"KT&G Partners with a Rival, to Export at Least 16 Billion lil Sticks to Philip Morris over Three Years","excerpt":"계약 초기 2025년까지 KT&G에 최소 160억 개비 판매가 보장됐다.","excerpt_en":"KT&G was guaranteed sales of at least 16 billion sticks through 2025."}]},{"direction":"investment","counterparty":"Swedish Match","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2022-10-27","basis":"2022년 5월 11일 환율로 계산한 Swedish Match 공개매수 발표 가치","value":16000000000,"period":"2022","basis_en":"Announced Swedish Match tender-offer value using the exchange rate on May 11, 2022","qualifier":"approximate"},"note":"필립 모리스 인터내셔널은 2022년 Swedish Match를 인수해 ZYN과 경구용 니코틴 사업을 편입했다. 발표 당시 공개매수 가치는 약 160억달러였고 이후 인수가 완료됐다.","note_en":"Philip Morris International acquired Swedish Match in 2022, adding ZYN and the oral nicotine business. The announced tender offer was valued at approximately $16 billion and the acquisition was subsequently completed.","sources":[{"stance":"confirms","publisher":"헨리 펀드, 아이오와대학교 티피 경영대학","publisher_en":"The Henry Fund, Henry B. Tippie College of Business, University of Iowa","kind":"research","lang":"en","published_at":"2025-11-03","url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2025-11/f25_PM.pdf","title":"Philip Morris International (PM) 투자 리서치 보고서","title_en":"Philip Morris International (PM) Equity Research Report","excerpt":"보고서는 2022년 Swedish Match 인수로 ZYN이 PMI 포트폴리오에 편입됐다고 분석했다.","excerpt_en":"acquired through the 2022 purchase of Swedish Match for $16 billion"},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2022-10-27","url":"https://www.sec.gov/Archives/edgar/data/1413329/000141332922000114/pm-20220930.htm","title":"Philip Morris International Inc. 2022년 3분기 Form 10-Q","title_en":"Philip Morris International Inc. Q3 2022 Form 10-Q","excerpt":"Swedish Match 공개매수 발표 가치는 약 160억달러였다.","excerpt_en":"The total value ... approximately $16.0 billion"}]},{"direction":"revenue","counterparty":"JSC TK Megapolis","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"Megapolis Group에서 발생한 순매출","value":2805000000,"period":"FY2025","basis_en":"Net revenues from Megapolis Group","qualifier":null},"note":"러시아 유통사 Megapolis는 2025년 필립 모리스 인터내셔널 순매출 28억500만달러를 발생시킨 대형 거래처다. 필립 모리스 인터내셔널은 이 유통사의 지분 23%도 보유한다.","note_en":"Russian distributor Megapolis generated $2.805 billion of Philip Morris International's net revenue in 2025. Philip Morris International also holds a 23% equity interest in the distributor.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm","title":"Philip Morris International Inc. 2025년 Form 10-K","title_en":"Philip Morris International Inc. 2025 Form 10-K","excerpt":"Megapolis Group 관련 2025년 순매출은 28억500만달러였다.","excerpt_en":"Megapolis Group ... $2,805 [million]"}]},{"direction":"investment","counterparty":"알트리아","counterparty_slug":"altria","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"미국 IQOS 상업화 권리 재취득을 위한 이자 포함 총 현금 대가","value":2800000000,"period":"2022-2024","basis_en":"Total cash consideration including interest to reacquire U.S. IQOS commercialization rights","qualifier":null},"note":"필립 모리스 인터내셔널은 알트리아와의 기존 미국 IQOS 상업화 관계를 종료하고 해당 권리를 재취득했다. 이 권리 취득에 이자를 포함해 총 28억달러를 지급했다.","note_en":"Philip Morris International ended its prior U.S. IQOS commercialization arrangement with Altria and reacquired the rights. It paid total cash consideration of $2.8 billion including interest for those rights.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm","title":"Philip Morris International Inc. 2025년 Form 10-K","title_en":"Philip Morris International Inc. 2025 Form 10-K","excerpt":"권리 재취득의 이자 포함 총 현금 대가는 28억달러였다.","excerpt_en":"total cash consideration of $2.8 billion"}]},{"direction":"cost","counterparty":"알트리아","counterparty_slug":"altria","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-25","basis":"미국 IQOS 독점 상업화 권리 양도 대가, 세전","value":2700000000,"period":"2022-2024 IQOS rights transaction","basis_en":"Pre-tax consideration for assigning exclusive U.S. IQOS commercialization rights","qualifier":null},"note":"필립 모리스 인터내셔널은 알트리아에서 미국 IQOS 독점 상업화 권리를 재취득했다. 세전 대가 27억 달러이고, 알트리아는 그 이익을 FY2024 에 인식했다.","note_en":"Philip Morris International reacquired the exclusive U.S. IQOS commercialization rights from Altria for pre-tax consideration of $2.7 billion; Altria recognized the gain in FY2024.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/764180/000076418026000017/mo-20251231.htm","title":"Altria Group, Inc. 2025 Form 10-K","title_en":"Altria Group, Inc. 2025 Form 10-K","excerpt":"알트리아는 권리 양도에 따른 세전 이익 27억 달러를 FY2024에 인식했다.","excerpt_en":"recorded a pre-tax gain of $2.7 billion"},{"stance":"confirms","publisher":"대신증권 리서치센터","publisher_en":"Daishin Securities Research Center","kind":"research","lang":"ko","published_at":"2023-04-11","url":"https://www.paxnet.co.kr/WWW/data/researchCenter/attach/20230411105653970.pdf","title":"전자담배업: 변화의 조짐이 나타나는 미국과 중국","title_en":"E-Cigarette Industry: Signs of Change in the United States and China","excerpt":"PMI가 알트리아로부터 27억 달러를 주고 미국 내 아이코스 판권을 구매하였다.","excerpt_en":"PMI paid Altria $2.7 billion for the U.S. IQOS commercialization rights."}]},{"direction":"cost","counterparty":"Universal Corporation","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-05-30","basis":"Universal이 필립 모리스 인터내셔널 및 계열사에서 올린 매출, 필립 모리스 인터내셔널 관점의 구매 규모","value":480000000,"period":"Universal FY2025","basis_en":"Universal revenue from Philip Morris International and affiliates, representing PMI's purchases from the supplier","qualifier":null},"note":"Universal은 필립 모리스 인터내셔널에 잎담배와 농산 원료를 공급하는 주요 공급사다. Universal은 2025 회계연도 필립 모리스 인터내셔널 및 계열사 대상 매출을 약 4억8,000만달러로 공시했다.","note_en":"Universal is a major supplier of leaf tobacco and agricultural inputs to Philip Morris International. Universal reported approximately $480 million of FY2025 revenue from Philip Morris International and its affiliates.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-05-30","url":"https://www.sec.gov/Archives/edgar/data/102037/000010203725000039/a2025_universalcorporation.pdf","title":"Universal Corporation 2025년 연차보고서 및 Form 10-K","title_en":"Universal Corporation 2025 Annual Report and Form 10-K","excerpt":"Universal은 2025 회계연도 PMI 관련 매출을 약 4억8,000만달러로 공시했다.","excerpt_en":"revenue from Philip Morris International, Inc. accounted for approximately $480 million"}]},{"direction":"revenue","counterparty":"Godfrey Phillips India","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"Godfrey Phillips India 유통관계에서 발생한 매출","value":null,"period":"FY2025","basis_en":"Revenue from the Godfrey Phillips India distribution relationship","qualifier":"confirmed_no_disclosed_value"},"note":"Godfrey Phillips India는 PMI가 56.3% 보유한 IPM India의 계약 제조·유통사다. 2025년 관계사 매출은 합산으로만 공시돼 이 유통관계의 개별 매출은 알 수 없다.","note_en":"Godfrey Phillips India is the contract manufacturer and distributor for IPM India, a 56.3%-owned PMI subsidiary. Related-party revenue was disclosed only in aggregate for 2025, so the amount attributable to this distribution relationship is unavailable.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm","title":"Philip Morris International Inc. 2025년 Form 10-K","title_en":"Philip Morris International Inc. 2025 Form 10-K","excerpt":"GPI는 IPM India의 계약 제조사이자 유통사다.","excerpt_en":"GPI acts as contract manufacturer and distributor"}]}]}