MEDIUMBuilt-inProduct / Revenue mix
43%
Marlboro
“10-K Item 1: 'Marlboro, the world's best-selling international cigarette, which accounted for approximately 43% of our total 2025 cigarette shipment volume'”
PM · Concentration risk · 10-K extracted
Philip Morris International (PM) concentration risks
Updated
The most significant concentration Philip Morris International discloses is Marlboro at 43%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Philip Morris International’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM1
LOW3
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWBuilt-inGeographic
6%
Russia
“10-K Item 1A: 'Russia accounted for around 9% of our total cigarette and heated tobacco unit shipment volume, and around 6% of our total net revenues'”
LOWOutside partyCustomer
distributor in the Europe Region
“10-K Item 1: 'sales to a distributor in the Europe Region and a distributor in the EA, AU & PMI GTR Region each amounted to 10 percent or more of our consolidated net revenues'”
LOWOutside partyCustomer
distributor in the EA, AU & PMI GTR Region
“10-K Item 1: 'sales to a distributor in the Europe Region and a distributor in the EA, AU & PMI GTR Region each amounted to 10 percent or more of our consolidated net revenues'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is spread across product, geography, and distribution channels, with each exposure at a medium or low disclosed size. At the product level, Marlboro accounted for approximately 43% of total 2025 cigarette shipment volume — a medium-share structural concentration reflecting the brand's dominant position in international markets. While that share is large in absolute terms, it is spread across many geographies and wholesale relationships rather than tied to a single buyer, tempering the idiosyncratic risk. At the geographic level, Russia accounted for around 6% of total net revenues — a low-share exposure by disclosed size. The filing contextualizes this against a larger shipment volume share, but on a net revenue basis the concentration is contained, even if geopolitical and sanctions risks in that market remain watch items. The distributor exposures are disclosed qualitatively: a distributor in the Europe Region and a distributor in the EA, AU & PMI GTR Region each amounted to 10 percent or more of consolidated net revenues. Both are low-share by disclosed size. These are dependency exposures — single-party distribution agreements governing a portion of revenue in each region — where a change in the distributor's terms, financial health, or regulatory standing could affect volume flow. No exact percentages are clean-cited in the source quotes for these two distributors beyond the "10 percent or more" threshold. On balance, the concentration profile is moderate and diversified: no single exposure dominates, and the structural product-level concentration in Marlboro is the largest single disclosed share, though at the medium level.
For the engine’s reasoning on PM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Tobacco
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MO | Altria Group, Inc. | 2 | 0 | 0 | 2 |
| PM● | Philip Morris International Inc | 0 | 1 | 3 | 4 |
| TPB | Turning Point Brands, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.